Nonprofit · EIN 56-6046937
COLLEGE FOUNDATION INC
Tax-exempt · RALEIGH, NC 27604
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $31,717,688 | $32,113,959 | -$396,271 | $55,777,315 | $6,178,557 | $49,598,758 |
| June 30, 2024 | 990 | $27,329,303 | $24,977,798 | $2,351,505 | $51,135,122 | $2,099,341 | $49,035,781 |
| June 30, 2023 | 990 | $31,424,429 | $27,659,962 | $3,764,467 | $52,501,264 | $7,424,427 | $45,076,837 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $1,300
- Program service revenue
- $30,488,106
- Investment income
- $1,113,236
- Net rental income
- $115,046
- Net gain from sales of assets
- $72,298
- Other revenue
- $115,046
Expenses
- Grants and similar amounts paid
- $74,047
- Compensation of officers, directors and key employees
- $1,388,343
- Other salaries and wages
- $11,707,739
- Salaries, compensation and benefits (total)
- $15,883,073
- Professional fundraising fees
- $0
- Accounting fees
- $196,104
- Occupancy
- $448,027
- Travel
- $224,837
- Depreciation
- $1,574,485
- Program services (functional)
- $29,728,824
- Management and general (functional)
- $2,385,135
Balance sheet and other
- Total assets, start of year
- $51,135,122
- Total assets, end of year
- $55,777,315
- Total liabilities, end of year
- $6,178,557
- Net assets, end of year
- $49,598,758
- Land, buildings and equipment
- $15,062,923
- Publicly traded securities
- $23,397,130
- Net assets without donor restrictions
- $49,035,544
- Net assets with donor restrictions
- $563,214
- Gross receipts
- $32,339,208
- Employees
- 151
- Volunteers
- 9
- Year formed
- 1955
- State of legal domicile
- NC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Wendy H McAlister | President & CEO Officer, Former | 52 | $257,804 | $32,695 |
| Pete Rau | Vice President Officer | 44 | $199,195 | $27,927 |
| Martin L Flournory | IT Development Manager Highest-paid employee | 43 | $169,910 | $30,416 |
| Lynn Barnette | Vice President Officer | 45 | $174,474 | $23,099 |
| Marcia Southerland | Vice President Officer | 44 | $164,033 | $31,396 |
| Kevin Bartholomew | Secretary and Treaurer Officer | 46 | $169,131 | $23,046 |
| Sumith N Mathur | Sr Solutions Architect Highest-paid employee | 45 | $154,933 | $34,935 |
| Rob Hines | Vice President Officer | 47 | $156,839 | $32,803 |
| Dawn S Harris | IT Operations Manager Highest-paid employee | 41 | $160,049 | $27,041 |
| Richard H Ferneyhough Jr | Web Developer Highest-paid employee | 40 | $159,174 | $24,005 |
| Daniel F Sullivan | Security Officer/Proj Mgr Highest-paid employee | 41 | $148,156 | $32,967 |
| Karl D Vass Jr | Secretary and Treasurer Officer, Former | 0 | $18,341 | $1,261 |
| Charles J Stewart | Chairman of Board Trustee or director | 1 | $0 | $0 |
| Robert E Hammersley Jr | Vice Chairman of the Board Trustee or director | 1 | $0 | $0 |
| Hal S Johnson | Treasurer Trustee or director | 1 | $0 | $0 |
7 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Hugh A Holston | Trustee Trustee or director | 1 | $0 |
| Brian K Reid | Trustee Trustee or director | 1 | $0 |
| A Hope Williams | Trustee Trustee or director | 1 | $0 |
| Hyacinth Drummond | Trustee Trustee or director | 1 | $0 |
| Felicia Woodard | Trustee Trustee or director | 1 | $0 |
| Shannon Trapp | Trustee Trustee or director | 1 | $0 |
| Shannon Byers | President & CEO Officer | 0 | $0 |
990 for the year ended June 30, 2024: 21 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Wendy H McAlister | President & CEO Officer | 55 | $249,363 | $30,361 |
| Pete Rau | Vice President Officer | 45 | $181,936 | $25,319 |
| Karl D Vass Jr | Secretary and Treasurer Former | 43 | $177,852 | $26,427 |
| Martin L Flournory | IT Development Manager Highest-paid employee | 41 | $158,231 | $27,477 |
| Dawn S Harris | IT Operations Manager Highest-paid employee | 45 | $160,359 | $24,217 |
| Richard H Ferneyhough Jr | Web Developer Highest-paid employee | 40 | $157,290 | $22,865 |
| Marcia Southerland | Vice President Officer | 50 | $145,482 | $28,967 |
| Sumith N Mathur | Sr Solutions Architect Highest-paid employee | 40 | $141,757 | $31,129 |
| Daniel F Sullivan | Security Officer/Proj Mgr Highest-paid employee | 46 | $142,057 | $29,977 |
| Laura Morgan | Vice President Former | 9 | $140,622 | $20,276 |
| Rob Hines | Vice President Officer | 44 | $133,558 | $26,304 |
| Kevin Bartholomew | Secretary and Treaurer Officer | 9 | $30,445 | $3,701 |
| Charles J Stewart | Chairman of Board Trustee or director | 1 | $0 | $0 |
| Robert E Hammersley Jr | Vice Chairman of the Board Trustee or director | 1 | $0 | $0 |
| Hal S Johnson | Treasurer Trustee or director | 1 | $0 | $0 |
| Charles W Cole III | Trustee Trustee or director | 1 | $0 | $0 |
| Hugh A Holston | Trustee Trustee or director | 1 | $0 | $0 |
| Brian K Reid | Trustee Trustee or director | 1 | $0 | $0 |
| Donna Samuels | Trustee Trustee or director | 1 | $0 | $0 |
| A Hope Williams | Trustee Trustee or director | 1 | $0 | $0 |
| Hyacinth Drummond | Trustee Trustee or director | 1 | $0 | $0 |
990 for the year ended June 30, 2023: 19 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Wendy H McAlister | President & CEO Officer | 54 | $232,780 | $28,632 |
| Karl D Vass Jr | Secretary and Treasurer Officer | 52 | $185,278 | $25,107 |
| Pete Rau | Vice President Officer | 44 | $172,982 | $24,007 |
| Laura Morgan | Vice President Officer | 47 | $165,242 | $24,496 |
| Richard Ferneyhough | IT Development Manager Highest-paid employee | 40 | $148,577 | $25,302 |
| Martin Flournory | Web Development Manager Highest-paid employee | 42 | $147,476 | $26,066 |
| David Alexander | Web Development Highest-paid employee | 40 | $149,390 | $20,362 |
| Dawn Harris | IT Operations Manager Highest-paid employee | 46 | $147,251 | $21,855 |
| Daniel Sullivan | Security Officer, Project Manager Highest-paid employee | 45 | $134,751 | $22,685 |
| Shannon Byers | Vice President Officer | 11 | $48,706 | $3,989 |
| Charles J Stewart | Chairman of Board Trustee or director | 1 | $0 | $0 |
| Robert E Hammersley Jr | Vice Chairman of Board Trustee or director | 1 | $0 | $0 |
| Hal S Johnson | Treasurer Trustee or director | 1 | $0 | $0 |
| Charles W Cole III | Trustee Trustee or director | 1 | $0 | $0 |
| Hugh A Holston | Trustee Trustee or director | 1 | $0 | $0 |
| Brian K Reid | Trustee Trustee or director | 1 | $0 | $0 |
| Donna Samuels | Trustee Trustee or director | 1 | $0 | $0 |
| A Hope Williams | Trustee Trustee or director | 1 | $0 | $0 |
| Hyacinth Drummond | Trustee Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 2917 HIGHWOODS BLVD, RALEIGH, NC 27604-1004
- In care of
- % KEVIN BARTHOLOMEW
- Principal officer (990 for 2024)
- Shannon Byers, 2917 Highwoods Blvd, Raleigh, NC 27604
- Signed the 990
- Kevin Bartholomew, V.P. - Financial Services
- Phone
- (919) 834-2893
- Website
- www.cfnc.org
Mission
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.
Program accomplishments
- 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 Carolina. During the fiscal year ended June 30, 2025, the Foundation serviced EXTRA Education loans for borrowers attending schools in North Carolina to cover qualified higher education expenses not included under North Carolina's Federal Family Education Loan Program (FFELP); EXTRA MBA loans for borrowers enrolled in the Kenan Flagler Business School MBA or MAC programs at UNC Chapel Hill who were unable to secure loans under North Carolina'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.Expenses $1,981,484 · revenue $2,222,170
- 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. The program provides resources on planning, applying, and paying for college through a comprehensive website (www.CFNC.org), a call center, and program information services to students, families, schools, and colleges. Prospective students submitted 402,370 applications to NC schools using the CFNC website, the CFNC call center received 12,954 calls and responded to 3,577 email inquiries, and 1,227 specific programs were delivered to colleges, K-12 schools and businesses during the year ended June 30, 2025.Expenses $5,397,082 · revenue $6,062,498
- 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. North Carolina's National College Savings Program maintained 172,172 accounts for 150,435 beneficiaries, with an aggregate value of $4,035,246,211 at June 30, 2025. During the fiscal year ended June 30, 2025, the program received contributions totaling $293,518,390 and processed distributions totaling $310,838,177.Expenses $6,419,954 · revenue $6,185,359
- Other program services: Residency Determination Service, Next NC Grant 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.Expenses $15,930,304 · grants $74,047 · revenue $16,018,079
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 56-6046937
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Supporting organization (509(a)(3))
- Donations deductible (Pub 78)
- Supporting organization of unknown type
- Exempt since
- 2003
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $55,777,315
- Income (IRS master file)
- $32,339,208
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $31,717,688 | $32,113,959 | $55,777,315 | XML |
| 990 | June 2024 | $27,329,303 | $24,977,798 | $51,135,122 | XML |
| 990 | June 2023 | $31,424,429 | $27,659,962 | $52,501,264 | XML |
| 990 | June 2022 | $28,583,113 | $27,893,424 | $54,729,699 | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 56-6046937).
Questions about COLLEGE FOUNDATION INC
- What is the EIN of COLLEGE FOUNDATION INC?
- The employer identification number (EIN) of COLLEGE FOUNDATION INC is 56-6046937.
- Is COLLEGE FOUNDATION INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2003.
- Are donations to COLLEGE FOUNDATION INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Supporting organization of unknown type).
- Which annual return does COLLEGE FOUNDATION INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of COLLEGE FOUNDATION INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did COLLEGE FOUNDATION INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of COLLEGE FOUNDATION INC?
- The 990 for the year ended June 30, 2025 names Shannon Byers.
- Who are the officers and directors of COLLEGE FOUNDATION INC?
- The 990 for the year ended June 30, 2025 lists 22 people; 12 received compensation from the organization, the highest $257,804 (Wendy H McAlister, President & CEO).
- How much revenue does COLLEGE FOUNDATION INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $31,717,688, expenses of $32,113,959 and total assets of $55,777,315 at year end.
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