CARTHAGE COLLEGE

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1870

Legal Domicile

Principal Officer

JOHN R SWALLOW

Phone

2625518500

Tax Period

2022-07-01 to 2023-06-30

CARTHAGE COLLEGE, founded in 1870, is a major nonprofit in the Education sector that reported $124.0M in total revenue in fiscal year 2022. Revenue decreased 6% compared to the prior year. Net assets of $293.8M represent 28 months of operating reserves.

Mission

SEEKING TRUTH, BUILDING STRENGTH, INSPIRING SERVICE - TOGETHER

Program Service Accomplishments

Program 1

Expenses: $73,718,243 Revenue: $87,097,761

INSTRUCTION: CARTHAGE COLLEGE AWARDS THE BACHELOR OF ARTS DEGREES WITH MAJORS IN MORE THAN 49 SUBJECT AREAS AND 6 MASTER DEGREES. THE 2022-2023 ACADEMIC YEAR ENROLLMENT WAS 2,591 FULL TIME EQUIVALENT (FTE) STUDENTS IN THE FALL SEMESTER AND 2,414 FTE STUDENTS ENROLLED IN THE SPRING SEMESTER. OF THE TOTAL NUMBER OF STUDENTS ENROLLED IN 2022-2023 ACADEMIC YEAR, 558 MET THE UNDERGRADUATE REQUIREMENTS OF GRADUATION, 25 MET THE GRADUATE REQUIREMENTS FOR THE MASTERS IN EDUCATION, 14 MET THE GRADUATE REQUIREMENTS FOR THE MASTERS IN SCIENCE AND 20 MET THE GRADUATE REQUIREMENTS FOR MASTERS IN MUSIC.

Program 2

Expenses: $9,249,329

INSTITUTIONAL SUPPORT AT CARTHAGE COLLEGE IS COMPRISED OF SERVICES THAT SUPPORT ADMINISTRATIVE FUNCTIONS OF THE COLLEGE INCLUDING PRESIDENT'S OFFICE, ADVANCEMENT, COMMUNICATIONS, FINANCE &...

INSTITUTIONAL SUPPORT AT CARTHAGE COLLEGE IS COMPRISED OF SERVICES THAT SUPPORT ADMINISTRATIVE FUNCTIONS OF THE COLLEGE INCLUDING PRESIDENT'S OFFICE, ADVANCEMENT, COMMUNICATIONS, FINANCE & ADMINISTRATIVE SERVICES, AND GENERAL INSTITUTIONAL EXPENSES.

Program 3

Expenses: $13,712,305 Revenue: $132,737

STUDENT SERVICES: CARTHAGE BOASTS A LONG-STANDING COMMITMENT TO EDUCATING THE WHOLE PERSON BY NOURISHING THE INTELLECTUAL, SPIRITUAL, EMOTIONAL, SOCIAL AND PHYSICAL DIMENSIONS OF STUDENTS' LIVES. THE COLLEGE OFFERS A CURRICULUM THAT CHALLENGES STUDENTS TO THINK CRITICALLY AND EXPRESS THEMSELVES EFFECTIVELY, A CAMPUS LIFE THAT ENCOURAGES INVOLVEMENT AND SERVICE (OVER 121 STUDENT ORGANIZATIONS), A COMMUNITY OF FAITH THAT NURTURES SPIRITUAL GROWTH AND DEVELOPS MORAL RESPONSIBILITY, AND CO-CURRICULAR ACTIVITIES THAT INSPIRE STUDENTS TO TEST THEIR OWN LIMITS AND EXPRESS THEIR INDIVIDUALITY. THE AWARD-WINNING STATE-OF-THE-ART HEDBERG LIBRARY UNITES BOOKS, PERIODICALS, ACADEMIC COMPUTING, NETWORK DATA PORTS AND MULTIMEDIA RESOURCES.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $12,101,222

Program Service Revenue $110,043,815

Investment Income $1,796,125

Other Revenue $38,764

TOTAL REVENUE $123,979,926

Expense Breakdown

Grants Paid $46,852,280

Salaries & Benefits $40,885,460

Fundraising Expenses $1,975,563

Program Expenses $109,179,799

Other Expenses $40,579,583

TOTAL EXPENSES $128,346,938

Year-over-Year Comparison

	2022	2021	Change
Revenue	$123,979,926	$132,470,161	-0.1%
Expenses	$128,346,938	$124,024,073	+0.0%
Net Income	$-4,367,012	$8,446,088	-1.5%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

1804

Volunteers

125

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$915,604

Total Directors

$739,633

Key Employees

$1,134,125

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ALAN MILLS	TRUSTEE	1.00	Director	$0	$0	$0
ANDREW PALMEN	TRUSTEE	1.00	Director	$0	$0	$0
CHARLES SUTTON	TRUSTEE	1.00	Director	$0	$0	$0
CHRISTINE HOBBS	TRUSTEE	1.00	Director	$0	$0	$0
DAVID WIERS	SECRETARY	1.00	Officer Director	$0	$0	$0
FREDERICK JOHN KRULL	TRUSTEE	1.00	Director	$0	$0	$0
GARY WILSON	TRUSTEE	1.00	Director	$0	$0	$0
GINA MADRIGRANO FRIEBUS	FIRST VICE CHAIR	1.00	Officer Director	$0	$0	$0
HON CYNTHIA WALKER	TRUSTEE	1.00	Director	$0	$0	$0
HOYT HARPER II	SECOND VICE CHAIR	1.00	Officer Director	$0	$0	$0
JEFF HAMAR	CHAIR	1.00	Officer Director	$0	$0	$0
JEFF NEUBAUER	TRUSTEE	1.00	Director	$0	$0	$0
JOHN SWALLOW	PRESIDENT AND CHIEF EXECUTIVE OFFICER	40.00	Officer Director	$634,994	$104,639	$739,633
LEANN PEDERSEN POPE	TRUSTEE	1.00	Director	$0	$0	$0
LOREN SEMLER	TRUSTEE	1.00	Director	$0	$0	$0
LUCY BROWN	TRUSTEE	1.00	Director	$0	$0	$0
MARIO NALYWAYKO	TRUSTEE	1.00	Director	$0	$0	$0
MARY BISHOP	TRUSTEE	1.00	Director	$0	$0	$0
NICHOLAS PINCHUK	TRUSTEE	1.00	Director	$0	$0	$0
PATRICK ANDERSON	TRUSTEE	1.00	Director	$0	$0	$0
REV DR PAUL ERICKSON	TRUSTEE	1.00	Director	$0	$0	$0
REV WAYNE MILLER	TRUSTEE	1.00	Director	$0	$0	$0
RICHARD CHRISTMAN	TRUSTEE	1.00	Director	$0	$0	$0
RICHARD LABERGE	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT LEE	TRUSTEE	1.00	Director	$0	$0	$0
STEVEN HOPP	TRUSTEE	1.00	Director	$0	$0	$0
THOMAS KELLEY III	TRUSTEE	1.00	Director	$0	$0	$0
THOMAS KIESO	TRUSTEE	1.00	Director	$0	$0	$0
THOMAS MARTINEZ	TRUSTEE	1.00	Director	$0	$0	$0
VINCENTE CEJA	VP FOR FINANCE AND CFO	40.00	Officer	$154,216	$21,755	$175,971
ABIGAIL HANNA	EXECUTIVE VICE PRESIDENT FOR ADMINISTRATION	40.00	Key Emp	$180,329	$43,245	$223,574
BRIDGET HAGGERTY	VICE PRESIDENT OF ADVANCEMENT	40.00	Key Emp	$176,954	$24,253	$201,207
DAVID TIMMERMAN	PROVOST AND CHIEF OPERATING OFFICER	40.00	Key Emp	$225,084	$67,329	$292,413
MICHELE HANCOCK	VICE PRESIDENT FOR COLLEGE CULTURE FOR INCLUSION	40.00	Key Emp	$188,455	$9,740	$198,195
NICHOLAS MULVEY	VICE PRESIDENT FOR ENROLLMENT	40.00	Key Emp	$163,877	$54,859	$218,736
ASHLEY HANSON	VP FOR ENROLLMENT	40.00	Highest	$117,204	$59,422	$176,626
CORINNE NESS	DEAN, DIVISION OF ARTS AND HUMANITIES; PROGRAM DIR	40.00	Highest	$126,793	$33,712	$160,505
DAVID GARCIA	PROFESSOR - ENGLISH	40.00	Highest	$126,256	$46,201	$172,457
KEVIN CROSBY	DIRECTOR FOR THE WISCONSIN SPACE GRANT CONSORTIUM;	40.00	Highest	$202,347	$53,015	$255,362
NANCY REESE	DIRECTOR, NURSING ; DEPARTMENT CHAIR, NURSING; ASS	40.00	Highest	$136,330	$9,540	$145,870

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$123,979,926	$128,346,938	$411,918,213	$-4,367,012
2022	$132,470,161	$124,024,073	$389,285,696	$8,446,088
2021	$125,157,339	$114,873,777	$408,772,143	$10,283,562
2020	$147,961,776	$149,611,948	$324,316,773	$-1,650,172
2019	$149,287,973	$152,919,245	$324,089,073	$-3,631,272
2018	$144,344,191	$149,442,023	$325,139,764	$-5,097,832
2018	$144,344,191	$149,442,023	$325,139,764	$-5,097,832