William Carey 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

1892

Legal Domicile

Phone

6013186193

Tax Period

2024-07-01 to 2025-06-30

William Carey University, founded in 1892, is a major nonprofit that reported $125.1M in total revenue in fiscal year 2024. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $108.3M left a modest 13% surplus.

Mission

William Carey University provides a quality education challenging students to excel in scholarship, leadership, and service in a caring community rooted in Christian values and its Baptist namesake.

Program Service Accomplishments

Program 1

Expenses: $65,271,631 Revenue: $97,308,481

ACADEMIC PROGRAMS THE UNIVERSITY MAINTAINS UNDERGRADUATE AND GRADUATE PROGRAMS AT THREE SITES. ENROLLMENT HAS GROWN TO INCLUDE AN AVERAGE OF OVER 5,500 STUDENTS PER SESSION. THE UNIVERSITY DESIGNS...

ACADEMIC PROGRAMS THE UNIVERSITY MAINTAINS UNDERGRADUATE AND GRADUATE PROGRAMS AT THREE SITES. ENROLLMENT HAS GROWN TO INCLUDE AN AVERAGE OF OVER 5,500 STUDENTS PER SESSION. THE UNIVERSITY DESIGNS AND OPERATES ITS PROGRAMS TO ENCOURAGE EACH STUDENT TO DEVELOP HIS/HER HIGHEST POTENTIAL IN LIBERAL ARTS AND/OR PROFESSIONAL EDUCATION.

Program 2

Expenses: $19,828,509 Revenue: $0

STUDENT AID DIRECT AID TO STUDENTS PRIMARILY FROM INSTITUTIONAL FUNDS

Program 3

Expenses: $9,786,293 Revenue: $5,702,480

AUXILIARY ENTERPRISES INCLUDE DINING, HOUSING, AND ATHLETICS. AUXILIARY PROGRAMS PROVIDE HOUSING AND DINING SERVICES FOR THE STUDENTS WHO NEED OR WANT TO LIVE ON CAMPUS. THE ATHLETIC PROGRAMS...

AUXILIARY ENTERPRISES INCLUDE DINING, HOUSING, AND ATHLETICS. AUXILIARY PROGRAMS PROVIDE HOUSING AND DINING SERVICES FOR THE STUDENTS WHO NEED OR WANT TO LIVE ON CAMPUS. THE ATHLETIC PROGRAMS ENCOURAGE LOYALTY TO THE UNIVERSITY AND A SENSE OF UNITY AMONG STUDENTS AND FACULTY. IN PROVIDING THESE PROGRAMS, THE UNIVERSITY ENCOURAGES THE EXERCISE OF STUDENT TALENT, WHICH ENHANCES THE LEARNING EXPERIENCES OF THE STUDENTS INVOLVED.

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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 $19,197,489

Program Service Revenue $101,243,934

Investment Income $2,804,171

Other Revenue $1,889,770

TOTAL REVENUE $125,135,364

Expense Breakdown

Grants Paid $19,828,509

Salaries & Benefits $46,980,412

Fundraising Expenses $955,909

Program Expenses $94,886,433

Other Expenses $41,450,846

TOTAL EXPENSES $108,259,767

Year-over-Year Comparison

	2024	2023	Change
Revenue	$125,135,364	$114,883,434	+0.1%
Expenses	$108,259,767	$98,926,670	+0.1%
Net Income	$16,875,597	$15,956,764	+0.1%

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

1378

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

$669,968

Total Directors

Key Employees

$891,887

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBERT DONNELL	VICE-CHAIRMAN BOT	1.0	Officer Director	$0	$0	$0
WILLIAM RAY	CHAIRMAN BOT	1.0	Officer Director	$0	$0	$0
ALAN SUDDUTH	TRUSTEE	1.0	Director	$0	$0	$0
ALLISON MOFFETT	TRUSTEE	1.0	Director	$0	$0	$0
ANTHONY WILSON	TRUSTEE	1.0	Director	$0	$0	$0
BARBARA HAMILTON	TRUSTEE	1.0	Director	$0	$0	$0
BRENT PARKER	TRUSTEE	1.0	Director	$0	$0	$0
BRETT JONES	TRUSTEE	1.0	Director	$0	$0	$0
BRETT VALENTINE	TRUSTEE	1.0	Director	$0	$0	$0
BRIAN DIX	TRUSTEE	1.0	Director	$0	$0	$0
CHARLES PICKERING SR	TRUSTEE	1.0	Director	$0	$0	$0
DANIEL EDNEY	TRUSTEE	1.0	Director	$0	$0	$0
GARY GORDEN	TRUSTEE	1.0	Director	$0	$0	$0
GARY SHOWS	TRUSTEE	1.0	Director	$0	$0	$0
JACK SIMMONS	TRUSTEE	1.0	Director	$0	$0	$0
JEFF FLOYD	TRUSTEE	1.0	Director	$0	$0	$0
JIMMY STEWART	TRUSTEE	1.0	Director	$0	$0	$0
JOEY GARNER	TRUSTEE	1.0	Director	$0	$0	$0
JOHN DAMON	TRUSTEE	1.0	Director	$0	$0	$0
LEANDER BRIDGES	TRUSTEE	1.0	Director	$0	$0	$0
MACK GRUBBS	TRUSTEE	1.0	Director	$0	$0	$0
PHIL HANBERRY	TRUSTEE	1.0	Director	$0	$0	$0
TED BOWER	TRUSTEE	1.0	Director	$0	$0	$0
BENJAMIN C BURNETT	PROFESSOR OF EDUCATION; PRESIDENT AND CHIEF EXECUTIVE OFFICER	40.0	Officer	$296,906	$36,708	$333,614
DANIEL P CALDWELL	FORMER VICE PRESIDENT FOR ACADEMIC AFFAIRS , AND PROVOST	40.0	Officer	$69,668	$23,314	$92,982
GRANT GUTHRIE	VICE PRESIDENT FOR BUSINESS AFFAIRS AND CHEIF FINANCIAL OFFICER	40.0	Officer	$140,599	$23,406	$164,005
NOAL B COCHRAN	PROFESSOR OF EDUCATION; VICE PRESIDENT FOR ACADEMIC AFFAIRS, AND PROVOST	40.0	Officer	$72,125	$7,242	$79,367
CASSANDRA L CONNER	PROF. OF EDUCATION; VP FOR THE TRADITION CAMPUS; ASSOC. PROVOST FOR DISTANCE LEARNING	40.0	Key Emp	$118,013	$15,564	$133,577
ITALO R SUBBARAO	PROFESSOR OF CLINICAL SCIENCES AND DEAN OF COLLEGE OF OSTEOPATHIC MEDICINE	40.0	Key Emp	$533,660	$23,669	$557,329
JANET K WILLIAMS	PROFESSOR OF NURSING; VICE PRESIDENT, COLLEGE OF HEALTH SCIENCES	40.0	Key Emp	$177,429	$23,552	$200,981
CARISSA S ROSTEN	ASSISTANT PROFESSOR OF CLINICAL SCIENCES; DIRECTOR, OMM SCHOLARS PROGRAM	40.0	Highest	$218,196	$13,081	$231,277
EDWARD R FRIEDLANDER	PROFESSOR OF PRECLINICAL SCIENCES	40.0	Highest	$217,047	$17,571	$234,618
ENG T HUU	ASSOCIATE PROFESSOR OF CLINICAL SCIENCES	40.0	Highest	$207,360	$17,350	$224,710
ETHAN B WORTHINGTON	ASSOCIATE PROFESSOR OF CLINICAL SCIENCES AND CHAIR OF OMM	40.0	Highest	$255,506	$15,963	$271,469
TIFFANY L WORTHINGTON	ASSOCIATE PROFESSOR OF CLINICAL SCIENCES AND ASSOCIATE DEAN OF CLINICAL SCIENCES	40.0	Highest	$266,035	$16,569	$282,604

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	$125,135,364	$108,259,767	$294,419,547	$16,875,597
2024	No data	No data	No data	No data
2023	$93,683,710	$93,092,057	$251,274,445	$591,653
2022	$98,180,914	$94,227,743	$252,285,278	$3,953,171
2021	$93,416,449	$83,785,625	$258,133,608	$9,630,824
2020	$78,205,478	$75,405,911	$250,187,217	$2,799,567
2019	$71,278,420	$70,558,711	$234,575,439	$719,709