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Nonprofit · EIN 56-6047886

FOUNDATION FOR THE CAROLINAS

Tax-exempt · CHARLOTTE, NC 28202

Financials

$538M$582.5M2023$761.4M$849.2M2024
Revenue Expenses · by fiscal year end
Financials of FOUNDATION FOR THE CAROLINAS by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$761,389,623$849,185,395-$87,795,772$3,934,238,899$86,656,693$3,847,582,206
December 31, 2023990$538,046,453$582,472,149-$44,425,696$3,492,760,144$92,554,812$3,400,205,332
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$656,082,748
of which government grants
$13,030,000
Program service revenue
$18,040,048
Investment income
$87,323,425
Net rental income
$117,698
Net gain from sales of assets
$74,771,049
Net income from fundraising events
-$174,296
Other revenue
-$56,598

Expenses

Grants and similar amounts paid
$804,486,974
Compensation of officers, directors and key employees
$2,811,373
Other salaries and wages
$9,722,228
Salaries, compensation and benefits (total)
$15,475,824
Professional fundraising fees
$0
Legal fees
$190,998
Accounting fees
$203,372
Occupancy
$1,212,779
Travel
$11,570
Depreciation
$109,098
Program services (functional)
$839,821,536
Management and general (functional)
$8,741,442
Fundraising (functional)
$622,417

Balance sheet and other

Total assets, start of year
$3,492,760,144
Total assets, end of year
$3,934,238,899
Total liabilities, end of year
$86,656,693
Net assets, end of year
$3,847,582,206
Land, buildings and equipment
$5,810,734
Publicly traded securities
$3,768,669,149
Net assets without donor restrictions
$2,551,312,139
Net assets with donor restrictions
$1,296,270,067
Gross unrelated business income
$259,133
Gross receipts
$761,580,029
Employees
141
Volunteers
19
Year formed
1958
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 December 31, 2024, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
CATHY BESSANTCEO
Officer
50$571,104$166,000
LAURA SMITHFORMER COO
Former
50$436,231$3,812
BLAIR STANFORDCELC EXECUTIVE DIRECTOR
Key employee
50$267,230$66,462
DOUGLAS W BENSONCHIEF ADMINISTRATIVE AND CHIEF RISK OFFICER (SECRE
Officer
50$258,355$46,961
ALYSSA FEDERICOCHIEF FINANCIAL OFFICER (TREASURER)
Officer
50$228,615$45,920
NIKHIL SAWANTCIO (THRU 3/1/24)
Highest-paid employee
50$245,614$25,161
EVAN N WOLKOFSKYGENERAL COUNSEL (ASST SECRETARY)
Officer
50$213,325$57,250
MUNRO C RICHARDSONREAD CHARLOTTE EXECUTIVE DIRECTOR
Highest-paid employee
50$199,175$63,140
FEDERICO G RIOSSVP, CIVIC LEADERSHIP
Highest-paid employee
50$216,270$45,313
ELIZABETH KISERCHIEF PHILANTHROPY OFFICER
Key employee
50$202,221$57,713
LAURA YATES CLARKPRESIDENT
Officer
50$234,479$0
SHERRI S CHISHOLMLOO EXECUTIVE DIRECTOR
Highest-paid employee
50$195,493$34,840
TARA KEENERCHIEF MARKETING OFFICER (ASST SECRETARY)
Officer
50$171,869$33,310
SEAN SEIFERTCAROLINA THEATRE EXECUTIVE
Key employee
50$150,154$40,405
ROBIN BAREFOOTASSOCIATE COUNSEL
Highest-paid employee
50$139,084$41,587
19 more people on this return
NameTitleHours / weekCompensation
ARRINGTON MIXONCHAIR
Trustee or director, Officer
0.5$0
MARIAN STEELE CLARKDIRECTOR
Trustee or director
0.5$0
KIETH COCKRELLCHAIR ELECT
Trustee or director, Officer
0.5$0
MALCOMB COLEYDIRECTOR
Trustee or director
0.5$0
SHARYN ELLISONDIRECTOR
Trustee or director
0.5$0
BETSY FLEMINGDIRECTOR
Trustee or director
0.5$0
LYNN GOODDIRECTOR
Trustee or director
0.5$0
TODD GORELICKDIRECTOR
Trustee or director
0.5$0
JADA GRANDY-MOCKDIRECTOR
Trustee or director
0.5$0
KELLY KATTERHAGENDIRECTOR
Trustee or director
0.5$0
SUSAN KLUTTZDIRECTOR
Trustee or director
0.5$0
RALPH LOPEZ-MASSASDIRECTOR
Trustee or director
0.5$0
TROPZIE MCCLUNEYDIRECTOR
Trustee or director
0.5$0
GENE MCLAURINDIRECTOR
Trustee or director
0.5$0
TOM NELSONDIRECTOR
Trustee or director
0.5$0
EDWARD SERNADIRECTOR
Trustee or director
0.5$0
FRED WHITFIELDDIRECTOR
Trustee or director
0.5$0
BILL MARTINDIRECTOR
Trustee or director
0.5$0
ASHA RODRIGUEZDIRECTOR
Trustee or director
0.5$0
990 for the year ended December 31, 2023: 33 people
NameTitleHours / weekCompensationOther / benefits
MICHAEL MARSICANOPRESIDENT & CEO (THRU 1/7/23)
Officer
50$951,490$6,680
LAURA SMITHPRESIDENT & CEO (FROM 1/7/23)
Officer
50$771,548$76,494
DOUGLAS W BENSONSENIOR VP & GENERAL COUNSEL
Officer
50$375,935$46,391
DEBRA S WATTEXECUTIVE VICE PRESIDENT AND CHRO
Officer
50$340,419$63,337
NIKHIL SAWANTEXECUTIVE VICE PRESIDENT AND CIO
Officer
50$333,554$68,749
BLAIR STANFORDCELC EXECUTIVE DIRECTOR
Highest-paid employee
50$328,974$70,125
ALYSSA FEDERICOSENIOR VICE PRESIDENT, FINANCE
Key employee
50$337,555$47,013
ELIZABETH KISERSVP, PHILANTHROPIC ADVANCEMENT
Key employee
50$215,547$57,648
MUNRO C RICHARDSONREAD CHARLOTTE EXECUTIVE DIRECTOR
Highest-paid employee
50$206,525$62,603
TARA KEENERSVP, MARKETING & COMMUNICATIONS
Key employee
50$205,733$37,609
SHERRI S CHISHOLMLOO EXECUTIVE DIRECTOR
Highest-paid employee
50$202,616$27,048
TRACY O RUSSSPECIAL ADVISOR FOR CIVIC INITIATIVES
Highest-paid employee
50$169,947$35,269
DEVIRE ROBINSONVP - CENTERS FOR GIVING
Highest-paid employee
50$175,899$27,733
FEDERICO RIOSSVP, CIVIC LEADERSHIP
Key employee
50$160,237$15,770
ARRINGTON MIXONCHAIR
Trustee or director, Officer
0.5$0$0
JEFF BROWNDIRECTOR
Trustee or director
0.5$0$0
MARIAN STEELE CLARKDIRECTOR
Trustee or director
0.5$0$0
KIETH COCKRELLDIRECTOR
Trustee or director
0.5$0$0
MALCOMB COLEYDIRECTOR
Trustee or director
0.5$0$0
SHARYN ELLISONDIRECTOR
Trustee or director
0.5$0$0
BETSY FLEMINGDIRECTOR
Trustee or director
0.5$0$0
LYNN GOODDIRECTOR
Trustee or director
0.5$0$0
TODD GORELICKDIRECTOR
Trustee or director
0.5$0$0
JADA GRANDY-MOCKDIRECTOR
Trustee or director
0.5$0$0
KELLY KATTERHAGENDIRECTOR
Trustee or director
0.5$0$0
SUSAN KLUTTZDIRECTOR
Trustee or director
0.5$0$0
RALPH LOPEZ-MASSASDIRECTOR
Trustee or director
0.5$0$0
TROPZIE MCCLUNEYDIRECTOR
Trustee or director
0.5$0$0
GENE MCLAURINDIRECTOR
Trustee or director
0.5$0$0
TOM NELSONDIRECTOR
Trustee or director
0.5$0$0
JANCY PATRICKDIRECTOR
Trustee or director
0.5$0$0
EDWARD SERNADIRECTOR
Trustee or director
0.5$0$0
FRED WHITFIELDDIRECTOR
Trustee or director
0.5$0$0

Address and contacts

Address (IRS master file)
220 N TRYON ST, CHARLOTTE, NC 28202-2137
Mailing address (990-N for 2021)
220 N Tryon Street, Charlotte NC 28202
Principal officer (990 for 2024)
CATHERINE P BESSANT, 220 NORTH TRYON ST, CHARLOTTE, NC 28202
Principal officer (990-N for 2021)
Ethridge Darlene, 659 lake road, Atkins AR 72823
Signed the 990
ALYSSA FEDERICO, CFO
Phone
(704) 973-4500
Return prepared by
CHERRY BEKAERT ADVISORY LLC

Mission

INSPIRING PHILANTHROPY AND STRENGTHENING OUR REGION THROUGH INNOVATIVE COMMUNITY INITIATIVES AND QUALITY SERVICES TO DONORS AND CONSTITUENTS.

990 for the year ended December 31, 2024

Program accomplishments

  • EDUCATION AND YOUTH DEVELOPMENT: DISBURSED 6,051 GRANTS TO VARIOUS ORGANIZATIONS FOR SCHOLARSHIP PROGRAMS, EDUCATIONAL INSTITUTIONS, AND OTHER CURRICULUM PROGRAMS.
    Expenses $447,479,339 · grants $428,652,141
  • ENVIRONMENT AND WILDLIFE: DISBURSED 678 GRANTS TO VARIOUS ORGANIZATIONS TO SUPPORT ENVIRONMENTAL EFFORTS OF CONSERVATION, EDUCATION, AND OTHER PROJECTS.
    Expenses $139,855,175 · grants $133,970,923
  • HEALTH AND HUMAN SERVICES: DISBURSED 4,576 GRANTS TO VARIOUS ORGANIZATIONS OFFERING SERVICES FOR SENIORS, YOUTH DEVELOPMENT, HOUSING AND SHELTER, AND OTHER COMMUNITY NEEDS.
    Expenses $90,971,133 · grants $87,143,623
  • ANIMAL WELFARE: DISBURSED 302 GRANTS TO VARIOUS ORGANIZATIONS TO SUPPORT ANIMAL CARE, SHELTER, AND SPAY AND NEUTER PROGRAMS.
    Expenses $11,340,171 · grants $10,863,046
  • EVOLVING NEEDS AND OPPORTUNITIES: DISBURSED 1,138 GRANTS TO SUPPORT EVOLVING NEEDS AND OPPORTUNITIES.
    Expenses $30,184,211 · grants $28,914,244
  • ARTS & CULTURE: DISBURSED 1,278 GRANTS TO VARIOUS ORGANIZATIONS PROVIDING SUPPORT TO THE CULTURAL COMMUNITY THROUGH ART, HISTORY, AND EDUCATION.
    Expenses $26,332,864 · grants $25,224,938
  • RELIGION: DISBURSED 1,967 GRANTS TO SUPPORT RELIGIOUS ORGANIZATIONS.
    Expenses $16,243,176 · grants $15,559,763
  • INTERNATIONAL, FOREIGN AFFAIRS AND NATIONAL SECURITY: DISBURSED 189 GRANTS TO VARIOUS ORGANIZATIONS TO SUPPORT INTERNATIONAL, FOREIGN AFFAIRS AND NATIONAL SECURITY PROGRAMS.
    Expenses $55,700,527 · grants $53,356,989
  • OTHER: DISBURSED 183 GRANTS TO VARIOUS ORGANIZATIONS TO SUPPORT OTHER PROGRAMS.
    Expenses $21,714,940 · grants $20,801,307
  • FOUNDATION FOR THE CAROLINAS SERVES AS A CATALYST FOR PHILANTHROPIC ACTIVITY IN OUR 13-COUNTY REGION AND IS A DRIVER FOR MAJOR CIVIC EFFORTS. WE OFFER INNOVATIVE SOLUTIONS THAT HELP INDIVIDUALS, NON-PROFITS, AND COMPANIES BRING THEIR CHARITABLE VISIONS TO LIFE. FFTC SUPPORTS PERSONAL AND CORPORATE PHILANTHROPY THROUGH A RANGE OF INNOVATIVE FUND AND GIVING OPTIONS. WE ALSO DRIVE NON-PROFIT SUSTAINABILITY THROUGH ENDOWMENT MANAGEMENT, CUSTOMIZED SOLUTIONS, AND GRANTMAKING. FFTC FUNDS ARE CHARGED ANNUAL ADMINISTRATIVE FEES BASED ON THE FAIR MARKET VALUE OF THE ASSETS IN THE FUND.
    revenue $18,040,048

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 December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
56-6047886
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (170(b)(1)(A)(vi))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
1962
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$3,934,238,899
Income (IRS master file)
$761,580,029

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$761,389,623$849,185,395$3,934,238,899IRS
990-TDecember 2024–––IRS
990December 2023$538,046,453$582,472,149$3,492,760,144XML
990-TDecember 2023–––IRS
990December 2022$953,517,849$414,316,706$3,064,138,829IRS
990-TDecember 2022–––IRS
990-N for 2021
Officer: Ethridge Darlene
December 31, 2021≤ $50,000 receipts––e-Postcard
990December 2021–––IRS
990-TDecember 2021–––IRS
990December 2020–––IRS
990-TDecember 2020–––IRS
990December 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 56-6047886).

Questions about FOUNDATION FOR THE CAROLINAS

What is the EIN of FOUNDATION FOR THE CAROLINAS?
The employer identification number (EIN) of FOUNDATION FOR THE CAROLINAS is 56-6047886.
Is FOUNDATION FOR THE CAROLINAS tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1962.
Are donations to FOUNDATION FOR THE CAROLINAS tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does FOUNDATION FOR THE CAROLINAS 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 FOUNDATION FOR THE CAROLINAS due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did FOUNDATION FOR THE CAROLINAS last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of FOUNDATION FOR THE CAROLINAS?
The 990 for the year ended December 31, 2024 names CATHERINE P BESSANT.
Who are the officers and directors of FOUNDATION FOR THE CAROLINAS?
The 990 for the year ended December 31, 2024 lists 34 people; 15 received compensation from the organization, the highest $571,104 (CATHY BESSANT, CEO).
How much revenue does FOUNDATION FOR THE CAROLINAS have?
On its 990 for the year ended December 31, 2024 it reported revenue of $761,389,623, expenses of $849,185,395 and total assets of $3,934,238,899 at year end.

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