College Foundation Inc
- Assets
- $54.7m
- Revenue
- $28.6m
- Investments
- $0.0
- Employees
- 204
- Location
- Raleigh, NC
- Founding
- 11/2003
- Data as of
- 06/2022
- EIN
- 56-6046937
Organization Overview
College Foundation Inc is located in Raleigh, NC. The organization was established in 2003. According to its NTEE Classification (B02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Education and related organizations. As of 06/2022, College Foundation Inc employed 204 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. College Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, College Foundation Inc generated $28.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $27.9m during the year ending 06/2022. While expenses have increased by 1.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
OUR WORK TODAY MAKES A BETTER TOMORROW BY EMPOWERING PEOPLE TO ACHIEVE THEIR ACADEMIC GOALS. AT JUNE 30, 2022, THE FOUNDATION WAS SERVICING A LOAN PORTFOLIO VALUED AT $862,984,512 AND ADMINISTERING NORTH CAROLINA'S NATIONAL COLLEGE SAVINGS PROGRAM WITH A PORTFOLIO VALUED AT $2,990,752,733. DURING THE TAX YEAR ENDED JUNE 30, 2022, STUDENTS USED THE CFNC.ORG WEBSITE TO SUBMIT 319,625 APPLICATIONS TO NC COLLEGES, 295,766 STUDENTS USED THE RESIDENCY DETERMINATION SERVICE, AND THE FOUNDATION DISBURSED $255,694,921 IN STATE GRANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL LOAN PROGRAMS: AS OF JUNE 30, 2022, THE FOUNDATION WAS SERVICING 146,585 LOANS TO 45,446 BORROWERS WITH AN OUTSTANDING PRINCIPAL BALANCE OF $862,984,512. THE FOUNDATION SERVICES LOANS FOR HIGHER EDUCATION FOR NORTH CAROLINIANS AT INSTITUTIONS OF HIGHER EDUCATION AND FOR STUDENTS ATTENDING INSTITUTIONS OF HIGHER EDUCATION IN NORTH CAROLINA. THE FOUNDATION SERVICES LOANS MADE UNDER PART B, TITLE IV OF THE HIGHER EDUCATION ACT (HEA) OF 1965, AS AMENDED, EXTRA EDUCATION LOANS TO BORROWERS ATTENDING SCHOOLS IN NC FOR QUALIFIED HIGHER EDUCATION EXPENSES NOT COVERED UNDER NC'S FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP), EXTRA MBA LOANS TO BORROWERS FROM THE KENAN FLAGLER BUSINESS SCHOOL MBA OR MAC PROGRAMS AT UNC CHAPEL HILL WHO WERE UNABLE TO SECURE LOANS UNDER NC'S FFELP OR THE EXTRA EDUCATION LOAN PROGRAM, AND NC ASSIST LOANS DESIGNED TO HELP BRIDGE THE GAP BETWEEN THE COST OF ATTENDANCE AND OTHER FINANCIAL AID FOR STUDENTS WHO ARE NC RESIDENTS ATTENDING AN ELIGIBLE NON-PROFIT TITLE IV INSTITUTION ANYWHERE OR NONRESIDENT STUDENTS ATTENDING AN ELIGIBLE NON-PROFIT TITLE IV INSTITUTION IN NORTH CAROLINA OR FOR THE PARENTS OF SUCH STUDENTS.
OTHER PROGRAM SERVICES: RESIDENCY DETERMINATION SERVICE, NC COMMUNITY COLLEGE GRANT PROGRAM, UNC NEED-BASED GRANT PROGRAM, NC EDUCATION LOTTERY SCHOLARSHIP PROGRAM, NC NEED-BASED SCHOLARSHIP PROGRAM, LONGLEAF COMMITMENT GRANT, EX$EL, VICTOR E. BELL, JR. SCHOLARSHIP PROGRAM, BROYHILL FAMILY FOUNDATION SCHOLARSHIP PROGRAM, MANAGEMENT AND COMPUTER SERVICES, AND MISCELLANEOUS SCHOLARSHIP AND GRANT PROGRAMS.
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 319,625 APPLICATIONS TO NC SCHOOLS USING THE WEBSITE, THE CFNC CALL CENTER RECEIVED 37,300 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, 2022.
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 160,451 ACCOUNTS FOR 144,103 BENEFICIARIES AND A VALUE OF $2,990,752,733 AT JUNE 30, 2022. THE PROGRAM RECEIVED CONTRIBUTIONS TOTALING $291,608,781 AND PROCESSED DISTRIBUTIONS TOTALING $226,419,981 DURING THE YEAR ENDED JUNE 30, 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wendy H Mcalister President & CEO | Officer | 54 | $238,909 |
Karl D Vass Jr Secretary And Treasurer | Officer | 51 | $170,515 |
Pete Rau Vice President | Officer | 46 | $178,145 |
Laura Morgan Vice President | Officer | 46 | $148,536 |
Martin Flournory Web Development Manager | 43 | $146,468 | |
Richard Ferneyhough It Development Manager | 40 | $141,153 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Emergent Software Software Provider | 6/29/22 | $115,694 |
Koonce Wooten & Haywood Llp Auditing | 6/29/22 | $172,264 |
Larry B Ray Electric Llc Electrical Services | 6/29/22 | $123,573 |
Ultimate Staffing Services Staffing Services | 6/29/22 | $118,674 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $75,000 |
| Noncash contributions included in lines 1a–1f | $73,500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $75,000 |
| Total Program Service Revenue | $27,685,747 |
| Investment income | $445,676 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $36,960 |
| Net Gain/Loss on Asset Sales | $339,730 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,583,113 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $99,254 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $941,118 |
| Compensation of current officers, directors, key employees. | $84,019 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,810,925 |
| Pension plan accruals and contributions | $439,801 |
| Other employee benefits | $1,625,558 |
| Payroll taxes | $907,271 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,412 |
| Fees for services: Accounting | $121,913 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $45,467 |
| Fees for services: Other | $844,836 |
| Advertising and promotion | $3,034,654 |
| Office expenses | $749,358 |
| Information technology | $3,552,335 |
| Royalties | $0 |
| Occupancy | $378,327 |
| Travel | $1,100,536 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,454,642 |
| Insurance | $126,932 |
| All other expenses | $658,085 |
| Total functional expenses | $27,893,424 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300 |
| Savings and temporary cash investments | $10,540,273 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,881,090 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,578,692 |
| Net Land, buildings, and equipment | $12,091,806 |
| Investments—publicly traded securities | $18,328,364 |
| Investments—other securities | $0 |
| Investments—program-related | $2,093,652 |
| Intangible assets | $0 |
| Other assets | $1,215,522 |
| Total assets | $54,729,699 |
| Accounts payable and accrued expenses | $3,375,511 |
| Grants payable | $0 |
| Deferred revenue | $4,765,500 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $4,574,008 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,800,000 |
| Total liabilities | $14,515,019 |
| Net assets without donor restrictions | $39,657,437 |
| Net assets with donor restrictions | $557,243 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $54,729,699 |