FOUNDATION FOR THE CAROLINAS (EIN 566047886) - 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

1958

Legal Domicile

Principal Officer

CATHERINE P BESSANT

Phone

7049734500

Tax Period

2023-01-01 to 2023-12-31

FOUNDATION FOR THE CAROLINAS, founded in 1958, is a major nonprofit in the Philanthropy & Grantmaking sector that reported $538.0M in total revenue in fiscal year 2023. Revenue fell 44% from the prior year — a significant decline worth monitoring. Net assets of $3.4B represent 76 months of operating reserves.

Mission

FOUNDATION FOR THE CAROLINAS IS A NON-PROFIT COMMUNITY FOUNDATION SERVING DONORS AND A BROAD RANGE OF CHARITABLE PURPOSES IN NORTH AND SOUTH CAROLINA THROUGH GRANTMAKING AND CIVIC LEADERSHIP.

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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 (2023)

Revenue Breakdown

Contributions & Grants $449,946,789

Program Service Revenue $16,659,425

Investment Income $70,915,744

Other Revenue $524,495

TOTAL REVENUE $538,046,453

Expense Breakdown

Grants Paid $540,885,831

Salaries & Benefits $15,405,866

Fundraising Expenses $611,911

Program Expenses $573,189,122

Other Expenses $26,180,452

TOTAL EXPENSES $582,472,149

Year-over-Year Comparison

	2023	2022	Change
Revenue	$538,046,453	$953,517,849	-0.4%
Expenses	$582,472,149	$414,316,706	+0.4%
Net Income	$-44,425,696	$539,201,143	-1.1%

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

123

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

$3,034,597

Total Directors

Key Employees

$1,077,112

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ARRINGTON MIXON	CHAIR	0.50	Officer Director	$0	$0	$0
JEFF BROWN	DIRECTOR	0.50	Director	$0	$0	$0
MARIAN STEELE CLARK	DIRECTOR	0.50	Director	$0	$0	$0
KIETH COCKRELL	DIRECTOR	0.50	Director	$0	$0	$0
MALCOMB COLEY	DIRECTOR	0.50	Director	$0	$0	$0
SHARYN ELLISON	DIRECTOR	0.50	Director	$0	$0	$0
BETSY FLEMING	DIRECTOR	0.50	Director	$0	$0	$0
LYNN GOOD	DIRECTOR	0.50	Director	$0	$0	$0
TODD GORELICK	DIRECTOR	0.50	Director	$0	$0	$0
JADA GRANDY-MOCK	DIRECTOR	0.50	Director	$0	$0	$0
KELLY KATTERHAGEN	DIRECTOR	0.50	Director	$0	$0	$0
SUSAN KLUTTZ	DIRECTOR	0.50	Director	$0	$0	$0
RALPH LOPEZ-MASSAS	DIRECTOR	0.50	Director	$0	$0	$0
TROPZIE MCCLUNEY	DIRECTOR	0.50	Director	$0	$0	$0
GENE MCLAURIN	DIRECTOR	0.50	Director	$0	$0	$0
TOM NELSON	DIRECTOR	0.50	Director	$0	$0	$0
JANCY PATRICK	DIRECTOR	0.50	Director	$0	$0	$0
EDWARD SERNA	DIRECTOR	0.50	Director	$0	$0	$0
FRED WHITFIELD	DIRECTOR	0.50	Director	$0	$0	$0
MICHAEL MARSICANO	PRESIDENT & CEO (THRU 1/7/23)	50.00	Officer	$951,490	$6,680	$958,170
LAURA SMITH	PRESIDENT & CEO (FROM 1/7/23)	50.00	Officer	$771,548	$76,494	$848,042
DOUGLAS W BENSON	SENIOR VP & GENERAL COUNSEL	50.00	Officer	$375,935	$46,391	$422,326
DEBRA S WATT	EXECUTIVE VICE PRESIDENT AND CHRO	50.00	Officer	$340,419	$63,337	$403,756
NIKHIL SAWANT	EXECUTIVE VICE PRESIDENT AND CIO	50.00	Officer	$333,554	$68,749	$402,303
ALYSSA FEDERICO	SENIOR VICE PRESIDENT, FINANCE	50.00	Key Emp	$337,555	$47,013	$384,568
ELIZABETH KISER	SVP, PHILANTHROPIC ADVANCEMENT	50.00	Key Emp	$215,547	$57,648	$273,195
TARA KEENER	SVP, MARKETING & COMMUNICATIONS	50.00	Key Emp	$205,733	$37,609	$243,342
FEDERICO RIOS	SVP, CIVIC LEADERSHIP	50.00	Key Emp	$160,237	$15,770	$176,007
BLAIR STANFORD	CELC EXECUTIVE DIRECTOR	50.00	Highest	$328,974	$70,125	$399,099
MUNRO C RICHARDSON	READ CHARLOTTE EXECUTIVE DIRECTOR	50.00	Highest	$206,525	$62,603	$269,128
SHERRI S CHISHOLM	LOO EXECUTIVE DIRECTOR	50.00	Highest	$202,616	$27,048	$229,664
TRACY O RUSS	SPECIAL ADVISOR FOR CIVIC INITIATIVES	50.00	Highest	$169,947	$35,269	$205,216
DEVIRE ROBINSON	VP - CENTERS FOR GIVING	50.00	Highest	$175,899	$27,733	$203,632

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
2024	No data	No data	No data	No data
2023	$538,046,453	$582,472,149	$3,492,760,144	$-44,425,696
2022	$953,517,849	$414,316,706	$3,064,138,829	$539,201,143
2021	$770,296,528	$584,919,704	$2,909,768,326	$185,376,824
2020	$548,689,880	$489,891,267	$2,397,054,281	$58,798,613
2019	$289,696,942	$351,759,763	$2,093,030,625	$-62,062,821
2018	$449,681,155	$325,310,194	$1,828,291,645	$124,370,961

FOUNDATION FOR THE CAROLINAS