This edition examines Annual Giving as a % of Total Expense (2019–2025)—a key indicator of how much schools rely on philanthropy to fund operations and how exposed they are to shifts in donor behavior and economic conditions.
The All-INDEX Average Is Stable — But the Story Isn’t
The All-INDEX average has remained remarkably steady at ~6.0% over the last 7 years, while cohort trends (PK8, MidUp, PK12) diverge significantly.
Why this is important: The stable All-INDEX average masks important differences across school types, making it critical to look beyond the aggregate to understand underlying dynamics.
The “COVID Bump” Has Largely Unwound
Annual giving as a % of total expense surged during the 2021–2023 period and has since normalized, with PK8 returning to baseline, MidUp trending slightly below prior levels, and PK12 remaining steady.
Why this is important: This suggests the surge was temporary, not structural, and schools should be cautious about building long-term plans on elevated giving levels.
PK8 Shows the Greatest Volatility
PK8 schools experienced the sharpest rise and fall in annual giving as a % of total expense (5.4% → 8.3% → 5.5%) over the seven-year period.
Why this is important: This variability signals greater sensitivity to changing conditions, making annual giving a less predictable revenue stream.
MidUp Leads — But Is Softening
MidUp schools consistently lead in annual giving as a % of total expense but have declined from a 9.6% peak in 2021 to 7.9% in 2025.
Why this is important: Even the strongest cohort may be experiencing donor fatigue or shifting priorities, suggesting a need to reassess strategy.
PK12 Remains Steady
Across the 2019-2025 period, PK12 schools have maintained annual giving as a % of total expense at ~6% with minimal variation year to year.
Why this is important: This consistency reflects a more predictable financial model but may also signal untapped potential.