Carolina University

The information on this page was last updated 7/10/2024. If you see errors or omissions, please email: [email protected]


Summary

Carolina University is a modern university focused on providing value for students. Although our history dates back over one hundred years, we are not weighed down by history or by legacy practices.


Contact information

Mailing address:
Carolina University
420 South Broad Street
Winston-Salem, NC 27101

Website: carolinau.edu

Phone: (336) 714-7993

Email: [email protected]


Organization details

EIN: 560594591

CEO/President: Charles Pettit

Chairman: Wilburn Shahn

Board size: 14

Founder: Dr. Charles H. Stevens

Ruling year: 1947

Tax deductible: Yes

Fiscal year end: 06/30

Member of ECFA: No

Member of ECFA since:


Purpose

We will grow in influence to become a globally recognized leader in Christ-centered, student-focused higher education.


Mission statement

We are a Christ-centered University committed to student success.


Statement of faith

We Believe:

That the Bible is the inspired Word of God and without error.

That there is only one God who is eternally existent in three distinct persons: Father, Son, and Holy Spirit.

In the deity and humanity of our Lord and Savior Jesus Christ, His virgin birth, sinless life, atoning death, bodily resurrection, ascension into heaven, and future return to the earth. In the fall of humanity that resulted in separation from God and the need for reconciliation and salvation.

That Jesus Christ shed His blood and died as a substitutionary sacrifice for the sins of the world.

That salvation is the free and everlasting gift from God received by personal faith in Jesus Christ alone through God's grace alone, and that regeneration is entirely apart from religious activities or good works.

In the bodily resurrection of the saved to live eternally with the Lord and the bodily resurrection and eternal damnation of the unsaved.

Donor confidence score

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Transparency grade

D

To understand our transparency grade, click here.


Financial efficiency ratings

Sector: Colleges/Universities

CategoryRatingOverall rankSector rank
Overall efficiency rating80 of 10973 of 128
Fund acquisition rating189 of 109830 of 128
Resource allocation rating309 of 109827 of 128
Asset utilization rating172 of 109714 of 128

Financial ratios

Funding ratiosSector median20232022202120192018
Return on fundraising efforts Return on fundraising efforts =
Fundraising expense /
Total contributions
13%7%42%46%35%7%
Fundraising cost ratio Fundraising cost ratio =
Fundraising expense /
Total revenue
2%2%3%5%8%4%
Contributions reliance Contributions reliance =
Total contributions /
Total revenue
17%27%7%10%23%58%
Fundraising expense ratio Fundraising expense ratio =
Fundraising expense /
Total expenses
2%2%3%5%7%7%
Other revenue reliance Other revenue reliance =
Total other revenue /
Total revenue
83%73%93%90%77%42%
 
Operating ratiosSector median20232022202120192018
Program expense ratio Program expense ratio =
Program services /
Total expenses
84%88%88%86%79%59%
Spending ratio Spending ratio =
Total expenses /
Total revenue
98%96%105%102%110%61%
Program output ratio Program output ratio =
Program services /
Total revenue
82%85%92%87%87%36%
Savings ratio Savings ratio =
Surplus (deficit) /
Total revenue
2%4%-5%-2%-10%39%
Reserve accumulation rate Reserve accumulation rate =
Surplus (deficit) /
Net assets
1%15%-16%-4%-17%74%
General and admin ratio General and admin ratio =
Management and general expense /
Total expenses
13%10%10%9%14%34%
 
Investing ratiosSector median20232022202120192018
Total asset turnover Total asset turnover =
Total expenses /
Total assets
0.521.000.920.830.780.59
Degree of long-term investment Degree of long-term investment =
Total assets /
Total current assets
2.572.273.103.243.333.30
Current asset turnover Current asset turnover =
Total expenses /
Total current assets
1.412.282.842.702.601.96
 
Liquidity ratiosSector median20232022202120192018
Current ratio Current ratio =
Total current assets /
Total current liabilities
7.922.983.025.333.333.80
Current liabilities ratio Current liabilities ratio =
Total current liabilities /
Total current assets
0.130.340.330.190.300.26
Liquid reserve level Liquid reserve level =
(Total current assets -
Total current liabilities) /
(Total expenses / 12)
7.433.502.823.613.224.52
 
Solvency ratiosSector median20232022202120192018
Liabilities ratio Liabilities ratio =
Total liabilities /
Total assets
24%71%75%62%60%49%
Debt ratio Debt ratio =
Debt /
Total assets
11%56%64%57%51%41%
Reserve coverage ratio Reserve coverage ratio =
Net assets /
Total expenses
148%29%27%45%51%87%

Financials

Balance sheet
 
Assets20232022202120192018
Cash$430,390$148,358$158,180$1,133,444$1,585,915
Receivables, inventories, prepaids$7,450,738$5,491,274$4,606,364$2,863,496$979,492
Short-term investments$21,746$48,396$430,159$886,136$2,047,821
Other current assets$0$0$0$0$0
Total current assets$7,902,874$5,688,028$5,194,703$4,883,076$4,613,228
Long-term investments$31,650$31,650$31,650$31,650$778,606
Fixed assets$3,827,732$4,187,266$5,378,433$4,924,821$2,494,537
Other long-term assets$6,201,910$7,730,202$6,251,402$6,434,288$7,344,187
Total long-term assets$10,061,292$11,949,118$11,661,485$11,390,759$10,617,330
Total assets$17,964,166$17,637,146$16,856,188$16,273,835$15,230,558
 
Liabilities20232022202120192018
Payables and accrued expenses$2,243,974$1,480,439$481,044$1,056,407$339,701
Other current liabilities$404,056$404,056$492,716$412,127$875,088
Total current liabilities$2,648,030$1,884,495$973,760$1,468,534$1,214,789
Debt$10,080,553$11,316,008$9,540,403$8,257,959$6,182,540
Due to (from) affiliates$0$0$0$0$0
Other long-term liabilities$2,774$2,774$2,937$8,676$9,655
Total long-term liabilities$10,083,327$11,318,782$9,543,340$8,266,635$6,192,195
Total liabilities$12,731,357$13,203,277$10,517,100$9,735,169$7,406,984
 
Net assets20232022202120192018
Without donor restrictions$1,279,439$549,949$2,410,542$2,277,451$1,230,108
With donor restrictions$3,953,370$3,883,920$3,928,546$4,261,215$6,593,466
Net assets$5,232,809$4,433,869$6,339,088$6,538,666$7,823,574
 
Revenues and expenses
 
Revenue20232022202120192018
Total contributions$5,018,669$1,065,975$1,415,089$2,714,053$8,536,158
Program service revenue$13,486,875$12,236,786$10,650,970$8,151,669$6,060,860
Membership dues$0$0$0$0$0
Investment income$0$9,763$142,703$634,015$129,301
Other revenue$283,668$2,146,001$1,577,354$99,204$114,118
Total other revenue$13,770,543$14,392,550$12,371,027$8,884,888$6,304,279
Total revenue$18,789,212$15,458,525$13,786,116$11,598,941$14,840,437
 
Expenses20232022202120192018
Program services$15,893,075$14,152,886$12,030,814$10,056,762$5,347,242
Management and general$1,758,455$1,567,739$1,328,778$1,720,220$3,074,757
Fundraising$360,319$445,084$657,463$942,163$604,197
Total expenses$18,011,849$16,165,709$14,017,055$12,719,145$9,026,196
 
Change in net assets20232022202120192018
Surplus (deficit)$777,363($707,184)($230,939)($1,120,204)$5,814,241
Other changes in net assets$0$0$0$0$0
Total change in net assets$777,363($707,184)($230,939)($1,120,204)$5,814,241

Compensation

NameTitleCompensation
Petitt CharlesPresident/CEO$138,730
Burkard HeatherProvost$74,117
Ronk ChristopherChief Financial Officer$73,856
Williams WillieVP Student Services$56,860
Zuniga ReginaChief Operating Officer$55,722

Compensation data as of: 6/30/2023


Response from ministry

No response has been provided by this ministry.


The information below was provided to MinistryWatch by the ministry itself. It was last updated 7/10/2024. To update the information below, please email: [email protected]


History

Carolina University's history has positioned the institution to become innovative and transformational within the nation's higher education sector. Although our roots go back over one hundred years, Carolina University is a modern American university that fills existing gaps in higher education. In particular, its historical Christ-centered focus led to an ethos of empowerment through the pursuit of knowledge and widening access to underserved populations and evolved to meet acute educational deficits experienced by disadvantaged sections of society.

The University's longstanding commitment to low tuition rates expanded to reach a wider group of people than those traditionally served in decades past due to the addition of new degree programs. And a culture of caring for students transitioned into a sharper focus on nurturing educational attainment and success after graduation. So, while our history might suggest a different institution than our current state, a deeper look reveals a progressive development of strengthening areas that propel society's march forward and shedding boundaries that limit growth. The modern Carolina University is distinctive for a strong focus on value-for-money, accessibility, flexibility, excellent teaching, early graduation, and strong employment outcomes. This innovative mission is powered by an intentional academic structure and policies that enable execution. It is derived from a past that includes the histories of the many institutions that are part of what is now Carolina University, and the paragraphs below provide a brief overview of how we got here.

On June 24, 2020 Piedmont International University changed its name to Carolina University to reflect the exciting changes and unprecedented growth of a University that is both historically rich and brand new at the same time. The neutral name was an equitable way to tell the powerful story of how seven Christian colleges and seminaries came together to create one strong university. CU is a story of innovation, inspiration, and especially collaboration with an emerging synergy that personifies a phrase often attributed to Aristotle. The CU whole is greater than the sum of the schools that merged. The mergers gave dignity and name continuation to schools that otherwise would have closed, but without the mergers of the following seven schools, there would be no Carolina University.

Carolina University brought these seven Christ-centered schools together to create a dynamic university poised for growth and broad influence.


Program accomplishments


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