# Carroll University Endowment Carroll University Endowment is an Endowment / Foundation based in Waukesha, United States. ## Overview - **Organization type:** Endowment / Foundation - **Headquarters:** Waukesha, United States - **Region:** North America - **Address:** 100 N. East Avenue, Waukesha, WI 53186, United States - **Founded:** 1846 - **Assets under management:** $93.8M (Altss estimate) - **Website:** carrollu.edu - **LinkedIn:** https://www.carrollu.edu ## Regulatory record - **Reports private funds:** No ## About Carroll University established its endowment alongside the institution's 1846 founding, creating a financial structure that now underpins operations for a private university with a historic covenant relationship with the Synod of Lakes and Prairies of the Presbyterian Church (USA). President Cindy Gnadinger leads the stewardship of these assets, which function as a permanent income stream directed toward financial aid, faculty support, and programmatic funding across the Waukesha, Wisconsin campus. The endowment deploys capital across a mix of strategies including buyout, early-stage venture, fund-of-funds structures, and expansion-stage commitments. Physical assets anchor a portion of the portfolio through direct campus real estate: the Michael and Mary Jaharis Science Laboratories, the Sullivan School of Business, Engineering and Technology, and off-site holdings such as the Prairie Springs Environmental Education Center in the Town of Genesee. A 2019 grant from the Paul Fleckenstein Trust provided $1 million specifically to endow a research laboratory on that satellite campus. Administration of the endowment falls under Vice President for Finance and Administration Dana Stuart, who manages the pool alongside the Board of Trustees chaired by Deborah Block and Treasurer John Hengel. The office maintains no disclosed separate investment staff, operating instead through the university's central administration. Carroll participates in the Wisconsin Association of Independent Colleges and Universities (WAICU) and the Waukesha County Business Alliance, and received significant grant funding from Lilly Endowment Inc. to support university initiatives. Unlike independent investment offices that can rebalance quickly, the endowment's structure is intertwined with the university's operating budget, physical plant, and capital campaign cycles, most recently the "Pioneer Driven" comprehensive campaign. The covenant with the Presbyterian Church adds a layer of mission alignment that shapes permissible investments, while the mix of leased commercial properties—such as the Randall STEM Elementary School site—generates auxiliary revenue that complements the purely financial portfolio returns. ## Sectors - Education - Real Estate ## Offices - Town of Genesee, WI, United States ## People - Cindy Gnadinger — President - Deborah Block — Chair of the Board of Trustees - John Hengel — Treasurer of the Board of Trustees - Dana Stuart — Vice President for Finance and Administration ## Questions ### Who makes investment decisions for the Carroll University Endowment? The endowment is managed through the university's central financial administration under Vice President for Finance and Administration Dana Stuart. The Board of Trustees, chaired by Deborah Block with John Hengel as Treasurer, holds ultimate fiduciary responsibility. There is no separate chief investment officer or dedicated investment staff disclosed publicly. ### Does the endowment invest directly or through funds? Carroll's reported strategy includes a fund-of-funds approach alongside direct exposure to buyout, venture capital, and expansion-stage opportunities. The endowment also holds significant direct real estate assets, including the Michael and Mary Jaharis Science Laboratories and the Sullivan School of Business, which function as both operational assets and long-term holdings for the university. ### How is the endowment related to the Presbyterian Church? Carroll University maintains a formal covenant relationship with the Synod of Lakes and Prairies of the Presbyterian Church (USA). This historic affiliation, dating to the university's 1846 founding, influences the institution's mission and governance but does not necessarily dictate specific investment restrictions beyond general mission alignment. ### What external grantors or co-investors support Carroll's initiatives alongside the endowment? Lilly Endowment Inc. has been a significant institutional grantor to Carroll University. Additionally, the Paul Fleckenstein Trust provided a $1 million endowment gift specifically to fund a research laboratory at the Prairie Springs Environmental Education Center in the Town of Genesee, Wisconsin. ### What real estate assets does the endowment hold outside the main campus? Beyond the primary Waukesha campus, Carroll controls the Prairie Springs Environmental Education Center and Greene Field Station in the Town of Genesee, Wisconsin, along with the Paul Fleckenstein Research Laboratory on that site. The university also leases the Randall STEM Elementary School property in Waukesha, generating auxiliary income. ## Related profiles - [Zell Family Foundation](https://altss.com/profile/zell-family-foundation) - [Malott Family Foundation](https://altss.com/profile/malott-family-foundation) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/carroll-university-endowment Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology