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Nonprofiteer
← FOUNDATION FOR THE CAROLINAS

Form 990 for tax year 2023

Filed by FOUNDATION FOR THE CAROLINAS.

Totals

Total revenue
$538,046,453
Total expenses
$582,472,149
Contributions and grants received
$449,946,789
Grants paid
$540,885,831
Program services expenses (Part IX)
$573,189,122
Management and general expenses
$8,671,116
Fundraising expenses
$611,911
Program service expenses (Part III)
$573,189,122

Program services were 98.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • ARRINGTON MIXON

    CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • JEFF BROWN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • MARIAN STEELE CLARK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • KIETH COCKRELL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • MALCOMB COLEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • SHARYN ELLISON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • BETSY FLEMING

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • LYNN GOOD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • TODD GORELICK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • JADA GRANDY-MOCK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • KELLY KATTERHAGEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • SUSAN KLUTTZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • RALPH LOPEZ-MASSAS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • TROPZIE MCCLUNEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • GENE MCLAURIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • TOM NELSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • JANCY PATRICK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • EDWARD SERNA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • FRED WHITFIELD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • MICHAEL MARSICANO

    PRESIDENT & CEO (THRU 1/7/23)

    Total calculated
    $958,170
    From this org
    $951,490
    From related orgs
    $0
    Other
    $6,680
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $14,649
    Bonus
    $500,000
    Other
    $436,841
    Deferred
    $5,504
    Nontaxable benefits
    $1,176
    Filer's total
    $958,170

  • LAURA SMITH

    PRESIDENT & CEO (FROM 1/7/23)

    Total calculated
    $848,042
    From this org
    $771,548
    From related orgs
    $0
    Other
    $76,494
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $566,004
    Bonus
    $200,000
    Other
    $5,544
    Deferred
    $59,400
    Nontaxable benefits
    $17,094
    Filer's total
    $848,042

  • DOUGLAS W BENSON

    SENIOR VP & GENERAL COUNSEL

    Total calculated
    $422,326
    From this org
    $375,935
    From related orgs
    $0
    Other
    $46,391
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $247,558
    Bonus
    $127,150
    Other
    $1,227
    Deferred
    $34,680
    Nontaxable benefits
    $11,711
    Filer's total
    $422,326

  • DEBRA S WATT

    EXECUTIVE VICE PRESIDENT AND CHRO

    Total calculated
    $403,756
    From this org
    $340,419
    From related orgs
    $0
    Other
    $63,337
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $238,988
    Bonus
    $96,000
    Other
    $5,431
    Deferred
    $41,782
    Nontaxable benefits
    $21,555
    Filer's total
    $403,756

  • NIKHIL SAWANT

    EXECUTIVE VICE PRESIDENT AND CIO

    Total calculated
    $402,303
    From this org
    $333,554
    From related orgs
    $0
    Other
    $68,749
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $299,942
    Bonus
    $30,000
    Other
    $3,612
    Deferred
    $43,500
    Nontaxable benefits
    $25,249
    Filer's total
    $402,303

  • ALYSSA FEDERICO

    SENIOR VICE PRESIDENT, FINANCE

    Total calculated
    $384,568
    From this org
    $337,555
    From related orgs
    $0
    Other
    $47,013
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $219,520
    Bonus
    $117,000
    Other
    $1,035
    Deferred
    $43,500
    Nontaxable benefits
    $3,513
    Filer's total
    $384,568

  • ELIZABETH KISER

    SVP, PHILANTHROPIC ADVANCEMENT

    Total calculated
    $273,195
    From this org
    $215,547
    From related orgs
    $0
    Other
    $57,648
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $194,512
    Bonus
    $20,000
    Other
    $1,035
    Deferred
    $39,600
    Nontaxable benefits
    $18,048
    Filer's total
    $273,195

  • TARA KEENER

    SVP, MARKETING & COMMUNICATIONS

    Total calculated
    $243,342
    From this org
    $205,733
    From related orgs
    $0
    Other
    $37,609
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $165,283
    Bonus
    $40,000
    Other
    $450
    Deferred
    $24,996
    Nontaxable benefits
    $12,613
    Filer's total
    $243,342

  • FEDERICO RIOS

    SVP, CIVIC LEADERSHIP

    Total calculated
    $176,007
    From this org
    $160,237
    From related orgs
    $0
    Other
    $15,770
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $144,977
    Bonus
    $15,000
    Other
    $260
    Deferred
    $0
    Nontaxable benefits
    $15,770
    Filer's total
    $176,007

  • BLAIR STANFORD

    CELC EXECUTIVE DIRECTOR

    Total calculated
    $399,099
    From this org
    $328,974
    From related orgs
    $0
    Other
    $70,125
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $252,039
    Bonus
    $75,000
    Other
    $1,935
    Deferred
    $49,600
    Nontaxable benefits
    $20,525
    Filer's total
    $399,099

  • MUNRO C RICHARDSON

    READ CHARLOTTE EXECUTIVE DIRECTOR

    Total calculated
    $269,128
    From this org
    $206,525
    From related orgs
    $0
    Other
    $62,603
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $185,490
    Bonus
    $20,000
    Other
    $1,035
    Deferred
    $39,600
    Nontaxable benefits
    $23,003
    Filer's total
    $269,128

  • SHERRI S CHISHOLM

    LOO EXECUTIVE DIRECTOR

    Total calculated
    $229,664
    From this org
    $202,616
    From related orgs
    $0
    Other
    $27,048
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $182,211
    Bonus
    $20,000
    Other
    $405
    Deferred
    $12,300
    Nontaxable benefits
    $14,748
    Filer's total
    $229,664

  • TRACY O RUSS

    SPECIAL ADVISOR FOR CIVIC INITIATIVES

    Total calculated
    $205,216
    From this org
    $169,947
    From related orgs
    $0
    Other
    $35,269
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $148,012
    Bonus
    $20,000
    Other
    $1,935
    Deferred
    $25,214
    Nontaxable benefits
    $10,055
    Filer's total
    $205,216

  • DEVIRE ROBINSON

    VP - CENTERS FOR GIVING

    Total calculated
    $203,632
    From this org
    $175,899
    From related orgs
    $0
    Other
    $27,733
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $160,494
    Bonus
    $15,000
    Other
    $405
    Deferred
    $10,705
    Nontaxable benefits
    $17,028
    Filer's total
    $203,632

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
THE FOUNDATION PAYS FOR A CHARLOTTE CITY CLUB MEMBERSHIP IN THE PRESIDENT'S NAME TO FACILITATE CLIENT MEETINGS. A CORPORATE MEMBERSHIP IS NOT AVAILABLE THROUGH THE CHARLOTTE CITY CLUB. ALL EXPENSES RELATED TO MEETINGS AT THE CHARLOTTE CITY CLUB MUST BE APPROVED UNDER THE ESTABLISHED REIMBURSEMENT PROCEDURES OF THE FOUNDATION.
PART I, LINE 4B
THE FOUNDATION MAINTAINS A 457(B) PLAN FOR TOP EXECUTIVES. THE CONTRIBUTIONS TO THE PLAN DURING 2023 FOR PERSONS LISTED IN PART VII WERE AS FOLLOWS: ALYSSA FEDERICO $17,160 NIKHIL SAWANT $22,500 LAURA J. SMITH $22,500 DEBRA WATT $22,500 BLAIR STANFORD $21,741 THERESA STROISCH $22,500 THE FOUNDATION MAINTAINS A 457(F) PLAN FOR TOP EXECUTIVES. THE CONTRIBUTIONS TO THE PLAN DURING 2023 FOR PERSONS LISTED IN PART VII WERE AS FOLLOWS: LAURA J. SMITH $48,046 MICHAEL MARSICANO RETIRED FROM THE ORGANIZATION EFFECTIVE JANUARY 7, 2023. HIS SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN PAID OUT $436,841 UPON HIS RETIREMENT.
PART I, LINE 7
THE BOARD AWARDED MICHAEL MARSICANO A BONUS OF $500,000 IN RECOGNITION OF HIS 27 YEARS OF SERVICE AS PRESIDENT UPON HIS RETIREMENT DURING THE YEAR.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202433209349318318

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.