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College Foundation Inc

EIN 56-6046937 · Raleigh, NC

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthStrong93 out of 100GovernanceStrong100 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

Our work today makes a better tomorrow by empowering people to achieve their academic goals. We provide financial assistance for higher education to benefit society and strengthen the economy of the state of North Carolina.

Income
$31.7 million
Spending
$32.1 million
Spent on programs
93%
Reserves
12.7 months of spending
Largest source of income
fees for its services, 96%
Employees
151
Volunteers
9
Highest pay
$290,499, president & ceo

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Strong: 93 out of 100.

  • Reserves

    35 of 35

    Spendable reserves would cover 12.7 months of spending.

  • Debt

    20 of 20

    It owes 11% of what it owns.

  • Living within its means

    8 of 15

    Spending exceeded income by 1% of income.

  • Income trend

    15 of 15

    Income rose 16% on the year before.

  • Spending floor

    15 of 15

    93% of spending went to programs and raising each dollar of donations cost 0 cents.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Strong: 100 out of 100.

  • Independent board

    25 of 25

    9 of 9 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (4)
  1. $2.0 million spent. Educational loan programs: As of June 30, 2025, the Foundation was servicing 16,819 loans to 7,644 borrowers with an outstanding principal balance of $167,630,987. The Foundation services loans for higher education to North Carolinians attending institutions of higher education, as well as for students enrolled at institutions of higher education in North Carolina. During the fiscal year ended June 30, 2025, the Foundation serviced EXTRA Education loans for borrowers attending schools in North Carolina to cover qualified higher education expenses not included under North Carolina's Federal Family Education Loan Program (FFELP); EXTRA MBA loans for borrowers enrolled in the Kenan Flagler Business School MBA or MAC programs at UNC Chapel Hill who were unable to secure loans under North Carolina'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.
  2. $5.4 million spent. Information dissemination initiative: The Foundation administers the College Foundation for North Carolina (CFNC) program, which coordinates information dissemination efforts to increase access to higher education in North Carolina. The program provides resources on planning, applying, and paying for college through a comprehensive website (www.CFNC.org), a call center, and program information services to students, families, schools, and colleges. Prospective students submitted 402,370 applications to NC schools using the CFNC website, the CFNC call center received 12,954 calls and responded to 3,577 email inquiries, and 1,227 specific programs were delivered to colleges, K-12 schools and businesses during the year ended June 30, 2025.
  3. $6.4 million spent. NC 529 College Savings Program: The Foundation acts as agent for the NC State Education Assistance Authority in administering the state's College Savings and Investment Program, which is structured to meet the requirements of a "qualified" tuition program under Section 529 of the Internal Revenue Code. North Carolina's National College Savings Program maintained 172,172 accounts for 150,435 beneficiaries, with an aggregate value of $4,035,246,211 at June 30, 2025. During the fiscal year ended June 30, 2025, the program received contributions totaling $293,518,390 and processed distributions totaling $310,838,177.
  4. $15.9 million spent. Other program services: Residency Determination Service, Next NC Grant program, NC Need-Based Scholarship program, Longleaf Commitment Grant, K-12 Scholarship Program Support, Victor E. Bell, Jr. Scholarship program, Broyhill Family Foundation scholarship program, management and computer services, and miscellaneous scholarship and grant programs.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending June 2025.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since November 2003.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.