Strongest financial health – HBCUs

These 50 HBCUs rank highest by NACUBO Composite Financial Index (CFI), drawn from 56 institutions with reported data in the U.S. Department of Education data for FY2022-23 (IPEDS). Spelman College (Atlanta, GA) leads at 8.0.

Institutions ranked by Financial Health Index (CFI).
#	Institution	Financial Health Index (CFI)
1	Spelman CollegeGA · Private	8.0
2	H Councill Trenholm State Community CollegeAL · Public	7.9
3	South Carolina State UniversitySC · Public	7.6
4	Miles CollegeAL · Private	7.2
5	Clark Atlanta UniversityGA · Private	6.9
6	Gadsden State Community CollegeAL · Public	6.9
7	Claflin UniversitySC · Private	6.8
8	Lincoln UniversityPA · Public	6.6
9	Tuskegee UniversityAL · Private	6.6
10	Florida Memorial UniversityFL · Private	6.2
11	Xavier University of LouisianaLA · Private	6.0
12	Huston-Tillotson UniversityTX · Private	5.9
13	Virginia Union UniversityVA · Private	5.5
14	Morehouse CollegeGA · Private	5.4
15	Virginia State UniversityVA · Public	5.4
16	Dillard UniversityLA · Private	4.9
17	Johnson C Smith UniversityNC · Private	4.9
18	Bowie State UniversityMD · Public	4.8
19	Hampton UniversityVA · Private	4.8
20	Edward Waters UniversityFL · Private	4.7
21	Fayetteville State UniversityNC · Public	4.7
22	Shelton State Community CollegeAL · Public	4.5
23	Langston UniversityOK · Public	4.3
24	North Carolina Central UniversityNC · Public	4.2
25	Texas Southern UniversityTX · Public	4.1
26	Bishop State Community CollegeAL · Public	4.0
27	Winston-Salem State UniversityNC · Public	4.0
28	Alcorn State UniversityMS · Public	3.9
29	Bethune-Cookman UniversityFL · Private	3.7
30	North Carolina A & T State UniversityNC · Public	3.7
31	Lawson State Community CollegeAL · Public	3.5
32	Benedict CollegeSC · Private	3.4
33	Fort Valley State UniversityGA · Public	3.4
34	Grambling State UniversityLA · Public	3.4
35	Elizabeth City State UniversityNC · Public	3.2
36	University of Maryland Eastern ShoreMD · Public	2.9
37	West Virginia State UniversityWV · Public	2.7
38	Florida Agricultural and Mechanical UniversityFL · Public	2.5
39	Howard UniversityDC · Private	2.5
40	Tennessee State UniversityTN · Public	2.5
41	Norfolk State UniversityVA · Public	2.4
42	Coppin State UniversityMD · Public	2.3
43	Jackson State UniversityMS · Public	2.2
44	Fisk UniversityTN · Private	2.0
45	St Philip's CollegeTX · Public	1.8
46	Alabama State UniversityAL · Public	1.7
47	University of the District of ColumbiaDC · Public	1.7
48	Kentucky State UniversityKY · Public	1.5
49	Oakwood UniversityAL · Private	1.0
50	Mississippi Valley State UniversityMS · Public	0.5

The Composite Financial Index (CFI) is the NACUBO/accreditor balance-sheet health score. Bond-rating agencies track similar ratios. The CFI clamps and rewards reserves relative to budget size, so this list is limited to institutions with at least 1,000 undergraduates for comparability. A data ranking, not an Ibex endorsement or quality rating. Ranked solely on the metric named above using U.S. Department of Education data for FY2022-23 (IPEDS). Federal collections lag the current academic year, and some measures are no longer published at all, so the most recent figure is not always a recent one. Institutions that do not report this metric are excluded. Figures and peer context appear on each institution’s profile.

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Frequently asked

Which of these HBCUs ranks highest by NACUBO Composite Financial Index (CFI)?

Spelman College (Atlanta, GA), at 8.0. It leads 50 institutions shown here, drawn from 56 with reported data.

How is this ranking calculated?

On one disclosed metric only: by NACUBO Composite Financial Index (CFI), from IPEDS, FY2022-23. Institutions that do not report the metric are excluded. It is a data ranking, not an Ibex endorsement, quality rating or reputation survey, and no part of it is estimated or AI-generated.

How current is the data?

This list is built from the College Scorecard release of June 10, 2026 and the newest IPEDS collections the tool uses, taking the most recent figure published for the metric it ranks: IPEDS, FY2022-23. Federal collections lag the current academic year by two to three years, so the newest published figure is not always a recent one. The release the leaderboard is dated on is printed under it.

Source: U.S. Department of Education, College Scorecard & IPEDS (each measure carries its own collection year; see the methodology), with NSF NCSES (HERD), the Clery Act & EADA collections, Census ACS, BLS Employment Projections, WICHE & the FSA Direct Loan Dashboard. Compiled by Ibex Insights. For informational benchmarking only, not financial, investment, or accreditation advice. See the methodology.