Two suggestions to improve financial reporting to stakeholders at private not-for-profit colleges are: (1) to use a new financial report format and (2) to adapt a century old financial tool. First, the stakeholder allocation statement (SAS) is introduced to facilitate a better understanding of an institution’s financial affairs by key constituents. The SAS reformats the statement of activities away from a bottom line focus to a “fair sharing” emphasis. The revised format helps to promote a collegial process among administrators, faculty, and trustees when making decisions involving the allocation of limited resources. Second, the DuPont financial ratio analysis is adapted and applied to not-for-profit institutions. Audited financial data for Saint Bonaventure University, Canisius College, and Niagara University are used to demonstrate these suggestions. Benchmarks are provided to assist in the interpretation of the three colleges’ observed allocations and related analyses.