Carolina University
The information on this page was last updated 1/15/2026. 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: Shahn Wilburn
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
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | 570 of 1435 | 67 of 155 | |
| Fund acquisition rating |  | 1303 of 1435 | 144 of 155 |
| Resource allocation rating | | 580 of 1435 | 63 of 155 |
| Asset utilization rating | | 41 of 1436 | 3 of 155 |
This ministry has a negative net worth, making it impossible to assign it a valid financial efficiency rating.
To understand our financial efficiency ratings, click here.
Financial ratios
| Funding ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 13% | 65% | 199% | 7% | 42% | 46% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 4% | 3% | 2% | 3% | 5% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 15% | 6% | 2% | 27% | 7% | 10% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 4% | 3% | 2% | 3% | 5% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 85% | 94% | 98% | 73% | 93% | 90% |
| Operating ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Program expense ratio Program expense ratio = Program services / Total expenses | 84% | 86% | 87% | 88% | 88% | 86% |
Spending ratio Spending ratio = Total expenses / Total revenue | 96% | 107% | 123% | 96% | 105% | 102% |
Program output ratio Program output ratio = Program services / Total revenue | 81% | 92% | 106% | 85% | 92% | 87% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 4% | -7% | -23% | 4% | -5% | -2% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 2% | 74% | -289% | 15% | -16% | -4% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 14% | 10% | 10% | 10% | 10% | 9% |
| Investing ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.52 | 3.28 | 2.60 | 1.00 | 0.92 | 0.83 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 2.73 | 2.06 | 1.92 | 2.27 | 3.10 | 3.24 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.45 | 6.76 | 5.00 | 2.28 | 2.84 | 2.70 |
| Liquidity ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Current ratio Current ratio = Total current assets / Total current liabilities | 8.18 | 0.75 | 1.82 | 2.98 | 3.02 | 5.33 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.12 | 1.33 | 0.55 | 0.34 | 0.33 | 0.19 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 6.99 | -0.58 | 1.08 | 3.50 | 2.82 | 3.61 |
| Solvency ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 20% | 127% | 83% | 71% | 75% | 62% |
Debt ratio Debt ratio = Debt / Total assets | 10% | 63% | 55% | 56% | 64% | 57% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 148% | -8% | 6% | 29% | 27% | 45% |
Financials
| Balance sheet | |||||
| Assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Cash | $612,296 | $1,491,483 | $430,390 | $148,358 | $158,180 |
| Receivables, inventories, prepaids | $2,347,192 | $2,359,711 | $7,450,738 | $5,491,274 | $4,606,364 |
| Short-term investments | $21,082 | $17,504 | $21,746 | $48,396 | $430,159 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $2,980,570 | $3,868,698 | $7,902,874 | $5,688,028 | $5,194,703 |
| Long-term investments | $31,650 | $31,650 | $31,650 | $31,650 | $31,650 |
| Fixed assets | $3,127,583 | $3,356,295 | $3,827,732 | $4,187,266 | $5,378,433 |
| Other long-term assets | $5,418 | $183,251 | $6,201,910 | $7,730,202 | $6,251,402 |
| Total long-term assets | $3,164,651 | $3,571,196 | $10,061,292 | $11,949,118 | $11,661,485 |
| Total assets | $6,145,221 | $7,439,894 | $17,964,166 | $17,637,146 | $16,856,188 |
| Liabilities | 2025 | 2024 | 2023 | 2022 | 2021 |
| Payables and accrued expenses | $3,638,573 | $1,805,458 | $2,243,974 | $1,480,439 | $481,044 |
| Other current liabilities | $316,586 | $323,976 | $404,056 | $404,056 | $492,716 |
| Total current liabilities | $3,955,159 | $2,129,434 | $2,648,030 | $1,884,495 | $973,760 |
| Debt | $3,876,877 | $4,080,754 | $10,080,553 | $11,316,008 | $9,540,403 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $0 | $0 | $2,774 | $2,774 | $2,937 |
| Total long-term liabilities | $3,876,877 | $4,080,754 | $10,083,327 | $11,318,782 | $9,543,340 |
| Total liabilities | $7,832,036 | $6,210,188 | $12,731,357 | $13,203,277 | $10,517,100 |
| Net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Without donor restrictions | ($1,686,815) | $843,706 | $1,279,439 | $549,949 | $2,410,542 |
| With donor restrictions | $0 | $386,000 | $3,953,370 | $3,883,920 | $3,928,546 |
| Net assets | ($1,686,815) | $1,229,706 | $5,232,809 | $4,433,869 | $6,339,088 |
| Revenues and expenses | |||||
| Revenue | 2025 | 2024 | 2023 | 2022 | 2021 |
| Total contributions | $1,121,627 | $274,258 | $5,018,669 | $1,065,975 | $1,415,089 |
| Program service revenue | $16,518,674 | $15,293,629 | $13,486,875 | $12,236,786 | $10,650,970 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | ($8,966) | ($291,554) | $0 | $9,763 | $142,703 |
| Other revenue | $1,285,773 | $496,415 | $283,668 | $2,146,001 | $1,577,354 |
| Total other revenue | $17,795,481 | $15,498,490 | $13,770,543 | $14,392,550 | $12,371,027 |
| Total revenue | $18,917,108 | $15,772,748 | $18,789,212 | $15,458,525 | $13,786,116 |
| Expenses | 2025 | 2024 | 2023 | 2022 | 2021 |
| Program services | $17,316,916 | $16,790,732 | $15,893,075 | $14,152,886 | $12,030,814 |
| Management and general | $2,116,321 | $1,988,698 | $1,758,455 | $1,567,739 | $1,328,778 |
| Fundraising | $729,085 | $547,018 | $360,319 | $445,084 | $657,463 |
| Total expenses | $20,162,322 | $19,326,448 | $18,011,849 | $16,165,709 | $14,017,055 |
| Change in net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Surplus (deficit) | ($1,245,214) | ($3,553,700) | $777,363 | ($707,184) | ($230,939) |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | ($1,245,214) | ($3,553,700) | $777,363 | ($707,184) | ($230,939) |
Compensation
| Name | Title | Compensation |
| Petitt Charles | President/Ceo (former) | $213,013 |
| Zuniga Regina | Chief Operating Officer | $90,290 |
| Ronk Christopher | Chief Financial Officer (former) | $86,569 |
| Williams Willie | VP Student Services | $79,630 |
Compensation data as of: 6/30/2025
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 1/15/2026. 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.