Operating Revenue and Expenses
Due to the EHS community’s generosity and the School’s strong management of funds during an unprecedented global pandemic, the School closed the 2019-20 fiscal year with a very healthy $745,140 surplus. When Episcopal had to shift to distance learning in March, we offered a $4,100 refund to each student based on expected savings from not having students on campus, bringing our net tuition revenue down by over $1.1 million. Yet giving to the Roll Call, our annual fund, exceeded our goal by over $440,000 and, along with savings from reduced food, custodial, and operational costs, made up for the lost tuition revenue. We have assigned the surplus from this year to help cover many of the extraordinary expenses that have resulted from the pandemic, including comprehensive Covid-19 testing of students, faculty, and staff.