Study of Independent Schools Marks its 20-Year Milestone

April 29, 2025 |
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Study of Independent Schools Marks its 20-Year Milestone
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In 2005, what was then called the National Business Officers Association (now NBOA: Business Leadership for Independent Schools) had reached the seventh anniversary of its founding. Having its formative years behind it, the association was broadening its services and teamed with Commonfund to produce the first annual Commonfund Benchmarks Study of Independent Schools (CSIS). NBOA’s mission statement speaks to the motivation behind the Study’s founding: “NBOA develops, delivers and promotes best business practices among independent PK – 12 schools.”

Even before the first CSIS, there was a much more fundamental relationship: Commonfund donated key funds to launch the startup that in 1998 was known as NBOA. Before NBOA, independent school business officers were served by regional groups. A national organization was more robust, more strategic and would be able to provide support unavailable on a regional level.

For more insight into NBOA's founding, download "Tracing Twenty" to read the essay by former Commonfund Institute Executive Director, John Griswold.

It was a natural partnership: the mission and purpose of these two organizations were (and remain) virtually interchangeable, starting with the aforementioned development and promulgation of best practices in endowment management and institutional governance in the independent school community1. Toward that goal, both organizations focused on ongoing education for practitioners; served as timely, reliable sources of information and data; and published original research. The ultimate objective was and is enabling institutions to fulfill their mission over the long term by helping to secure their financial health and well-being.

For endowed independent schools, best practices are of critical importance to the fulfillment of their mission. The data offered in each annual CSIS is intended to support that task by providing a useful, relevant tool for boards, investment committees and financial staff members to use in their deliberations and decisions.

In Tracing Twenty, a special supplement to the 20th annual CSIS, we present selected data on returns, asset allocation, spending, gifts and more gathered and summarized in the annual Studies from FY2005 through FY2024. Presented in one place and analyzed over this period of time, the data offer insight into trends that evolved during the period and that helped to shape current endowment management practices.

Included in this analysis is a series of short essays by thought leaders sharing their insights and experiences in or in service to the independent school community—a personal, qualitative contrast to the quantitative analysis and charts of the core narrative.

 

To participate in future studies, email benchmarks@commonfund.org to indicate your interest.

 

  1.  Commonfund more broadly serves the nonprofit community, to include independent schools but also higher education, private and public foundations, operating charities, and nonprofit healthcare.

 

Commonfund Institute

Author

Commonfund Institute

Disclaimer

Certain information contained herein has been obtained from or is based on third-party sources and, although believed to be reliable, has not been independently verified. Such information is as of the date indicated, if indicated, may not be complete, is subject to change and has not necessarily been updated. No representation or warranty, express or implied, is or will be given by The Common Fund for Nonprofit Organizations, any of its affiliates or any of its or their affiliates, trustees, directors, officers, employees or advisers (collectively referred to herein as “Commonfund”) or any other person as to the accuracy or completeness of the information in any third-party materials. Accordingly, Commonfund shall not be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in, or omission from, such third-party materials, and any such liability is expressly disclaimed.

All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

To the extent views presented forecast market activity, they may be based on many factors in addition to those explicitly stated herein. Forecasts of experts inevitably differ. Views attributed to third-parties are presented to demonstrate the existence of points of view, not as a basis for recommendations or as investment advice. Market and investment views of third-parties presented herein do not necessarily reflect the views of Commonfund, any manager retained by Commonfund to manage any investments for Commonfund (each, a “Manager”) or any fund managed by any Commonfund entity (each, a “Fund”). Accordingly, the views presented herein may not be relied upon as an indication of trading intent on behalf of Commonfund, any Manager or any Fund.

Statements concerning Commonfund’s views of possible future outcomes in any investment asset class or market, or of possible future economic developments, are not intended, and should not be construed, as forecasts or predictions of the future investment performance of any Fund. Such statements are also not intended as recommendations by any Commonfund entity or any Commonfund employee to the recipient of the presentation. It is Commonfund’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. All market outlook and similar statements are based upon information reasonably available as of the date of this presentation (unless an earlier date is stated with regard to particular information), and reasonably believed to be accurate by Commonfund. Commonfund disclaims any responsibility to provide the recipient of this presentation with updated or corrected information or statements. Past performance is not indicative of future results. For more information please refer to Important Disclosures.

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Disclaimer

Certain information contained herein has been obtained from or is based on third-party sources and, although believed to be reliable, has not been independently verified. Such information is as of the date indicated, if indicated, may not be complete, is subject to change and has not necessarily been updated. No representation or warranty, express or implied, is or will be given by The Common Fund for Nonprofit Organizations, any of its affiliates or any of its or their affiliates, trustees, directors, officers, employees or advisers (collectively referred to herein as “Commonfund”) or any other person as to the accuracy or completeness of the information in any third-party materials. Accordingly, Commonfund shall not be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in, or omission from, such third-party materials, and any such liability is expressly disclaimed.

All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

To the extent views presented forecast market activity, they may be based on many factors in addition to those explicitly stated herein. Forecasts of experts inevitably differ. Views attributed to third-parties are presented to demonstrate the existence of points of view, not as a basis for recommendations or as investment advice. Market and investment views of third-parties presented herein do not necessarily reflect the views of Commonfund, any manager retained by Commonfund to manage any investments for Commonfund (each, a “Manager”) or any fund managed by any Commonfund entity (each, a “Fund”). Accordingly, the views presented herein may not be relied upon as an indication of trading intent on behalf of Commonfund, any Manager or any Fund.

Statements concerning Commonfund’s views of possible future outcomes in any investment asset class or market, or of possible future economic developments, are not intended, and should not be construed, as forecasts or predictions of the future investment performance of any Fund. Such statements are also not intended as recommendations by any Commonfund entity or any Commonfund employee to the recipient of the presentation. It is Commonfund’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. All market outlook and similar statements are based upon information reasonably available as of the date of this presentation (unless an earlier date is stated with regard to particular information), and reasonably believed to be accurate by Commonfund. Commonfund disclaims any responsibility to provide the recipient of this presentation with updated or corrected information or statements. Past performance is not indicative of future results. For more information please refer to Important Disclosures.