College Foundation
College Foundation reported $31.7 million in revenue and $32.1 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $92.57 went to program services, $7.43 to management and general costs and $0.00 to fundraising. Its largest source of revenue was program service revenue such as fees, sales and contracts: 96.1% of the total. The highest compensation it reported for one person was $290,499 (President & CEO). 30 people received more than $100,000 in reportable compensation. Revenue rose 11% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $32MFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $32MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 92.6% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 7.4% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.0% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | Not reported | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 0.0% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 96.1% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $290,499 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.90% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 30 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 18.5 | 13.3 |
| Independent voting board members Part VI 1a–1b | 9 of 9 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseEducational 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…
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…
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…
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| President & CEO Officer, former, 52 hrs/week | $257,804 | $0 | $32,695 | $290,499 |
| Vice President Officer, 44 hrs/week | $199,195 | $0 | $27,927 | $227,122 |
| IT Development Manager Highest compensated employee, 43 hrs/week | $169,910 | $0 | $30,416 | $200,326 |
| Vice President Officer, 45 hrs/week | $174,474 | $0 | $23,099 | $197,573 |
| Vice President Officer, 44 hrs/week | $164,033 | $0 | $31,396 | $195,429 |
| Secretary and Treaurer Officer, 46 hrs/week | $169,131 | $0 | $23,046 | $192,177 |
| Sr Solutions Architect Highest compensated employee, 45 hrs/week | $154,933 | $0 | $34,935 | $189,868 |
| Vice President Officer, 47 hrs/week | $156,839 | $0 | $32,803 | $189,642 |
30 people received more than $100,000 in reportable compensation from College Foundation (Part VII, line 2). Compensation of current officers, directors and key employees totaled $1.4M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b9 · 9 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bNo
- Employees Part I, line 5151
- Volunteers Part I, line 69
Private foundation grants it received
3 private foundations reported grants to College Foundation totaling $70,200 on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from College Foundation's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for College Foundation, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 College Foundation spent in FY2025, $92.57 went to programs. The full breakdown, from its IRS Form 990:
Questions people ask
How much of College Foundation's spending goes to programs?
In the fiscal year ending June 30, 2025, College Foundation reported that 92.6% of its $32.1 million in expenses went to program services, 7.4% to management and general and 0.0% to fundraising (Form 990, Part IX).
How much does College Foundation pay its top executive?
The largest total compensation College Foundation reported for one person in the fiscal year ending June 30, 2025 was $290,499, for the role of President & CEO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does College Foundation get its money?
Of $31.7 million in revenue in the fiscal year ending June 30, 2025, 0.0% came from contributions and grants and 96.1% from program service revenue (Form 990, Part VIII).
Is College Foundation a registered charity?
The IRS lists EIN 56-6046937 as a 501(c)(3) organization (supporting organization (509(a)(3))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202640219349300839 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202540159349300904 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202411359349303326 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202311299349303171 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202240809349300634 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202101309349301305 · read the filing
All filings for EIN 56-6046937: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.