CARTHAGE COLLEGE
Mission Statement
Carthage is a college of Evangelical Lutheran Church in America, Espousing & expressing the Judeo-Christian tradition. Honoring God's love for all people & celebrates the rich diversity of creation. Embraces scholarship & teaching that is grounded in respect for truth, possibilities & limitations of individuals perspectives, & personal accountability. Recognizes that the quest for Truth is a life-long journey, that knowledge, experience, understanding, gained through a love of learning, are the surest guides. Promotes personal, professional, social relationship characterized by truth, honesty, & integrity. Challenges all members of the community to seek excellence in every endeavor. Provides the resources, tools, & facilities necessary to attract & develop committed students, faculty, staff, and trustees. Strives for robustness throughout its educational experience, providing students with opportunities to grow in all facets of life. Seeks breadth & depth of cultural experience from faculty & students, building a foundation for informed, courageous, & effective action in the larger world. Collaborate with advisors & partners who help increase the relevance vibrancy, & resilience of the educational experience. Is a responsible steward, invest-ing in & preserving resources in service to current & successive generations of students. Affirms that the privilege of education is accompanied by the responsibilities of social awareness. Challenges students to become builders of a just & compassionate world by immersing them in an educational experience that offers exposure to the full breadth of existence on Earth. Prepares students for lives of service, progression to leadership, by providing opportunities to give of them-selves & help others-locally, nationally, & internationally. Models & promotes the art of stewardship, enjoining respect for life in all of its various forms & cultures. A College community that spans generations & bridges ideologies, nurturing lives of service, work, appreciation, & understanding. Affirms that Truth, Strength, & Service intertwine beneficially throughout life, encourages members of the community to follow paths that incorporate all three. Embraces traditions that lift up the community & increase its relevance & prestige. Encourages community members to challenge & support one another, to accept responsibility & require account-ability, & to collaborate in serving the best interest of students.
Financial Overview — FY 2023
Compared with Peers
FY 2023| Ratio | This org | Peer median | Position (P10 → P90) | |
|---|---|---|---|---|
|
Program expense ratio
Program expenses / total expenses
· higher is better
|
85.1% | 87.4% |
P10P90
|
Below median |
|
Admin expense ratio
Management and general / total expenses
· lower is better
|
13.4% | 10.5% |
P10P90
|
Below median |
|
Fundraising expense ratio
Fundraising expenses / total expenses
· lower is better
|
1.5% | 1.3% |
P10P90
|
Below median |
|
Fundraising efficiency
Fundraising expenses / gross fundraising income
· lower is better
|
5216.7% | 4415.8% |
P10P90
|
Below median |
|
Operating reserve
Months of expenses covered by net assets
· higher is better
|
27.5 mo | 20.3 mo |
P10P90
|
Above median |
|
Liabilities to assets
Total liabilities / total assets
· lower is better
|
28.7% | 27.0% |
P10P90
|
Below median |
|
Revenue concentration
Share of revenue from the largest source
· lower is better
|
88.8% | 84.6% |
P10P90
|
Below median |
|
Revenue growth
Year over year revenue growth
|
-6.4% | -2.0% |
P10P90
|
|
|
Expense growth
Year over year expense growth
|
3.5% | 5.9% |
P10P90
|
|
|
Surplus margin
Surplus as a share of revenue
|
-3.5% | 1.3% |
P10P90
|
Financial History
| Year | Revenue | Expenses | Net Assets | Program % | Staff |
|---|---|---|---|---|---|
| 2023 | $124.0M | $128.3M | $293.8M | 85.1% | 1804 |
| 2022 | $132.5M | $124.0M | $280.9M | 80.5% | 2315 |
| 2021 | $125.2M | $114.9M | N/A | — | 2347 |
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