Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2014
Open to Public Inspection
For calendar year 2014, or tax year beginning 2014, and ending , 20
Name of foundation
BAILEY ENDOWMENT INC
 

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 208   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
SHELBY, NC281510208
A Employer identification number

56-1802700
B Telephone number (see instructions)

(704) 487-8888
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$1,504,522J Accounting method:
 
(Part I, column (d) must be on cash basis.)
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach
schedule)..............  
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments 2,217 2,217 2,217
4 Dividends and interest from securities...... 28,951 28,951 28,951
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 51,475
b Gross sales price for all assets on line 6a 722,951
7 Capital gain net income (from Part IV, line 2)... 51,475
8 Net short-term capital gain......... 10,392
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 2,242   2,242
12 Total. Add lines 1 through 11........ 84,885 82,643 43,802
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 3,150 175    
c Other professional fees (attach schedule).... Click to see attachment 17,957 14,357    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 1,819 1,819    
19 Depreciation (attach schedule) and depletion... Click to see attachment 248    
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 1,085 208    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 24,259 16,559   0
25 Contributions, gifts, grants paid........ 75,800 75,800
26 Total expenses and disbursements. Add lines 24 and 25 100,059 16,559   75,800
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -15,174
b Net investment income (if negative, enter -0-) 66,084
c Adjusted net income (if negative, enter -0-)... 43,802
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2014)
Form 990-PF (2014)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing...............      
2 Savings and temporary cash investments.......... 135,703 136,458 136,458
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges........... 8,848 7,601 7,601
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 1,200,397 Click to see attachment1,185,345 1,334,279
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 25,579 Click to see attachment26,184 26,184
14 Land, buildings, and equipment: basis bullet1,307
Less: accumulated depreciation (attach schedule) bullet934 621 Click to see attachment373  
15 Other assets (describe bullet)   Click to see attachment7  
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,371,148 1,355,968 1,504,522
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable..................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment6  
23 Total liabilities (add lines 17 through 22).......... 6 0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted...................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 1,371,142 1,355,968
30 Total net assets or fund balances (see instructions)...... 1,371,142 1,355,968
31 Total liabilities and net assets/fund balances (see instructions).. 1,371,148 1,355,968
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 1,371,142
2 Enter amount from Part I, line 27a..................... 2 -15,174
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 1,355,968
5 Decreases not included in line 2 (itemize) bullet 5  
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 1,355,968
Form 990-PF (2014)
Form 990-PF (2014)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a ALLIANCE DATA SYS COMMON P 2013-10-15 2014-03-12
b AVNET INC COM P 2013-09-05 2014-06-17
c COC-COLA ENTERPRISES P 2014-01-08 2014-11-24
d GATX CORP P 2014-02-04 2014-09-11
e INTERNATIONAL PAPER CO P 2013-10-15 2014-01-07
KNOWLES CORP P 2013-04-03 2014-03-13
NEW MEDIA INVT GROUP P 2014-02-14 2014-07-22
RAYTHEON CO P 2013-11-27 2014-03-12
UNION PAC CORP P 2013-10-15 2014-09-23
ALLIANCE DATA SYS COMMON P 2013-04-03 2014-09-22
HALYARD HEALTH P 2013-09-05 2014-11-07
MAINSTAY MARKETFIELD P 2013-10-15 2014-10-31
TORTOISE ENERGY INFRASTRUCTURE P 2011-09-16 2014-07-22
ALLIANCE DATA SYS COMMON P 2013-10-15 2014-09-22
AVNET INC COM P 2013-09-05 2014-06-17
COCA-COLA ENTERPRISES P 2014-01-08 2014-11-25
GENERAL MILLS P 2014-03-13 2014-09-23
JPMORGAN CHASE & CO P 2013-10-15 2014-06-13
KROGER CO P 2013-04-03 2014-01-07
NEW MEDIA INVT GROUP P 2014-02-14 2014-07-23
ROWE PRICE NEW HORIZONS P 2013-10-23 2014-05-20
UNIVERSAL HEALTH SVCS P 2014-09-23 2014-11-24
AQR FDS RISK PARITY P 2012-07-30 2014-04-24
HALYARD HEALTH P 2013-09-05 2014-11-26
MYLAN LABORATORIES P 2011-09-16 2014-09-22
UBS E-TRACS ALERIAN MLP INFRASTR P 2013-05-06 2014-07-14
ALLIANCE DATA SYS COMMON P 2014-06-13 2014-09-22
AVNET INC COM P 2013-09-06 2014-06-17
COMCAST CORP P 2013-12-02 2014-01-07
GENERAL MILLS P 2014-03-12 2014-09-23
JPMORGAN CHASE & CO P 2013-09-04 2014-06-13
KROGER CO P 2013-10-15 2014-01-07
NEXTERA ENERGY P 2013-10-15 2014-01-07
ROYAL CARIBBEAN CRUISES P 2014-03-13 2014-09-23
UNIVERSAL HEALTH SVCS P 2014-09-23 2014-11-25
AQR FDS RISK PARITY P 2012-07-30 2014-10-31
ISHARES TRUST S&P 400 P 2013-02-07 2014-05-20
MYLAN LABORATORIES P 2011-09-16 2014-09-23
UBS E-TRACS ALERIAN MLP INFRASTR P 2013-05-06 2014-07-14
AMERICAN BEACON FDS SMALL CAP P 2013-10-23 2014-05-20
AVNET INC COM P 2013-09-06 2014-06-17
COMCAST CORP P 2013-11-29 2014-01-07
GENERAL MILLS P 2014-03-12 2014-09-23
JPMORGAN CHASE & CO P 2014-03-12 2014-06-13
LITMAN GREGORY MASTER ALT P 2014-04-24 2014-12-15
NEXTERA ENERGY P 2013-04-03 2014-01-07
SEAGATE TECHNOLOGY P 2014-06-16 2014-11-24
VALERO ENERGY COM P 2014-03-12 2014-03-12
ARTISAN FDS INC P 2013-10-23 2014-12-15
JPMORGAN CHASE & CO P 2012-10-22 2014-06-13
NEWCASTLE INVT CORP P 2013-05-14 2014-08-25
VANGUARD REIT ETF P 2013-01-30 2014-05-20
AMGEN INC P 2014-06-13 2014-09-22
BB&T CORP P 2013-09-04 2014-06-13
COMCAST CORP P 2013-11-27 2014-01-07
HALLIBURTON CO P 2013-07-31 2014-01-07
JPMORGAN TR INCOME P 2013-10-15 2014-04-24
LITMAN GREGORY MASTER ALT P 2014-08-28 2014-12-15
OMEGA HEALTHCARE INVS P 2013-11-27 2014-01-07
SKYWORKS SOLUTIONS P 2014-03-13 2014-09-23
VIACOM INC P 2013-12-26 2014-09-22
BB&T CORP P 2013-04-03 2014-06-13
JPMORGAN TR INCOME OPP SEL P 2013-05-06 2014-12-15
OPPENHEIMER DVLPING MKTS P 2013-01-30 2014-09-29
VANGUARD REIT ETF P 2013-01-30 2014-06-25
APPLE COMPUTER INC P 2014-01-07 2014-09-22
BB&T CORP P 2013-10-15 2014-06-13
CONOCOPHILLIPS P 2013-10-15 2014-06-13
HALLIBURTON CO P 2013-10-15 2014-01-07
JOHNSON CTLS INC P 2013-10-15 2014-03-12
LITMAN GREGORY MASTER ALT P 2014-08-28 2014-12-15
OMEGA HEALTHCARE INVS P 2013-12-02 2014-01-07
SM ENERGY P 2013-10-15 2014-03-12
VIACOM INC P 2013-12-26 2014-09-22
BLACKROCK FDS II STRG OPP P 2013-05-06 2014-05-20
JPMORGAN TR INCOME OPP SEL P 2013-10-15 2014-12-15
OPPENHEIMER DVLPING MKTS P 2011-09-15 2014-09-29
VANGUARD REIT ETF P 2011-09-15 2014-06-25
APPLE COMPUTER INC P 2013-10-15 2014-09-22
CA INC P 2013-10-15 2014-06-13
COVIDIEN PLC P 2014-03-12 2014-09-23
HANESBRANDS INC P 2013-10-15 2014-03-12
JOHNSON CTLS INC P 2013-09-05 2014-03-12
LITMAN GREGORY MASTER ALT P 2014-07-14 2014-12-15
OMEGA HEALTHCARE INVS P 2013-11-29 2014-01-07
SM ENERGY P 2013-09-26 2014-03-12
VIACOM INC P 2013-12-26 2014-09-23
DIGITAL RLTY TR INC P 2011-10-19 2014-09-11
LORILLARD INC P 2013-06-24 2014-09-22
OPPENHEIMER DVLPING MKTS P 2011-09-15 2014-12-15
WALMART STORES P 2013-02-27 2014-03-12
ARTISAN FDS INC INTL FD P 2013-10-23 2014-09-29
CA INC P 2013-09-05 2014-06-13
CVS CORP P 2013-10-15 2014-03-12
HANESBRANDS INC P 2013-10-15 2014-06-13
JOHNSON CTLS INC P 2013-09-05 2014-03-12
LORILLARD INC P 2013-10-15 2014-06-13
OMNICARE INC P 2013-10-15 2014-03-12
SM ENERGY P 2013-09-26 2014-03-13
VIACOM INC P 2013-12-24 2014-09-23
DOVER CORP P 2013-04-03 2014-06-16
LORILLARD INC P 2013-09-06 2014-09-22
OPPENHEIMER INTL BD FD P 2012-10-12 2014-12-15
WHIRLPOOL CORP P 2013-10-15 2014-11-24
AVNET INC COM P 2013-09-09 2014-03-12
CA INC P 2013-09-05 2014-06-13
DELTA AIR LINES P 2013-10-15 2014-03-12
HANESBRANDS INC P 2013-06-25 2014-06-13
JOHNSON CTLS INC P 2013-09-05 2014-03-13
LORILLARD INC P 2013-10-15 2014-09-22
OMNICARE INC P 2013-06-24 2014-03-12
SM ENERGY P 2013-09-27 2014-03-13
WALMART STORES P 2013-10-15 2014-03-12
EATON VANCE FLOATING RATE P 2013-05-07 2014-07-14
LORILLARD INC P 2013-06-24 2014-09-22
OPPENHEIMER INTL BD FD P 2013-10-15 2014-12-15
AVNET INC COM P 2014-01-07 2014-06-16
CA INC P 2013-09-04 2014-06-13
DELTA AIR LINES P 2013-04-03 2014-03-12
HELMERICH & PAYNE INC P 2013-10-15 2014-03-12
JOHNSON CTLS INC P 2013-09-04 2014-03-13
LYONDELLBASELL INDUSTRIES P 2014-01-07 2014-03-13
OMNICARE INC P 2013-06-24 2014-03-13
STATE STREET CORP P 2013-06-24 2014-03-12
WALMART STORES P 2013-09-04 2014-03-12
EUROPACIFIC GROWTH FD P 2011-09-15 2014-12-15
LORILLARD INC P 2013-09-05 2014-09-22
PENNYMAC MTG INVT P 2013-05-14 2014-07-22
AVNET INC COM P 2013-10-15 2014-06-16
CA INC P 2013-09-06 2014-06-13
DOVER CORP P 2014-03-12 2014-06-16
INTEL CORP P 2013-11-27 2014-03-12
KIMBERLY CLARK CORP P 2013-04-03 2014-03-12
LYONDELLBASELL INDUSTRIES P 2014-01-07 2014-09-23
OMNICARE INC P 2013-06-24 2014-03-13
STATE STREET CORP P 2013-06-24 2014-03-12
WELLS FARGO FDS P 2014-09-29 2014-12-15
GATX CORP P 2013-05-23 2014-09-11
LORILLARD INC P 2013-09-04 2014-09-22
PENNYMAC MTG INVT P 2013-05-23 2014-07-22
AVNET INC COM P 2013-10-15 2014-06-17
CIGNA CORP P 2013-10-15 2014-03-12
DOVER CORP P 2013-10-15 2014-06-16
INTEL CORP P 2013-06-24 2014-03-12
KLA-TENCOR CORP P 2013-10-15 2014-01-07
MAGNA INTERNATIONAL P 2013-10-15 2014-03-12
PENNYMAC MTG INVT P 2014-02-04 2014-07-22
STATE STREET CORP P 2013-10-15 2014-03-12
WELLS FARGO FDS P 2014-04-24 2014-12-15
GATX CORP P 2011-09-16 2014-09-11
MAINSTAY MARKETFIELD P 2013-05-10 2014-05-20
QUALCOMM INC P 2013-10-15 2014-11-24
AVNET INC COM P 2013-09-09 2014-06-17
CIGNA CORP P 2013-04-03 2014-03-13
EASTMAN CHEM CO P 2013-10-15 2014-03-12
INTEL CORP P 2013-10-15 2014-03-12
KLA-TENCOR CORP P 2013-04-03 2014-01-07
MYLAN LABORATORIES P 2013-10-15 2014-03-12
QUALCOMM INC P 2014-01-07 2014-03-12
STATE STREET CORP P 2013-10-15 2014-03-13
WHIRLPOOL CORP P 2014-09-22 2014-11-24
HALYARD HEALTH P 2013-04-03 2014-11-07
MAINSTAY MARKETFIELD P 2012-10-17 2014-05-20
QUALCOMM INC P 2013-04-03 2014-11-24
AVNET INC COM P 2013-09-04 2014-06-17
CIGNA CORP P 2013-10-15 2014-03-13
EASTMAN CHEM CO P 2013-11-27 2014-03-12
INTERNATIONAL BUSINESS MACHS P 2014-01-07 2014-09-22
KNOWLES CORP P 2013-10-15 2014-03-06
MYLAN LABORATORIES P 2013-10-15 2014-09-22
QUALCOMM INC P 2014-06-13 2014-11-24
TORTOISE ENERGY INFRASTRUCTURE CORP P 2014-02-04 2014-07-22
WILLIAM BLAIR FDS P 2014-10-31 2014-12-15
HALYARD HEALTH P 2013-10-15 2014-11-07
MAINSTAY MARKETFIELD P 2012-10-17 2014-10-31
SEAGATE TECHNOLOGY P 2013-10-15 2014-11-24
AVNET INC COM P 2013-09-05 2014-06-17
COCA-COLA ENTERPRISES P 2014-01-07 2014-11-24
EASTMAN CHEM CO P 2013-04-03 2014-03-12
INTERNATIONAL PAPER CO P 2013-04-03 2014-01-07
KNOWLES CORP P 2013-04-03 2014-03-06
NEW MEDIA INVT GROUP P 2014-02-14 2014-02-27
QUALCOMM INC P 2014-01-07 2014-11-24
TRINITY INDUSTRIES P 2014-06-17 2014-09-23
WYNDHAM WORLDWIDE P 2014-01-07 2014-06-13
HALYARD HEALTH P 2013-09-04 2014-11-07
MAINSTAY MARKETFIELD P 2012-10-17 2014-10-31
TORTOISE ENERGY INFRASTRUCTURE P 2013-05-23 2014-07-22
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 1,704   1,351 353
b 520   474 46
c 3,082   3,094 -12
d 380   339 41
e 1,810   1,662 148
15   12 3
44   39 5
500   446 54
1,518   1,096 422
6,279   4,161 2,118
19   15 4
8,736   9,497 -761
1,672   1,280 392
725   676 49
1,689   1,538 151
4,279   4,287 -8
303   309 -6
1,081   1,001 80
5,649   4,723 926
131   118 13
16,386   17,581 -1,195
3,631   3,963 -332
10,459   10,718 -259
5   4 1
4,379   1,946 2,433
5,576   4,874 702
1,691   1,888 -197
173   158 15
893   848 45
6,410   6,519 -109
1,251   1,141 110
1,948   2,075 -127
1,695   1,618 77
1,208   920 288
5,198   5,661 -463
11,191   10,973 218
16,655   13,574 3,081
3,300   1,490 1,810
19,640   17,288 2,352
16,709   17,781 -1,072
1,429   1,293 136
525   497 28
2,019   2,048 -29
1,592   1,620 -28
12,358   12,326 32
5,425   5,033 392
1,326   1,113 213
6,764   7,809 -1,045
15,989   16,103 -114
5,289   3,888 1,401
9   13 -4
2,825   2,603 222
1,131   926 205
996   883 113
53   50 3
5,870   5,303 567
20,955   20,850 105
1,987   2,023 -36
1,980   2,133 -153
3,882   2,548 1,334
3,733   4,029 -296
5,743   4,567 1,176
27,191   27,960 -769
13,517   12,583 934
2,382   2,192 190
1,412   1,081 331
2,259   1,985 274
1,243   1,077 166
1,957   1,978 -21
1,499   1,333 166
6,142   6,142  
2,254   2,415 -161
1,652   1,921 -269
318   342 -24
15,119   15,046 73
122   124 -2
8,038   6,592 1,446
4,914   3,555 1,359
605   427 178
1,702   1,750 -48
11,221   9,032 2,189
1,395   1,161 234
937   831 106
7,289   7,289  
3,137   3,357 -220
790   853 -63
1,715   1,883 -168
662   586 76
5,731   4,209 1,522
19,401   18,306 1,095
5,125   4,889 236
20,699   20,403 296
2,307   2,361 -54
507   415 92
1,278   916 362
4,075   3,614 461
1,036   804 232
2,013   1,979 34
355   388 -33
1,481   1,625 -144
5,875   3,945 1,930
955   695 260
7,734   8,450 -716
551   395 156
502   482 20
721   737 -16
762   529 233
341   202 139
1,740   1,537 203
418   331 87
2,818   2,321 497
3,759   4,078 -319
2,035   2,026 9
20,999   21,206 -207
1,015   738 277
3,132   3,193 -61
1,433   1,388 45
606   618 -12
312   136 176
2,265   1,720 545
141   124 17
545   474 71
2,761   2,273 488
5,434   5,282 152
1,206   1,166 40
15,208   11,886 3,322
597   432 165
1,511   1,678 -167
999   964 35
1,413   1,440 -27
1,335   1,221 114
1,339   1,286 53
767   697 70
1,575   1,106 469
633   516 117
265   255 10
12,127   12,603 -476
380   311 69
239   171 68
216   231 -15
866   838 28
1,667   1,654 13
1,869   1,574 295
5,107   4,876 231
935   934 1
1,833   1,614 219
151   165 -14
464   473 -9
14,658   15,233 -575
3,867   2,194 1,673
10,690   10,413 277
1,722   1,640 82
347   322 25
5,163   4,279 884
1,879   1,743 136
1,711   1,618 93
2,805   2,335 470
845   633 212
767   730 37
1,436   1,485 -49
1,286   1,078 208
219   194 25
557   502 55
5,310   4,907 403
347   317 30
235   236 -1
854   766 88
964   951 13
319   310 9
47   40 7
933   1,028 -95
908   812 96
21,871   23,082 -1,211
102   88 14
8,736   8,237 499
663   471 192
650   595 55
1,233   1,231 2
5,721   4,557 1,164
5,772   5,644 128
986   766 220
4   4  
789   803 -14
1,724   1,513 211
7,892   7,909 -17
33   27 6
24,993   23,566 1,427
48   46 2
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a       353
b       46
c       -12
d       41
e       148
      3
      5
      54
      422
      2,118
      4
      -761
      392
      49
      151
      -8
      -6
      80
      926
      13
      -1,195
      -332
      -259
      1
      2,433
      702
      -197
      15
      45
      -109
      110
      -127
      77
      288
      -463
      218
      3,081
      1,810
      2,352
      -1,072
      136
      28
      -29
      -28
      32
      392
      213
      -1,045
      -114
      1,401
      -4
      222
      205
      113
      3
      567
      105
      -36
      -153
      1,334
      -296
      1,176
      -769
      934
      190
      331
      274
      166
      -21
      166
       
      -161
      -269
      -24
      73
      -2
      1,446
      1,359
      178
      -48
      2,189
      234
      106
       
      -220
      -63
      -168
      76
      1,522
      1,095
      236
      296
      -54
      92
      362
      461
      232
      34
      -33
      -144
      1,930
      260
      -716
      156
      20
      -16
      233
      139
      203
      87
      497
      -319
      9
      -207
      277
      -61
      45
      -12
      176
      545
      17
      71
      488
      152
      40
      3,322
      165
      -167
      35
      -27
      114
      53
      70
      469
      117
      10
      -476
      69
      68
      -15
      28
      13
      295
      231
      1
      219
      -14
      -9
      -575
      1,673
      277
      82
      25
      884
      136
      93
      470
      212
      37
      -49
      208
      25
      55
      403
      30
      -1
      88
      13
      9
      7
      -95
      96
      -1,211
      14
      499
      192
      55
      2
      1,164
      128
      220
       
      -14
      211
      -17
      6
      1,427
      2
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 51,475
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 . . . . . . . . . . . . . . . . 		Bracket 3 10,392
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2013 79,276 1,222,398 0.064853
2012 67,300 1,382,432 0.048682
2011 71,200 1,476,305 0.048229
2010 59,050 1,357,932 0.043485
2009 76,151 1,186,800 0.064165
2 Total of line 1, column (d) ...................... 2 0.269414
3 Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years. . . 		3 0.053883
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 1,493,263
5 Multiply line 4 by line 3....................... 5 80,461
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 661
7 Add lines 5 and 6......................... 7 81,122
8 Enter qualifying distributions from Part XII, line 4.............. 8 75,800
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions.
Form 990-PF (2014)
Form 990-PF (2014)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 1,322
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 1,322
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 1,322
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 8,923
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 8,923
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 7,601
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet7,601 RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletNC
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletHOYT Q BAILEY Telephone no.bullet (704) 487-8888
    Located atbullet415 POLKVILLE ROADSHELBYNC ZIP+4bullet28150
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2014, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
     
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2014?.............
    1c
     
     
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2014, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2014?...............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?........................
    b
    If "Yes," did it have excess business holdings in 2014 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2014.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2014?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)..................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.......................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    HOYT G TESSNER PRESIDENT
    2.00     		0 0 0
    2105 PRESCOTT PLACE
    RALEIGH,NC27615
    MELANIE KNIGHT VP
    1.00     		0 0 0
    4017 LAKE POINT CIRCLE
    RALEIGH,NC27606
    CYNTHIA BUCKINGHAM VP
    1.00     		0 0 0
    7540 DRAYTON COURT
    RALEIGH,NC27615
    HOYT Q BAILEY DIRECTOR
    4.00     		0 0 0
    27 E RANDOLPH ST
    SHELBY,NC28150
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet  
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 8
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 N/A  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    1,343,170
    b
    Average of monthly cash balances.......................
    1b
    137,354
    c
    Fair market value of all other assets (see instructions)................
    1c
    35,479
    d
    Total (add lines 1a, b, and c).........................
    1d
    1,516,003
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    1,516,003
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    22,740
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    1,493,263
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    74,663
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    74,663
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    1,322
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    1,322
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    73,341
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    73,341
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    73,341
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    75,800
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    75,800
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    75,800
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2013     		(c)
    2013     		(d)
    2014
    1 Distributable amount for 2014 from Part XI, line 7 73,341
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 47,166
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2014:
    a From 2009.......  
    b From 2010.......  
    c From 2011.......  
    d From 2012.......  
    e From 2013.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 75,800
    a Applied to 2013, but not more than line 2a 47,166
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		 
    d Applied to 2014 distributable amount..... 28,634
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2014.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		44,707
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2010....  
    b Excess from 2011....  
    c Excess from 2012....  
    d Excess from 2013....  
    e Excess from 2014....  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2014, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2014 (b) 2013 (c) 2012 (d) 2011
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    HOYT Q BAILEY
    PO BOX 208
    SHELBY,NC281810208
    (704) 487-8888
    bThe form in which applications should be submitted and information and materials they should include:
    APPLICATIONS MUST BE WRITTEN, MUST INCLUDE EVIDENCE THAT THE RECEPIENT IS AN EXEMPT CHARTIABLE ORGANIZATION AND FACTS TO SUPPORT THE NEED.
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    NONE
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    ALZHEIMER'S ASSOCIATION
    PO BOX 96011
    WASHINGTON,DC20090     		  501(C)3 DISEASE RESEARCH 500
    BOYS & GIRLS CLUB OF CLEVELAND COUN
    PO BOX 2001
    SHELBY,NC28151     		  501(C)3 PROGRAM 1,000
    BROTHERS IN CHRIST OUTREACH MINISTR
    PO BOX 1264
    SHELBY,NC28151     		  501(C)3 NEEDY 4,500
    BURNS HIGH SCHOOL
    307 E STAGEWAEH ROAD
    LAWNDALE,NC28090     		  501(C)3 SCHOLARSHIPS 100
    CAROLINA TIGER RESCUE
    1940 HANKS CHAPEL ROAD
    PITTSBORO,NC27312     		  501(C)3 ANIMALS 200
    CENTRAL UNITED METHODIST CHURCH
    200 E MARION STREET
    SHELBY,NC28150     		  501(C)3 MEMORIAL GIFT 100
    CHILDRENS HOME OF CLEVELAND CNTY
    PO BOX 2053
    SHELBY,NC28151     		  501(C)3 GENERAL SERVICES 1,000
    CLEVELAND COMMUNITY COLLEGE
    137 S POST ROAD
    SHELBY,NC28152     		  501(C)3 SCHOLARSHIPS 2,550
    CLEVELAND COUNTY ABUSE PREVENTION
    PO BOX 2859
    SHELBY,NC28151     		  501(C)3 HUMAN SERVICES 2,000
    CLEVELAND COUNTY RESCUE MISSION
    PO BOX 1272
    SHELBY,NC28151     		  501(C)3 PROGRAM 200
    CLEVELAND PINES
    1404 N LAFAYETTE STREET
    SHELBY,NC28150     		  501(C)3 HEALTH CARE 20,000
    CREST HIGH SCHOOL FFA
    800 OLD BURLING SPA ROAD
    SHELBY,NC28152     		  501(C)3 FUTURE FARMERS OF AMERICA 2,000
    DAVID WILSON FUNDRAISER
    PO BOX 703
    SHELBY,NC28151     		    DISEASE RESEARCH 1,000
    FELLOWSHIP OF CHRISTIAN ATHLETES
    113 COLUMNS CIRCLE
    SHELBY,NC28150     		  501(C)3 SCHOLARSHIPS 2,000
    FRIENDS OF FUNDAL
    PO BOX 99306
    RALEIGH,NC27624     		  501(C)3 RELIEF SERVICES 500
    GRACE CHRISTIAN ACADEMY
    260 RANGE ROAD
    KINGS MOUNTAIN,NC28086     		  501(C)3 EDUCATION 1,000
    GRACE WORLD OUTREACH CHURCH
    20366 CORTEZ BLVD
    BROOKSVILLE,FL34601     		  501(C)3 STUDENT AID 1,000
    GRAHAM ELEMENTARY SCHOOL
    1100 BLANTON STREET
    SHELBY,NC28151     		  501(C)3 EDUCATION 2,500
    GREATER CLEVELAND COUNTY BAPTIST AS
    1175 WYKE ROAD
    SHELBY,NC28150     		  501(C)3 HUMAN SERVICES 15,000
    HOSPICE OF CLEVELAND COUNTY
    951 WENDOVER HEIGHT DRIVE
    SHELBY,NC28150     		  501(C)3 ONGOING PROGRAM 200
    INTL FELLOWSHIP CHRISTIANS & JEWS
    PO BOX 97339
    WASHINGTON,DC20077     		  501(C)3 MISSION WORK 100
    MAKENZIE HEARING FUND
    209 E STAGECOACH TRL
    LAWNDALE,NC28090     		    DISEASE RESEARCH 1,000
    NC STATE STUDENT AID ASSN
    PO BOX 37100
    RALEIGH,NC27627     		  501(C)3 ONGOING PROGRAM 8,750
    NC STATE UNIVERSITY
    CAMPUS BOX 7511
    RALEIGH,NC27695     		  501(C)3 EDUCATION 2,500
    NC STATE UNIVERSITY ARTS
    CAMPUS BOX 7306
    RALEIGH,NC27695     		  501(C)3 ART MUSEUM 2,500
    NEW START FELLOWSHIP
    2513 S LAFAYETTE STREET
    SHELBY,NC28152     		  501(C)3 CHURCH OPERATIONS 500
    PENLAND SCHOOL OF CRAFTS
    PO BOX 37
    PENLAND,NC28765     		  501(C)3 ANNUAL GIVING 500
    ROTARY CLUB OF SHELBY FOUNDATION
    PO BOX 2861
    SHELBY,NC28151     		  501(C)3 CHILDRENS PROGRAMS 400
    ROTARY FOUNDATION
    916 ELIZABETH ROAD
    SHELBY,NC28150     		  501(C)3 PUBLIC SERVICE 100
    SHELBY HIGH SCHOOL
    130 E DIXON BLVD
    SHELBY,NC28152     		  501(C)3 EDUCATION 800
    UNITED WAY OF CLEVELAND COUNTY
    PO BOX 82
    POLKVILLE,NC28136     		  501(C)3 HUMAN SERVICES 500
    WOUNDED WARRIOR PROJECT
    PO BOX 758541
    TOPEKA,KS66675     		  501(C)3 VETERANS SERVICES 100
    WNCW PUBLIC RADIO
    PO BOX 804
    SPINDALE,NC28160     		  501(C)3 ARTS & CULTURE 300
    WORD OF FAITH MINISTRY
    PO BOX 868
    KENANSVILLE,NC28349     		  501(C)3 HUMAN SERVICES 300
    ZOAR BAPTIST CHURCH
    1740 S LAFAYETTE STREET
    SHELBY,NC28152     		  501(C)3 MEMORIAL GIFT 100
    Total .................................bullet 3a 75,800
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		    14 2,217  
    4 Dividends and interest from securities....     14 28,951  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		    14 51,475  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aBELMONT 1 - US 321/74 BYPASS     16 11  
    bFIFTH THIRD INVESTMENT ACCT.     14 2,231  
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   84,885  
    13Total. Add line 12, columns (b), (d), and (e)..................
    1384,885
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2014)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2014 AccountingFeesSchedule
    Name:
    BAILEY ENDOWMENT INC
    EIN: 56-1802700
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION FEES 3,150 175    

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2014 DepreciationSchedule
    Name:
    BAILEY ENDOWMENT INC
    EIN: 56-1802700
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    LENOVO LAPTOP COMPUTER 2013-11-02 1,307 686 200DB 5.0000 248      

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    BAILEY ENDOWMENT INC
    EIN: 56-1802700
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ABBVIE INC 6,671 10,405
    ABSOLUTE STRATEGIES FUND-I    
    AFLAC INC    
    AGILENT TECHNOLOGIES, INC.    
    AIRCASTLE LTD ADR 3,022 4,018
    ALERIAN MLP ETF    
    ALERIAN MLP ETN 11,631 12,122
    ALLIANCE DATA SYS    
    ALLIANT CORP    
    ALLIED WORLD ASSURANCE ADR    
    AETNA INC 8,954 10,837
    ALLSTATE CORP 9,245 11,872
    AMDOCS LIMITED 8,420 8,678
    AMERICAN BEACON FDS SMALL CAP 29,459 26,214
    AMERICAN CAMPUS CMNTYS INC    
    AMERICAN CAP AGY CORP    
    AMERICAN CAP LTD    
    AMERICAN HOMES 4 RENT 3,102 3,081
    AMERIPRISE FINANCIAL 9,419 11,241
    AMERICAN INTL GROUP INC    
    AMGEN INC 7,264 10,832
    ANHEUSER BUSCH INBEV    
    ANNALY CAPITAL MANAGEMENT INC    
    APPLE INC 5,886 10,155
    AQR FDS RISK PARITY FD CL I    
    ARTISAN INTERNATIONAL INV 27,378 27,618
    AT&T INC 7,541 7,726
    ATMEL CORP    
    AVNET INC    
    BANCO LATINOAMERICAN DE COMERCIO EXT 3,261 5,358
    BB&T CORP    
    BHP BILLITON FIN LTD 25,570 25,395
    BLACKROCK FDS II STRG OPP INSTL 69,177 68,121
    BOEING CO 6,856 8,579
    BRISTOL MYERS SQUIBB CO    
    CA INC    
    CAPITAL ONE FINL CORP    
    CDW CORP 10,018 10,059
    CENTURYTEL INC    
    CHEVRON CORP 8,569 8,750
    CIGNA CORP    
    CMS ENERGY CORP 6,511 8,166
    COACH INC    
    COCA COLA CO    
    CISCO SYSTEMS 9,372 10,431
    COMCAST CORP 8,863 10,210
    CONOCOPHILLIPS 7,927 8,425
    CVS/CAREMARK CORP 6,635 11,461
    DANAHER CORP    
    DANA LARGE CAP EQUITY 62,252 61,780
    DELTA AIR LINES 3,619 11,806
    DEUTSCHE BK AG LONDON SR NT 28,695 27,772
    DIGITAL RLTY TR INC 2,198 2,519
    DISCOVER FINANCIAL SERVICES 7,081 10,020
    DODGE & COX INCOME FD 69,048 68,463
    DOVER CORP    
    DR PEPPER SNAPPLE GROUP 10,108 9,964
    DU PONT E I DE NEMOURS & CO 2,918 4,362
    EAST WEST BANCORP INC    
    EASTMAN CHEM    
    EATON CORP PLC SHS 3,191 3,738
    EATON VANCE MUT FDS TR    
    EATON VANCE TAX MAN GLBL BR 1,484 2,050
    EPR PPTYS 3,661 4,149
    EUROPACIFIC GROWTH FD 21,153 27,094
    EXXON MOBIL CORP 9,147 9,245
    F5 NETWORKS INC    
    GANNETT INC 3,645 5,556
    GATX CORP    
    GENERAL ELECTRIC CO 3,348 3,639
    GENUINE PARTS CO 3,074 5,542
    GILEAD SCIENCES INC 9,758 8,672
    GLOBAL X FDS GLB X CDA PFD    
    GOOGLE INC    
    HALLIBURTON CO    
    HANESBRANDS INC 4,734 10,604
    HCA HOLDINGS 10,147 10,715
    HELMERICH & PAYNE INC 6,755 6,675
    HERCULES TECHNOLOGY GROWTH 2,302 3,333
    HONEYWELL INTL INC 4,211 6,495
    HOSPITALITY PPTYS TR 3,122 4,092
    HOTCHKIS & WILEY FUNDS 33,875 33,218
    IBM 8,515 7,701
    INTEL CORP 9,324 9,726
    INTERNATIONAL PAPER CO    
    INVESCO MORTGAGE CAPITAL 2,134 1,670
    ISHARES CORE S&P MIDCAP ETF 37,155 53,576
    ISHARES S&P PFD STK INDX FN 6,383 6,705
    JOHNSON & JOHNSON 8,388 10,039
    JOHNSON CTLS INC    
    JP MORGAN CHASE & CO 28,710 27,971
    JP MORGAN CHASE & CO    
    JP MORGAN TR INCOME OPP SEL 25,097 24,918
    KIMBERLY CLARK CORP 7,587 9,359
    KLA TENCOR CORP    
    KRAFT FOODS INC 837 1,379
    KROGER CO 9,342 11,494
    LINCOLN NATL CORP 8,191 10,438
    LITMAN GREGORY MASTER ALT 24,964 24,508
    LOCKHEED MARTIN CORP    
    LORILLARD INC    
    LTC PPTYS INC 2,054 2,979
    LYONDELLBASELL INDUSTRIES 6,085 6,113
    MACYS INC 9,565 10,915
    MAGNA INTL INC 6,063 10,217
    MAINSTAY FDS TR    
    MASTERCARD INC    
    MCKESSON CORP 8,099 10,171
    MEDTRONIC INC    
    MERCK & CO INC    
    METLIFE INC 8,150 9,628
    MFS GOVT MKTS INCOME TR 1,365 1,213
    MICROCHIP TECHNOLOGY INC 4,332 5,864
    MICROSOFT CORP    
    MONDELEZ INTL INC    
    MOODYS CORP    
    MYLAN INC    
    NATIONAL HEALTH INVS INC 3,214 4,477
    NATIONAL-OILWELL INC    
    NEW RESIDENTIAL INVT CORP 1,299 1,239
    NEWCASTLE INVESTMENT CORP 1,976 126
    NEW SENIOR INVESTMENT GROUP 553 461
    NEXTERA ENERGY    
    NOBLE CORP    
    NORFOLK SOUTHERN CORP    
    NORTHEAST UTILS    
    OCCIDENTAL PETE CORP    
    OCCIDENTAL PETROLEUM CORP 25,283 25,144
    OLIN CORP 4,358 4,827
    OMEGA HEALTHCARE INVS INC 2,885 6,407
    OMNICARE INC    
    OPPENHEIMER DVLPING MKTS 25,024 27,782
    OPPENHEIMER INTL BD FD CL Y 10,006 9,647
    ORACLE CORP 6,799 9,983
    PACKAGING CORP OF AMERICA 9,423 10,381
    PENNYMAC MTG INVT TR    
    PFIZER INC 3,737 5,420
    PIMCO ALL ASSET ALL AUTH FUND    
    PIMCO TOTAL RETURN FUND    
    PNC FINANCIAL SERVICES GROUP 9,460 9,853
    POWERSHARES EXCHANGE-TRADED FD    
    POWERSHARES EXCHANGE-TRADED FD    
    POWERSHARES SENIORLOAN PORTFOLIO 3,432 3,316
    PULTE GROUP INC    
    QUALCOMM INC    
    RAYONIER INC    
    RAYTHEON CO 7,578 9,194
    REALTY INCOME CORP 1,775 2,433
    ROCKWOOD HLDGS INC    
    ROYAL CARIBBEAN CRUISES 7,450 12,035
    SANDISK CORP    
    SBA COMMUNICATIONS CORP    
    SCHLUMBERGER LTD 8,494 8,114
    SEAGATE TECHNOLOGY PLC SHS 5,622 9,643
    SKYWORKS SOLUTIONS INC 6,086 11,924
    SM ENERGY    
    STATE STREET CORP    
    SUNTRUST BKS INC 9,489 9,888
    SYMANTEC CORP 3,211 3,310
    T ROWE PRICE NEW HORIZONS FD 29,720 27,975
    T ROWE PRICE SMALL CAP    
    TE CONNECTIVITY LTD 9,718 9,994
    TELEFONICA BRASIL    
    TJX COS INC NEW    
    TORTOISE ENERGY INFASTRUCTURE CORP 6,887 8,141
    TORTOISE ENERGY INFRASTRUCTURE CORP    
    TRINITY INDS INC 7,473 4,986
    TUPPERWARE BRANDS CORPORATION    
    TWC FDS INC    
    TYSON FOODS INC 9,330 9,902
    UBS E-TRACS ALERIAN MLP 13,716 14,697
    UNILEVER    
    UNION PAC CORP 5,548 9,292
    UNITED TECHNOLOGIES 7,845 9,200
    UNITEDHEALTH GROUP    
    US EQUITY HIGH VOLATIL PUT WRITE 3,009 2,744
    VANGUARD REIT ETF 28,512 42,363
    VERIZON COMMUNICATIONS 4,779 5,473
    VIACOM INC    
    WAL-MART STORES    
    WALGREEN CO    
    WELLS FARGO & CO 6,448 9,319
    WELLS FARGO FDS ABSOLUTE RET 25,378 24,256
    WHIRLPOOL CORP 6,272 10,462
    WILLIAM BLAIR FDS ALLOC 24,638 23,876
    WINDSTREAM CORP    
    XCEL ENERGY 6,301 8,154

    TY 2014 InvestmentsOtherSchedule2
    Name:
    BAILEY ENDOWMENT INC
    EIN: 56-1802700
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    US 321 BYPASS LLC AT COST 26,184 26,184

    TY 2014 LandEtcSchedule2
    Name:
    BAILEY ENDOWMENT INC
    EIN: 56-1802700
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
      1,307 934 373  


    TY 2014 OtherAssetsSchedule
    Name:
    BAILEY ENDOWMENT INC
    EIN: 56-1802700
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ROUNDING   7  


    TY 2014 OtherExpensesSchedule
    Name:
    BAILEY ENDOWMENT INC
    EIN: 56-1802700
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    MISCELLANEOUS EXPENSE FROM K- 208 208    
    MISCELLANEOUS EXPENSE 474      
    POSTAGE 212      
    TRAVEL EXPENSE 150      
    BANK CHARGES 41      


    TY 2014 OtherIncomeSchedule2
    Name:
    BAILEY ENDOWMENT INC
    EIN: 56-1802700
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    BELMONT 1 - US 321/74 BYPASS 11   11
    FIFTH THIRD INVESTMENT ACCT. 2,231   2,231


    TY 2014 OtherLiabilitiesSchedule
    Name:
    BAILEY ENDOWMENT INC
    EIN: 56-1802700
    Description Beginning of Year - Book Value End of Year - Book Value
    ROUNDING 6  


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    BAILEY ENDOWMENT INC
    EIN: 56-1802700
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BROKERAGE FEES 14,357 14,357    
    OUTSIDE CONTRACT SERVICES 3,600      


    TY 2014 TaxesSchedule
    Name:
    BAILEY ENDOWMENT INC
    EIN: 56-1802700
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX 1,322 1,322    
    FOREIGN TAX 148 148    
    PROPERTY TAX FROM K-1 349 349