CARROLL UNIVERSITY INC

EIN: 390806325 501(c)(3) Education

WAUKESHA, WI

Total Revenue
$147,112,306
Total Expenses
$144,756,692
Total Assets
$292,670,600
Net Assets
$247,652,334
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1846
Legal Domicile
WI
Principal Officer
CINDY GNADINGER
Phone
2625247090
Tax Period
2024-07-01 to 2025-06-30

CARROLL UNIVERSITY INC, founded in 1846, is a major nonprofit in the Education sector that reported $147.1M in total revenue in fiscal year 2024.

Mission

CARROLL UNIVERSITY PROVIDES A SUPERIOR EDUCATION, ROOTED IN ITS PRESBYTERIAN AND LIBERAL ARTS HERITAGE, AND DRAWS UPON ITS CHRISTIAN TRADITION TO PREPARE ALL STUDENTS FOR VOCATIONAL SUCCESS, LIFELONG LEARNING AND SERVICE IN A DIVERSE AND GLOBAL SOCIETY.

Program Service Accomplishments

Program 1
Expenses: $41,176,306 Revenue: $113,698,436

INSTRUCTION & ACADEMIC SUPPORT - CARROLL UNIVERSITY OFFERS MORE THAN 95 AREAS OF STUDY FOR STUDENTS TO DISCOVER AND EXPLORE THAT ARE HOUSED WITHIN TWO COLLEGES (COLLEGE OF ARTS AND SCIENCES AND...

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INSTRUCTION & ACADEMIC SUPPORT - CARROLL UNIVERSITY OFFERS MORE THAN 95 AREAS OF STUDY FOR STUDENTS TO DISCOVER AND EXPLORE THAT ARE HOUSED WITHIN TWO COLLEGES (COLLEGE OF ARTS AND SCIENCES AND COLLEGE OF HEALTH SCIENCES) AND TWO SCHOOLS (SCHOOL OF BUSINESS AND SCHOOL OF EDUCATION AND HUMAN SERVICES). WE STRUCTURE THOSE WITH THE INDIVIDUAL GOALS AND NEEDS OF OUR STUDENTS IN MIND. OUR TOP MAJORS ARE NURSING, BUSINESS, EXERCISE SCIENCE, PSYCHOLOGY, BIOLOGY AND PHYSICAL THERAPY (GRADUATE). MANY OF OUR PROGRAMS OFFER THE FLEXIBILITY TO DOUBLE MAJOR OR ADD MINORS WHILE STILL GRADUATING IN FOUR YEARS. WE ALSO OFFER THE OPPORTUNITY TO COMPLETE SELECT MAJORS AND GET STARTED ON A CAREER SOONER WITH OUR CARROLL3 PROGRAMS. IN ADDITION, OUR DUAL DEGREE PROGRAMS MAKE IT CONVENIENT FOR STUDENTS TO EARN BOTH A BACHELOR'S AND MASTER'S DEGREE IN JUST FIVE YEARS. CARROLL ISN'T A ONE-SIZE-FITS-ALL KIND OF PLACE AND RECOGNIZES THAT EVERYONE IS DIFFERENT AND WE'RE HERE TO HELP EACH STUDENT GET THE MOST OUT OF THEIR ACADEMIC EXPERIENCE. IN EACH OF OUR AREAS OF STUDY, STUDENTS WILL GAIN A STRONG, FOUNDATIONAL KNOWLEDGE AND SKILLS THAT WILL PREPARE THEM FOR THEIR FUTURE. THEY WILL ENJOY SMALL CLASS SIZES AND PROFESSORS WHO GET TO KNOW THEM AND ARE INVESTED IN STUDENT SUCCESS. AT THE GRADUATE LEVEL, CARROLL OFFERS STUDENTS LOOKING TO TAKE THEIR EXPERTISE TO THE NEXT LEVEL WITH ACCELERATED, FLEXIBLE PROGRAMS THAT HELP THEM GO FARTHER, FASTER TO REACH THEIR PROFESSIONAL GOALS.

Program 2
Expenses: $89,031,456 Revenue: $20,186,620

AUXILIARY & STUDENT SERVICES - THE UNIVERSITY OFFERS A BROAD SCOPE OF ACTIVITIES AND PROGRAMMING FOR STUDENTS. THROUGH INTERCULTURAL PROGRAMMING, DIVERSITY INITIATIVES, MENTORING OPPORTUNITIES AND...

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AUXILIARY & STUDENT SERVICES - THE UNIVERSITY OFFERS A BROAD SCOPE OF ACTIVITIES AND PROGRAMMING FOR STUDENTS. THROUGH INTERCULTURAL PROGRAMMING, DIVERSITY INITIATIVES, MENTORING OPPORTUNITIES AND MORE, OUR OFFICE OF INTERCULTURAL AND DIVERSITY ENGAGEMENT WORKS TO CHALLENGE PRECONCEIVED NOTIONS AND ENRICH THE CARROLL COMMUNITY. STUDENTS LIVE OUT CARROLL'S MISSION OF SERVICE THROUGH VOLUNTEERING, MENTORSHIP PROGRAMS, CIVIC ENGAGEMENT AND MORE. CAMPUS SPIRITUAL LIFE INCLUDES WEEKLY PROGRAMS, RETREATS AND PARTNERSHIPS WITH LOCAL FAITH COMMUNITIES THAT GIVE STUDENTS MANY OPTIONS FOR REFLECTION AND WORSHIP. OTHER STUDENT ACTIVITIES AT CARROLL INCLUDE MORE THAN 50 STUDENT ORGANIZATIONS WHERE STUDENTS CAN JOIN TOGETHER TO EXPLORE THEIR INTERESTS AND DEVELOP LEADERSHIP SKILLS IN ORGANIZATIONS RELATED TO ACADEMIC PROGRAMS, SERVICE/ADVOCACY, DIVERSITY, STUDENT GOVERNMENT, RECREATION, ACTING, FRATERNITY AND SORORITY LIFE, ACAPELLA SINGING, OUTDOOR ACTIVITIES AND MORE. CARROLL IS HOME TO 23 NCAA DIVISION III ATHLETIC TEAMS (11 MEN'S SPORTS AND 12 WOMEN'S SPORTS) AND COMPETES IN THE NATIONALLY-RECOGNIZED COLLEGE CONFERENCE OF ILLINOIS AND WISCONSIN (CCIW). INCLUDED IN AUXILIARY PROGRAMMING ARE 12 HOUSING OPTIONS FROM TRADITIONAL RESIDENCE HALLS TO SUITE-STYLE UNITS AND APARTMENTS AND ALSO FLEXIBLE MEAL PLANS AND MENUS ARE OFFERED FOR ALL OF OUR SEVEN ON-CAMPUS DINING LOCATIONS.

Program 3

INSTITUTIONAL SUPPORT - THIS CATEGORY OF PROGRAMMING INCLUDES THE SENIOR LEADERSHIP TEAM, MARKETING AND COMMUNICATIONS, AND ALL OTHER NECESSARY FUNCTIONS TO LEAD AND SUPPORT THE UNIVERSITY'S STUDENTS...

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INSTITUTIONAL SUPPORT - THIS CATEGORY OF PROGRAMMING INCLUDES THE SENIOR LEADERSHIP TEAM, MARKETING AND COMMUNICATIONS, AND ALL OTHER NECESSARY FUNCTIONS TO LEAD AND SUPPORT THE UNIVERSITY'S STUDENTS AND ACADEMIC MISSION AT THE WAUKESHA, WISCONSIN CAMPUS AND OTHER FACILITIES MADE UP OF 1.3 MILLION SQUARE FEET OF SPACE IN OVER 65 BUILDINGS AND 160-PLUS ACRES OF LAND. ALSO INCLUDED HERE IS INSTITUTIONAL ADVANCEMENT WHICH IS FOCUSED ON FUNDRAISING AND DONOR RELATIONS AND THE ALUMNI RELATIONS DEPARTMENT REACHING OUT TO MORE THAN 23,000 CARROLL ALUMNI ACROSS ALL 50 STATES AND 33 COUNTRIES. ALL OTHER SERVICES THAT SUPPORT THE ADMINISTRATIVE FUNCTIONS OF THE INSTITUTION ARE INCLUDED HERE INCLUDING DEPRECIATION, DEPLETION AND AMORTIZATION.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $8,032,702
Program Service Revenue $133,903,580
Investment Income $5,753,851
Other Revenue $-577,827
TOTAL REVENUE $147,112,306

Expense Breakdown

Grants Paid $55,577,250
Salaries & Benefits $48,238,877
Fundraising Expenses $1,480,579
Program Expenses $130,207,762
Other Expenses $40,807,354
TOTAL EXPENSES $144,756,692

Year-over-Year Comparison

2024 2023 Change
Revenue $147,112,306 $137,477,502 +0.1%
Expenses $144,756,692 $144,694,179 +0.0%
Net Income $2,355,614 $-7,216,677 -1.3%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
24
Independent Members
23
Employees
2516
Volunteers
23

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
14
$2,400,965
Total Directors
25
$602,581
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CINDY GNADINGER PRESIDENT 40.00
Officer Director
$556,450 $46,131 $602,581
DEBORAH BLOCK TRUSTEE/CHAIR 1.00
Officer Director
$0 $0 $0
DOUGLAS MUELLER TRUSTEE/VICE CHAIR 1.00
Officer Director
$0 $0 $0
JOHN HENGEL TRUSTEE/TREASURER 1.00
Officer Director
$0 $0 $0
KATHY WOLFGRAM TRUSTEE/SECRETARY 1.00
Officer Director
$0 $0 $0
ANN LAATSCH TRUSTEE 1.00
Director
$0 $0 $0
BART WILLIAMS TRUSTEE 1.00
Director
$0 $0 $0
BLANE DEXHEIMER TRUSTEE 1.00
Director
$0 $0 $0
BOB SULLIVAN TRUSTEE 1.00
Director
$0 $0 $0
DAVID LAATSCH TRUSTEE 1.00
Director
$0 $0 $0
JACK RIESCH TRUSTEE 1.00
Director
$0 $0 $0
JAMES SCHNEIDER TRUSTEE 1.00
Director
$0 $0 $0
JANE HAMILTON TRUSTEE 1.00
Director
$0 $0 $0
JOHN HARRIS TRUSTEE 1.00
Director
$0 $0 $0
JOHN LIND TRUSTEE 1.00
Director
$0 $0 $0
KIM WYNN TRUSTEE 1.00
Director
$0 $0 $0
KRISTI CZARNECKI TRUSTEE 1.00
Director
$0 $0 $0
LATOYA CONNERS GRAY TRUSTEE 1.00
Director
$0 $0 $0
LAURA DEXTER TRUSTEE 1.00
Director
$0 $0 $0
LAURA FISHER-BONVALLET TRUSTEE 1.00
Director
$0 $0 $0
MARY WENDT MOASE TRUSTEE 1.00
Director
$0 $0 $0
NADOU S LAWSON TRUSTEE 1.00
Director
$0 $0 $0
SANDRA CUNNINGHAM TRUSTEE 1.00
Director
$0 $0 $0
SUSAN HAYES TRUSTEE 1.00
Director
$0 $0 $0
FRED STIER TRUSTEE (THROUGH 10/2024) 1.00
Director
$0 $0 $0
MARK BLEGEN PRVST/VP ACAD AFFAIR (END 6/2025) 40.00
Officer
$235,359 $34,657 $270,016
VICTORIA DOWLING VP FOR INSTITUTIONAL ADVANCEMENT 40.00
Officer
$237,019 $28,912 $265,931
PAUL ZINCK VP FINANCE/ADMINIS (END 12/2024) 40.00
Officer
$233,737 $15,698 $249,435
CATHERINE JORGENS UNIVERSITY COUNSEL 40.00
Officer
$203,786 $14,450 $218,236
MOHAMMED BEY VP FOR CUMMUNITY CULTURE 40.00
Officer
$169,429 $44,414 $213,843
NATE DEHNE VP FOR STUDENT AFFAIRS 40.00
Officer
$162,992 $39,892 $202,884
DAWN SCOTT VP FOR ENROLLMENT 40.00
Officer
$158,999 $42,629 $201,628
ANDREW HOBAN VP FOR FINANCE 40.00
Officer
$135,897 $40,514 $176,411
ELI HESTERMAN PROVOST/VP FOR ACAD. AFFAIRS 40.00
Officer
$0 $0 $0
KATHY KRAMER DEAN OF SCHOOL OF EDUC. HUMAN SERV. 40.00
Highest
$156,604 $21,769 $178,373
TIMOTHY SULLIVAN DEAN-SCHOOL OF BUSINESS 40.00
Highest
$152,471 $500 $152,971
KAREEM MUHAMMAD DEAN OF COLLEGE ARTS AND SCIENCES 40.00
Highest
$152,007 $15,956 $167,963
THOMAS PAHNKE DEAN OF COLLEGE OF HEALTH SCIENCES 40.00
Highest
$164,738 $21,952 $186,690
SARA DEPREY CHAIR/PROFESSOR PHYSICAL THERAPY 40.00
Highest
$163,589 $11,024 $174,613
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 $147,112,306 $144,756,692 $292,670,600 $2,355,614
2024 $137,477,502 $144,694,179 $280,286,458 $-7,216,677
2023 $136,308,213 $142,962,234 $256,678,685 $-6,654,021
2022 $144,406,248 $139,775,110 $248,345,295 $4,631,138
2021 $140,965,442 $135,342,596 $261,882,162 $5,622,846
2020 $140,144,784 $128,005,240 $239,139,783 $12,139,544
2019 $132,903,662 $121,176,159 $236,187,874 $11,727,503
2018 $125,665,385 $116,316,636 $226,392,658 $9,348,749
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