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.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2018
Open to Public Inspection
For calendar year 2018, or tax year beginning 01-01-2018 , and ending 12-31-2018
Name of foundation
LAUGHING GULL FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)1003 LAMOND AVE
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
DURHAM, NC277012072
A Employer identification number

36-4749289
B Telephone number (see instructions)

(615) 271-2175
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$25,348,381J 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) 4,866,617
2 Check bullet.............
3 Interest on savings and temporary cash investments 125,263 125,263  
4 Dividends and interest from securities... 350,111 343,999  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 4,494,337
b Gross sales price for all assets on line 6a 5,375,437
7 Capital gain net income (from Part IV, line 2)... 4,489,111
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 -130,468    
12 Total. Add lines 1 through 11........ 9,705,860 4,958,373  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 68,643     6,864
14 Other employee salaries and wages...... 61,493      
15 Pension plans, employee benefits....... 40,260     4,026
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 4,500      
c Other professional fees (attach schedule).... Click to see attachment 419,422 96,285   180,692
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 30,240 10,265    
19 Depreciation (attach schedule) and depletion... Click to see attachment 467    
20 Occupancy.............. 14,640      
21 Travel, conferences, and meetings....... 33,003     11,665
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 39,768     5,476
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 712,436 106,550   208,723
25 Contributions, gifts, grants paid....... 3,136,232 3,136,232
26 Total expenses and disbursements. Add lines 24 and 25 3,848,668 106,550   3,344,955
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 5,857,192
b Net investment income (if negative, enter -0-) 4,851,823
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2018)
Form 990-PF (2018)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 3,988,520 3,238,539 3,230,890
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) bullet750,000
Less: allowance for doubtful accounts bullet   750,000 Click to see attachment750,000 750,000
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)....... 10,332,443 Click to see attachment10,315,166 13,457,149
c Investments—corporate bonds (attach schedule)....... 3,325,368 Click to see attachment5,218,744 5,144,692
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 1,882,154 Click to see attachment2,316,495 2,765,650
14 Land, buildings, and equipment: basis bullet5,340
Less: accumulated depreciation (attach schedule) bullet4,172 1,635 Click to see attachment1,168  
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 20,280,120 21,840,112 25,348,381
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment25,001 Click to see attachment20,433
23 Total liabilities (add lines 17 through 22)......... 25,001 20,433
Net Assets or Fund Balances Foundations that follow SFAS 117, check here bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................. 20,255,119 21,819,679
25 Temporarily restricted...............    
26 Permanently restricted...............    
Foundations that do not follow SFAS 117, check here 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)..... 20,255,119 21,819,679
31 Total liabilities and net assets/fund balances (see instructions). 20,280,120 21,840,112
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
20,255,119
2
Enter amount from Part I, line 27a .....................
2
5,857,192
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
26,112,311
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
4,292,632
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
21,819,679
Form 990-PF (2018)
Form 990-PF (2018)
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 P    
b PUBLICLY TRADED SECURITIES P    
c PUBLICLY TRADED SECURITIES P    
d PUBLICLY TRADED SECURITIES P    
e PUBLICLY TRADED SECURITIES P    
(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 29   29  
b 285,459   283,345 2,114
c 5,076,617   593,695 4,482,922
d 6,653   3,018 3,635
e 1,148   859 289
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       2,114
c       4,482,922
d       3,635
e       289
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 4,489,111
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 3 289
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))
2017 1,700,016 22,631,251 0.075118
2016 1,361,920 20,897,855 0.065170
2015 952,143 22,485,121 0.042345
2014 411,420 16,629,140 0.024741
2013 316,594 6,184,470 0.051192
2
Total of line 1, column (d) .....................
2
0.258566
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
0.051713
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
25,300,072
5
Multiply line 4 by line 3......................
5
1,308,343
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
48,518
7
Add lines 5 and 6........................
7
1,356,861
8
Enter qualifying distributions from Part XII, line 4,.............
8
3,344,955
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 (2018)
Form 990-PF (2018)
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 48,518
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 48,518
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 48,518
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 28,200
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 44,833
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 73,033
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 30
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 24,485
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet24,485 RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? (see Instructions
for definition).................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletNC
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2018 or the taxable year beginning in 2018? 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 (2018)
    Form 990-PF (2018)
    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 addressbulletN/A
    14
    The books are in care ofbulletSYNOVUS FAMILY ASSET MANAGEMENT Telephone no.bullet (615) 271-2175

    Located atbullet1033 DEMONBREUN ST STE 200NASHVILLETN ZIP+4bullet37203
    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 2018, 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
     
     
    ........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 2018?.............
    1c
     
     
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2018, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2018?.............
    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 2018 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 2018.)..................
    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 2018?
    4b
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    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
     
     
    .........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
     
     
    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
    MARJORIE OWEN BAESMITH PRESIDENT AN
    000.00     		68,643 0 0
    1003 LAMOND AVENUE
    DURHAM,NC27701
    EMILY COWARD SECRETARY
    000.00     		0 0 0
    1003 LAMOND AVENUE
    DURHAM,NC27701
    MARJORIE WILLIAMS COWARD CHAIR
    000.00     		0 0 0
    1003 LAMOND AVENUE
    DURHAM,NC27701
    SARAH SCHWARTZ BAESMITH TREASURER
    000.00     		0 0 0
    1003 LAMOND AVENUE
    DURHAM,NC27701
    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
    KAREN A CARLTON COORDINATOR
    000.00     		61,493    
    1003 LAMOND AVE
    DURHAM,NC27701
    Total number of other employees paid over $50,000...................bullet  
    Form 990-PF (2018)
    Form 990-PF (2018)
    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
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 N/A  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2018)
    Form 990-PF (2018)
    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
    18,643,659
    b
    Average of monthly cash balances.......................
    1b
    3,506,302
    c
    Fair market value of all other assets (see instructions)................
    1c
    3,535,391
    d
    Total (add lines 1a, b, and c).........................
    1d
    25,685,352
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    25,685,352
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    385,280
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    25,300,072
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,265,004
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    1,265,004
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    48,518
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    48,518
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,216,486
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    1,216,486
    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
    1,216,486
    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
    3,344,955
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    3,344,955
    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
    48,518
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    3,296,437
    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 (2018)
    Form 990-PF (2018)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2017     		(c)
    2017     		(d)
    2018
    1 Distributable amount for 2018 from Part XI, line 7 1,216,486
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2018:
    a From 2013......  
    b From 2014......  
    c From 2015......  
    d From 2016......  
    e From 2017...... 545,592
    fTotal of lines 3a through e........ 545,592
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$ 3,344,955
    a Applied to 2017, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2018 distributable amount..... 1,216,486
    e Remaining amount distributed out of corpus 2,128,469
    5 Excess distributions carryover applied to 2018.    
    (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 2,674,061
    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 2017. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2018. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2019 ..........     		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) .......     		 
    8 Excess distributions carryover from 2013 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		2,674,061
    10 Analysis of line 9:
    a Excess from 2014....  
    b Excess from 2015....  
    c Excess from 2016....  
    d Excess from 2017.... 545,592
    e Excess from 2018.... 2,128,469
    Form 990-PF (2018)
    Form 990-PF (2018)
    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 2018, 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) 2018 (b) 2017 (c) 2016 (d) 2015
             
    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 (2018)
    Form 990-PF (2018)
    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
    ACLU FOUNDATION OF NC
    PO BOX 28004
    RALEIGH,NC27611     		NONE PC GENERAL OPERATING SUPPORT 75,000
    AL PRISON ARTS EDUCATION PROJECT
    381 MELL STREET
    220 M WHITE SMITH HALL
    AUBURN,AL36849     		NONE PC 2017 TRAVEL GRANT 18,500
    ASTRAEA LESBIAN FOUNDATION
    116 EAST 16TH STREET
    7TH FLOOR
    NEW YORK,NY10003     		NONE PC SUPPORT LGBTQ RACIAL JUSTICE FUND 50,000
    AUBURN UNIVERSITY FOUNDATION
    317 SOUTH COLLEGE STREET
    AUBURN,AL36849     		NONE PC 2018 NCHEP 1,800
    CAMPAIGN FOR SOUTHERN EQUALITY
    PO BOX 364
    ASHEVILLE,NC28802     		NONE PC GENERAL OPERATING SUPPORT 100,000
    COLLEGE AND COMMUNITY FELLOWSHIP
    475 RIVERSIDE DR 1626
    NEW YORK,NY10115     		NONE PC EDUCATION OF PELL GRANT PROGRAM 60,000
    COMMUNITY PARTNERS
    1000 N ALAMEDA STREET
    SUITE 240
    LOS ANGELES,CA90012     		NONE PC AHEP GENERAL OPERATING SUPPORT 80,000
    EQUALITY FEDERATION
    567 SUTTER ST 3RD FLOOR
    SAN FRANCISCO,CA94102     		NONE PC SOUTHERN SUMMIT 35,000
    EQUALITY VA
    403 N ROBINSON ST
    RICHMOND,VA23220     		NONE PC GENERAL OPERATING SUPPORT 100,000
    EQUALITY VA
    403 N ROBINSON ST
    RICHMOND,VA23220     		NONE PC TRANS INITIATIVE PROJECT 50,000
    FREEDOM CENTER FOR SOCIAL JUSTICE
    PO BOX 9039
    CHARLOTTE,NC28299     		NONE PC GENERAL OPERATING SUPPORT 100,000
    FREEDOM EDUCATION PROJECT
    4759 15TH AVENUE NE
    SUITE 302
    SEATTLE,WA98105     		NONE PC EDUCATIONAL PATHWAY FROM PRISON 45,000
    FUNDERS FOR LGBTQ ISSUES
    116 E 16TH ST FLOOR 7
    NEW YORK,NY10003     		NONE PC OITS INITIATIVE 125,000
    GOUCHER COLLEGE
    1021 DULANEY VALLEY RD
    BALTIMORE,MD21204     		NONE PC GOUCHER PRISON EDUCATION PARTNERSHIP 30,000
    HORIZONS FOUNDATION
    550 MONTGOMERY STREET
    SUITE 700
    SAN FRANCISCO,CA94111     		NONE PC GIVE OUT DAY 40,000
    LGBT CENTER OF RALEIGH
    411 HILLSBOROUGH ST
    RALEIGH,NC27603     		NONE PC GENERAL OPERATING 50,000
    LGBTQ CENTER OF DURHAM
    114 HUNT STREET
    DURHAM,NC27701     		NONE PC GENERAL OPERATING SUPPORT 30,000
    LIFE UNIVERSITY
    1969 BARCLAY CIRCLE
    MARIETTA,GA30060     		NONE PC PROGRAM OPERATIONS 150,000
    RAPPAHANNOCK COMMUNITY COLLEGE
    12745 COLLEGE DR
    SALUDA,VA23149     		NONE PC 2018 NCHEP 1,800
    RAPPAHANNOCK COMMUNITY COLLEGE
    12745 COLLEGE DR
    SALUDA,VA23149     		NONE PC RCC @ HAYNESVILLE CC 20,000
    RAPPAHANNOCK COMMUNITY COLLEGE
    12745 COLLEGE DR
    SALUDA,VA23149     		NONE PC SITE DIRECTOR POSITION 70,000
    SIDE BY SIDE
    PO BOX 5542
    RICHMOND,VA23220     		NONE PC GENERAL OPERATING SUPPORT 75,000
    SOUTHERNERS ON NEW GROUND
    250 GEORGIA AVE STE 315
    ATLANTA,GA30312     		NONE PC GENERAL OPERATING SUPPORT 100,000
    SOUTHSIDE COMMUNITY COLLEGE
    109 CAMPUS DR
    ALBERTA,VA23821     		NONE PC 2018 NCHEP 1,800
    SOUTHSIDE COMMUNITY COLLEGE
    109 CAMPUS DR
    ALBERTA,VA23821     		NONE PC CAMPUS WITHIN WALLS PROGRAM SUPPORT 43,500
    SOUTHSIDE COMMUNITY COLLEGE
    109 CAMPUS DR
    ALBERTA,VA23821     		NONE PC PROGRAM COORDINATOR POSITION 70,000
    TENNESSEE HIGHER EDUCATION INITIATI
    7400 COCKRILL BEND BLVD
    NASHVILLE,TN37209     		NONE PC 2018 NCHEP 1,800
    TIME OUT YOUTH CENTER
    2320-A N DAVIDSON ST
    CHARLOTTE,NC28205     		NONE PC GENERAL OPERATING SUPPORT 100,000
    UNIVERSITY OF NORTH CAROLINA
    153A COUNTRY CLUB ROAD
    CHAPEL HILL,NC27514     		NONE PC PRISON EDUCATION PROGRAM 32,000
    WARREN WILSON COLLEGE
    PO BOX 9000
    ASHEVILLE,NC28815     		NONE PC INSIDE OUT PROGRAM CREDIT 1,700
    CAMPAIGN FOR SOUTHERN EQUALITY
    PO BOX 364
    ASHEVILLE,NC28802     		NONE PC SOUTHERN EQUALITY FUND 50,000
    STETSON UNIVERSITY
    421 N WOODLAND BLVD
    UNIT 8277
    DELAND,FL32723     		NONE PC GENERAL OPERATING SUPPORT 70,000
    EL CENTRO HISPANO
    2000 CHAPEL HILL ROAD
    SUITE 26A
    DURHAM,NC27707     		NONE PC LGBTQ PROGRAM SUPPORT 25,000
    HEALTH BRIGADE
    1010 N THOMPSON ST
    RICHMOND,VA23230     		NONE PC LGBTQ PROGRAM SUPPORT 40,000
    NATIONZ FOUNDATION
    1200 BENTLEY ST
    RICHAMOND,VA23227     		NONE PC GENERAL OPERATING SUPPORT 30,000
    SHIFT NC
    3710 UNIVERSITY DR
    SUITE 310
    DURHAM,NC27707     		NONE PC LGBTQ 30,000
    VIRGINIA CENTER FOR INCLUSIVE
    COMMUNITIES
    5511 STAPLES MILL RD
    SUITE 202
    RICHMOND,VA23228     		NONE PC GENERAL OPERATING SUPPORT 40,000
    SOUTHERN VISION ALLIANCE
    PO BOX 51698
    DURHAM,NC27717     		NONE PC GENERAL OPERATING SUPPORT 40,000
    SOUTHERN VISION ALLIANCE
    PO BOX 51698
    DURHAM,NC27717     		NONE PC FRONTLINES FUNDS 10,000
    VIRGINIA ANTI-ALLIANCE PROJECT
    PO BOX 7445
    RICHMOND,VA23221     		NONE PC GENERAL OPERATING SUPPORT 50,000
    BOREALIS PHILANTHROPY
    126 N 3RD ST STE 500
    MINNEAPOLIS,MN55401     		NONE PC TRANS GENERATIONS 75,000
    OPERATION RESTORATION
    701 LOYOLA AVE 56894
    NEW ORLEANS,LA70156     		NONE PC GENERAL OPERATING SUPPORT 300,000
    TIDES FOUNDATION
    594 DEAN STREET
    SUITE 12
    BROOKLYN,NY11238     		NONE PC TRANS JUSTICE FUNDING PROJECT 75,000
    LYNCHBURG DIVERSITY CENTER
    901 JEFFERSON ST
    SUITE 201
    LYNCHBURG,VA24504     		NONE PC GENERAL OPERATING SUPPORT 20,000
    GEORGIA STATE UNIVERSITY
    PO BOX 2668
    ATLANTA,GA30301     		NONE PC 2018 NCHEP 1,800
    OPERATION RESTORATION
    701 LOYOLA AVE 56894
    NEW ORLEANS,LA70156     		NONE PC 2018 NCHEP 1,800
    GUILFORD COLLEGE
    5800 W FRIENDLY AVE
    GREENSBORO,NC27410     		NONE PC 2018 NCHEP 2,700
    LIFE UNIVERSITY
    1269 BARCLAY CIRCLE
    MARIETTA,GA30060     		NONE PC 2018 NCHEP 1,800
    UNC ASHEVILLE
    224 WHITESIDES HALL
    ONE UNIV HEIGHTS
    ASHEVILLE,NC28804     		NONE PC 2018 NCHEP 1,502
    STETSON UNIVERSITY
    421 N WOODLAND BLVD
    UNIT 8277
    DELAND,FL32723     		NONE PC 2018 NCHEP 1,800
    EXCHANGE FOR CHANGE
    2103 CORAL WAY 2ND FL
    MIAMI,FL33145     		NONE PC 2018 NCHEP 1,800
    REFORMING ARTS
    115 MARTIN LUTHER KING JR
    SUITE 25
    ATLANTA,GA30303     		NONE PC 2018 NCHEP 1,800
    TRANZMISSION
    4 DOCTORS PARK STE A
    ASHEVILLE,NC28801     		NONE PC GENERAL OPERATING SUPPORT 25,000
    COMMUNITY PARTNERS
    1000 N ALAMEDA STREET
    LOS ANGELES,CA90012     		NONE PC STIPEND 500
    AUBURN UNIVERSITY FOUNDATION
    317 SOUTH COLLEGE STREET
    AUBURN,AL36849     		NONE PC FALL 2018 SOUTHERN HEP GATHERING 4,350
    WARREN WILSON COLLEGE
    PO BOX 9000
    ASHEVILLE,NC28815     		NONE PC CREDIT BEARING COURSES 48,000
    TENNESSEE HIGHER EDUCATION
    7400 COCKRILL BEND BLVD
    NASHVILLE,TN37209     		NONE PC PROGRAM SUPPORT 70,000
    EXCHANGE FOR CHANGE
    2103 COARL WAY 2ND FL
    MIAMI,FL33145     		NONE PC CREDIT BEARING COURSE PROJECT 40,000
    GUILFORD COLLEGE
    5800 W FRIENDLY AVE
    GREENSBORO,NC27410     		NONE PC PROGRAM SUPPORT 65,000
    AUBURN UNIVERSITY FOUNDATION
    317 SOUTH COLLEGE STREET
    AUBURN,AL36849     		NONE PC 2018 HEP PROGRAM 80,000
    UNIVERSITY OF UTAH
    BUILDING 512 2ND FL
    75 SOUTH 2000 EAST
    SALT LAKE CITY,UT84112     		NONE PC HIGHER EDUCATION IN PRISON 54,000
    THE VIRGINIA FOUNDATION FOR
    COMMUNITY COLLEGE EDUCATION
    300 ARBORETUM PL
    SUITE 200
    RICHMOND,VA23236     		NONE PC VA HIGHER EDUCATION IN PRISON 25,000
    UNC ASHEVILLE FOUNDATION
    ONE UNIVERSITY HEIGHTS
    CPO 1422
    ASHEVILLE,NC28804     		NONE PC PRISON EDUCATION PROGRAM 65,000
    GEORGIA STATE UNIVERSITY FOUNDATION
    PO BOX 2668
    ATLANTA,GA30301     		NONE PC PRISON EDUCATION PROGRAM 70,000
    VERA INSTITUTE OF JUSTICE
    233 BROADWAY 12TH FL
    NEW YORK,NY10279     		NONE PC UNLOCKING POTENTIAL CAMPAIGN 60,000
    RUDOLF STEINER FOUNDATION
    1002A OREILLY AVENUE
    SAN FRANCISCO,CA94129     		NONE PC GENERAL SUPPORT 1,480
    Total .................................bullet 3a 3,136,232
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2018)
    Form 990-PF (2018)
    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 ...........     		    14 125,263  
    4 Dividends and interest from securities....     14 350,111  
    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..... 900099        
    8 Gain or (loss) from sales of assets other than
    inventory ............     		900099 5,226 18 151 4,488,960
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aSTATE TAX REFUNDS     		    1    
    bARAVAIPA 900099 -19,611      
    cECOTRUST II 900099 -59,765      
    dIMPACT AMERICA FUND L.P. 900099 -7,629      
    eCLEAN GROWTH FUND 900099 -7,709      
    fCOASTAL VENTURES 900099 -14,506      
    gJUMPFUND II 900099 -7,306      
    hARBORVIEW CAPITAL PARTNERS 900099 -3,586      
    iECOTRUST III 900099 -6,833      
    jIMPACT AMERICA FUND II 900099 -3,523      
    12 Subtotal. Add columns (b), (d), and (e).. -125,242 475,525 4,488,960
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    4,839,243
    (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 (2018)
    Form 990-PF (2018)
    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 (2018)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2018
    Name of the organization
    LAUGHING GULL FOUNDATION
     
    Employer identification number

    36-4749289
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution. An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
    Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018) Page 2
    Name of organization
    LAUGHING GULL FOUNDATION
          		Employer identification number
    36-4749289
    Part I
    Contributors (See instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    SYNOVUS FAMILY MANAGEMENT CUSTODIAN
     
    1033 DEMONBREUN ST SUITE 200
     
    NASHVILLE, TN37203

    		$ 4,866,617


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Page 3
    Name of organization
    LAUGHING GULL FOUNDATION
          		Employer identification number

    36-4749289
    Part II
    Noncash Property (See instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    1
    		 PUBLICLY TRADED SECURITIES $ 4,866,617  
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Page 4
    Name of organization
    LAUGHING GULL FOUNDATION
          		Employer identification number

    36-4749289
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2018 AccountingFeesSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INDIRECT ACCOUNTING FEES 4,500      

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

    TY 2018 DepreciationSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    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
    OFFICE FURINITURE AND EQUIP 2016-07-01 5,340 3,705 200DB 7.0000 467      

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

    TY 2018 GainLossSaleOtherAssetsSch
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    FROM PASSTHROUGH ENTITIES   PURCHASE       154     -154  

    TY 2018 InvestmentsCorpBondsSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Name of Bond End of Year Book Value End of Year Fair Market Value
    SEE ATTACHED SCHEDULE 5,218,744 5,144,692

    TY 2018 InvestmentsCorpStockSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Name of Stock End of Year Book Value End of Year Fair Market Value
    SEE ATTACHED SCHEDULE 10,315,166 13,457,149

    TY 2018 InvestmentsOtherSchedule2
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    RSF SOCIAL INVESTMENT FUND AT COST 250,000 253,903
    ARAVAIPA VENTURE FUND, LLC AT COST 480,697 575,000
    ECOTRUST FORESTS II, LLC AT COST 673,490 1,100,130
    IMPACT AMERICA FUND, LP AT COST 161,354 210,150
    JUMPFUND II, LP AT COST 100,653 80,047
    COASTAL VENTURES IV LP AT COST 238,111 246,526
    CLEAN GROWTH FUND IV LP AT COST 283,048 207,450
    ARBORVIEW CAPITAL PARTNERS AT COST 86,247 41,671
    ECOTRUST III AT COST 21,559 23,047
    IMPACT AMERICA FUND II AT COST 21,336 27,726

    TY 2018 LandEtcSchedule2
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
      5,340 4,172 1,168  


    TY 2018 OtherDecreasesSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Description Amount
    FMV/DISPOSITION > DONATED COST 3,915,671
    PARTNERSHIP BASIS DIFFERENCES 376,961


    TY 2018 OtherExpensesSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    INSURANCE 2,241      
    DUES & MEMBERSHIPS 10,484      
    OFFICE EXPENSE 10,983      
    WORKERS COMP INSURANCE -153      
    MISCELLANEOUS 8,629      
    TEAM BUILDING 283      
    BOARD MEETINGS 7,301     5,476


    TY 2018 OtherIncomeSchedule2
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ARAVAIPA -19,611    
    ECOTRUST II -59,765    
    IMPACT AMERICA FUND L.P. -7,629    
    CLEAN GROWTH FUND -7,709    
    COASTAL VENTURES -14,506    
    JUMPFUND II -7,306    
    ARBORVIEW CAPITAL PARTNERS -3,586    
    ECOTRUST III -6,833    
    IMPACT AMERICA FUND II -3,523    


    TY 2018 OtherLiabilitiesSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Description Beginning of Year - Book Value End of Year - Book Value
    FEDERAL EXCISE TAX 25,001 20,433


    TY 2018 OtherNotesLoansRcvblShortSch2
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Name of 501(c)(3) Organization Balance Due
    NATURAL CAPITAL INV FD 102213 2
          		500,000
    CLEAR COMFORT WATER LLC 06012019
          		250,000


    TY 2018 OtherProfessionalFeesSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SYNOVUS 148,130 96,285   14,813
    CONSULTING 271,292     165,879


    TY 2018 TaxesSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES WITHHELD 10,265 10,265    
    EXCISE TAX 19,975