Foundation for the Carolinas

Analysis

Foundation for the Carolinas is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in October 1962, 64 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Foundation for the Carolinas reported income of $538.0m and spending of $582.5m, spending 108% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $289.7m to $538.0m (+86%), an average of +17% a year. The sharpest change came in the year to December 2020, when income rose by 89%. Over the whole period it spent 78% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Foundation for the Carolinas sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within NC. Charities of a similar size with the same main cause include Paypal Charitable Giving Fund ($504.4m), Lettie Pate Evans Foundation Inc Trustee of the Restricted Fund Uw ($540.6m) and Greater Kansas City Community Foundation ($462.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 84% and program service revenue 3.1% of the total. Compensation of current officers, directors and key employees was $2.8m (0.5% of expenses). Other salaries and wages came to $9.3m. At year end it held assets of $3.49bn against liabilities of $92.6m, net assets of $3.40bn. It reported 123 employees.