Philanthropy & Grantmaking (T310) IRS Verified DX Registered 990 on File

FOUNDATION FOR THE CAROLINAS

EIN: 56-6047886 · CHARLOTTE, NC 28202-2137 · United States · FY 2023 Data

3 out of 5 48 / 100 Based on 2+ years of filings

Financial strength (30%) 50/100

Reliability (20%) 55/100

Effectiveness (25%) 88/100

Impact (25%) No data yet

Financial data: FY 2023 · Scored 9/13/2026

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Mission Statement

To attract, nurture, develop and promote a diverse work force. The scholarship funds are managed through the Foundations For The Carolinas (FFTC).

Financial Overview — FY 2023

$538.0M

Total Revenue

$582.5M

Total Expenses

$3400.2M

Net Assets

123

Employees

Revenue Sources

Expense Breakdown

Program Expense Ratio 98.4%

Fundraising Efficiency 3578.4%

Operating Reserve 70.05x

Liability-to-Asset 2.7%

Revenue Diversification 83.6%

Executive Compensation $2.8M

Compared with Peers

FY 2023

Compared with 207 similar organizations (United States, Philanthropy & Grantmaking, $100M and over in expenses), FY 2023.

This organization Middle half of peers (P25–P75) Peer median

Ratio	This org	Peer median	Position (P10 → P90)
Program expense ratio Program expenses / total expenses · higher is better	98.4%	94.5%	P10P90	Above median
Admin expense ratio Management and general / total expenses · lower is better	1.5%	3.2%	P10P90	Above median
Fundraising expense ratio Fundraising expenses / total expenses · lower is better	0.1%	0.5%	P10P90	Above median
Fundraising efficiency Fundraising expenses / gross fundraising income · lower is better	3578.4%	3578.4%	P10P90	Below median
Operating reserve Months of expenses covered by net assets · higher is better	70.1 mo	67.5 mo	P10P90	Above median
Liabilities to assets Total liabilities / total assets · lower is better	2.7%	3.7%	P10P90	Above median
Revenue concentration Share of revenue from the largest source · lower is better	83.6%	91.7%	P10P90	Above median
Revenue growth Year over year revenue growth	-43.6%	3.7%	P10P90
Expense growth Year over year expense growth	40.6%	11.1%	P10P90
Surplus margin Surplus as a share of revenue	-8.3%	0.1%	P10P90

Financial History

Year	Revenue	Expenses	Net Assets	Program %	Staff
2023	$538.0M	$582.5M	$3400.2M	98.4%	123
2022	$953.5M	$414.3M	$2989.2M	97.8%	123
2021	$770.3M	$584.9M	N/A	—	166

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Organization Details

EIN: 56-6047886
State: NC
City: CHARLOTTE
ZIP: 28202-2137
Classification: T310
Category: Philanthropy & Grantmaking
Rating: 3★
Coverage: A
Last Updated: Aug 2026
IRS Ruling Year: 1983
Foundation Code: 15
Form 990: On File

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CharityAI™ rates charities from 0 to 100 using public filings (IRS Form 990 and the equivalent registries outside the US) together with the information the charity itself provides on DonationX. Ratings are recalculated every quarter, without human bias, and shown as stars.

Four pillars

Financial strength30%

Program expense ratio, fundraising efficiency, operating reserves, liabilities and revenue diversification, compared with similar organizations.

Reliability20%

Standing with the registry, filing history, verification and how complete the profile is.

Effectiveness25%

How much goes to programs and how consistently the organization delivers them.

Impact25%

The outcomes the charity reports on DonationX: people served, cost per service and results.

Stars

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