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
NC FOUNDATION
 

Number and street (or P.O. box number if mail is not delivered to street address)12295 ORACLE BLVD SUITE 320   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
COLORADO SPRINGS, CO80921
A Employer identification number

84-1550507
B Telephone number (see instructions)

(719) 598-2600
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$10,755,272J 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      
4 Dividends and interest from securities......      
5a Gross rents.............. 1,525,394 809,375  
b Net rental income or (loss) 471,463
6a Net gain or (loss) from sale of assets not on line 10  
b Gross sales price for all assets on line 6a  
7 Capital gain net income (from Part IV, line 2)... 0
8 Net short-term capital gain.........  
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).......      
12 Total. Add lines 1 through 11........ 1,525,394 809,375  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 75,000 12,000   18,750
14 Other employee salaries and wages...... 5,000 0   0
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 960 383   216
c Other professional fees (attach schedule)....        
17 Interest............... 338,383 179,407   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 106,595 53,764   0
19 Depreciation (attach schedule) and depletion... Click to see attachment 206,834 112,284  
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see list of attachments 407,289 216,106   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,140,061 573,944   18,966
25 Contributions, gifts, grants paid........ 232,447 232,447
26 Total expenses and disbursements. Add lines 24 and 25 1,372,508 573,944   251,413
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 152,886
b Net investment income (if negative, enter -0-) 235,431
c Adjusted net income (if negative, enter -0-)...  
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............... 1,211 266,635 266,635
2 Savings and temporary cash investments..........      
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...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........      
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet11,123,274
Less: accumulated depreciation (attach schedule) bullet2,296,369 9,035,305 Click to see attachment8,826,905 10,500,000
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment8,377 Click to see attachment-11,363 Click to see attachment-11,363
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 9,044,893 9,082,177 10,755,272
Liabilities 17 Accounts payable and accrued expenses.......... 63,433  
18 Grants payable..................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)...... 6,403,690 Click to see attachment6,261,265
22 Other liabilities (describe bullet) Click to see attachment609,899 Click to see attachment700,155
23 Total liabilities (add lines 17 through 22).......... 7,077,022 6,961,420
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted................... 1,967,871 2,120,757
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    
30 Total net assets or fund balances (see instructions)...... 1,967,871 2,120,757
31 Total liabilities and net assets/fund balances (see instructions).. 9,044,893 9,082,177
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 1,967,871
2 Enter amount from Part I, line 27a..................... 2 152,886
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 2,120,757
5 Decreases not included in line 2 (itemize) bullet 5 0
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 2,120,757
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.)
1a
b
c
d
e
(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
b
c
d
e
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
b
c
d
e
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  
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  
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 208,765 3,870,444 0.053938
2012 259,453 3,887,251 0.066745
2011 201,287 3,262,381 0.061699
2010 160,742 3,106,671 0.051741
2009 44,150 4,882,933 0.009042
2 Total of line 1, column (d) ...................... 2 0.243165
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 0.048633
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 3,732,889
5 Multiply line 4 by line 3....................... 5 181,542
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 2,354
7 Add lines 5 and 6......................... 7 183,896
8 Enter qualifying distributions from Part XII, line 4.............. 8 251,413
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 2,354
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 0
3 Add lines 1 and 2........................... 3 2,354
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 2,354
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 2,230
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 2,230
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 9 124
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet   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$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
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)
    bulletCO
    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 ofbulletTHE COMPANY Telephone no.bullet (719) 598-2600
    Located atbullet12295 ORACLE BLVD SUITE 320COLORADO SPRINGSCO ZIP+4bullet80921
    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
     
    No
    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
    PATRICK DOW CEO
    20.00     		35,000 0 0
    12295 ORACLE BLVD
    COLORADO SPRINGS,CO80921
    NICKY CRUZ PRESIDENT
    10.00     		40,000 0 0
    12295 ORACLE BLVD
    COLORADO SPRINGS,CO80921
    LAURA KING BOARD MEMBER
    2.00     		0 0 0
    12295 ORACLE BLVD
    COLORADO SPRINGS,CO80921
    ALICIA DOW BOARD MEMBER
    2.00     		0 0 0
    12295 ORACLE BLVD
    COLORADO SPRINGS,CO80921
    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 0
    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.............bullet0
    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  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    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
    0
    b
    Average of monthly cash balances.......................
    1b
    1,000
    c
    Fair market value of all other assets (see instructions)................
    1c
    10,050,000
    d
    Total (add lines 1a, b, and c).........................
    1d
    10,051,000
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    6,261,265
    3
    Subtract line 2 from line 1d.........................
    3
    3,789,735
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    56,846
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    3,732,889
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    186,644
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    186,644
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    2,354
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
    91,897
    c
    Add lines 2a and 2b............................
    2c
    94,251
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    92,393
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    92,393
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    92,393
    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
    251,413
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    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
    251,413
    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
    2,354
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    249,059
    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 92,393
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2014:
    a From 2009.......  
    b From 2010.......  
    c From 2011.......  
    d From 2012....... 40,382
    e From 2013....... 20,917
    fTotal of lines 3a through e......... 61,299
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 251,413
    a Applied to 2013, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2014 distributable amount..... 92,393
    e Remaining amount distributed out of corpus 159,020
    5 Excess distributions carryover applied to 2014. 0 0
    (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 5 220,319
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    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......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		0
    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) .......     		0
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		220,319
    10 Analysis of line 9:
    a Excess from 2010....  
    b Excess from 2011....  
    c Excess from 2012.... 40,382
    d Excess from 2013.... 20,917
    e Excess from 2014.... 159,020
    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 email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    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
    NICKY CRUZ OUTREACH INC
    12295 ORACLE BLVD
    COLORADO SPRINGS,CO80921     		N/A PUBLIC CHARITY RELIGIOUS MINISTRIES TO REACH URBAN CHILDREN 232,447
    Total .................................bullet 3a 232,447
    bApproved for future payment
    Total .................................bullet 3b 0
    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 ............     		         
    4 Dividends and interest from securities....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property...... 532000 471,463      
    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 .............     		         
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 471,463 0 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13471,463
    (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:
    NC FOUNDATION
    EIN: 84-1550507
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 600 192   216
    ACCOUNTING 120 64   0
    ACCOUNTING 120 64   0
    ACCOUNTING 120 64   0

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

    TY 2014 AmortizationSchedule
    Name:
    NC FOUNDATION
    EIN: 84-1550507
    Description of Amortized Expenses Date Acquired, Completed, or Expended Amount Amortized Deduction for Prior Years Amortization Method Current Year Amortization Net Investment Income Adjusted Net Income Total Amount of Amortization
    LOAN ORIGINATION FEES - TIER ONE [692] 2003-05-05 21,650 21,650 60.000000000000   0   21,650
    2005 CLOSING COSTS CAPITALIZED 2005-08-31 10,985 10,985 41.000000000000   0   10,985
    LOAN ORIGINATION FEES 2004-10-08 12,200 6,049 240.000000000000 610 324   6,659
    CONSTRUCTION LOAN COSTS 2005-05-11 2,500 2,500 60.000000000000   0   2,500
    APPRAISAL FEES 2006-04-27 1,014 425 240.000000000000 51 27   476
    TITLE INSURANCE - CLOSING FEES 2006-04-27 7,617 3,175 240.000000000000 381 202   3,556
    LOAN ORIGINATION FEES 2006-04-27 5,000 2,083 240.000000000000 250 133   2,333
    SURVEY FEES 2006-04-27 4,500 1,875 240.000000000000 225 119   2,100
    LOAN ORIGINATION FEES 2007-06-08 26,000 9,425 240.000000000000 1,300 690   10,725
    LEASE COMMISSIONS - BLDG THREE 2008-07-09 7,206 7,206 60.000000000000   0   7,206
    LEASE COMMISSIONS - BLDG THREE 2008-07-09 5,496 5,496 60.000000000000   0   5,496
    LEASE COMMISSIONS - BLDG THREE 2008-08-19 11,832 10,140 84.000000000000 1,692 898   11,832
    LEASE COMMISSIONS - BLDG ONE 2008-01-16 4,084 4,084 60.000000000000   0   4,084
    LEASE COMMISSIONS - BLDG THREE 2008-01-25 5,496 5,496 60.000000000000   0   5,496
    LEASE COMMISSIONS - BLDG THREE 2008-02-08 11,832 11,126 84.000000000000 706 375   11,832
    LEASE COMMISSIONS - BLDG ONE 2008-05-14 700 700 24.000000000000   0   700
    LEASE COMMISSIONS - BLDG ONE 2008-08-26 4,084 4,084 60.000000000000   0   4,084
    LEASE COMMISSIONS - BLDG ONE 2008-12-01 4,070 4,070 60.000000000000   0   4,070
    LEASE COMMISSIONS - BLDG ONE 2008-12-01 14,700 14,700 60.000000000000   0   14,700
    LEASE COMMISSIONS - BLDG THREE 2008-12-01 29,516 29,516 60.000000000000   0   29,516
    LEASE COMMISSIONS - BLDG ONE 2009-02-10 501 501 60.000000000000   0   501
    LEASE COMMISSIONS - BLDG ONE 2009-03-11 2,617 2,617 60.000000000000   0   2,617
    LEASE COMMISSIONS - BLDG THREE 2008-10-09 4,554 4,554 60.000000000000   0   4,554
    LEASE COMMISSIONS - BLDG THREE 2008-11-11 4,554 4,554 60.000000000000   0   4,554
    LEASE COMMISSIONS - BLDG TWO 2008-12-09 2,499 2,499 60.000000000000   0   2,499
    TITLE INSURANCE - CLOSING FEES 2006-09-01 4,236 1,767 240.000000000000 212 112   1,979
    LOAN EXTENSION FEES 2008-11-26 14,575 4,192 240.000000000000 729 387   4,921
    APPRAISAL FEES 2008-11-26 6,500 1,869 240.000000000000 325 172   2,194
    TITLE INSURANCE - CLOSING FEES 2008-11-26 1,636 471 240.000000000000 82 44   553
    LEASE COMMISSION - CHURCH COMM BLDRS 2009-09-15 12,164 12,164 39.000000000000   0   12,164
    LOAN EXTENSION FEES 2009-11-19 15,751 3,743 240.000000000000 788 418   4,531
    LEASE COMMISSION - WATERBROOK 2010-09-01 70,000 56,000 60.000000000000 14,000 7,428   70,000
    LEASE COMMISSION - RESERVE NATIONAL INSURANCE 2010-05-01 5,362 4,766 36.000000000000   0   4,766
    APPRAISAL FEES 2012-01-23 7,500 1,292 180.000000000000 500 265   1,792
    LEASE COMMISSION - WATERBROOK 2012-01-10 24,208 12,912 60.000000000000 4,842 2,569   17,754
    LEASE COMMISSION - CHERWELL SOFTWARE 2012-02-08 6,912 6,912 21.000000000000   0   6,912
    LEASE COMMISSION - CHERWELL SOFTWARE 2013-03-13 3,297 3,297 12.000000000000   0   3,297
    LEASE COMMISSION - AMERICAN LIBERTY 2013-01-09 609 609 12.000000000000   0   609
    LEASE COMMISSION - CENDERA FUNDING 2013-04-09 1,925 1,925 14.000000000000   0   1,925
    LEASE COMMISSION - EDWARD JONES 2013-08-13 2,489 899 36.000000000000 830 440   1,729
    LEASE COMMISSION - INF PRO 2013-01-09 840 840 12.000000000000   0   840
    LEASE COMMISSION - FINACIAL SERVICES 2013-01-09 3,429 1,143 60.000000000000 686 364   1,829
    LEASE COMMISSION - INF PRO 2013-04-23 8,922 2,379 60.000000000000 1,784 947   4,163
    LEASE COMMISSION - CHERWELL STE 105 2013-12-01 2,352 1,764 12.000000000000 588 312   2,352
    LEASE COMMISSION - CHERWELL STE 105 2013-12-01 2,352 1,764 12.000000000000 588 312   2,352
    LEASE COMMISSION - MBS 2013-11-01 15,548 2,591 60.000000000000 3,110 1,650   5,701
    LEASE COMMISSION - RESERVE NATIONAL INSURANCE 2014-05-01 3,024 336 36.000000000000 1,008 535   1,344
    LEASE COMMISSION - CHERWELL STE 205 2014-03-01 1,961 981 12.000000000000 980 520   1,961
    LEASE COMMISSION - INF PRO 2014-05-01 3,016 335 36.000000000000 1,005 533   1,340
    LEASE COMMISSION - CHERWELL STE 200 2013-12-01 6,267 4,700 12.000000000000 1,567 831   6,267
    LEASE COMMISSION - CHERWELL STE 340 2013-12-01 1,185 889 12.000000000000 296 157   1,185
    LEASE COMMISSION - CHERWELL STE 330 2013-12-01 7,898 5,924 12.000000000000 1,974 1,047   7,898
    APPRAISAL FEES 2013-11-18 4,500 225 180.000000000000 300 159   525
    LEASE COMMISSION - 180 ACCOUNTING 2015-09-15 2,679   36.000000000000   0    
    LEASE COMMISSION - PENGUIN RANDOM HOUSE 2015-06-01 6,506   12.000000000000 1,627 863   1,627
    LEASE COMMISSION - RE MAX 2015-09-15 20,829   84.000000000000   0    
    LEASE COMMISSION - FARMERS INSURACE 2014-09-01 4,010   36.000000000000 1,337 709   1,337
    LEASE COMMISSION - RT COURSE 2015-07-01 3,095   60.000000000000 103 55   103
    LEASE COMMISSION - CHERWELL SOFTWARE 2017-08-31 5,793   12.000000000000   0    

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

    TY 2014 DepreciationSchedule
    Name:
    NC FOUNDATION
    EIN: 84-1550507
    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
    LAND 2001-08-31 2,094,545   L   0 0    
    DEVELOPMENT COSTS 2002-08-31 117,263   L   0 0    
    LAND 2000-08-31 29,005   L   0 0    
    CAPITALIZE REAL ESTATE TAXES 2002-08-31 21,613   L   0 0    
    TF - CORRIDOR 2003-06-10 125,378 36,035 SL 39.000000000000 3,215 3,215    
    TF - EDWARD JONES 2003-08-01 5,919 1,678 SL 39.000000000000 152 152    
    TF - EDWARD JONES - BLINDS 2003-08-22 1,528 764 200DB 5.000000000000 0 0    
    TF - GARAGE 2003-06-10 2,146 616 SL 39.000000000000 55 55    
    TF - HORIZON INTERACT 2003-06-10 126,631 36,393 SL 39.000000000000 3,247 3,247    
    TF - HORIZON - BLINDS 2003-08-22 3,504 1,752 200DB 5.000000000000 0 0    
    TF - NC OUTREACH 2003-06-10 158,297 45,495 SL 39.000000000000 4,059 4,059    
    TF - MUSIC ACAD 2003-06-10 26,779 7,700 SL 39.000000000000 687 687    
    TF - SCE 2003-06-10 10,413 2,993 SL 39.000000000000 267 267    
    BUILDING #1 2003-05-05 1,598,710 462,879 SL 39.000000000000 40,993 40,993    
    DEVELOPMENT COSTS 2003-08-31 557,458   L   0 0    
    CAPITALIZED R.E. TAXES 2003-08-31 22,177   L   0 0    
    CAPITALIZED CONSTRUCTION INTEREST 2003-05-05 153,154 44,342 SL 39.000000000000 3,927 3,927    
    APPRAISAL FEES 2003-05-05 4,700 1,366 SL 39.000000000000 121 121    
    TITLE INSURANCE - CLOSING FEES 2003-05-05 4,989 1,445 SL 39.000000000000 128 128    
    TF - EDWARD JONES 2003-08-31 35,929 10,131 SL 39.000000000000 921 921    
    TF - HORIZON INTERACT 2003-08-31 2,198 616 SL 39.000000000000 56 56    
    BUILDING #1 ADDITIONS 2003-08-31 4,929 1,386 SL 39.000000000000 126 126    
    DEVELOPMENT COSTS 2003-08-31 60,000   L   0 0    
    TF - EDWARD JONES 2004-03-31 1,978 533 SL 39.000000000000 51 51    
    TF - EXEC. SUITE 100 2004-08-31 91,132 23,467 SL 39.000000000000 2,337 2,337    
    TF - EXEC. SUITE 230 2004-03-31 68,522 18,375 SL 39.000000000000 1,757 1,757    
    TF - EXEC. SUITE 340 2004-07-01 76,747 19,926 SL 39.000000000000 1,968 1,968    
    TF - GOSPEL OF GLORY 2004-01-01 32,973 8,978 SL 39.000000000000 845 845    
    TF - NC OUTREACH 2004-01-31 2,555 701 SL 39.000000000000 66 66    
    BUILDING #1 ADDITIONS 2003-10-09 5,509 1,534 SL 39.000000000000 141 141    
    DEVELOPMENT COSTS 2004-08-31 27,767   L   0 0    
    CAP. CONSTR. COSTS 2005-08-09 11,753 2,722 SL 39.000000000000 301 301    
    TF - EXEC. SUITE 100 2004-08-31 11,768 3,033 SL 39.000000000000 302 302    
    TF - EXEC. SUITE 100 2004-12-14 54,180 13,485 SL 39.000000000000 1,389 1,389    
    TF - SUITE 120 2005-04-05 85,060 20,447 SL 39.000000000000 2,181 2,181    
    TF - SUITE 200 WATERBROOK 2005-05-10 372,540 88,754 SL 39.000000000000 9,552 9,552    
    2005 BUILDING #2 CONSTRUCTION 2005-04-05 1,251,793 300,909 SL 39.000000000000 32,097 32,097    
    2005 CAPITALIZED INTEREST 2005-04-05 111,629 26,831 SL 39.000000000000 2,862 2,862    
    TENANT FINISH - SUITE 105 BLDG #2 2006-03-22 124,858 27,075 SL 39.000000000000 3,201 3,201    
    BUILDING #2 FRAMING 2005-10-19 61,649 14,031 SL 39.000000000000 1,581 1,581    
    LANDSCAPING 2005-09-16 5,420   L   0 0    
    TENANT FINISH - MBS BLINDS 2006-04-10 3,918 3,918 200DB 5.000000000000 0 0    
    SNOW GUARDS - BLDG #1 2006-04-10 1,814 393 SL 39.000000000000 47 47    
    SNOW GUARDS - BLDG #2 2006-04-10 1,815 393 SL 39.000000000000 47 47    
    CAPITALIZE CONSTRUCTION INTEREST 2006-04-27 51,836 11,130 SL 39.000000000000 1,329 1,329    
    TF - SUITE 100 (LESS REIMBURSE ON #200 OF $19,593) 2007-01-19 178,462 34,892 SL 39.000000000000 4,576 4,576    
    BUILDING #3 CAPITALIZED CONSTRUCTION 2007-07-09 377,053 68,885 SL 39.000000000000 9,668 9,668    
    DEVELOPMENT COSTS 2007-06-08 16,353   L   0 0    
    SNOW GUARDS - BLDG #2 2007-02-14 1,063 204 SL 39.000000000000 27 27    
    SNOW GUARDS - BLDG #1 2007-02-14 1,062 204 SL 39.000000000000 27 27    
    TENANT FINISH - NCO - BLDG #1 2007-05-11 16,300 3,048 SL 39.000000000000 418 418    
    LANDSCAPING 2006-09-20 4,210   L   0 0    
    DEVELOPMENT COSTS #3 2007-06-08 37,536   L   0 0    
    PARKING LOT FOR #3 2007-07-09 75,000 40,125 150DB 15.000000000000 4,429 5,000    
    BUILDING CONSTRUCTION #3 2007-09-07 275,804 49,209 SL 39.000000000000 7,072 7,072    
    BUILDING CONSTRUCTION #3 2007-10-12 231,141 40,748 SL 39.000000000000 5,927 5,927    
    BUILDING CONSTRUCTION #3 2007-11-09 151,936 26,460 SL 39.000000000000 3,896 3,896    
    BUILDING CONSTRUCTION #3 2007-12-06 133,188 22,909 SL 39.000000000000 3,415 3,415    
    BUILDING CONSTRUCTION #3 2008-01-10 214,952 36,517 SL 39.000000000000 5,512 5,512    
    BUILDING CONSTRUCTION #3 2008-02-13 59,170 9,924 SL 39.000000000000 1,517 1,517    
    BUILDING CONSTRUCTION #3 2008-03-13 40,559 6,717 SL 39.000000000000 1,040 1,040    
    BUILDING CONSTRUCTION #3 2008-04-11 32,028 5,234 SL 39.000000000000 821 821    
    BUILDING CONSTRUCTION #3 2008-05-13 6,441 1,038 SL 39.000000000000 165 165    
    BUILDING CONSTRUCTION #3 2008-06-10 38,402 6,115 SL 39.000000000000 985 985    
    BUILDING CONSTRUCTION #3 2008-07-15 80,684 12,673 SL 39.000000000000 2,069 2,069    
    BUILDING CONSTRUCTION #3 2008-08-15 9,980 1,547 SL 39.000000000000 256 256    
    TF - BLD 3 - SUITE #100 2008-06-10 21,043 3,352 SL 39.000000000000 540 540    
    TF - BLD 3 - SUITE #100 - BLINDS 2008-07-09 2,000 1,000 200DB 5.000000000000 0 0    
    TF - BLD 3 - SUITE #100 2008-07-15 60,758 9,543 SL 39.000000000000 1,558 1,558    
    TF - BLD 3 - SUITE #100 2008-08-15 24,484 3,794 SL 39.000000000000 628 628    
    TF - BLD 3 - SUITE 101 2008-06-10 26,370 4,197 SL 39.000000000000 676 676    
    TF - BLD 3 - SUITE 101- BLINDS 2008-07-09 1,500 750 200DB 5.000000000000 0 0    
    TF - BLD 3 - SUITE 101 2008-07-15 49,720 7,809 SL 39.000000000000 1,275 1,275    
    TF - BLD 3 - SUITE 101 2008-08-15 25,204 3,903 SL 39.000000000000 646 646    
    TF - BLD 3 - SUITE 111 2008-06-10 9,831 1,565 SL 39.000000000000 252 252    
    TF - BLD 3 - SUITE 111 2008-07-15 22,332 3,510 SL 39.000000000000 573 573    
    TF - BLD 3 - SUITE 111 2008-08-15 22,952 3,559 SL 39.000000000000 589 589    
    TF - BLD 3 - SUITE 111 - BLINDS 2008-08-28 442 221 200DB 5.000000000000 0 0    
    TF - BLD 3 - SUITE #120 2008-06-10 11,856 1,887 SL 39.000000000000 304 304    
    TF - BLD 3 - SUITE #120 2008-07-15 24,376 3,828 SL 39.000000000000 625 625    
    TF - BLD 3 - SUITE #120 2008-08-15 23,540 3,649 SL 39.000000000000 604 604    
    TF - BLD 3 - SUITE #120 - BLINDS 2008-08-28 1,558 779 200DB 5.000000000000 0 0    
    TF - BLD 3 - SUITE #121 2008-06-10 18,288 2,912 SL 39.000000000000 469 469    
    TF - BLD 3 - SUITE #121 2008-07-15 33,973 5,335 SL 39.000000000000 871 871    
    TF - BLD 3 - SUITE #121 2008-08-15 22,107 3,426 SL 39.000000000000 567 567    
    TF - BLD 3 - SUITE #123 - BLINDS 2008-07-09 1,349 674 200DB 5.000000000000 0 0    
    LANDSCAPING 2007-10-12 5,500   L   0 0    
    TF - BLD 1 2008-08-19 10,000 1,536 SL 39.000000000000 256 256    
    REPLAT 2008-08-26 3,000   L   0 0    
    TENANT FINISH - BLDG #2 2008-03-31 1,875 308 SL 39.000000000000 48 48    
    MAILBOXES 2008-03-31 1,897 1,739 SL 7.000000000000 158 158    
    A-MARK SIGNS 2008-03-31 2,483 2,278 SL 7.000000000000 205 205    
    LANDSCAPING 2008-03-31 8,843   L   0 0    
    TF - BLD 1 BOATZ KNUSEN 2008-12-01 14,500 2,139 SL 39.000000000000 372 372    
    TF - BLD 3 INFO PROS 2008-09-19 17,436 2,645 SL 39.000000000000 447 447    
    TF - BLD 3 CDF 101 2008-10-17 13,559 2,030 SL 39.000000000000 348 348    
    TF - BLD 3 SPEC 1 111 2008-10-17 35,171 5,262 SL 39.000000000000 902 902    
    TF - BLD 3 SPEC 2 120 2008-09-19 24,774 3,757 SL 39.000000000000 635 635    
    TF - BLD 3 SPEC 2 120 2008-10-17 9,416 1,406 SL 39.000000000000 241 241    
    TF - BLD 3 ISAAC FIN 2 121 2008-10-17 8,463 1,266 SL 39.000000000000 217 217    
    TF - BLD 3 MANAGE 200 2008-09-19 153,487 23,288 SL 39.000000000000 3,936 3,936    
    TF - BLD 3 MANAGE 200 2008-10-21 187,655 28,070 SL 39.000000000000 4,812 4,812    
    TF - BLD 3 MANAGE 200 2008-12-01 9,476 1,397 SL 39.000000000000 243 243    
    TF - BLD 3 OTHER 2008-09-19 74,259 11,265 SL 39.000000000000 1,904 1,904    
    TF - BLD 3 WOOD DOORS 2008-12-01 37,000 32,046 200DB 7.000000000000 3,303 4,954    
    TF - BLD 3 STOREFRONTS 2008-12-01 5,500 4,764 200DB 7.000000000000 491 736    
    TF - BLD 3 MIRRORS 2008-12-01 700 606 200DB 7.000000000000 63 94    
    TF - BLD 3 RESILIENT FLOORING 2008-12-01 825 715 200DB 7.000000000000 73 110    
    TF - BLD 3 CERAMIC TILE 2008-12-01 7,624 6,603 200DB 7.000000000000 681 1,021    
    TF - BLD 3 CARPET 2008-12-01 30,000 25,984 200DB 7.000000000000 2,677 4,016    
    TF - BLD 3 CABINETS 2008-12-01 3,800 3,292 200DB 7.000000000000 339 508    
    TF - BLD 3 COUNTERTOPS 2008-12-01 3,500 3,031 200DB 7.000000000000 313 469    
    TF - BLD 3 TOILET ACCESSORIES 2008-12-01 1,000 866 200DB 7.000000000000 89 134    
    TF - BLD 3 FIRE EXTINGUISHERS 2008-12-01 800 693 200DB 7.000000000000 71 107    
    TF - BLD 3 KITCHEN APPLIANCES 2008-12-01 3,400 2,945 200DB 7.000000000000 303 455    
    TENANT FINISH - BLDG #2 2009-10-31 3,582 448 SL 39.000000000000 92 92    
    TENANT FINISH - BLDG #2 2010-04-22 4,654 521 SL 39.000000000000 119 119    
    TENANT FINISH - STE 205 2014-03-19 9,510 102 SL 39.000000000000 244 244    
    HEAT TAPE - BLDG #1 2014-01-28 7,086 106 SL 39.000000000000 182 182    
    TENANT FINISH - STE 300 2013-12-10 23,010 443 SL 39.000000000000 590 590    
    SNOW GUARDS - BLDG #1 2014-02-11 6,994 105 SL 39.000000000000 179 179    
    HEAT TAPE - BLDG #2 2014-01-28 6,014 90 SL 39.000000000000 154 154    
    HVAC ZONING SYSTEM 2014-08-13 5,525 12 SL 39.000000000000 142 142    

    TY 2014 InvestmentsLandSchedule2
    Name:
    NC FOUNDATION
    EIN: 84-1550507
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LAND 2,094,545 0 2,094,545  
    DEVELOPMENT COSTS 117,263 0 117,263  
    LAND 29,005 0 29,005  
    CAPITALIZE REAL ESTATE TAXES 21,613 0 21,613  
    TF - CORRIDOR 125,378 39,250 86,128  
    TF - EDWARD JONES 5,919 1,830 4,089  
    TF - EDWARD JONES - BLINDS 1,528 1,528 0  
    TF - GARAGE 2,146 671 1,475  
    TF - HORIZON INTERACT 126,631 39,640 86,991  
    TF - HORIZON - BLINDS 3,504 3,504 0  
    TF - NC OUTREACH 158,297 49,554 108,743  
    TF - MUSIC ACAD 26,779 8,387 18,392  
    TF - SCE 10,413 3,260 7,153  
    BUILDING #1 1,598,710 503,872 1,094,838  
    DEVELOPMENT COSTS 557,458 0 557,458  
    CAPITALIZED R.E. TAXES 22,177 0 22,177  
    CAPITALIZED CONSTRUCTION INTEREST 153,154 48,269 104,885  
    APPRAISAL FEES 4,700 1,487 3,213  
    TITLE INSURANCE - CLOSING FEES 4,989 1,573 3,416  
    TF - EDWARD JONES 35,929 11,052 24,877  
    TF - HORIZON INTERACT 2,198 672 1,526  
    BUILDING #1 ADDITIONS 4,929 1,512 3,417  
    DEVELOPMENT COSTS 60,000 0 60,000  
    TF - EDWARD JONES 1,978 584 1,394  
    TF - EXEC. SUITE 100 91,132 25,804 65,328  
    TF - EXEC. SUITE 230 68,522 20,132 48,390  
    TF - EXEC. SUITE 340 76,747 21,894 54,853  
    TF - GOSPEL OF GLORY 32,973 9,823 23,150  
    TF - NC OUTREACH 2,555 767 1,788  
    BUILDING #1 ADDITIONS 5,509 1,675 3,834  
    DEVELOPMENT COSTS 27,767 0 27,767  
    CAP. CONSTR. COSTS 11,753 3,023 8,730  
    TF - EXEC. SUITE 100 11,768 3,335 8,433  
    TF - EXEC. SUITE 100 54,180 14,874 39,306  
    TF - SUITE 120 85,060 22,628 62,432  
    TF - SUITE 200 WATERBROOK 372,540 98,306 274,234  
    2005 BUILDING #2 CONSTRUCTION 1,251,793 333,006 918,787  
    2005 CAPITALIZED INTEREST 111,629 29,693 81,936  
    2005 CLOSING COSTS CAPITALIZED 10,985 10,985 0  
    LOAN ORIGINATION FEES 12,200 6,659 5,541  
    TENANT FINISH - SUITE 105 BLDG #2 124,858 30,276 94,582  
    BUILDING #2 FRAMING 61,649 15,612 46,037  
    LANDSCAPING 5,420 0 5,420  
    TENANT FINISH - MBS BLINDS 3,918 3,918 0  
    APPRAISAL FEES 1,014 476 538  
    TITLE INSURANCE - CLOSING FEES 7,617 3,556 4,061  
    LOAN ORIGINATION FEES 5,000 2,333 2,667  
    SURVEY FEES 4,500 2,100 2,400  
    SNOW GUARDS - BLDG #1 1,814 440 1,374  
    SNOW GUARDS - BLDG #2 1,815 440 1,375  
    CAPITALIZE CONSTRUCTION INTEREST 51,836 12,459 39,377  
    TF - SUITE 100 (LESS REIMBURSE ON #200 OF $19,593) 178,462 39,468 138,994  
    BUILDING #3 CAPITALIZED CONSTRUCTION 377,053 78,553 298,500  
    LOAN ORIGINATION FEES 26,000 10,725 15,275  
    DEVELOPMENT COSTS 16,353 0 16,353  
    SNOW GUARDS - BLDG #2 1,063 231 832  
    SNOW GUARDS - BLDG #1 1,062 231 831  
    TENANT FINISH - NCO - BLDG #1 16,300 3,466 12,834  
    LANDSCAPING 4,210 0 4,210  
    DEVELOPMENT COSTS #3 37,536 0 37,536  
    PARKING LOT FOR #3 75,000 44,554 30,446  
    BUILDING CONSTRUCTION #3 275,804 56,281 219,523  
    BUILDING CONSTRUCTION #3 231,141 46,675 184,466  
    BUILDING CONSTRUCTION #3 151,936 30,356 121,580  
    BUILDING CONSTRUCTION #3 133,188 26,324 106,864  
    BUILDING CONSTRUCTION #3 214,952 42,029 172,923  
    BUILDING CONSTRUCTION #3 59,170 11,441 47,729  
    BUILDING CONSTRUCTION #3 40,559 7,757 32,802  
    BUILDING CONSTRUCTION #3 32,028 6,055 25,973  
    BUILDING CONSTRUCTION #3 6,441 1,203 5,238  
    BUILDING CONSTRUCTION #3 38,402 7,100 31,302  
    BUILDING CONSTRUCTION #3 80,684 14,742 65,942  
    BUILDING CONSTRUCTION #3 9,980 1,803 8,177  
    TF - BLD 3 - SUITE #100 21,043 3,892 17,151  
    TF - BLD 3 - SUITE #100 - BLINDS 2,000 2,000 0  
    TF - BLD 3 - SUITE #100 60,758 11,101 49,657  
    TF - BLD 3 - SUITE #100 24,484 4,422 20,062  
    TF - BLD 3 - SUITE 101 26,370 4,873 21,497  
    TF - BLD 3 - SUITE 101- BLINDS 1,500 1,500 0  
    TF - BLD 3 - SUITE 101 49,720 9,084 40,636  
    TF - BLD 3 - SUITE 101 25,204 4,549 20,655  
    TF - BLD 3 - SUITE 111 9,831 1,817 8,014  
    TF - BLD 3 - SUITE 111 22,332 4,083 18,249  
    TF - BLD 3 - SUITE 111 22,952 4,148 18,804  
    TF - BLD 3 - SUITE 111 - BLINDS 442 442 0  
    TF - BLD 3 - SUITE #120 11,856 2,191 9,665  
    TF - BLD 3 - SUITE #120 24,376 4,453 19,923  
    TF - BLD 3 - SUITE #120 23,540 4,253 19,287  
    TF - BLD 3 - SUITE #120 - BLINDS 1,558 1,558 0  
    TF - BLD 3 - SUITE #121 18,288 3,381 14,907  
    TF - BLD 3 - SUITE #121 33,973 6,206 27,767  
    TF - BLD 3 - SUITE #121 22,107 3,993 18,114  
    TF - BLD 3 - SUITE #123 - BLINDS 1,349 1,349 0  
    LANDSCAPING 5,500 0 5,500  
    LEASE COMMISSIONS - BLDG THREE 11,832 11,832 0  
    TF - BLD 1 10,000 1,792 8,208  
    LEASE COMMISSIONS - BLDG THREE 11,832 11,832 0  
    REPLAT 3,000 0 3,000  
    TENANT FINISH - BLDG #2 1,875 356 1,519  
    MAILBOXES 1,897 1,897 0  
    A-MARK SIGNS 2,483 2,483 0  
    LANDSCAPING 8,843 0 8,843  
    TF - BLD 1 BOATZ KNUSEN 14,500 2,511 11,989  
    TF - BLD 3 INFO PROS 17,436 3,092 14,344  
    TF - BLD 3 CDF 101 13,559 2,378 11,181  
    TF - BLD 3 SPEC 1 111 35,171 6,164 29,007  
    TF - BLD 3 SPEC 2 120 24,774 4,392 20,382  
    TF - BLD 3 SPEC 2 120 9,416 1,647 7,769  
    TF - BLD 3 ISAAC FIN 2 121 8,463 1,483 6,980  
    TF - BLD 3 MANAGE 200 153,487 27,224 126,263  
    TF - BLD 3 MANAGE 200 187,655 32,882 154,773  
    TF - BLD 3 MANAGE 200 9,476 1,640 7,836  
    TF - BLD 3 OTHER 74,259 13,169 61,090  
    LEASE COMMISSIONS - BLDG ONE 2,617 2,617 0  
    TITLE INSURANCE - CLOSING FEES 4,236 1,979 2,257  
    LOAN EXTENSION FEES 14,575 4,921 9,654  
    APPRAISAL FEES 6,500 2,194 4,306  
    TITLE INSURANCE - CLOSING FEES 1,636 553 1,083  
    TF - BLD 3 WOOD DOORS 37,000 35,349 1,651  
    TF - BLD 3 STOREFRONTS 5,500 5,255 245  
    TF - BLD 3 MIRRORS 700 669 31  
    TF - BLD 3 RESILIENT FLOORING 825 788 37  
    TF - BLD 3 CERAMIC TILE 7,624 7,284 340  
    TF - BLD 3 CARPET 30,000 28,661 1,339  
    TF - BLD 3 CABINETS 3,800 3,631 169  
    TF - BLD 3 COUNTERTOPS 3,500 3,344 156  
    TF - BLD 3 TOILET ACCESSORIES 1,000 955 45  
    TF - BLD 3 FIRE EXTINGUISHERS 800 764 36  
    TF - BLD 3 KITCHEN APPLIANCES 3,400 3,248 152  
    TENANT FINISH - BLDG #2 3,582 540 3,042  
    TENANT FINISH - BLDG #2 4,654 640 4,014  
    LOAN EXTENSION FEES 15,751 4,531 11,220  
    LEASE COMMISSION - WATERBROOK 70,000 70,000 0  
    LEASE COMMISSION - RESERVE NATIONAL INSURANCE 5,362 4,766 596  
    APPRAISAL FEES 7,500 1,792 5,708  
    LEASE COMMISSION - WATERBROOK 24,208 17,754 6,454  
    LEASE COMMISSION - EDWARD JONES 2,489 1,729 760  
    LEASE COMMISSION - FINACIAL SERVICES 3,429 1,829 1,600  
    LEASE COMMISSION - INF PRO 8,922 4,163 4,759  
    LEASE COMMISSION - CHERWELL STE 105 2,352 2,352 0  
    LEASE COMMISSION - CHERWELL STE 105 2,352 2,352 0  
    LEASE COMMISSION - MBS 15,548 5,701 9,847  
    LEASE COMMISSION - RESERVE NATIONAL INSURANCE 3,024 1,344 1,680  
    LEASE COMMISSION - CHERWELL STE 205 1,961 1,961 0  
    LEASE COMMISSION - INF PRO 3,016 1,340 1,676  
    TENANT FINISH - STE 205 9,510 346 9,164  
    LEASE COMMISSION - CHERWELL STE 200 6,267 6,267 0  
    LEASE COMMISSION - CHERWELL STE 340 1,185 1,185 0  
    LEASE COMMISSION - CHERWELL STE 330 7,898 7,898 0  
    APPRAISAL FEES 4,500 525 3,975  
    HEAT TAPE - BLDG #1 7,086 288 6,798  
    TENANT FINISH - STE 300 23,010 1,033 21,977  
    SNOW GUARDS - BLDG #1 6,994 284 6,710  
    HEAT TAPE - BLDG #2 6,014 244 5,770  
    HVAC ZONING SYSTEM 5,525 154 5,371  
    LEASE COMMISSION - 180 ACCOUNTING 2,679 0 2,679  
    LEASE COMMISSION - PENGUIN RANDOM HOUSE 6,506 1,627 4,879  
    LEASE COMMISSION - RE MAX 20,829 0 20,829  
    LEASE COMMISSION - FARMERS INSURACE 4,010 1,337 2,673  
    LEASE COMMISSION - RT COURSE 3,095 103 2,992  
    LEASE COMMISSION - CHERWELL SOFTWARE 5,793 0 5,793  

    TY 2014 MortgagesAndNotesPayableSch
    Name:
    NC FOUNDATION
    EIN: 84-1550507
    Total Mortgage Amount: 6261265

    Item No. 1
    Lender's Name  
    Lender's Title  
    Relationship to Insider N/A
    Original Amount of Loan 4850000
    Balance Due 3703393
    Date of Note 2007-04
    Maturity Date  
    Repayment Terms  
    Interest Rate  
    Security Provided by Borrower REAL ESTATE
    Purpose of Loan FINANCE OWNERSHIP
    Description of Lender Consideration  
    Consideration FMV  

    Item No. 2
    Lender's Name  
    Lender's Title  
    Relationship to Insider N/A
    Original Amount of Loan 2650000
    Balance Due 2557872
    Date of Note 2007-06
    Maturity Date  
    Repayment Terms  
    Interest Rate  
    Security Provided by Borrower REAL ESTATE
    Purpose of Loan FINANCE OWNERSHIP
    Description of Lender Consideration  
    Consideration FMV  


    TY 2014 OtherAssetsSchedule
    Name:
    NC FOUNDATION
    EIN: 84-1550507
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    TAX ESCROW DEPOSIT 8,377 -11,363 -11,363


    TY 2014 OtherExpensesSchedule
    Name:
    NC FOUNDATION
    EIN: 84-1550507
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADMINISTRATIVE COSTS 103 55   0
    BANK SERVICE FEES 1,439 764   0
    BUILDING SERVICE 10,020 5,317   0
    DUES 3,349 1,777   0
    GROUND MAINTENANCE 12,887 6,838   0
    PROPERTY INSURANCE 9,151 4,856   0
    MAINTENANCE & REPAIR 14,373 7,626   0
    MILEAGE 165 88   0
    PROPERTY MANAGEMENT FEES 21,767 11,550   0
    SUPPLIES 4,128 2,190   0
    UTILITIES 22,425 11,899   0
    ADMINISTRATIVE COSTS 161 85   0
    BANK SERVICE FEES 2,257 1,198   0
    BUILDING SERVICE 15,715 8,338   0
    DUES 5,253 2,787   0
    GROUND MAINTENANCE 20,211 10,724   0
    MAINTENANCE & REPAIR 22,541 11,960   0
    MILEAGE 259 137   0
    PROPERTY INSURANCE 14,351 7,615   0
    PROPERTY MANAGEMENT FEES 34,137 18,113   0
    SUPPLIES 6,477 3,437   0
    UTILITIES 37,021 19,643   0
    ADMINISTRATIVE COSTS 96 51   0
    BANK SERVICE FEES 1,346 714   0
    BUILDING SERVICE 9,375 4,974   0
    DUES 3,133 1,662   0
    GROUND MAINTENANCE 12,057 6,397   0
    MAINTENANCE & REPAIR 13,447 7,135   0
    MILEAGE 155 82   0
    PROPERTY MANAGEMENT FEES 20,365 10,806   0
    SUPPLIES 3,866 2,051   0
    UTILITIES 32,222 17,097   0
    PROPERTY INSURANCE 8,561 4,542   0
    AMORTIZATION 44,476 23,597   0


    TY 2014 OtherLiabilitiesSchedule
    Name:
    NC FOUNDATION
    EIN: 84-1550507
    Description Beginning of Year - Book Value End of Year - Book Value
    SECURITY DEPOSITS 32,900 49,250
    DUE TO NICKY CRUZ OUTREACH 568,764 648,764
    N/P - CASCADE FUNDING 8,235 2,141


    TY 2014 TaxesSchedule
    Name:
    NC FOUNDATION
    EIN: 84-1550507
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX 5,269 0   0
    REAL ESTATE TAXES 28,918 15,344   0
    REAL ESTATE TAXES 45,352 24,064   0
    REAL ESTATE TAXES 27,056 14,356   0