For fiscal year 2022, independent schools reported an average return (net of fees) on their endowment assets of -11.3 percent. In this infographic, we report the key highlights from the 2022 Commonfund Benchmarks Study® of Independent Schools (CSIS). This annual report studies, on average, over 200 independent boarding and day schools across North America and, in 2022, the schools included two Canadian institutions and one American school based in Singapore.