FB: College Conference of Illinois and Wisconsin

[The Third Division]

from what very little I know about carroll, i don't believe they are struggling as an institution.

[CarollFan]

This site shows revenue, expenses, assets and liabilities per school. The data looks like it's from 2024 and 2025.

https://projects.propublica.org/nonprofits

I checked each school. I don't understand how Forbes comes up with the individual grades when I compare the numbers between schools. I was surprised for example at IWU's revenue though Forbes grades them A+.

[markerickson]

Tragic news at Wheaton.  Sandy, a friend of Greg and I, lost an uncle due to riptide at "Pilgrim Pines," which is about one mile south of Warren Dunes in MI.

I am surprised by NPU's financial health rank.  Plus, NPU must spend money now on retrofitting the old and/or building new ones.

[Gotberg]

Tragic news at Wheaton.  Sandy, a friend of Greg and I, lost an uncle due to riptide at "Pilgrim Pines," which is about one mile south of Warren Dunes in MI.

I am surprised by NPU's financial health rank.  Plus, NPU must spend money now on retrofitting the old and/or building new ones.

Terrible news.

Mark, I think you might mean Bethany Beach?  Pilgrim Pines is a covenant camp in New Hampshire.

[GusD]

Tragic news at Wheaton.  Sandy, a friend of Greg and I, lost an uncle due to riptide at "Pilgrim Pines," which is about one mile south of Warren Dunes in MI.

I am surprised by NPU's financial health rank.  Plus, NPU must spend money now on retrofitting the old and/or building new ones.

Tragically, Wheaton must be suffering a great deal of painful feelings currently. Condolences to the entire Wheaton community, and especially to their football family.

With regard to D3 schools financial health, there is some current info on the General Issues/Future of D3 page. NPU is among the schools mentioned.

[markerickson]

My bad, Gotberg.

[FiredCoachesPod]

The article from Forbes is nothing more than a "we don't have all the facts piece."

[CarollFan]

With all the talk about the the pool of students shrinking multiple schools in the CCIW posted strong new student enrollment numbers in 2025.

NCC Record Number of New Students

Carroll Largest Freshmen Class in School History

Carthage Largest Incoming Class in School History

IWU Largest Incoming Class in 15 Years

NPU 3rd Largest Number of 1rst Year Students in School History

[USee]

The article from Forbes is nothing more than a "we don't have all the facts piece."

What do you base this opinion on? What facts do you have?

[FiredCoachesPod]

The article from Forbes is nothing more than a "we don't have all the facts piece."

What do you base this opinion on? What facts do you have?

Follow along with the links that have been shared.

[GusD]

Among the brightest of NCC's many stars over the last several years, Shane Dierking '14/M'16, a D3Football.com First Team All-American, and current Assistant Head Coach & Defensive Coordinator, and D3Football.com First Team All-American, and Gagliardi Award winner, Broc Rutter'20, will be inducted into the North Central College Athletic Hall of Fame in conjunction with Homecoming activities on October 10th.

[USee]

The article from Forbes is nothing more than a "we don't have all the facts piece."

What do you base this opinion on? What facts do you have?

Follow along with the links that have been shared.

So you have no facts, just links someone else provided?

[FiredCoachesPod]

As everyone stated, Carroll is not in financial trouble.
Carroll is the oldest institution in Wisconsin.
Just had the largest freshman class in school history.
$52.5 million dollar facilities plan in place. Have you ever looked at the facilities work they have done over the past fifteen years?

Meanwhile, at least five institutions (in the B- or above range) have had public cuts over the past six years! But, let's go off a letter grade by Forbes.

[USee]

As everyone stated, Carroll is not in financial trouble.
Carroll is the oldest institution in Wisconsin.
Just had the largest freshman class in school history.
$52.5 million dollar facilities plan in place. Have you ever looked at the facilities work they have done over the past fifteen years?

Meanwhile, at least five institutions (in the B- or above range) have had public cuts over the past six years! But, let's go off a letter grade by Forbes.

The Forbes grade is not a hot take based on someone's opinion. Its a quantitative model. Carroll had operating deficits in 2023 and 2024 (combined almost $14M) but then swung back with a slight surplus in 2025, which is a good sign. Forbes grades have 9 factors they measure for their grades including: reserve ratio/liquidity, tuition as a % of revenue, assets vs liabilities, operating, etc. Their relatively high dependence on tuition (90%) with low investment income (3-4%) along with the 23/24 deficits are likely what's driving their grade. Forbes may be relying on lagging NCES data and Carrol's 2025 surplus may not have been factored in.

Carroll has definitely improved their balance sheet recentl (growing net assets and low liabilities relative to assets) so I don't see any near term cause for concern. If that trend continues they will be just fine. But you can't run operating deficits very often and be considered healthy. That said, I think Carroll has made some solid adjustments and should be trending stronger.

[CarollFan]

As everyone stated, Carroll is not in financial trouble.
Carroll is the oldest institution in Wisconsin.
Just had the largest freshman class in school history.
$52.5 million dollar facilities plan in place. Have you ever looked at the facilities work they have done over the past fifteen years?

Meanwhile, at least five institutions (in the B- or above range) have had public cuts over the past six years! But, let's go off a letter grade by Forbes.

The Forbes grade is not a hot take based on someone's opinion. Its a quantitative model. Carroll had operating deficits in 2023 and 2024 (combined almost $14M) but then swung back with a slight surplus in 2025, which is a good sign. Forbes grades have 9 factors they measure for their grades including: reserve ratio/liquidity, tuition as a % of revenue, assets vs liabilities, operating, etc. Their relatively high dependence on tuition (90%) with low investment income (3-4%) along with the 23/24 deficits are likely what's driving their grade. Forbes may be relying on lagging NCES data and Carrol's 2025 surplus may not have been factored in.

Carroll has definitely improved their balance sheet recentl (growing net assets and low liabilities relative to assets) so I don't see any near term cause for concern. If that trend continues they will be just fine. But you can't run operating deficits very often and be considered healthy. That said, I think Carroll has made some solid adjustments and should be trending stronger.

It would be interesting to see which of these factors weigh more than others.
IWU which received a A+ Forbes grade had operating deficits in 2023 and 2024, combined $26.6 million. Worst deficits and lowest revenue in 2023 and 2024 than any school in the CCIW. Not picking on IWU, just what makes them a A+ with Forbes model? Wheaton it's pretty easy to see why A+.

Not sure what IWU financials are in 2025? They have more net assets, around $92 million more in 2024 and rely less on program services and more on contributions than Carroll.

IWU in 2024 just had $15 million more in net assets than Carthage and Carthage in 2023 and 2024 had a combined $900k deficit with profits in 2024 and 2025 and they were a C+.

Augie has had profits every year going back to 2017 and has more net assets than IWU. Their revenue in 2024 was $100 million more than IWU. Something in the model gives IWU a better grade.

I'm not sure what effect the scholarships would have as Augie, Carroll, Carthage and NCC indicate 100% financial aid for undergraduates. Millikin at 99%. NPU 98%. Im sure the others are a pretty high percentage.