The university said Monday that Matt Kupec resigned as vice chancellor for university advancement after questions arose about his travel expenses - and those of another fundraiser.
Chancellor Holden Thorp accepted Kupec's resignation effective immediately. The university said an internal auditor has already launched an investigation.
Officials said the other fundraiser Tami Hansbrough - mother of former UNC player Tyler Hansbrough - has been placed on administrative leave.
In a statement, Kupec said, "Being a part of the Carolina family is one of the true highlights of my life."
He went on to say, "I have proudly led two hugely successful campaigns - the $440 million Bicentennial Campaign for Carolina and the $2.38 billion raised during the Carolina First Campaign. In all, I have helped raise $4 billion for Carolina."
Kupec was a quarterback at UNC in the late 1970s.