Status and standing
Is it real, and can you give to it?
Where the money goes
What each dollar paid for.
Statement of Functional Expenses
Financial health
Is it on solid ground?
Summary of the Filing
| FY2020 | $51.7M |
|---|---|
| FY2021 | $52.3M |
| FY2022 | $54.7M |
| FY2023 | $52.5M |
| FY2024 | $51.1M |
| FY2025 | $55.8M |
| FY2020 | $11.9M |
|---|---|
| FY2021 | $9.1M |
| FY2022 | $14.5M |
| FY2023 | $7.4M |
| FY2024 | $2.1M |
| FY2025 | $6.2M |
Balance Sheet
Statement of Revenue
Financial Metrics
Same NTEE category, revenue band, and state where available. Descriptive — not a grade.
| Metric | This org | Peer median | Percentile |
|---|---|---|---|
| Program ratio | 93% | — | — |
| Overhead ratio | 7% | — | — |
| Fundraising cost ratio | 0% | — | — |
| Revenue growth | 16% | — | — |
| Investment management fee ratio | 0.05% | — | — |
| Legal fee ratio | 0% | — | — |
| Accounting fee ratio | 0.6% | — | — |
| Fundraising fee ratio | 0% | — | — |
Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.
Leadership and pay
Who runs it, and what are they paid?
Officers, Directors & Key Employees
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Wendy H McAlister | $257,804 | $249,363 | $232,780 | $238,909 | $225,211 | $218,013 |
| Pete Rau | $199,195 | $181,936 | $172,982 | $178,145 | $163,295 | — |
| Karl D Vass JR | $18,341 | $177,852 | $185,278 | $170,515 | $174,950 | $156,934 |
| Lynn Barnette | $174,474 | — | — | — | — | — |
| Martin L Flournory | $169,910 | $158,231 | — | — | — | — |
| Kevin Bartholomew | $169,131 | $30,445 | — | — | — | — |
| Laura Morgan | — | $140,622 | $165,242 | $148,536 | $152,449 | $141,358 |
| Marcia Southerland | $164,033 | $145,482 | — | — | — | — |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Governance & Policies
- 9Voting board membersPt VI · Ln 1a
- 9Independent board membersPt VI · Ln 1b
- Conflict-of-interest policyPt VI · Ln 12aYes
- Whistleblower policyPt VI · Ln 13Yes
- Document retention policyPt VI · Ln 14Yes
- Top official’s pay independently reviewedPt VI · Ln 15aYes
- Family or business ties among leadersPt VI · Ln 2No
Mission and programs
What it does.
Empowers students to achieve academic goals through loans, savings programs, and college application assistance.
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Where the work happens
NC 529 College Savings Program
The Foundation acts as agent for the NC State Education Assistance Authority in administering the state's College Savings and Investment Program, which is structured to meet the requirements of a "qualified" tuition program under Section 529 of the Internal Revenue Code.
Information Dissemination Initiative
The Foundation administers the College Foundation for North Carolina (CFNC) program, which coordinates information dissemination efforts to increase access to higher education in North Carolina.
Educational Loan Programs
As of June 30, 2025, the Foundation was servicing 16,819 loans to 7,644 borrowers with an outstanding principal balance of $167,630,987. The Foundation services loans for higher education to North Carolinians attending institutions of higher education, as well as for students enrolled at institutions of higher education in North…
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Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
Filing history
Every return on file.
| Year | Revenue | Expenses | Change | Filing |
|---|---|---|---|---|
| FY2025 Latest Viewing | $31.7M | $32.1M | +16% | 990 PDF |
| FY2024 | $27.3M | $25.0M | -13% | 990 PDF |
| FY2023 | $31.4M | $27.7M | +10% | 990 PDF |
| FY2022 | $28.6M | $27.9M | +3% | 990 PDF |
| FY2021 | $27.9M | $26.8M | -2% | 990 PDF |
| FY2020 | $28.5M | $28.5M | 990 PDF |
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Schedules filed Part IV
Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.
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Sources
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