Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Nov 2003.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
93 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
19 people listed on the 990; $1.5M paid to officers and key staff.
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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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Empowers students to achieve academic goals through loans, savings programs, and college application assistance.
Questions for College Foundation INC
Your first name shows with your question. College Foundation INC answers here, for everyone.
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Educational Loan Programs
as of June 30, 2021, the Foundation was servicing 171,836 loans to 53,874 borrowers with an outstanding principal balance of $978,229,188. The Foundation services loans for higher education for North Carolinians at institutions of higher education and for students attending institutions of higher education in North Carolina.
Information Dissemination Initiative
The Foundation administers the College Foundation of North Carolina (CFNC) program to coordinate information dissemination efforts to increase access to higher education in North Carolina and provide information on planning, applying, and paying for college through a comprehensive website (www.CFNC.org), call center, and program…
NC 529 College Savings Program
The Foundation acts as agent for the NC State Education Assistance Authority in the administration of the state's College Savings and Investment Program which is designed to meet the requirements of a "qualified" tuition program under Section 529 of the Internal Revenue Code.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2021 990, line by line.
Download 990
| Line | Start FY21 | End FY21 |
|---|---|---|
| Cash and savingsLn 1–2 | $8.9M | $8.5M |
| InvestmentsLn 11–13 | $19.7M | $22.9M |
| Land, buildings, equipmentLn 10c | $12.6M | $12.4M |
| Total assetsLn 16 | $51.7M | $52.3M |
| LiabilitiesLn 26 | $11.9M | $9.1M |
| Net assetsLn 32 | $39.8M | $43.2M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $0 | $0 | ||
| Grants to domestic individualsLn 2 | $124K | $124K | ||
| Grants and assistance to foreign recipientsLn 3 | $0 | $0 | ||
| Benefits paid to or for membersLn 4 | $0 | $0 | ||
| Pay of current officers, directors and key staffLn 5 | $930K | $852K | $78K | $0 |
| Pay of disqualified personsLn 6 | $0 | $0 | $0 | $0 |
| Other salaries and wagesLn 7 | $11.8M | $10.8M | $976K | $0 |
| Pension plan contributionsLn 8 | $411K | $372K | $39K | $0 |
| Other employee benefitsLn 9 | $1.8M | $1.7M | $157K | $0 |
| Payroll taxesLn 10 | $895K | $811K | $84K | $0 |
| Management feesLn 11a | $0 | $0 | $0 | $0 |
| Legal feesLn 11b | $6K | $6K | $599 | $0 |
| Accounting feesLn 11c | $169K | $163K | $6K | $0 |
| Lobbying feesLn 11d | $0 | $0 | $0 | $0 |
| Professional fundraising feesLn 11e | $0 | $0 | ||
| Investment management feesLn 11f | $50K | $9K | $42K | $0 |
| Other fees for servicesLn 11g | $420K | $406K | $14K | $0 |
| Advertising and promotionLn 12 | $3.7M | $3.7M | $0 | $0 |
| Office expensesLn 13 | $785K | $774K | $11K | $0 |
| Information technologyLn 14 | $3.0M | $2.8M | $215K | $0 |
| RoyaltiesLn 15 | $0 | $0 | $0 | $0 |
| OccupancyLn 16 | $347K | $320K | $28K | $0 |
| TravelLn 17 | $49K | $49K | $96 | $0 |
| Travel and entertainment for public officialsLn 18 | $0 | $0 | $0 | $0 |
| Conferences, conventions and meetingsLn 19 | $3K | $3K | $0 | $0 |
| InterestLn 20 | $29K | $27K | $3K | $0 |
| Payments to affiliatesLn 21 | $0 | $0 | $0 | $0 |
| Depreciation, depletion and amortizationLn 22 | $1.6M | $1.4M | $146K | $0 |
| InsuranceLn 23 | $133K | $122K | $11K | $0 |
| All other expensesLn 24e | $552K | $539K | $13K | $0 |
| Total functional expensesLn 25 | $26.8M | $25.0M | $1.8M | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest | $31.7M | $32.1M | −$396K | $49.6M | 990 PDF |
| FY2024 | $27.3M | $25.0M | $2.4M | $49.0M | 990 PDF |
| FY2023 | $31.4M | $27.7M | $3.8M | $45.1M | 990 PDF |
| FY2022 | $28.6M | $27.9M | $690K | $40.2M | 990 PDF |
| FY2021 Viewing | $27.9M | $26.8M | $1.1M | $43.2M | 990 PDF |
| FY2020 | $28.5M | $28.5M | −$24K | $39.8M | 990 PDF |
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Schedules filed Part IV
See the full FY2021 990 (6 parts)
Part I · Summary $27,866,306 revenue, 12 lines filed
Part VI · Governance 9 of 9 board members independent, no flags
Part VIII · Statement of revenue $27,866,306 across 13 lines filed
Part IX · Statement of functional expenses $26,815,025 across 30 lines filed
Part X · Balance sheet $52,338,286 assets, 24 lines filed
Part XI · Reconciliation of net assets $43,225,622 net assets at year end
Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File
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