Forbes gives Goshen College an A+ financial grade

The Forbes annual College Financial Grades assessment has given Goshen College an A+ for financial health. Each year, Forbes assesses the operational health and balance sheets of over 900 private not-for-profit colleges with enrollment exceeding 500 students.

The 10 key metric data points used to calculate a college’s grade include:

• Endowment assets per full-time equivalent student
• Primary reserve ratio
• Viability ratio
• Unrestricted net assets
• Core operating margin
• Tuition dependency
• Return on asset
• Instruction-related spending per student
• Enrollment growth
• Tuition revenue per student

“This recognition from Forbes is a testament to the strong past and present support from our alumni and friends, as well as ongoing careful stewardship of our resources,” said Martin Gunawan, vice president for finance at Goshen College. “Our financial strength allows us to provide a truly exceptional student experience enriched by many opportunities that are not offered by our peers.”

The Forbes article suggests that schools that keep non-instructional spending in check relative to their enrollment and core mission tend to be on a more solid financial footing. Goshen College’s strategic mission and rating support this.

“This rating means that we are on the right track,” said Steve Wolma, vice president of enrollment management for Goshen College. “We want to be a financially sustainable institution that prioritizes the student experience through authentic faculty connection and proper academic support.”

The data used in the assessment were sourced from the U.S. Department of Education’s Integrated Postsecondary Education Data System. This year, Forbes utilized Perspective Data Science, a consulting and business intelligence firm that provides predictive analytics frameworks to help educational institutions identify performance gaps, reduce operational risk and uncover policy opportunities. This allowed Forbes to determine a college’s true liquidity for current and future years.

“The 2026-2027 fiscal year presents a new set of challenges, as we continue to face rising costs and revenue pressures,” said Gunawan. “Despite these challenges, we are grateful for a thriving student body, an engaged and dedicated Board of Directors, generous alumni and friends, and faculty and staff who are deeply committed to the mission of the college.”