<p>The Annual Report for the 2005-2006 year has been posted at the Swat website:</p>
<p>A few highlights:</p>
<p>$73,691 Per Student Operating Expenses</p>
<p>$29,161 Per Student Net Revenues (tuition, board, fees after financial aid)</p>
<p>$36,067 Per Student spending from endowment (4.17% of beginning endowment value)</p>
<p>$862,383 Per Student Endowment (year end)</p>
<p>57% of operating expenses were faculty and staff compensation and benefits.</p>