2024-05-14T08:44:21-07:00 2023-06-30 990 2022-07-01 566046937 COLLEGE FOUNDATION INC COLL 9198342893 2917 Highwoods Blvd Raleigh NC 27604 Kevin Bartholomew V.P. - Financial Services 9198352322 2023-05-10 Kevin Bartholomew 999009999 1 1 11 0 AAL2 2022 2023-04-26 12:10:37Z Wendy McAlister 2917 HIghwoods Blvd Raleigh NC 27604 32645783 0 X www.cfnc.org X 1955 NC Our work today makes a better tomorrow by empowering people to achieve their academic goals. At June 30, 2023, the Foundation was servicing a loan portfolio valued at $136,317,284 and administering North Carolina's National College Savings Program with a portfolio valued at $3,271,050,203. During the tax year ended June 30, 2023, students used the CFNC.org website to submit 333,513 applications to NC colleges, 302,123 students used the Residency Determination Service, and the Foundation disbursed $239,166,570 in state grants. 9 9 203 9 0 0 75000 1900 27685747 30756608 785406 548063 36960 117858 28583113 31424429 99254 120590 0 0 15724673 16287581 0 0 0 12069497 11251791 27893424 27659962 689689 3764467 54729699 52501264 14515019 7424427 40214680 45076837 Our work today makes a better tomorrow by empowering people to achieve their academic goals. We provide financial assistance for higher education to benefit society and strengthen the economy of the state of North Carolina. 0 0 8566988 10617947 Educational loan programs: As of June 30, 2023, the Foundation was servicing 15,754 loans to 7,152 borrowers with an outstanding principal balance of $136,317,284. 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. During the fiscal year ended June 30, 2023, the Foundation serviced loans made under Part B, Title IV of the Higher Education Act (HEA) of 1965, as amended, EXTRA Education loans to borrowers attending schools in NC for qualified higher education expenses not covered under NC's Federal Family Education Loan Program (FFELP), EXTRA MBA loans to borrowers from the Kenan Flagler Business School MBA or MAC programs at UNC Chapel Hill who were unable to secure loans under NC's FFELP or the EXTRA Education loan program, and NC Assist loans designed to help bridge the gap between the cost of attendance and other financial aid for students who are NC residents attending an eligible non-profit Title IV institution anywhere or nonresident students attending an eligible non-profit Title IV institution in North Carolina or for the parents of such students. 4727587 5737199 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 information services to students, families, schools, and colleges. Prospective students submitted 333,513 applications to NC schools using the website, the CFNC call center received 26,800 calls and responded to 3,693 email inquiries, and 1,870 specific programs were provided to colleges, K-12 schools and businesses during the year ended June 30, 2023. 4653311 5163162 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. North Carolina's National College Savings Program had 163,857 accounts for 145,208 beneficiaries and a value of $3,271,050,203 at June 30, 2023. The program received contributions totaling $254,598,994 and processed distributions totaling $232,466,318 during the year ended June 30, 2023. 7522032 120590 9238300 Other program services: Residency Determination Service, NC Community College Grant program, UNC Need-Based Grant program, NC Education Lottery Scholarship program, NC Need-Based Scholarship program, Longleaf Commitment Grant, K-12 Scholarship Program Support, Victor E. Bell, Jr. Scholarship program, Broyhill Family Foundation scholarship program, management and computer services, and miscellaneous scholarship and grant programs. 7522032 120590 9238300 25469918 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 35278 0 1 203 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X Wendy McAlister 9198342893 2917 Highwoods Blvd Raleigh NC 27604 Wendy H McAlister President & CEO 54 0 X 232780 0 28632 Karl D Vass Jr Secretary and Treasurer 52 0 X 185278 0 25107 Pete Rau Vice President 44 0 X 172982 0 24007 Laura Morgan Vice President 47 0 X 165242 0 24496 Richard Ferneyhough IT Development Manager 40 0 X 148577 0 25302 Martin Flournory Web Development Manager 42 0 X 147476 0 26066 David Alexander Web Development 40 0 X 149390 0 20362 Dawn Harris IT Operations Manager 46 0 X 147251 0 21855 Daniel Sullivan Security Officer, Project Manager 45 0 X 134751 0 22685 Shannon Byers Vice President 11 0 X 48706 0 3989 Charles J Stewart Chairman of Board 1 0 X 0 0 0 Robert E Hammersley Jr Vice Chairman of Board 1 0 X 0 0 0 Hal S Johnson Treasurer 1 0 X 0 0 0 Charles W Cole III Trustee 1 0 X 0 0 0 Hugh A Holston Trustee 1 0 X 0 0 0 Brian K Reid Trustee 1 0 X 0 0 0 Donna Samuels Trustee 1 0 X 0 0 0 A Hope Williams Trustee 1 0 X 0 0 0 Hyacinth Drummond Trustee 1 0 X 0 0 0 1532433 0 222501 30 0 1 0 ULTIMATE STAFFING SERVICES 2417 Atrium Drive Suite 210 Raleigh NC 27607 Staffing Services 252260 1 0 0 0 0 0 1900 0 1900 Education Loan Programs 611710 10617947 10617947 0 0 Information Dissemination Initiative (CFNC) 611710 5737199 5737199 0 0 Residency Determination Service 611710 3324874 3324874 0 0 NC529 College Savings Program 611710 5163162 5163162 0 0 Grants 611710 3283102 3283102 0 0 2630324 2630324 0 0 30756608 561148 0 0 561148 0 0 0 0 0 0 0 0 186000 0 68142 0 117858 0 117858 0 0 117858 1140127 0 1153212 0 -13085 0 -13085 0 0 -13085 0 0 31424429 30756608 0 665921 0 0 120590 120590 0 0 0 0 850716 760058 90658 0 0 0 0 0 12499873 11209512 1290361 0 434523 386900 47623 0 1555325 1384862 170463 0 947144 843337 103807 0 0 0 0 0 1107 1107 0 0 110876 104606 6270 0 0 0 0 0 0 0 43358 7117 36241 0 165828 157251 8577 0 3508175 3508175 0 0 636796 622149 14647 0 3498503 3217008 281495 0 0 0 0 0 400307 344395 55912 0 1009648 1009471 177 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1119407 1057394 62013 0 129368 129368 0 0 628418 606618 21800 0 27659962 25469918 2190044 0 300 300 10540273 7102814 0 0 7881090 6398702 0 0 0 0 0 0 0 0 2578692 2077970 40089812 25846838 12091806 14242974 18328364 19801954 0 0 2093652 1477867 0 0 1215522 1398683 54729699 52501264 3375511 3156457 0 0 4765500 1359947 0 0 4574008 2635023 0 0 0 0 0 0 1800000 273000 14515019 7424427 X 39657437 44517162 557243 559675 40214680 45076837 54729699 52501264 X 3764467 889632 0 35859 0 172199 X 0 1 X 1 1 1 X X 1 State of North Carolina NC State Education Assistance Authority 566172047 6 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Schedule A, Part IV, Section A, Line 1 The Foundation has a historic and continuing relationship with the state of North Carolina. The Foundation provides services in support of the state, including the administration of various programs for the North Carolina State Education Assistance Authority (NCSEAA), a political subdivision of the state of North Carolina. On 11/3/1998, the IRS determined the Foundation satisfies the definition of a 509(a)(3) supporting organization to the state of North Carolina, with NCSEAA serving as an instrumentality of the state. Schedule A, Part IV, Section B, Line 1 The governor of the State of North Carolina had sole power to appoint trustees during the tax year. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 3595097 706848396 706756575 3686918 1 X 6032713 0 359608 120590 0 0 6271731 6578713 75000 -521746 99254 0 0 6032713 5834120 128450 739807 123664 0 0 6578713 5601224 128600 196356 92060 0 0 5834120 5480668 500 248524 128468 0 0 5601224 0.9108 0.0885 0.0007 0 0 0 1302882 1302882 0 13699942 6722851 6977091 0 0 0 0 0 6533523 5386108 1147415 0 18553465 13737879 4815586 14242974 Contingency for Uninsured Loans 273000 273000 32418099 961387 0 0 68142 1029529 31388570 35859 0 35859 31424429 27692245 0 0 0 68142 68142 27624103 35859 0 35859 27659962 Schedule D, Part IV, Line 1b During the fiscal year ended June 30, 2023, the Foundation served as a trustee or agent in servicing education loans for the NC State Education Assistance Authority (NCSEAA), banks, and special investors. Funding and disbursements for the NC Assist loan program, as well as other cash transactions related to loan servicing, flow through agency fund bank accounts. The Foundation serves as agent for the NCSEAA in the administration of various grant and scholarship programs. Funds are received and disbursed to education institutions participating in these programs for awards to eligible students. As agent for the NCSEAA in the administration of North Carolina's National College Savings Program, the Foundation receives contributions from participants and passes the funds to the appropriate investment fund manager. Funds are also received from the investment fund managers in order to distribute them as directed by participants. Schedule D, Part IV, Line 2b In servicing education loans for the NCSEAA, banks, and special investors, funds were collected from borrowers, NCSEAA acting as loan program guarantor, and other payers and remitted to loan funding sources, the US Department of Education, and other parties. The Foundation also receives funds from the Bryan Foundation which it subsequently disburses to the selected scholarship recipients. Schedule D, Part V, Line 4 Endowment funds are used for student loans or scholarships. Schedule D, Part XI, Line 2d Lease revenue not reduced by depreciation expense associated with leased property in the audited financial statements. Schedule D, Part XII, Line 2d Depreciation expense associated with leased property not netted with lease revenue in audited financial statements. 1 Victor E. Bell, Jr. Scholarships 26 120590 0 Schedule I, Part I, Line 2 Grant recipients must certify that funds will be used for qualified education expenses as described in Section 529 of the Internal Revenue Code and grant distributions are made payable to the eligible institutions of higher education that the recipients attend. X X X 0 0 0 0 0 0 0 0 0 Wendy H McAlister President & CEO 231619 0 0 0 1161 0 15590 0 13042 0 261412 0 0 Karl D Vass Jr Secretary and Treasurer 182423 0 0 0 2855 0 11910 0 13196 0 210384 0 0 0 Laura Morgan Vice President 164837 0 0 0 405 0 11479 0 13017 0 189738 0 0 0 Pete Rau Vice President 172361 0 0 0 621 0 12360 0 11646 0 196988 0 0 0 David Alexander Web Development 149120 0 0 0 270 0 9135 0 11228 0 169753 0 0 0 Richard Ferneyhough IT Development Manager 146615 0 0 0 1962 0 10723 0 14579 0 173879 0 0 0 Dawn Harris IT Operations Manager 145469 0 0 0 1782 0 10682 0 11172 0 169105 0 0 0 Martin Flournory Web Development Manager 144549 0 0 0 1927 0 10939 0 15127 0 172542 0 0 0 Daniel Sullivan Security Officer, Project Manager 132510 0 0 0 2241 0 4718 0 17966 0 157435 0 0 0 Form 990, Part VI, Section A, Line 6 The organization has members. As a member, the governor of the state of North Carolina has the power to appoint the trustees of College Foundation, Inc. Form 990, Part VI, Section A, Line 7a Members of the Board of Trustees are appointed by the governor of the state of North Carolina. Form 990, Part VI, Section B, Line 11b The form 990 is completed by the VP for Financial Services and is then reviewed by General Counsel prior to being submitted to the CEO for review. Copies of the approved form are then sent to all members of the Board of Trustees prior to filing with the IRS. Form 990, Part VI, Section B, Line 12c The Foundation requires officers and trustees to annually complete a "Certification of Compliance with the Code of Ethics and Conflict of Interest Policy" form and monitors for the timely completion of the certification by all officers and trustees. Responses on each certification are reviewed and appropriate action taken if necessary based upon the policy. Form 990, Part VI, Section B, Line 15 All jobs in the Foundation, including those of the CEO and other executives, are assigned job grades based on level of responsibility and significance of duties performed. Jobs and related salary ranges for officers and key employees are compared annually against those provided by organizations located principally in central and eastern North Carolina via surveys provided by Catapult and other human resource firms. Information reported on Form 990 by peers is also used to evaluate jobs and related salary ranges. The compensation for the officers is determined by those salary reviews, individual job performance, and economic conditions, and approved by the Board of Trustees. Periodically, an outside consulting firm is hired to provide an independent review of job grades and salary ranges. Form 990, Part VI, Section C, Line 18 The Foundation's 990 filings can be viewed on the IRS website and the websites for other organizations such as GuideStar. Form 990, Part VI, Section C, Line 19 The Foundation makes its governing documents, conflict of interest policy and financial statements available to the public by providing copies or allowing for inspection upon request. Corporate filings may be viewed on the website of the NC Secretary of State. Form 990, Part XI, Line 9 Nonoperating charges related to postretirement benefit plan other than Components of Net Periodic Postretirement Benefits Cost other than Service Cost. State of North Carolina NCSEAA 3120 Poplarwood Ct Raleigh NC 27604 566172047 Promoting access to higher education NC N/A 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 1 State of North Carolina NCSEAA j 186000 Lease revenue for facilities for fiscal year State of North Carolina NCSEAA l 28770444 Service fee revenue for fiscal year State of North Carolina NCSEAA q 911108 Reimbursement transactions recorded in receivable accounts during fiscal year State of North Carolina NCSEAA s 1359947 Unearned service fee revenue recorded in liability accounts