CARROLL UNIVERSITY INC (EIN 390806325) - Form 990 Financial Analysis & Trantor Score

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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

1846

Legal Domicile

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.

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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 (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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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

2516

Volunteers

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

$2,400,965

Total Directors

$602,581

Key Employees

Highest Compensated

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

CARROLL UNIVERSITY INC