Overview
What is College Foundation Inc?
College Foundation Inc is a North Carolina-based nonprofit organization dedicated to providing educational loan programs for students in the state. As of June 30, 2022, they were servicing over 146,500 loans to 45,446 borrowers, with a combined outstanding principal balance of $862,984,512. Their loan offerings include assistance for students attending institutions in North Carolina under the Federal Family Education Loan Program (FFELP), as well as EXTRA Education loans for those not covered by FFELP, EXTRA MBA loans for students at the Kenan Flagler Business School, and NC Assist loans for eligible non-profit Title IV institutions in North Carolina or for parents of students. The organization's mission is to help individuals reach their academic goals and contribute to the economic growth of North Carolina, as evidenced in their management of a $2,990,752,733 National College Savings Program portfolio. They also facilitate college applications through the CFNC.org website and disbursed $255,694,921 in state grants during the 2022 tax year. With a workforce of 204 employees, College Foundation Inc is committed to making a positive impact on the educational futures of North Carolinians.
Official website here: www.cfnc.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 96% (Four-Star out of Four Star rating)
College Foundation Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong accountability and financial practices. The organization received a perfect score in numerous categories, indicating a commitment to transparency and responsible management of funds. With a majority of independent board members and rigorous oversight, College Foundation Inc demonstrates a high level of governance.
The fiscal responsibility is evident with a program expense ratio of 92.73%, suggesting that the majority of its resources are directed towards its mission rather than administrative costs. Additionally, the organization has no material diversion of assets, showcasing its integrity in financial matters. The presence of various policies, such as conflict of interest and whistleblower policies, further enhances its credibility.
While the ratings highlight numerous strengths, there are no noted limitations in the data provided. Overall, College Foundation Inc stands out as a well-managed charity dedicated to its objectives, making it a reliable choice for donors looking to support impactful initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is College Foundation Inc legitimate?
College Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. College Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $941,118
Professional Fundraising Fees: $0
Other Salaries and Wages: $11,810,925
For more financial information, click here
Official website here: www.cfnc.org
What is the mission statement of College Foundation Inc?
The College Foundation Inc is dedicated to empowering individuals to attain their academic goals. Through its various financial assistance programs, the organization aims to benefit society and contribute to the economy by supporting higher education. As of June 30, 2022, the Foundation serviced over 146,000 loans with a combined outstanding balance of over $950 million. These loans provide access to higher education for students in need, with a focus on North Carolinians attending institutions within the state. The Foundation's efforts extend beyond loan services, as it also administers North Carolina's National College Savings Program. During the tax year ended June 30, 2022, over 319,000 applications were submitted to NC colleges via the CFNC.org website, and the Foundation disbursed over $255 million in state grants.
Official website here: www.cfnc.org
Who is the CEO of College Foundation Inc?
Wendy H Mcalister is the President & Ceo of College Foundation Inc. The CEO's salary of College Foundation Inc is $238,909 and their total compensation is $267,235.
Official website here: www.cfnc.org
What is the revenue of College Foundation Inc?
College Foundation Inc's revenue in 2022 was $28,583,113.
Official website here: www.cfnc.org
Who are the executives of College Foundation Inc and what are their salaries?
The average compensation at College Foundation Inc during 2022 was $62,510. There are 204 employees and 9 volunteers at College Foundation Inc.
Here are 19 key members and their salaries (College Foundation Inc's CEO's salary is $238,909 and their total compensation is $267,235):
- Compensation: $238,909
- Related: $0
- Other: $28,326
- Compensation: $170,515
- Related: $0
- Other: $24,671
- Compensation: $178,145
- Related: $0
- Other: $14,247
- Compensation: $148,536
- Related: $0
- Other: $24,811
- Compensation: $146,468
- Related: $0
- Other: $26,369
- Compensation: $141,153
- Related: $0
- Other: $23,188
- Compensation: $141,416
- Related: $0
- Other: $20,777
- Compensation: $129,009
- Related: $0
- Other: $31,521
- Compensation: $143,861
- Related: $0
- Other: $13,089
- Compensation: $128,397
- Related: $0
- Other: $23,748
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.cfnc.org
Where can I find the form 990 for College Foundation Inc?
College Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.cfnc.org
Learn more at the official website: www.cfnc.org
Mission Statement of College Foundation Inc
College Foundation Inc, a significant entity in the educational landscape, is dedicated to making a better tomorrow by empowering people to attain their academic goals. Through its mission, the Foundation strives to provide financial assistance for higher education to enhance society and strengthen the economy.
At the heart of College Foundation Inc's operations lies its extensive loan portfolio. The Foundation services over 146,000 loans for 45,000 borrowers, amounting to an outstanding principal balance of $862,984,512. These loans cater to North Carolinians attending institutions of higher education within and outside the state, as well as to nonresident students studying in North Carolina. The Foundation services loans under various programs, including the Federal Family Education Loan Program (FFELP), EXTRA Education loans, EXTRA MBA loans, and NC Assist loans. Each loan program aims to fill the gap between the cost of attendance and other financial aid for students who are residents of North Carolina or parents of such students.
By offering educational loan programs, College Foundation Inc plays a vital role in enabling North Carolinians to pursue their academic dreams and secure a brighter future. The Foundation's work not only empowers individuals but also contributes to a strong economy by fostering a well-educated workforce.
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Impact
October, 2024
College Foundation Inc significantly impacts individuals and the broader community by empowering people to achieve their academic goals. Through a robust financial framework, the organization manages an extensive loan portfolio of over $862 million, supporting nearly 146,585 loans for 45,446 borrowers, all aimed at facilitating access to higher education for North Carolinians.
The Foundation is instrumental in administering North Carolina's National College Savings Program, which boasts a portfolio of nearly $3 billion, underscoring its commitment to helping families save for educational expenses. In the tax year ending June 30, 2022, students utilized the Foundation's resources extensively, submitting over 319,000 applications to North Carolina colleges and benefiting from $255 million in state grants.
By offering specialized loan products such as the EXTRA Education loans and NC Assist loans, College Foundation Inc addresses the financial barriers faced by students, ensuring that they can pursue their educational aspirations regardless of their financial circumstances. This commitment to educational access not only enriches individuals but also contributes to the economic development and societal progress within the state of North Carolina.
This information is meant to be a general summary of College Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $785,406
- Program Service Revenue: $27,685,747
- Gross Receipts: $28,691,304
Assets and Liabilities:
- Total Assets: $54,729,699
- Total Liabilities: $14,515,019
- Net Assets: $40,214,680
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Education Loan Programs
Revenue
$11,961,539
Information Dissemination Initiative (CFNC)
Revenue
$5,172,427
NC529 College Savings Program
Revenue
$4,567,206
Residency Determination Service
Revenue
$3,141,022
Grant Programs
Revenue
$581,834
Organization Details
Founding Year
1955
Phone
(919) 834-2893Principal Officer
Wendy H Mcalister
Main Address
2917 Highwoods Blvd, Raleigh, NC, 27604
Website
www.cfnc.orgNTEE Category
Code: B42 - Education
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