CAROLINA UNIVERSITY

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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

1947

Legal Domicile

Principal Officer

DR HEATHER BURKARD

Phone

3367258344

Tax Period

2024-07-01 to 2025-06-30

CAROLINA UNIVERSITY, founded in 1947, is a mid-sized nonprofit in the Education sector that reported $18.9M in total revenue in fiscal year 2024. Revenue grew 20% year-over-year, indicating healthy expansion.

Mission

A CHRIST-CENTERED UNIVERSITY COMMITTED TO EXCEPTIONAL TEACHING, SCHOLARLY RESEARCH, CREATIVE INNOVATION, AND PROFESSIONAL COLLABORATION.

Program Service Accomplishments

Program 1

Expenses: $14,119,794 Revenue: $13,172,428

INSTRUCTION, ACADEMIC SUPPORT, AND STUDENT SERVICES ASSOCIATED WITH THE PROVISION OF ASSOCIATE, BACCALAUREATE, MASTER, AND DOCTORAL PROGRAMS IN RESIDENT AND ONLINE FORMATS.

Program 2

Expenses: $3,197,122 Revenue: $3,632,019

AUXILIARY AND OTHER SERVICES IN REGARD TO THE UNIVERSITY'S PROVISION FOR HIGHER EDUCATION INCLUDING DORMITORIES, FOOD SERVICE, BOOKSTORE, SPORTING EVENTS, AND OTHER MISCELLANEOUS STUDENT SERVICE.

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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 $1,121,627

Program Service Revenue $16,518,674

Investment Income $-8,966

Other Revenue $1,285,773

TOTAL REVENUE $18,917,108

Expense Breakdown

Grants Paid $6,655,796

Salaries & Benefits $7,506,753

Fundraising Expenses $729,085

Program Expenses $17,316,916

Other Expenses $5,999,773

TOTAL EXPENSES $20,162,322

Year-over-Year Comparison

	2024	2023	Change
Revenue	$18,917,108	$15,772,748	+0.2%
Expenses	$20,162,322	$19,326,448	+0.0%
Net Income	$-1,245,214	$-3,553,700	-0.6%

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

369

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

$469,502

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BURDETTE BRUCE	TRUSTEE	1.00	Director	$0	$0	$0
CANTERBURY TIM	TRUSTEE	1.00	Director	$0	$0	$0
CALLOWAY THOMAS	TRUSTEE	1.00	Director	$0	$0	$0
LEAK CHRIS	TRUSTEE	1.00	Director	$0	$0	$0
MAXWELL THYAIS	TRUSTEE	1.00	Director	$0	$0	$0
RIGNEY BENJAMIN	TRUSTEE	1.00	Director	$0	$0	$0
WALKER MARK	TRUSTEE	1.00	Director	$0	$0	$0
COPELAND JASON	TREASURER	1.00	Officer Director	$0	$0	$0
REY ANA SILVA	SECRETARY	1.00	Officer Director	$0	$0	$0
KIMBROUGH BOBBY	VICE CHAIR	1.00	Officer Director	$0	$0	$0
WILBURN SHAHN	CHAIRMAN OF THE BOARD	1.00	Officer Director	$0	$0	$0
BURKARD HEATHER	PRESIDENT	40.00	Officer	$0	$0	$0
RONK CHRISTOPHER	CHIEF FINANCIAL OFFICER (FORMER)	40.00	Officer	$86,569	$0	$86,569
ZUNIGA REGINA	CHIEF OPERATING OFFICER	40.00	Officer	$90,290	$0	$90,290
WILLIAMS WILLIE	VP STUDENT SERVICES	40.00	Officer	$79,630	$0	$79,630
PETITT CHARLES	PRESIDENT/CEO (FORMER)	40.00	Officer	$213,013	$0	$213,013
ARCHINYA INGRAM	CHIEF FINANCIAL OFFICER	40.00	Officer	$0	$0	$0

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	$18,917,108	$20,162,322	$6,145,221	$-1,245,214
2024	$15,772,748	$19,326,448	$7,439,894	$-3,553,700
2023	$18,789,212	$18,011,849	$17,964,166	$777,363
2022	$15,458,525	$16,165,709	$17,637,146	$-707,184
2021	$13,786,116	$14,017,055	$16,856,188	$-230,939
2019	$11,598,941	$12,719,145	$16,273,835	$-1,120,204
2018	$14,840,437	$9,026,196	$15,230,558	$5,814,241