2026-01-21T14:44:35-07:00 2025-06-30 990 2024-07-01 566046937 COLLEGE FOUNDATION INC COLL 9198342893 2917 Highwoods Blvd Raleigh NC 27604 Kevin Bartholomew V.P. - Financial Services 9198352322 2025-12-15 1 2024 2025-03-06 01:10:19Z Shannon Byers 2917 Highwoods Blvd Raleigh NC 27604 32339208 0 X www.cfnc.org X 1955 NC 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. 9 9 151 9 0 0 1000 1300 26473813 30488106 798750 1113236 55740 115046 27329303 31717688 109359 74047 0 0 14675291 15883073 0 0 0 10193148 16156839 24977798 32113959 2351505 -396271 51135122 55777315 2099341 6178557 49035781 49598758 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. 0 0 1981484 0 2222170 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. 5397082 0 6062498 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. 6419954 0 6185359 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. 15930304 74047 16018079 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. 15930304 74047 16018079 29728824 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 29910 0 1 151 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X Shannon Byers 9198342893 2917 Highwoods Blvd Raleigh NC 27604 Wendy H McAlister President & CEO 52 0 X X 257804 0 32695 Pete Rau Vice President 44 0 X 199195 0 27927 Martin L Flournory IT Development Manager 43 0 X 169910 0 30416 Lynn Barnette Vice President 45 0 X 174474 0 23099 Marcia Southerland Vice President 44 0 X 164033 0 31396 Kevin Bartholomew Secretary and Treaurer 46 0 X 169131 0 23046 Sumith N Mathur Sr Solutions Architect 45 0 X 154933 0 34935 Rob Hines Vice President 47 0 X 156839 0 32803 Dawn S Harris IT Operations Manager 41 0 X 160049 0 27041 Richard H Ferneyhough Jr Web Developer 40 0 X 159174 0 24005 Daniel F Sullivan Security Officer/Proj Mgr 41 0 X 148156 0 32967 Karl D Vass Jr Secretary and Treasurer 0 0 X X 18341 0 1261 Charles J Stewart Chairman of Board 1 0 X 0 0 0 Robert E Hammersley Jr Vice Chairman of the Board 1 0 X 0 0 0 Hal S Johnson Treasurer 1 0 X 0 0 0 Hugh A Holston Trustee 1 0 X 0 0 0 Brian K Reid Trustee 1 0 X 0 0 0 A Hope Williams Trustee 1 0 X 0 0 0 Hyacinth Drummond Trustee 1 0 X 0 0 0 Felicia Woodard Trustee 1 0 X 0 0 0 Shannon Trapp Trustee 1 0 X 0 0 0 Shannon Byers President & CEO 0 0 X 0 0 0 1932039 0 321591 30 1 1 0 Randstad Digital LLC PO Box 847872 Dallas TX 75284 Software Development 2401845 APCO Worldwide 1299 Pennsylvania Avenue NW Suite 300 Washington DC 20004 Marketing 1887048 Converge Technology Solutions 130 Technology Parkway Suite 100 Peachtree Corners GA 30092 Software Maintenance 1979411 Blue Cross Blue Shield PO Box 580086 Charlotte NC 28258 Health Insurance 1537974 Presidio Networked Solutions Inc PO Box 822169 Philadelphia PA 19182 Contact Center Infrastructure 1072573 18 0 0 0 0 0 1300 0 1300 Education Loan Programs 611710 2222170 2222170 0 0 Information Dissemination Initiative (CFNC) 611710 6062498 6062498 0 0 Residency Determination Service 611710 3439708 3439708 0 0 NC529 College Savings Program 611710 6185359 6185359 0 0 Grants and Other 611710 2466175 2466175 0 0 10112196 10112196 0 0 30488106 1040938 0 0 1040938 0 0 0 0 0 0 0 0 208864 0 93818 0 115046 0 115046 115046 0 0 600000 0 527702 0 72298 0 72298 72298 0 0 0 0 31717688 30675450 0 1040938 X 0 0 74047 74047 1388343 1230812 157531 0 0 0 11707739 10437781 1269958 0 431654 376489 55165 0 1432877 1244724 188153 0 922460 804570 117890 0 0 0 0 0 0 0 0 0 196104 179349 16755 0 0 0 0 0 0 0 29591 7401 22190 0 6627439 6599422 28017 0 2198896 2198896 0 0 448375 440411 7964 0 3754566 3440538 314028 0 0 0 0 0 448027 383602 64425 0 224837 224599 238 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1574485 1455094 119391 0 79400 79400 0 0 575119 551689 23430 0 32113959 29728824 2385135 0 300 300 3001865 4182166 0 0 5391763 7771008 0 0 0 0 0 0 0 0 1900529 2261386 41694199 26631276 15957631 15062923 21796405 23397130 1523952 1690077 1562677 1412325 51135122 55777315 1442672 5763226 0 0 280338 0 0 0 80331 80331 0 0 0 0 0 0 296000 335000 2099341 6178557 X 48474269 49035544 561512 563214 49035781 49598758 51135122 55777315 X -396271 1109231 0 21741 0 -171724 X 0 1 X 1 0 X X 1 State of North Carolina NC State Education Assistance Authority 566172047 6 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Schedule A, Part IV, Section A, Line 1 The Foundation maintains a historic and continuing relationship with the State of North Carolina. It provides services in support of the state, including the administration of various programs for the North Carolina State Education Assistance Authority (NCSEAA), a political subdivision of the State of North Carolina. On November 3, 1998, the IRS determined that the Foundation meets the definition of a Section 509(a)(3) supporting organization to the State of North Carolina, with NCSEAA serving as an instrumentality of the state. Schedule A, Part IV, Section B, Line 1 The Governor of the State of North Carolina held sole authority to appoint trustees during the tax year. 1 8235219 835259752 801462984 42031987 1 X 6643778 1300 545509 74047 0 0 7116540 6273631 1000 478506 109359 0 0 6643778 6032713 1900 359608 120590 0 0 6273631 6578713 75000 -521746 99254 0 0 6032713 5834120 128450 739807 123664 0 0 6578713 0.921 0.078 0.001 0 0 1302882 0 1302882 13719742 0 7586706 6133036 0 0 0 0 5854704 0 4592560 1262144 20816871 0 14452010 6364861 15062923 0 Contingency for Uninsured Loans 335000 335000 32898996 1181529 0 0 21520 1203049 31695947 21741 0 21741 31717688 32225403 0 0 0 133185 133185 32092218 21741 0 21741 32113959 Schedule D, Part IV, Line 1b During the fiscal year ended June 30, 2025, the Foundation served as trustee or agent in servicing education loans for the NC State Education Assistance Authority (NCSEAA) and special investors. Funding and disbursements for the NC Assist loan program, as well as other cash transactions related to loan servicing, were processed through agency fund bank accounts. The Foundation also serves as agent for the NCSEAA in the administration of various grant and scholarship programs. Funds are received and disbursed to educational institutions participating in these programs for awards to eligible students. In its role as agent for the NCSEAA in administering North Carolina's National College Savings Program, the Foundation receives contributions from participants and transfers the funds to the appropriate investment fund manager. Funds are also received from investment fund managers for distribution as directed by participants. Schedule D, Part IV, Line 2b In servicing education loans for the NCSEAA and special investors, funds were collected from borrowers and other payers and remitted to loan funding sources. The Foundation also receives funds from the Bryan Foundation, which it subsequently disburses to selected scholarship recipients. Schedule D, Part V, Line 4 Endowment funds are used for student loans or scholarships. Schedule D, Part XI, Line 2d Depreciation expense on leased property is not netted with lease revenue on audited financial statements. Schedule D, Part XII, Line 2d Depreciation expense on leased property is not netted with lease revenue on audited financial statements 1 Victor E. Bell, Jr. Scholarships 13 60172 0 N/A Broyhill Family Scholarships 3 13875 0 N/A Schedule I, Part I, Line 2 Grant recipients are required to certify that funds will be used for qualified education expenses as defined in Section 529 of the Internal Revenue Code. Grant distributions are made payable to the eligible institutions of higher education attended by the recipients. X X X 0 0 0 0 0 0 0 0 0 Wendy H McAlister President & CEO 255824 0 0 0 1980 0 18351 0 14344 0 290499 0 0 Marcia Southerland Vice President 162743 0 0 0 1290 0 13455 0 17941 0 195429 0 0 0 Pete Rau Vice President 198505 0 0 0 690 0 15229 0 12698 0 227122 0 0 0 Kevin Bartholomew Secretary and Treaurer 168441 0 0 0 690 0 0 0 23046 0 192177 0 0 0 Rob Hines Vice President 156149 0 0 0 690 0 13197 0 19606 0 189642 0 0 0 Lynn Barnette Vice President 173784 0 0 0 690 0 13155 0 9944 0 197573 0 0 0 Karl D Vass Jr Secretary and Treasurer 18341 0 0 0 0 0 1101 0 160 0 19602 0 0 0 Dawn S Harris IT Operations Manager 158069 0 0 0 1980 0 12917 0 14124 0 187090 0 0 0 Martin L Flournory IT Development Manager 167930 0 0 0 1980 0 13555 0 16861 0 200326 0 0 0 Richard H Ferneyhough Jr Web Developer 156964 0 0 0 2210 0 12962 0 11043 0 183179 0 0 0 Daniel F Sullivan Security Officer/Proj Mgr 152723 0 0 0 2210 0 13181 0 21754 0 189868 0 0 0 Sumith N Mathur Sr Solutions Architect 147466 0 0 0 690 0 12778 0 20189 0 181123 0 0 0 Form 990, Part VI, Section A, Line 6 The organization has members. As a member, the Governor of the State of North Carolina has the authority to appoint the trustees of College Foundation, Inc. Form 990, Part VI, Section A, Line 7a Members of the Board of Trustees are appointed by the Governor of the State of North Carolina. Form 990, Part VI, Section B, Line 11b The form 990 is completed by the VP for Financial Services and is then reviewed by General Counsel prior to being submitted to the CEO for review. Copies of the approved form are then sent to all members of the Board of Trustees prior to filing with the IRS. Form 990, Part VI, Section B, Line 12c The Foundation requires all officers and trustees to annually complete a "Certification of Compliance with the Code of Ethics and Conflict of Interest Policy" form and monitors the timely completion of these certifications. Each response is reviewed, and appropriate action is taken when necessary in accordance with the policy. Form 990, Part VI, Section B, Line 15 All positions within the Foundation, including those of the CEO and other executives, are assigned job grades based on level of responsibility and the significance of duties performed. Jobs classifications and corresponding salary ranges for officers and key employees are reviewed annually and compared against data provided by organizations located principally in central and eastern North Carolina through surveys conducted by Catapult and other human resource firms. Information reported on Form 990 by peer organizations is also used to evaluate jobs and related salary ranges. Compensation for the officers is determined based on these salary reviews, individual job performance, and prevailing economic conditions, and is approved by the Board of Trustees. Periodically, an outside consulting firm is engaged to conduct an independent review of job grades and salary ranges. Form 990, Part VI, Section C, Line 18 The Foundation's 990 filings can be viewed on the IRS website and the websites for other organizations such as GuidStar. Form 990, Part VI, Section C, Line 19 The Foundation makes its governing documents, conflict of interest policy and financial statements available to the public by providing copies or allowing for inspection upon request. Corporate filings may be viewed on the website of the NC Secretary of State. Form 990, Part IX, Line 11g Software development fees for K12 Program Form 990, Part XI, Line 9 Nonoperating charges related to postretirement benefit plan includes "Components of Net Periodic Postretirement Benefits Cost other than Service Cost" as well as "Postretirement-Related Changes other than Net Periodic Postretirement Benefits Cost". State of North Carolina NCSEAA 3120 Poplarwood Ct Raleigh NC 27604 566172047 Promoting access to higher education NC N/A 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 State of North Carolina NCSEAA j 208864 Lease revenue for facilities for fiscal year State of North Carolina NCSEAA l 30440408 Service fee revenue for fiscal year State of North Carolina NCSEAA q 2236 Reimbursement transactions recorded in receivable accounts during fiscal year