FOUNDATION FOR THE CAROLINAS Charity Report

Public IRS 990 nonprofit record

FOUNDATION FOR THE CAROLINAS

EIN 56-6047886 · Philanthropy, Voluntarism & Grantmaking Foundations (T310)

What they do

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.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $98.90 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders34 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

110.30%of revenue went to mission work98.9% of expenses · Program services

0.08%of revenue went to fundraising0.1% of expenses

$111.53spent for every $100 of revenueSpending was higher than revenue this year.

1.15%of revenue went to management and office costs1.0% of expenses

$4.63in assets for every $1 spent this yearSome assets cannot be spent right away.

86.2%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Worth asking: Expenses exceeded revenue by $87,795,772 this year. Ask whether that was planned or caused by a one-time event.

Pay context: The highest compensation shown in this filing is $737,104 for CATHY BESSANT (CEO). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$761,389,623

Mission workProgram services$839,821,536110.30% of revenue98.9% of expenses

ManagementOffice and general costs$8,741,4421.15% of revenue1.0% of expenses

FundraisingAsking for donations$622,4170.08% of revenue0.1% of expenses

Total expenses$849,185,395111.53% of revenue

Expenses were greater than revenue, so the colored ring fills the available $100 and the total above 100% is shown below.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 98.9% mission · 1.0% management · 0.1% fundraisingTotal expenses: 111.53% of revenue

2023Expense mix: 98.4% mission · 1.5% management · 0.1% fundraisingTotal expenses: 108.26% of revenue

2022Expense mix: 97.8% mission · 2.1% management · 0.1% fundraisingTotal expenses: 43.45% of revenue

2021Expense mix: 97.7% mission · 2.2% management · 0.2% fundraisingTotal expenses: 75.93% of revenue

2020Expense mix: 97.6% mission · 2.3% management · 0.2% fundraisingTotal expenses: 89.28% of revenue

2019Expense mix: 94.9% mission · 4.7% management · 0.3% fundraisingTotal expenses: 121.42% of revenue

2018Expense mix: 97.3% mission · 2.6% management · 0.2% fundraisingTotal expenses: 72.34% of revenue

2017Expense mix: 97.7% mission · 2.1% management · 0.3% fundraisingTotal expenses: 65.73% of revenue

Money in and money out

Revenue$761,389,623

Expenses$849,185,395

Annual shortfall $87,795,772 Expenses were higher than revenue for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$839,821,536 · 98.9% of expenses

Management and office costs$8,741,442 · 1.0% of expenses

Fundraising$622,417 · 0.1% of expenses

See all reported dollar amounts

Revenue$761,389,623

Expenses$849,185,395

Assets$3,934,238,899

Income$761,580,029

Contributions$656,082,748

Mission work (program services)$839,821,536

Fundraising$622,417

Grants given$3,340,863,609

Average grant$284,160

Management and general$8,741,442

Executive compensation (total)$2,817,107

Stocks and bonds$3,768,669,149

Accounting fees$203,372

Investing fees$6,359,863

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

CATHY BESSANTCEO · 50 hrs/week $737,104Base $571,104 · Other $166,000

LAURA SMITHFORMER COO · 50 hrs/week $440,043Base $436,231 · Other $3,812

BLAIR STANFORDCELC EXECUTIVE DIRECTOR · 50 hrs/week $333,692Base $267,230 · Other $66,462

DOUGLAS W BENSONCHIEF ADMINISTRATIVE AND CHIEF RISK OFFICER (SECRE · 50 hrs/week $305,316Base $258,355 · Other $46,961

ALYSSA FEDERICOCHIEF FINANCIAL OFFICER (TREASURER) · 50 hrs/week $274,535Base $228,615 · Other $45,920

NIKHIL SAWANTCIO (THRU 3/1/24) · 50 hrs/week $270,775Base $245,614 · Other $25,161

EVAN N WOLKOFSKYGENERAL COUNSEL (ASST SECRETARY) · 50 hrs/week $270,575Base $213,325 · Other $57,250

MUNRO C RICHARDSONREAD CHARLOTTE EXECUTIVE DIRECTOR · 50 hrs/week $262,315Base $199,175 · Other $63,140

FEDERICO G RIOSSVP, CIVIC LEADERSHIP · 50 hrs/week $261,583Base $216,270 · Other $45,313

ELIZABETH KISERCHIEF PHILANTHROPY OFFICER · 50 hrs/week $259,934Base $202,221 · Other $57,713

LAURA YATES CLARKPRESIDENT · 50 hrs/week $234,479

SHERRI S CHISHOLMLOO EXECUTIVE DIRECTOR · 50 hrs/week $230,333Base $195,493 · Other $34,840

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (34)

CATHY BESSANTCEO

LAURA SMITHFORMER COO

BLAIR STANFORDCELC EXECUTIVE DIRECTOR

DOUGLAS W BENSONCHIEF ADMINISTRATIVE AND CHIEF RISK OFFICER (SECRE

ALYSSA FEDERICOCHIEF FINANCIAL OFFICER (TREASURER)

NIKHIL SAWANTCIO (THRU 3/1/24)

EVAN N WOLKOFSKYGENERAL COUNSEL (ASST SECRETARY)

MUNRO C RICHARDSONREAD CHARLOTTE EXECUTIVE DIRECTOR

FEDERICO G RIOSSVP, CIVIC LEADERSHIP

ELIZABETH KISERCHIEF PHILANTHROPY OFFICER

LAURA YATES CLARKPRESIDENT

SHERRI S CHISHOLMLOO EXECUTIVE DIRECTOR

TARA KEENERCHIEF MARKETING OFFICER (ASST SECRETARY)

SEAN SEIFERTCAROLINA THEATRE EXECUTIVE

ROBIN BAREFOOTASSOCIATE COUNSEL

SUSAN KLUTTZDIRECTOR

TROPZIE MCCLUNEYDIRECTOR

SHARYN ELLISONDIRECTOR

RALPH LOPEZ-MASSASDIRECTOR

TODD GORELICKDIRECTOR

TOM NELSONDIRECTOR

MARIAN STEELE CLARKDIRECTOR

MALCOMB COLEYDIRECTOR

LYNN GOODDIRECTOR

KIETH COCKRELLCHAIR ELECT

KELLY KATTERHAGENDIRECTOR

JADA GRANDY-MOCKDIRECTOR

GENE MCLAURINDIRECTOR

FRED WHITFIELDDIRECTOR

EDWARD SERNADIRECTOR

BILL MARTINDIRECTOR

BETSY FLEMINGDIRECTOR

ASHA RODRIGUEZDIRECTOR

ARRINGTON MIXONCHAIR

About this charity

Recognized since: January 1962
Location: 220 NORTH TRYON ST, CHARLOTTE, NC 28202
County: Mecklenburg
In care of: ALYSSA FEDERICO
Primary officer: ALYSSA FEDERICO, CFO

How to reach them

WebsiteVisit the charity’s website Emailreception@fftc.org Phone(704) 973-4500

Filing and classification

Latest tax year: 2024
Tax period began: January 1, 2024
Return type: 990
Tax preparer: CHERRY BEKAERT ADVISORY LLC
NTEE classification: Philanthropy, Voluntarism & Grantmaking Foundations (T310)
IRS tax category: Grantmaking Foundations
Grant-giving organization: Yes