ST. MICHAEL'S SCHOOL     39
From the FINANCE OFFICE
Tuition
Fundraising Donations
 Other Income
 Investment Income
14%
9%
5%
72%
18%
15%
4%
4%
59%
Personnel-Wages
Personnel-Benefits
Facility Costs
Classroom Expenses
Administration Costs
REVENUE 2024-2025
EXPENSES 2024-2025
The School’s 2025–2026 audit is currently underway, and we look forward to sharing the final 
audited financial results upon completion of the process. Throughout the year, the Board of 
Trustees and school leadership remained steadfast in their commitment to responsible financial 
stewardship while making strategic investments that advance the mission and long-term 
sustainability of St. Michael’s School.
Tuition remains the primary source of operating revenue and provides the foundation for the 
exceptional educational experience offered each day. However, tuition alone does not fully 
support the breadth of opportunities that define a St. Michael’s education. The generosity of our community 
through the Annual Halo Fund, Arizona tax-credit contributions, and other philanthropic support continues to play 
a vital role in strengthening academic programs, investing in our exceptional faculty and staff, expanding student 
opportunities, and enhancing the School’s campus and learning environment.
Consistent with prior years, the majority of operating expenditures were directed to instruction and student life, 
underscoring the School’s commitment to educating the whole child—mind, body, and spirit. During the 2024–25 
fiscal year, the School also continued to make meaningful investments in its campus, including steady progress on 
the multi-year initiative to replace evaporative cooling systems with central air conditioning. The project remains on 
schedule, with campus-wide completion anticipated by summer 2027.
The Board of Trustees remains committed to safeguarding the School’s long-term financial strength through 
disciplined fiscal management and thoughtful investment in its people, programs, and facilities. Investment assets are 
managed prudently to balance current operational needs with future priorities, and, when appropriate, a portion of 
investment earnings is retained to strengthen reserves and support the School’s long-term strategic objectives. 
We are deeply grateful for the continued partnership, generosity, and confidence of our community. Together, we 
are ensuring that St. Michael’s School remains well positioned to serve current and future generations of students.
Charmaine M. Lang | Chief Finance and Operations Officer
REVENUE
Tuition 
Fundraising Donations 
Other Income 
Investment Market Growth 
TOTAL REVENUE
EXPENSES
Personnel - Wage Costs 
Personnel - Benefits & Payroll Taxes
Administration Costs 
Facility Costs
Student/Classroom Costs
TOTAL EXPENSES
Annual Net Operating Result 
Annual Net Investment Market Growth Result
ANNUAL NET INCOME
2024-2025
$3,978,871 
$756,402 
$492,940 
$256,616
$5,484,829
2024-2025
$2,902,982 
$711,709 
$193,100 
$899,071
$205,574
$4,912,436 
$315,777
$256,616
$572,393
STATEMENT OF REVENUE AND EXPENSES 
2024-2025 FISCAL YEAR

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