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Foundation for the Carolinas
Foundation for the Carolinas reported $761.4 million in revenue and $849.2 million in expenses for calendar year 2024. Of every $100 it spent, $98.90 went to program services, $1.03 to management and general costs and $0.07 to fundraising. Its largest source of revenue was contributions and grants: 86.2% of the total. The highest compensation it reported for one person was $737,104 (CEO). 38 people received more than $100,000 in reportable compensation. Revenue rose 163% between 2019 and 2024. Source: Form 990, 2024.
Where $100 of spending went
Calendar year 2024 · Form 990, Part IX, line 25 · total expenses $849MFor context, the median across 1,001 covered philanthropy, voluntarism & grantmaking charities: $91.65 programs, $6.50 management, $1.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
Calendar year 2024 · Form 990, Part VIII · total revenue $761M- Contributions & grants (non-government)$84.45 $643M
- Government grants$1.71 $13M
- Program service revenue$2.37 $18M
- Investment income$11.47 $87M
Other revenue was negative: −$56,598. The bar shows the positive sources only.
The 990 scorecard · same measures for every charity, no grades
| Measure | 2024 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 98.9% | 90.2% |
| Management & general Part IX 25(C) ÷ 25(A) | 1.0% | 6.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.1% | 1.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.00 | $0.02 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 86.2% | 79.9% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 1.7% | 0.0% |
| Program service revenue share Part VIII 2g ÷ 12 | 2.4% | 0.0% |
| Highest reported compensation Part VII-A, columns D–F | $737,104 | $325,675 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.09% | 1.56% |
| People paid over $100,000 Part VII, line 2 | 38 | 3 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 54.4 | 56.6 |
| Independent voting board members Part VI 1a–1b | 19 of 19 | 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
2024 · Form 990, Part III · the three largest programs by expenseEducation and youth development: disbursed 6,051 grants to various organizations for scholarship programs, educational institutions, and other curriculum programs
Environment and wildlife: disbursed 678 grants to various organizations to support environmental efforts of conservation, education, and other projects
Health and human services: disbursed 4,576 grants to various organizations offering services for seniors, youth development, housing and shelter, and other community needs
Highest reported compensation
2024 · 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 |
|---|---|---|---|---|
| CEO Officer, 50.00 hrs/week | $571,104 | $0 | $166,000 | $737,104 |
| FORMER COO Former, 50.00 hrs/week | $436,231 | $0 | $3,812 | $440,043 |
| CELC EXECUTIVE DIRECTOR Key employee, 50.00 hrs/week | $267,230 | $0 | $66,462 | $333,692 |
| CHIEF ADMINISTRATIVE AND CHIEF RISK OFFICER (SECRE Officer, 50.00 hrs/week | $258,355 | $0 | $46,961 | $305,316 |
| CHIEF FINANCIAL OFFICER (TREASURER) Officer, 50.00 hrs/week | $228,615 | $0 | $45,920 | $274,535 |
| CIO (THRU 3/1/24) Highest compensated employee, 50.00 hrs/week | $245,614 | $0 | $25,161 | $270,775 |
| GENERAL COUNSEL (ASST SECRETARY) Officer, 50.00 hrs/week | $213,325 | $0 | $57,250 | $270,575 |
| READ CHARLOTTE EXECUTIVE DIRECTOR Highest compensated employee, 50.00 hrs/week | $199,175 | $0 | $63,140 | $262,315 |
38 people received more than $100,000 in reportable compensation from Foundation for the Carolinas (Part VII, line 2). Compensation of current officers, directors and key employees totaled $2.8M (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
2024 · 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–1b19 · 19 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 11aNo
- 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 4Yes
- 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 5141
- Volunteers Part I, line 619
Largest outside contractors
2024 · Form 990, Part VII, Section B · businesses only| MCGUIREWOODS LLP Legal services | $217,997 |
| CHERRY BEKAERT LLP Audit & tax services | $157,650 |
| ADAMS OUTDOOR ADVERTISING Advertising | $143,535 |
| LOYD VISUALS Consulting | $101,200 |
Individuals listed as contractors are left out. 10 contractors were paid more than $100,000 in all.
Private foundation grants it received
36 private foundations reported grants to Foundation for the Carolinas totaling $16M 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 Foundation for the Carolinas's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Foundation for the Carolinas, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Foundation for the Carolinas spent in 2024, $98.90 went to programs. The full breakdown, from its IRS Form 990:
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All philanthropy, voluntarism & grantmaking charities · Largest charities in North Carolina
Questions people ask
How much of Foundation for the Carolinas's spending goes to programs?
In calendar year 2024, Foundation for the Carolinas reported that 98.9% of its $849.2 million in expenses went to program services, 1.0% to management and general and 0.1% to fundraising (Form 990, Part IX).
How much does Foundation for the Carolinas pay its top executive?
The largest total compensation Foundation for the Carolinas reported for one person in calendar year 2024 was $737,104, for the role of CEO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Foundation for the Carolinas get its money?
Of $761.4 million in revenue in calendar year 2024, 86.2% came from contributions and grants (including 1.7% from government grants) and 2.4% from program service revenue (Form 990, Part VIII).
Is Foundation for the Carolinas a registered charity?
The IRS lists EIN 56-6047886 as a 501(c)(3) organization (publicly supported organization (170(b)(1)(a)(vi))), 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
- 2024: Form 990 for calendar year 2024, object 202543219349306689 · read the filing · XML
- 2023: Form 990 for calendar year 2023, object 202433209349318318 · read the filing
- 2022: Form 990 for calendar year 2022, object 202343199349307329 · read the filing
- 2021: Form 990 for calendar year 2021, object 202243199349317599 · read the filing
- 2020: Form 990 for calendar year 2020, object 202123199349322547 · read the filing
- 2019: Form 990 for calendar year 2019, object 202003219349319240 · read the filing
All filings for EIN 56-6047886: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.