Helpful. Thanks for putting that together.
It shouldn’t (but still may) come as a surprise to see a California school on top. Taking a quick look at Thacher’s 990 shows some very significant expenses relative to their modest student population (I’m looking at you, in particular, 990 Part IX, Line 5). You can see that in the tuition differences at these schools too, with Thacher at ~$81K vs. Exeter at ~$70K or Groton at ~$62K.
Who would have thought that running a school in beautiful Ojai could be more expensive than in New Hampshire or north-central Massachusetts? 