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
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.
Here 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?
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):
- Wendy H Mcalister (President & Ceo)
- Karl D Vass Jr (Secretary And Treasurer)
- Pete Rau (Vice President)
- Laura Morgan (Vice President)
- Martin Flournory (Web Development Manager)
- Richard Ferneyhough (It Development Manager)
- Dawn Harris (It Operations Manager)
- Sumith Mathur (Web Development)
- Shannon Byers (Vice President)
- Daniel Sullivan (Security Officer, Project Manager)
- Charles J Stewart (Chairman Of Board) [Trustee/Director]
- Robert E Hammersley Jr (Vice Chairman Of Board) [Trustee/Director]
- Hal S Johnson (Treasurer) [Trustee/Director]
- Charles W Cole Iii (Trustee)
- Hugh A Holston (Trustee)
- Brian K Reid (Trustee)
- Donna Samuels (Trustee)
- A Hope Williams (Trustee)
- Hyacinth Drummond (Trustee)
Official website here: www.cfnc.org
Where can I find the form 990 for College Foundation Inc?
The 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.
Impact
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.
Thursday, August 15, 2024
College Foundation Inc's impact is significant in North Carolina and beyond. Through its educational loan programs and administration of the state's National College Savings Program, the Foundation empowers individuals to access higher education and achieve their academic goals. With a substantial loan portfolio valued at over $862 million and administration of a savings program worth nearly $3 billion, the Foundation plays a crucial role in supporting students' educational endeavors.
Furthermore, College Foundation Inc's outreach efforts are evident in the high volume of applications processed through its CFNC.org website, totaling over 319,000 for North Carolina colleges. Additionally, the Foundation's disbursal of $255 million in state grants demonstrates its commitment to facilitating access to education and financial assistance for students.
By providing financial assistance for higher education, College Foundation Inc is not only making a direct impact on individuals but also contributing to the overall societal advancement and economic growth of North Carolina. Through its focus on empowering individuals to pursue educational opportunities, the Foundation is actively shaping a better tomorrow for the community and the state.
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.
- Assets and Liabilities:
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) 834-2893
Principal Officer
Wendy H Mcalister
Main Address
2917 Highwoods Blvd, Raleigh, NC, 27604
Website
www.cfnc.org
NTEE Category
Code: B42 - Education
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