EIN 56-6046937

College Foundation of North Carolina (CFNC)

IRS 501(c) type
501(c)(3)
Num. employees
204
Year formed
1955
Most recent tax filings
2022-06-01
Description
College Foundation of North Carolina (CFNC) is a free service of the State of North Carolina provided by a collaboration of Pathways (the N.C. Department of Public Instruction, the N.C. Community College System, the N.C. Independent Colleges and Universities and The University of North Carolina System), the North Carolina State Education Assistance Authority, and College Foundation. CFNC promotes access to North Carolina higher education and assists students with education planning, career planning, and applying and paying for college.
Also known as...
College Foundation
Total revenues
$28,583,113
2022
Total expenses
$27,893,424
2022
Total assets
$54,729,699
2022
Num. employees
204
2022

Program areas at CFNC

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.
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 $226,419,981 during the year ended June 30, 2022.
Information dissemination initiative: The Foundation administers the College Foundation of North Carolina (CFNC) program to coordinate information dissemination efforts to increase access to higher education in North Carolina and provide information on planning, applying, and paying for college through a comprehensive website (www.CFNC.org), call center, and program information services to students, families, schools, and colleges. Prospective students submitted 319,625 applications to NC schools using the website, the CFNC call center received 37,300 calls and responded to 3,693 email inquiries, and 1,870 specific programs were provided to colleges, K-12 schools and businesses during the year ended June 30, 2022.
Other program services: Residency Determination Service, NC Community College Grant program, UNC Need-Based Grant program, NC Education Lottery Scholarship program, NC Need-Based Scholarship program, Longleaf Commitment Grant, EX$EL, Victor E. Bell, Jr. Scholarship program, Broyhill Family Foundation scholarship program, management and computer services, and miscellaneous scholarship and grant programs.

Who funds College Foundation of North Carolina (CFNC)

Grants from foundations and other nonprofits
GrantmakerDescriptionAmount
The Dennis Meyer FoundationTo Promote and Further the Org's Exempt Purpose$2,500
Mathis Pfohl FoundationCharitable Purposes$200

Personnel at CFNC

NameTitleCompensation
Wendy H McAlisterPresident and Chief Executive Officer$238,909
Dawn HarrisIt Operations Manager$141,416
Martin FlournoryWeb Development Manager / Web Development and CFNC Tec$146,468
Richard FerneyhoughIt Development Manager$141,153
Daniel SullivanSecurity Officer , Project Manager / Security Officer and Projects Manager / Security Officer and Project Manager$128,397
...and 4 more key personnel

Financials for CFNC

RevenuesFYE 06/2022
Total grants, contributions, etc.$75,000
Program services$27,685,747
Investment income and dividends$445,676
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$36,960
Net gain from sale of non-inventory assets$339,730
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$28,583,113

Form 990s for CFNC

Fiscal year endingDate received by IRSFormPDF link
2022-062023-05-09990View PDF
2021-062022-03-21990View PDF
2020-062021-05-18990View PDF
2019-062020-10-21990View PDF
2018-062019-05-14990View PDF
...and 8 more Form 990s
Data update history
May 13, 2023
Received grants
Identified 2 new grant, including a grant for $5,000 from Keybank Community Trust Ta
August 17, 2022
Posted financials
Added Form 990 for fiscal year 2021
August 9, 2022
Posted financials
Added Form 990 for fiscal year 2020
August 4, 2022
Updated personnel
Identified 3 new personnel
September 21, 2021
Received grants
Identified 1 new grant, including a grant for $2,500 from J Mack Robinson Foundation
Nonprofit Types
Grantmaking organizationsSchoolsHeadquarter / parent organizationsCharities
Issues
Education
Characteristics
State / local levelEndowed supportManagement and technical assistanceProvides scholarshipsTax deductible donations
General information
Address
2917 Highwoods Blvd
Raleigh, NC 27604
Metro area
Raleigh-Cary, NC
County
Wake County, NC
Website URL
cfnc.org/ 
Phone
(866) 866-2362
IRS details
EIN
56-6046937
Fiscal year end
June
Taxreturn type
Form 990
Year formed
1955
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
B42: Undergraduate College (4-year)
NAICS code, primary
813211: Grantmaking Foundations
Parent/child status
Central organization
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