Private colleges and universities continue to fall under the watchful eye of the municipal bond market, which holds their bonds. The scrutiny is not without good reason. According to Merritt Research Services data, almost half of all private colleges and universities recorded negative operating margins in their FY 2023 audits. That's significantly worse than what the same group of colleges fared in the previous year. Fortunately for some, improved non-operating revenue earned in their endowments offset some or all of the negative operating results relative to the richer schools. About 50% of the sector's issuers have reported their Fiscal Year 2023 results to date, all of which have their fiscal year ending on or earlier than September 30. #muniland #Investortools