Form990-PF
Click to see list of attachments

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.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2019
Open to Public Inspection
For calendar year 2019, or tax year beginning 01-01-2017 , and ending 12-31-2017
Name of foundation
John M Belk Endowment
 
Number and street (or P.O. box number if mail is not delivered to street address)4201 Congress Street
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Charlotte, NC28209
A Employer identification number

56-1954114
B Telephone number (see instructions)

(704) 943-4160
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$355,241,136J Accounting method:
 
(Part I, column (d) must be on cash basis.)
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.............
3 Interest on savings and temporary cash investments 125 125  
4 Dividends and interest from securities... 1,429,967 1,429,967  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 11,548,143
b Gross sales price for all assets on line 6a 28,713,552
7 Capital gain net income (from Part IV, line 2)... 11,548,143
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)....... Click to see attachment 6,316,139 6,316,139  
12 Total. Add lines 1 through 11........ 19,294,374 19,294,374  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 295,054 14,753   280,301
14 Other employee salaries and wages...... 402,649     402,649
15 Pension plans, employee benefits....... 126,024 1,260   124,764
16a Legal fees (attach schedule)......... Click to see attachment 5,447 272   5,175
b Accounting fees (attach schedule)....... Click to see attachment 121,044 312   120,732
c Other professional fees (attach schedule).... Click to see attachment 978,659 678,983   299,675
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 51,157      
19 Depreciation (attach schedule) and depletion... Click to see attachment 76,046    
20 Occupancy.............. 21,044     21,044
21 Travel, conferences, and meetings....... 80,343     80,343
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see list of attachments 1,220,970 1,135,336   94,634
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 3,378,437 1,830,916   1,429,317
25 Contributions, gifts, grants paid....... 3,001,690 3,001,690
26 Total expenses and disbursements. Add lines 24 and 25 6,380,127 1,830,916   4,431,007
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 12,914,247
b Net investment income (if negative, enter -0-) 17,463,458
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2019)
Form 990-PF (2019)
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............. 96,916 670,423 670,423
2 Savings and temporary cash investments......... 374,985 1,064,859 1,064,859
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)....... 32,973,943 Click to see attachment26,244,234 34,751,538
c Investments—corporate bonds (attach schedule)....... 32,162,087 Click to see attachment34,498,988 34,553,297
11 Investments—land, buildings, and equipment: basis bullet41,466,994
Less: accumulated depreciation (attach schedule) bullet   41,466,994 Click to see attachment41,466,994 23,920,000
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 208,551,932 Click to see attachment224,666,856 259,726,765
14 Land, buildings, and equipment: basis bullet746,878
Less: accumulated depreciation (attach schedule) bullet221,558 597,387 Click to see attachment525,320 525,320
15 Other assets (describe bullet) Click to see attachment28,372 Click to see attachment28,934 Click to see attachment28,934
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 316,252,616 329,166,608 355,241,136
Liabilities 17 Accounts payable and accrued expenses.......... 6,313 6,058
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)    
23 Total liabilities (add lines 17 through 22)......... 6,313 6,058
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 316,246,303 329,160,550
29 Total net assets or fund balances (see instructions)..... 316,246,303 329,160,550
30 Total liabilities and net assets/fund balances (see instructions). 316,252,616 329,166,608
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 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
316,246,303
2
Enter amount from Part I, line 27a .....................
2
12,914,247
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
329,160,550
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 29 .
6
329,160,550
Form 990-PF (2019)
Form 990-PF (2019)
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 Publicly traded securities      
b Passtrough K-1 capital gain      
c Fixed asset disposal P 2017-01-01 2017-12-31
d Capital gain distributions      
e BBH Wealth Strategies LLC- REMS Group P 2017-01-01 2019-09-29
BlackRock Equity Index Non-lendable Fund P 2017-01-01 2017-12-01
(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 7,946,597   6,229,925 1,716,672
b 8,798,346     8,798,346
c 800   4,459 -3,659
d 496,701     496,701
e 8,205,472   8,205,514 -42
3,265,636   2,725,511 540,125
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       1,716,672
b       8,798,346
c       -3,659
d       496,701
e       -42
      540,125
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 11,548,143
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))
2018 3,252,624 301,264,389 0.01080
2017 37,294,144 303,195,297 0.12300
2016 12,836,097 290,735,649 0.04415
2015 3,562,828 281,957,406 0.01264
2014 2,346,250 190,459,114 0.01232
2
Total of line 1, column (d) .....................
2
0.202906
3
Average distribution ratio for the 5-year base period—divide the total on line 2 by 5.0, or by the number of years the foundation has been in existence if less than 5 years ......
3
0.040581
4
Enter the net value of noncharitable-use assets for 2019 from Part X, line 5......
4
331,146,866
5
Multiply line 4 by line 3......................
5
13,438,271
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
174,635
7
Add lines 5 and 6........................
7
13,612,906
8
Enter qualifying distributions from Part XII, line 4,.............
8
4,438,602
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 (2019)
Form 990-PF (2019)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket includes lines 1a and 1b
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Domestic foundations that meet the section 4940(e) requirements in Part V, check 1 349,269
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........................... 3 349,269
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- ..... 5 349,269
6 Credits/Payments:
a 2019 estimated tax payments and 2018 overpayment credited to 2019 6a 57,830
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 35,795
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 91,885
8 Enter any penalty for underpayment of estimated tax. Check here 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 9 257,384
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 2020 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$   (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
 
No
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 2019 or the taxable year beginning in 2019? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2019)
    Form 990-PF (2019)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    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 addressbulletWWW.JMBENDOWNMENT.ORG
    14
    The books are in care ofbulletKatie Lindquist Telephone no.bullet (704) 943-4167

    Located atbullet4201 Congress Street Suite 470CharlotteNC ZIP+4bullet28209
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2019, 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 the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    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
     
    No
    ........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 2019?.............
    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 2019, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2019?.............
    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
     
    No
    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 2019 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 2019.)..................
    3b
     
    No
    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 2019?
    4b
     
    No
    Form 990-PF (2019)
    Form 990-PF (2019)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (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
     
    No
    .........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
     
    No
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    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
    Mary Claudia Belk Pilon Board Chair
    20.00     		0    
    4201 Congress Street
    Charlotte,NC28209
    George S Dewey IV Vice Chair
    5.00     		0    
    4201 Congress Street
    Charlotte,NC28209
    Virginia M Esposito Board Mbr/Sec
    5.00     		0    
    4201 Congress Street
    Charlotte,NC28209
    Brian T Marley Board Mbr/Trea
    5.00     		0    
    4201 Congress Street
    Charlotte,NC28209
    Anthony Zeiss Board Member
    5.00     		0    
    4201 Congress Street
    Charlotte,NC28209
    Kristen Teskey ED/ Asst Sec
    40.00     		233,235 13,191  
    4201 Congress Street
    Charlotte,NC28209
    Jeffrey Alligood Fin/ Asst Trea
    40.00     		43,077 5,551  
    4201 Congress Street
    Charlotte,NC28209
    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
    Cynthia Liston Program Offcr
    40.00     		109,721 20,122  
    4201 Congress Street
    Charlotte,NC28209
    Jennifer Bihn Grants Mngr
    40.00     		102,641 20,699  
    4201 Congress Street
    Charlotte,NC28209
    Usoon Woo Exec Assist
    40.00     		69,079 18,860  
    4201 Congress Street
    Charlotte,NC28209
    Total number of other employees paid over $50,000...................bullet  
    Form 990-PF (2019)
    Form 990-PF (2019)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    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
    BBH Investment and Wealth Management Invest mgmt 544,111
    140 Broadway
    New York,NY10005
    Clifton Larson Allen Interim controller 114,808
    227 West Trade Street 8th Floor
    Charlotte,NC28202
    BlackRock Invest mgmt 93,627
    1340 Environ Way 314
    Chapel Hill,NC27517
    South Summit Services Foundation mgmt svcs 257,320
    4201 Congress Street Ste 470
    Charlotte,NC28209
    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  
    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.........................bullet  
    Form 990-PF (2019)
    Form 990-PF (2019)
    Page 8
    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
    309,679,555
    b
    Average of monthly cash balances.......................
    1b
    2,590,157
    c
    Fair market value of all other assets (see instructions)................
    1c
    23,920,000
    d
    Total (add lines 1a, b, and c).........................
    1d
    336,189,712
    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
     
    3
    Subtract line 2 from line 1d.........................
    3
    336,189,712
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    5,042,846
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    331,146,866
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    16,557,343
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    16,557,343
    2a
    Tax on investment income for 2019 from Part VI, line 5......
    2a
    349,269
    b
    Income tax for 2019. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    349,269
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    16,208,074
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    800
    5
    Add lines 3 and 4............................
    5
    16,208,874
    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
    16,208,874
    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
    4,431,007
    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
    7,595
    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
    4,438,602
    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
    4,438,602
    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 (2019)
    Form 990-PF (2019)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2018     		(c)
    2018     		(d)
    2019
    1 Distributable amount for 2019 from Part XI, line 7 16,208,874
    2 Undistributed income, if any, as of the end of 2019:
    a Enter amount for 2018 only....... 1,640,668
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2019:
    a From 2014......  
    b From 2015......  
    c From 2016......  
    d From 2017......  
    e From 2018......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2019 from Part
    XII, line 4: bullet$ 4,438,602
    a Applied to 2018, but not more than line 2a 1,640,668
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2019 distributable amount..... 2,797,934
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2019.    
    (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 2018. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2019. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2020 ..........     		13,410,940
    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) .......     		 
    8 Excess distributions carryover from 2014 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2020.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2015....  
    b Excess from 2016....  
    c Excess from 2017....  
    d Excess from 2018....  
    e Excess from 2019....  
    Form 990-PF (2019)
    Form 990-PF (2019)
    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 2019, 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) 2019 (b) 2018 (c) 2017 (d) 2016
             
    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 foundation 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 (2019)
    Form 990-PF (2019)
    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
    Single Stop USA
    1825 park Ave
    New York,NY10035     		N/A PC Expansion of Single Stop into North Carolina Community Colleges 1,632,010
    North Carolina Community College Fd
    200 W Jones St 5016 Mail Srvc Cntr
    Raleigh,NC27699     		N/A SO III FI North Carolina Community College Student Success Center 250,000
    MDC Inc
    307 W Main St
    Durham,NC27701     		N/A PC Fayetteville NSEM Participation 25,000
    Foundation For The Carolinas
    220 N Tryon Street
    Charlotte,NC28202     		N/A PC Foundation For The Carolinas - Belk Place 994,680
    NC State University
    2701 Sullivan Drive Campus Box 721
    Raleigh,NC27695     		N/A GOV Envisioning Excellence for Community College Leadership Planning 100,000
    Total .................................bullet 3a 3,001,690
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2019)
    Form 990-PF (2019)
    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 ...........     		    14 125  
    4 Dividends and interest from securities....     14 1,429,967  
    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 ............     		    18 11,548,143  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aHunting lease & other     		    16 9,882  
    bPassthrough K-1 income     14 6,074,931  
    cTimber income- JMB Land     14 231,326  
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   19,294,374  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    19,294,374
    (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 (2019)
    Form 990-PF (2019)
    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) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    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) (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 name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2019)
    Additional Data


    Software ID: 17005038
    Software Version: 2017v2.2


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2017 AccountingFeesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Accounting fees 6,236 312 0 5,924
    Interim controller services 114,808 0 0 114,808

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

    TY 2017 DepreciationSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    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
    Leasehold Improvements 2015-03-15 339,232 109,219 SL 39.0000 8,678      
    Office furniture 2014-12-19 38,000 5,700 SL 10.0000 3,800      
    Office furniture 2015-03-15 110,347 16,552 SL 10.0000 11,034      
    Architect fees - WIP 2014-12-31 10,626 488 SL 39.0000 272      
    Computer and peripherals 2017-01-01 248,674 17,509 SL 5.0000 52,262      

    TY 2017 InvestmentsCorpBondsSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Name of Bond End of Year Book Value End of Year Fair Market Value
    BBH Limited Duration Fund Cl I 14,883,642 14,893,009
    Unitedhealth Group Inc 6% 02/15/2018 562,590 552,712
    Medtronic Inc Nts 1.5% 43174 701,036 699,496
    Goldman Sachs Group Inc 6.15% 04/01/18 574,879 565,891
    Wal-Mart Stores Inc Nts 1.125% 43408 700,398 699,825
    John Deere Capital Corp Bonds 1.6% 07/13 955,337 953,835
    Rogers Communications Inc Nts 6.8% 08/15 293,577 288,226
    Western Union Co Nts Make Whole 3.65% 08 967,155 963,576
    Amgen Inc Nts 1.9% 05/10/2019 419,786 418,648
    Duke Energy Florida Llc Nts 2.1% 12/15/2 335,000 334,729
    Ares Capital Corp Make Whole Nts 3.875% 961,024 976,963
    FS Investment Corp Nts 4.25% 01/15/20 363,874 371,242
    Microsoft Corp Nts 1.85% 02/12/2020 705,754 697,291
    At&T Inc Nts 2.45% 06/30/2020 954,513 953,959
    Caterpillar Financial Nts 2.5% 11/13/202 954,150 959,861
    Burlington No Sf 99-2 Tr 7.57% 01/02/202 139,637 128,910
    Southern Cal Edison 1.845% 02/01/2022 135,000 133,689
    Celgene Corp Nts 3.55% 44788 954,332 983,679
    Anheuser-Busch Inbev Fin 2.625% 01/17/23 900,012 896,787
    Intl Business Machines Corp Nts 3.625% 0 974,524 1,000,009
    Apple Computer Inc Nts 3.45% 45448 354,979 362,957
    Education Realty Operat 4.6% 12/01/24 224,980 233,667
    Merck & Co Inc Nts 2.75% 02/10/2025 828,630 826,638
    Renaissancere Finance Nts 3.7% 04/01/202 269,460 277,193
    Abbvie Inc Nts 3.6% 05/14/2025 679,065 677,505
    Coca-Cola Co Nts 2.55% 06/01/2026 539,381 544,992
    Actavis Funding Scs Nts 2.35% 03/12/2018 956,311 955,754
    Commonwealth Bk Austr 1.625% 03/12/18 479,400 479,914
    Trans-Canada Pipelines 3.125% 01/15/19 509,361 504,570
    Bank Of Nova Scotia Nts 2.05% 06/05/19 955,764 952,660
    Statoil Asa Make Whole 2.25% 11/08/2019 955,871 954,924
    Bank Of Montreal Nts 2.1% 12/12/2019 134,942 134,626
    Toronto-Dominion Bank Nts 2.5% 12/14/20 174,624 175,560

    TY 2017 InvestmentsCorpStockSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Name of Stock End of Year Book Value End of Year Fair Market Value
    44000 shs Comcast Corp Cl A 1,212,533 1,762,200
    41650 shs Discovery Communications -C 1,082,944 881,730
    34700 shs Liberty Interactive Corp Q-A 686,622 847,374
    38300 shs Liberty Global Plc-Series C 1,200,960 1,296,072
    14300 shs Diageo PLC- Sponsored ADR 1,662,722 2,088,229
    25736 shs Kroger Co Com Stk 544,580 706,453
    7645 shs Nestle S A Spons Adr 510,391 657,241
    10350 shs Philip Morris International 830,027 1,093,478
    28300 shs Unilever N V-Ny Shares 1,129,429 1,593,856
    9575 shs Berkshire Hathaway Inc-Cl B 904,339 1,897,956
    31750 shs U S Bancorp 1,140,766 1,701,165
    30200 shs Wells Fargo & Co 1,271,292 1,832,234
    4100 shs Dentsply Sirona Inc Com Stk 228,666 269,903
    26000 shs Novartis Ag - Adr 1,862,572 2,182,960
    8000 shs Henry Schein Inc Com Stk 611,520 559,040
    16100 shs Zoetis Inc Com Stk 540,423 1,159,844
    11085 shs Perrigo Co Plc Com Stk 1,241,538 966,169
    22000 shs Nielsen Holdings PLC Foreign 934,747 800,800
    1455 shs Alphabet Inc Cl C 800,047 1,522,512
    690 shs Alphabet Inc Cl A 270,881 726,846
    7800 shs Fleetcor Technologies Inc Com 1,031,790 1,500,954
    47900 shs Oracle Corp 1,840,838 2,264,712
    13560 shs Paypal Holdings Inc- Com Stk 415,502 998,287
    31700 shs Qualcomm Inc 1,939,783 2,029,434
    29178 shs Sabre Corp Com Stk 620,684 598,149
    7500 shs Celanese Corp Series A 310,042 803,100
    13000 shs Praxair Inc 1,418,596 2,010,840

    TY 2017 InvestmentsLandSchedule2
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Land 41,466,994   41,466,994 23,920,000

    TY 2017 InvestmentsOtherSchedule2
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    Altarock Partners Series AT COST 12,551,927 15,284,630
    Bares Mid-Large Cap Series AT COST 14,679,094 18,637,129
    Burgundy Emerging Market AT COST 9,826,767 11,184,953
    Clarkston Capital Partners Small-Mid Cap AT COST 9,348,668 11,428,979
    LBC Credit Parners III USTE Series AT COST 2,975,481 2,618,835
    Select Equity Series AT COST 20,830,679 23,615,526
    BBH Cap Partners QP IV (Cayman) AT COST 684,156 1,100,808
    Longleaf Partners Small Cap Fd AT COST 7,820,846 7,319,639
    Oaktree Opportunities Sub Trust AT COST 516,579 614,430
    1-3 Year Treasury Index Non-Lendab AT COST 6,791,805 6,738,803
    US Debt B (510353) AT COST 31,246,248 31,142,903
    Emerging Markets Index NL Fund B AT COST 6,548,646 9,798,016
    Equity Index NL Fund B AT COST 58,981,848 69,057,405
    MSCI World Ex-US Index Fund B AT COST 20,344,073 26,243,388
    Russell 2000 Equity Index Fund B AT COST 6,782,541 9,692,962
    US Real Estate Securities Fund B AT COST 7,205,190 7,214,372
    Alpha Credit HY Bond Fund B AT COST 7,520,688 8,022,367
    Short-Term Investment Fund B AT COST 11,620 11,620

    TY 2017 LandEtcSchedule2
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Furniture and Fixtures 148,347 37,087 111,260 111,260
    Machinery and Equipment 248,673 65,814 182,859 182,860
    Improvements 349,858 118,657 231,201 231,200


    TY 2017 LegalFeesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Legal fees 5,447 272 0 5,175


    TY 2017 OtherAssetsSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    Sales tax receivable 11,437 11,999 11,999
    Security deposit 16,935 16,935 16,935


    TY 2017 OtherExpensesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Bank fees 150 17   133
    Books,subscriptions,references 28,434     28,434
    Communications & public relations 3,480     3,480
    Davidson scholars expenses 22,556     22,556
    Information technology 27,586     27,586
    Insurance 7,712 771   6,941
    K-1 expenses 1,112,889 1,112,889    
    Other expenses 1,869     1,869
    Other land expenses 12,210 21,210    
    Payroll processing fees 4,084 449   3,635


    TY 2017 OtherIncomeSchedule2
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Hunting lease & other 9,882 9,882  
    Passthrough K-1 income 6,074,931 6,074,931  
    Timber income- JMB Land 231,326 231,326  


    TY 2017 OtherProfessionalFeesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Foundation management services 256,616 19,246 0 237,369
    Investment management fees 637,737 637,737 0 0
    Land management services 22,000 22,000 0 0
    Leadership development 35,000 0 0 35,000
    Other consulting services 584 0 0 584
    Strategic planning services 26,722 0 0 26,722


    TY 2017 ReasonableCauseExplanation
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Explanation:
    John M. Belk Endowment (the foundation) respectfully requests abatement of penalties related to late payment of tax for this amended 2017 Form 990-PF. The foundation entered into partnership investments in the prior year, and the tax preparer did not know to expect Schedules K-1. The foundation exercised ordinary business care and prudence in relying on its investment and tax advisors to include all taxable income in the return as originally filed. The omission of partnership income in the originally filed 2017 990-PF was not due to willful neglect. Once the omission of partnership income was recognized, the foundation took immediate steps to amend this return to properly report it.

    TY 2017 TaxesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    17005038
    Software Version:
    2017v2.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Excise tax 51,157