FB: College Conference of Illinois and Wisconsin

[USee]

IWU got an A- grade, not an A+. Again, Forbes model is quantitative, not subjective. Forbes' 2026 College Financial Grades use roughly ten weighted balance-sheet and operating metrics. Per their own methodology summary: 
-a college's ability to cover debt,
-ability to operate on reserve funds,
-change in net assets,
-endowment per student,
-enrollment growth,
-instruction expenses per student,
-net tuition revenue per student,
-reliance on tuition revenue,
-unrestricted net assets, and
-coverage of educational expenses by tuition, donations and investment revenue.

Operating margin is only one of these criteria. IWU actually moved up from a B previously to an A-. IWU's endowment is 2.5x the size of Carroll and their enrollment is about a third. So IWU has a bigger cushion and less reliance on tuition for income (because they have wealthy and generous alums who contribute) which is likely the reason the grades are different.

Again, I would expect Carroll to trend higher if they stay on the path they are on.