Reply to Seneca Academy has gone out of business and will be closing its school.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What are the most important signs of financial health in the 990s? Is net revenue more/less important than net assets?[/quote]

It's the ratio between revenue and expenses. Essentially, are they taking in more than they're spending? Compare their assets vs their liabilities.

I deferred to my husband on this, since he's an executive who has managed large budgets for a long time. He told me it was obvious Seneca had no money -- their expenses were more than their revenues. Said Barnesville is in good shape, despite low enrollment. Remember that these are non-profits, so you're not looking for them to be dealing with huge surpluses. Instead, look for them to have healthy investments and be bringing in more than they're spending.

You also want to look at whether the school has an endowment and a dedicated development office. Seneca had neither, which is a huge warning sign. [/quote]

We are a Seneca family and will now be looking at other private school options.   I am concerned that by the fall a number of the K-8s in MoCo (where we would look) could be in the same boat.  [/quote]

Look at the 990s. Sadly, Seneca was having financial problems for a long time. This was not caused by the pandemic alone.

Good luck.[/quote]

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