Foundation for the Carolinas
220 N Tryon St, Charlotte, NC · IRS data through FY2024
Revenue, expenses and net assets
Revenue Expenses Net assets
| Tax year | Revenue | Expenses | Net assets |
|---|---|---|---|
| FY2024 | $761,389,623 | $849,185,395 | $3,847,582,206 |
| FY2023 | $538,046,453 | $582,472,149 | $3,400,205,332 |
| FY2022 | $953,517,849 | $414,316,706 | $2,989,232,991 |
| FY2021 | $770,296,528 | $584,919,704 | $2,824,793,558 |
| FY2020 | $548,689,880 | $489,891,267 | $2,327,236,179 |
| FY2019 | $289,696,942 | $351,759,763 | $2,034,110,093 |
| FY2018 | $449,681,155 | $325,310,194 | $1,766,055,193 |
| FY2017 | $662,474,205 | $435,449,740 | $1,828,864,337 |
| FY2016 | $445,365,812 | $326,772,081 | $1,441,811,190 |
| FY2015 | $382,454,798 | $297,876,975 | $1,249,303,913 |
| FY2014 | $684,331,159 | $354,254,644 | $1,217,773,925 |
| FY2013 | $317,091,144 | $195,600,475 | $875,788,450 |
| FY2012 | $215,832,204 | $175,159,255 | $676,478,885 |
| FY2011 | $148,316,177 | $144,935,548 | $586,724,426 |
Form 990 filings
The returns filed by Foundation for the Carolinas (EIN 56-6047886), including Form 990 PDFs and e-file data by year, are available in ProPublica's Nonprofit Explorer. The figures on this page come from IRS data files built from those returns.
Where the revenue came from
| Source | Amount | % of revenue |
|---|---|---|
| Contributions & grants | $656,082,748 | 86% |
| Program service revenue | $18,040,048 | 2% |
| Other revenue | $87,266,827 | 11% |
Where the money was spent
| Category | Amount | % of expenses |
|---|---|---|
| Program services | $839,821,536 | 99% |
| Management & general | $8,741,442 | 1% |
| Fundraising | $622,417 | <1% |
What the numbers show
- Contributions & grants made up 86% of total revenue in FY2024.
- Program services accounted for 99% of functional expenses, management & general 1%, and fundraising 0%.
- 99% of functional expenses went to program services in FY2024. That is higher than 92.3% of 26 Philanthropy, Voluntarism & Grantmaking Foundations organizations in NC.
- Net assets covered about 54.4 months of expenses at the end of the reporting year. That puts it in the 37th percentile among 1260 Philanthropy, Voluntarism & Grantmaking Foundations organizations in NC.
- Total revenue was the highest among 1302 Philanthropy, Voluntarism & Grantmaking Foundations organizations in NC.
- Total revenue rose from $148,316,177 in FY2011 to $761,389,623 in FY2024. Revenue increased in 9 and decreased in 4 of 13 year-over-year comparisons.
- Expenses exceeded revenue in 3 of 14 reported years (FY2019, FY2023, FY2024).
- The highest revenue on record here is $953,517,849 in FY2022.
- Net assets grew from $586,724,426 to $3,847,582,206 between FY2011 and FY2024.
- Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity).
Figures compared against other organizations of the same NTEE program area in the same state. See the methodology page for how these are calculated and the guide to reading nonprofit financials for their limits.
About this organization
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.
IRS status
| Ruling year | 1962 |
| Subsection | 501(c)(3) |
| Classification | Public charity |
| Program area (NTEE) | T310 — Philanthropy, Voluntarism & Grantmaking Foundations (in NC) |
| Donations | Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity). |
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Source: Internal Revenue Service — Exempt Organizations Business Master File (downloaded November 4, 2026), Statistics of Income extracts, Form 990 e-file data, Publication 78 and the Automatic Revocation list. Figures are as reported by the organization; IRS processing may adjust them. This is not a charity rating and not tax advice. Confirm deductibility in IRS Tax Exempt Organization Search.
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