Running an educational institution has grown ever-more expensive and, as we noted in a recent article, many public and private colleges rely on huge endowments to help pay for operational costs and, in some cases, to keep tuition costs lower.
But what about prep schools? They have the same issues. The Andovers and Exeters of the world need a lot of cash to keep their schools running and to make sure they can attract a diverse student population.
We looked at the Top 10 Richest Prep Schools for 2014, based on data from BoardingSchoolReview.com. The site, founded by two boarding school alumni, explains that the schools update the endowment information on the site. In addition, the site offers reviews and detailed information of schools.
(Check out the Top 20 Richest Colleges for 2013 of ThinkAdvisor.)
While none of the schools on our list has cracked the billion-dollar mark, Exeter is close. For the most part, the schools on the list were founded in the mid- to late 19th century, although Phillips Exeter and Phillips Andover were started a hundred years before that by members of the same family.
Check out our Top 10 Richest Prep Schools for 2014: Biggest Endowments.
10. Woodberry Forest School, $271 million
Location: Woodberry Forest, Va.
Type: All Boys
Grades: 9-12
Enrollment: 408
Founded: 1889
9. Choate Rosemary Hall, $319 million
Location: Wallingford, Conn.
Type: Coeducational
Grades: 9-12 and one year post-graduate option
Enrollment: 865
Founded: 1890
8. Lawrenceville School, $320 million
Location: Lawrenceville, N.J.
Type: Coeducational
Grades: 9-12 and one year post-graduate option
Enrollment: 816
Founded: 1810
7. Culver Academies, $322 million
Location: Culver, Ind.
Type: Coeducational
Grades: 9-12
Enrollment: 810
Founded: 1894
6. Groton School, $330 million
Location: Groton, Mass.
Type: Coeducational
Grades: 8-12
Enrollment: 371
