Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 1942.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
90 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
39 people listed on the 990; $2.9M paid to officers and key staff.
Cindy Gnadinger’s $556K as President is at the 47th percentile of top reported officer pay among 674 $100M+ education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cindy Gnadinger | $556,450 | $817,263 | $438,474 | $448,691 | $391,583 | $427,569 |
| Kevin Trainor Dean | — | $272,292 | — | — | — | — |
| Stephen Kuhn | — | — | — | — | $142,194 | $252,019 |
| Mark Blegen | $235,359 | $248,424 | $244,543 | $240,888 | $209,600 | $220,823 |
| Victoria Dowling | $237,019 | $247,093 | $242,086 | $235,909 | — | — |
| Paul Zinck | $233,737 | $245,086 | $186,963 | — | — | — |
| Teege Mettille | — | — | — | $222,226 | $161,955 | $83,237 |
| Dana Stuart | — | — | — | — | $212,120 | $211,085 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2Yes
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Offers superior education rooted in tradition to prepare students for success and service.
Questions for Carroll University INC
Your first name shows with your question. Carroll University INC answers here, for everyone.
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Auxiliary & Student Services
The university offers a broad scope of activities and programming for students. Through intercultural programming, diversity initiatives, mentoring opportunities and more, our office of intercultural and diversity engagement works to challenge preconceived notions and enrich the carroll community.
Instruction & Academic Support
Carroll university offers more than 95 areas of study for students to discover and explore that are housed within two colleges (college of arts and sciences and college of health sciences) and two schools (school of business and school of education and human services).
Institutional Support
This category of programming includes the senior leadership team, marketing and communications, and all other necessary functions to lead and support the university's students and academic mission at the waukesha, wisconsin campus and other facilities made up of 1.3 million square feet of space in over 65 buildings and 160-PLUS acres of…
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2025 990, line by line.
Download 990
| Line | Start FY25 | End FY25 |
|---|---|---|
| Cash and savingsLn 1–2 | $4.1M | $1.7M |
| InvestmentsLn 11–13 | $107.6M | $124.4M |
| Land, buildings, equipmentLn 10c | $126.5M | $122.5M |
| Total assetsLn 16 | $280.3M | $292.7M |
| LiabilitiesLn 26 | $44.5M | $45.0M |
| Net assetsLn 32 | $235.8M | $247.7M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic individualsLn 2 | $55.6M | $55.6M | ||
| Pay of current officers, directors and key staffLn 5 | $2.1M | $1.9M | $170K | |
| Other salaries and wagesLn 7 | $35.5M | $31.1M | $3.7M | $747K |
| Pension plan contributionsLn 8 | $1.6M | $1.3M | $229K | $37K |
| Other employee benefitsLn 9 | $6.6M | $5.2M | $1.2M | $186K |
| Payroll taxesLn 10 | $2.6M | $2.1M | $381K | $57K |
| Legal feesLn 11b | $34K | $34K | ||
| Accounting feesLn 11c | $113K | $113K | ||
| Professional fundraising feesLn 11e | $133K | $133K | ||
| Investment management feesLn 11f | $33K | $33K | ||
| Other fees for servicesLn 11g | $59 | $59 | ||
| Advertising and promotionLn 12 | $256K | $25K | $230K | $200 |
| Office expensesLn 13 | $11.9M | $11.0M | $824K | $72K |
| Information technologyLn 14 | $2.7M | $91K | $2.6M | $2K |
| OccupancyLn 16 | $3.3M | $3.2M | $64K | |
| TravelLn 17 | $2.1M | $2.0M | $66K | $25K |
| Conferences, conventions and meetingsLn 19 | $149K | $135K | $12K | $2K |
| InterestLn 20 | $67K | $18K | $49K | |
| Depreciation, depletion and amortizationLn 22 | $7.8M | $6.9M | $838K | |
| InsuranceLn 23 | $999K | $601K | $398K | |
| Other expenses (24a–d)Ln 24 | $11.4M | $10.9M | $458K | $50K |
| Total functional expensesLn 25 | $144.8M | $130.2M | $13.1M | $1.5M |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest Viewing | $147.1M | $144.8M | $2.4M | $247.7M | 990 PDF |
| FY2024 | $137.5M | $144.7M | −$7.2M | $235.8M | 990 PDF |
| FY2023 | $136.3M | $143.0M | −$6.7M | $233.3M | 990 PDF |
| FY2022 | $144.4M | $139.8M | $4.6M | $233.3M | 990 PDF |
| FY2021 | $141.0M | $135.3M | $5.6M | $245.9M | 990 PDF |
| FY2020 | $140.1M | $128.0M | $12.1M | $221.2M | 990 PDF |
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Schedules filed Part IV
See the full FY2025 990 (6 parts)
Part I · Summary $147,112,306 revenue, 12 lines filed
Part VI · Governance 23 of 24 board members independent, 1 to look at
Part VIII · Statement of revenue $147,112,306 across 11 lines filed
Part IX · Statement of functional expenses $144,756,692 across 21 lines filed
Part X · Balance sheet $292,670,600 assets, 18 lines filed
Part XI · Reconciliation of net assets $247,652,334 net assets at year end
Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File
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