COLLEGE FOUNDATION INC (EIN 566046937) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1955

Legal Domicile

Principal Officer

Shannon Byers

Phone

9198342893

Tax Period

2024-07-01 to 2025-06-30

COLLEGE FOUNDATION INC, founded in 1955, is a mid-sized nonprofit that reported $31.7M in total revenue in fiscal year 2024. Revenue grew 16% year-over-year, indicating healthy expansion.

Mission

Our work today makes a better tomorrow by empowering people to achieve their academic goals. At June 30, 2025, the Foundation was servicing a loan portfolio valued at $167,630,987 and administering North Carolina's National College Savings Program with a portfolio valued at $4,035,246,211. During the tax year ended June 30, 2025, students used the CFNC.org website to submit 402,370 applications to NC colleges, 337,268 students used the Residency Determination Service, and the Foundation disbursed $292,487,646 in state grants.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,300

Program Service Revenue $30,488,106

Investment Income $1,113,236

Other Revenue $115,046

TOTAL REVENUE $31,717,688

Expense Breakdown

Grants Paid $74,047

Salaries & Benefits $15,883,073

Fundraising Expenses $0

Program Expenses $29,728,824

Other Expenses $16,156,839

TOTAL EXPENSES $32,113,959

Year-over-Year Comparison

	2024	2023	Change
Revenue	$31,717,688	$27,329,303	+0.2%
Expenses	$32,113,959	$24,977,798	+0.3%
Net Income	$-396,271	$2,351,505	-1.2%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

151

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,312,044

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Wendy H McAlister	President & CEO	52	Officer	$257,804	$32,695	$290,499
Pete Rau	Vice President	44	Officer	$199,195	$27,927	$227,122
Martin L Flournory	IT Development Manager	43	Highest	$169,910	$30,416	$200,326
Lynn Barnette	Vice President	45	Officer	$174,474	$23,099	$197,573
Marcia Southerland	Vice President	44	Officer	$164,033	$31,396	$195,429
Kevin Bartholomew	Secretary and Treaurer	46	Officer	$169,131	$23,046	$192,177
Sumith N Mathur	Sr Solutions Architect	45	Highest	$154,933	$34,935	$189,868
Rob Hines	Vice President	47	Officer	$156,839	$32,803	$189,642
Dawn S Harris	IT Operations Manager	41	Highest	$160,049	$27,041	$187,090
Richard H Ferneyhough Jr	Web Developer	40	Highest	$159,174	$24,005	$183,179
Daniel F Sullivan	Security Officer/Proj Mgr	41	Highest	$148,156	$32,967	$181,123
Karl D Vass Jr	Secretary and Treasurer	0	Officer	$18,341	$1,261	$19,602
Charles J Stewart	Chairman of Board	1	Director	$0	$0	$0
Robert E Hammersley Jr	Vice Chairman of the Board	1	Director	$0	$0	$0
Hal S Johnson	Treasurer	1	Director	$0	$0	$0
Hugh A Holston	Trustee	1	Director	$0	$0	$0
Brian K Reid	Trustee	1	Director	$0	$0	$0
A Hope Williams	Trustee	1	Director	$0	$0	$0
Hyacinth Drummond	Trustee	1	Director	$0	$0	$0
Felicia Woodard	Trustee	1	Director	$0	$0	$0
Shannon Trapp	Trustee	1	Director	$0	$0	$0
Shannon Byers	President & CEO	0	Officer	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$31,717,688	$32,113,959	$55,777,315	$-396,271
2024	$27,329,303	$24,977,798	$51,135,122	$2,351,505
2023	$31,424,429	$27,659,962	$52,501,264	$3,764,467
2022	$28,583,113	$27,893,424	$54,729,699	$689,689
2021	$27,866,306	$26,815,025	$52,338,286	$1,051,281
2020	$28,460,458	$28,484,911	$51,700,629	$-24,453
2019	$28,116,782	$28,397,805	$51,427,610	$-281,023
2018	$28,415,354	$27,172,267	$51,292,354	$1,243,087

COLLEGE FOUNDATION INC