Foundation For The Carolinas

Nonprofit profile at a glance

EIN
566047886
IRS 990 coverage
2015–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-T 2024, Form 990-N 2021
Location
Charlotte, NC, United States
Phone
704.973.4500
Rating
91
Verdict
STRONG
Rating confidence
Standard
Sector
Community Foundations

Official website

Reported finances

Revenue
$761,389,623
Expenses
$849,185,395
Assets
$3,934,238,899
Liabilities
$86,656,693

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

34 people listed

Executive titles in this filing

  • CATHY BESSANT (CEO)
  • LAURA YATES CLARK (PRESIDENT)
  • BLAIR STANFORD (CELC EXECUTIVE DIRECTOR)
  • MUNRO C RICHARDSON (READ CHARLOTTE EXECUTIVE DIRECTOR)
  • SHERRI S CHISHOLM (LOO EXECUTIVE DIRECTOR)

Highest reported compensation

  • CATHY BESSANT (CEO): $737,104 total reported compensation
  • LAURA SMITH (FORMER COO): $440,043 total reported compensation
  • BLAIR STANFORD (CELC EXECUTIVE DIRECTOR): $333,692 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Foundation for the Carolinas exists to create remarkable impact by uniting people, ideas and resources. Community foundations – like Foundation for the Carolinas – were created by and for the people of a community, to ensure ongoing support for local needs. An unrestricted gift to an **FFTC Community Impact Fund** means your investment stays relevant. It reaches what matters most, not just today, but in the years and decades ahead. FFTC has spent decades listening to this community, studying its needs, and anticipating what comes next. Your investment is in good hands.. Give online (opens in a new window) Make a planned gift Give through your DAF.

What it reported doing in 2024

Foundation for the carolinas serves as a catalyst for philanthropic activity in our 13-county region and is a driver for major civic efforts. We offer innovative solutions that help individuals, non-profits, and companies bring their charitable visions to life. Fftc supports personal and corporate philanthropy through a range of innovative fund and giving options. We also drive non-profit sustainability through endowment management, customized solutions, and grantmaking. Fftc funds are charged annual administrative fees based on the fair market value of the assets in the fund.

Operating model

Revenue model
Donor-supported. 91% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 96% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 99
  • Transparency & Controls: 84
  • Accountability: 95
  • Sustainability: 49
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 98.9%; rating input score 99
  • Fundraising efficiency: $1,054.09 raised per $1 spent on fundraising; rating input score 96; 96th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 25th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 75.7%; rating input score 76; 16th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -11.5%; rating input score 7; 7th percentile among comparable filings
  • Total-asset coverage ratio: 4.63; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 93; 93rd percentile among comparable filings
  • Officer compensation ratio: 0.5%; rating input score 84; 84th percentile among comparable filings

Growth

  • Program expense growth: 10.1% per year; rating input score 100; 75th percentile among comparable filings
  • Revenue growth: 6.8% per year; rating input score 100; 59th percentile among comparable filings
  • Asset growth: 11.9% per year; rating input score 100; 78th percentile among comparable filings

Details

  • What they do: Mission, programs, and operating context captured from the official website.
  • Where the money goes: 100% of revenue deployed · 98.9% of spending went to programs
  • Governance: 19 of 19 board members independent · 8 of 9 filing controls reported
  • Programs: 10 filed program accomplishments · $839.8M in reported program spending
  • Leadership: top reported pay $737K · 34 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $885K reported
  • Consistency: 37 of 38 current checks pass · 1 finding to review
  • Schedules: 10 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 1620 filed money-flow records
  • Related organizations: 1620 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 7/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.