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Yes I believe Altus sends out the Z-score to schools, not raw scores, since each test date is different and some tests may be harder or easier than others. This way, say 10 different students score 10th percentile on 10 different tests, they will all have the same z-score even if their raw scores were different.
I am assuming OVC then transforms the academic averages into a separate Z-score, and the two are weighted 25:75 to give the overall average used for the ranking.
I haven't actually confirmed this with OVC, but it's the way that makes the most sense.