Form990-PF
Click to see attachment

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
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
Name of foundation
LAUGHING GULL FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)505 S DUKE ST STE 301
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
DURHAM, NC277013259
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$34,210,077J 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) 3,523,485
2 Check bullet.............
3 Interest on savings and temporary cash investments 201,674 201,674  
4 Dividends and interest from securities... 389,189 387,582  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 4,488,948
b Gross sales price for all assets on line 6a 17,414,775
7 Capital gain net income (from Part IV, line 2)... 4,412,008
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 -154,594    
12 Total. Add lines 1 through 11........ 8,448,702 5,001,264  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages...... 183,997      
15 Pension plans, employee benefits....... 39,867     3,633
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 5,074      
c Other professional fees (attach schedule).... Click to see attachment 526,044 139,026   213,778
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 105,456 38,423    
19 Depreciation (attach schedule) and depletion... Click to see attachment 19,815    
20 Occupancy.............. 27,346      
21 Travel, conferences, and meetings....... 22,168     7,759
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 45,005 1,263   4,069
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 974,772 178,712   229,239
25 Contributions, gifts, grants paid....... 4,350,000 4,350,000
26 Total expenses and disbursements. Add lines 24 and 25 5,324,772 178,712   4,579,239
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 3,123,930
b Net investment income (if negative, enter -0-) 4,822,552
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
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......... 4,417,131 3,320,851 3,320,851
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)....... 10,419,755 Click to see attachment15,049,238 21,995,847
c Investments—corporate bonds (attach schedule)....... 5,197,859 Click to see attachment4,384,664 4,626,641
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 2,424,911 Click to see attachment2,067,929 3,516,738
14 Land, buildings, and equipment: basis bullet277,273
Less: accumulated depreciation (attach schedule) bullet24,321 834 Click to see attachment252,952  
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 23,210,490 25,825,634 34,210,077
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 attachment9,137 Click to see attachment9,033
23 Total liabilities (add lines 17 through 22)......... 9,137 9,033
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........... 23,201,353 25,816,601
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    
29 Total net assets or fund balances (see instructions)..... 23,201,353 25,816,601
30 Total liabilities and net assets/fund balances (see instructions). 23,210,490 25,825,634
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
23,201,353
2
Enter amount from Part I, line 27a .....................
2
3,123,930
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
26,325,283
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
508,682
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
25,816,601
Form 990-PF (2020)
Form 990-PF (2020)
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
(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 3,850,523   3,780,827 69,696
b 9,221,755   7,287,298 1,934,457
c 9,295   9,586 -291
d 4,209,824   1,804,850 2,404,974
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       69,696
b       1,934,457
c       -291
d       2,404,974
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 4,412,008
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 69,405
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE
1 Reserved
(a)
Reserved 		(b)
Reserved 		(c)
Reserved 		(d)
Reserved
2
Reserved...........................
2
3
Reserved...........................
3
4
Reserved...........................
4
5
Reserved...........................
5
6
Reserved...........................
6
7
Reserved...........................
7
8
Reserved,..........................
8
Form 990-PF (2020)
Form 990-PF (2020)
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 for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Reserved................................ 1 67,033
c All other domestic foundations enter 1.39% 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 67,033
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 67,033
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 58,000
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c 44,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 102,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 162
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 34,805
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet34,805 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 the instructions
for the 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 2020 or the taxable year beginning in 2020? 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 (2020)
    Form 990-PF (2020)
    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 2020, 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 2020?.............
    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 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    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 2020 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 2020.)..................
    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 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    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
    15.00     		0 0 0
    505 S DUKE ST STE 301
    DURHAM,NC27701
    EMILY COWARD SECRETARY
    5.00     		0 0 0
    505 S DUKE ST STE 301
    DURHAM,NC27701
    MARJORIE WILLIAMS COWARD CHAIR
    5.00     		0 0 0
    505 S DUKE ST STE 301
    DURHAM,NC27701
    SARAH SCHWARTZ BAESMITH TREASURER
    5.00     		0 0 0
    505 S DUKE ST STE 301
    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
    TERRELL BLOUNT PROGRAM OFFI
    40.00     		87,556    
    505 S DUKE ST STE 301
    DURHAM,NC27701
    KAREN A CARLTON COORDINATOR
    40.00     		68,449    
    505 S DUKE ST STE 301
    DURHAM,NC27701
    Total number of other employees paid over $50,000...................bullet  
    Form 990-PF (2020)
    Form 990-PF (2020)
    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 (2020)
    Form 990-PF (2020)
    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
    26,063,176
    b
    Average of monthly cash balances.......................
    1b
    2,750,095
    c
    Fair market value of all other assets (see instructions)................
    1c
    4,274,856
    d
    Total (add lines 1a, b, and c).........................
    1d
    33,088,127
    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
    33,088,127
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    496,322
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    32,591,805
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,629,590
    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
    1,629,590
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    67,033
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    67,033
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,562,557
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    1,562,557
    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
    1,562,557
    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
    4,579,239
    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
    4,579,239
    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
    4,579,239
    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 (2020)
    Form 990-PF (2020)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2019     		(c)
    2019     		(d)
    2020
    1 Distributable amount for 2020 from Part XI, line 7 1,562,557
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016......  
    c From 2017...... 545,592
    d From 2018...... 2,128,469
    e From 2019...... 2,372,620
    fTotal of lines 3a through e........ 5,046,681
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 4,579,239
    a Applied to 2019, 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 2020 distributable amount..... 1,562,557
    e Remaining amount distributed out of corpus 3,016,682
    5 Excess distributions carryover applied to 2020.    
    (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 8,063,363
    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 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		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 2015 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		8,063,363
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017.... 545,592
    c Excess from 2018.... 2,128,469
    d Excess from 2019.... 2,372,620
    e Excess from 2020.... 3,016,682
    Form 990-PF (2020)
    Form 990-PF (2020)
    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 2020, 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) 2020 (b) 2019 (c) 2018 (d) 2017
             
    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 (2020)
    Form 990-PF (2020)
    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
    ACKLAND ART MUSEUM
    101 S COLUMBIA ST
    CHAPEL HILL,NC27599     		NONE PC SPONSORSHIP FOR TRANSAMERICA 10,000
    ACLU FOUNDATION OF NC
    PO BOX 28004
    RALEIGH,NC27611     		NONE PC GENERAL OPERATING SUPPORT 75,000
    ASTRAEA LESBIAN FOUNDATION
    116 EAST 16TH STREET
    7TH FLOOR
    NEW YORK,NY10003     		NONE PC SUPPORT LGBTQ RACIAL JUSTICE FUND 50,000
    AUBURN UNIVERSITY
    221 DUDLEY HALL
    AUBURN,AL36849     		NONE PC PRISON ARTS & EDUCATION PROJECT 80,000
    BLACK AND PINK NATIONAL
    2406 FOWLER AVE
    SUITE 316
    OMAHA,NE68111     		NONE PC SUPPORT FOR REENTRY PROGRAM 25,000
    BOREALIS PHILANTHROPY
    PO BOX 3295
    MINNEAPOLIS,MN55403     		NONE PC TRANS GENERATIONS 125,000
    CAMPAIGN FOR SOUTHERN EQUALITY
    PO BOX 364
    ASHEVILLE,NC28802     		NONE PC GENERAL OPERATING SUPPORT 100,000
    CAMPAIGN FOR SOUTHERN EQUALITY
    PO BOX 364
    ASHEVILLE,NC28802     		NONE PC SOUTHERN EQUALITY FUND 75,000
    CENTER FOR EMPLOYMENT OPPORTUNITIES
    50 BROADWAY
    SUITE 1604
    NEW YORK,NY10004     		NONE PC GENERAL OPERATING SUPPORT 15,000
    CIRCLE FOR JUSTICE INNOVATIONS
    147 PRINCE ST
    SUITE 4-20
    BROOKLYN,NY11201     		NONE PC EMERGENCY RESPONSE FUND 85,000
    CLAFLIN UNIVERSITY
    400 MAGNOLIA ST
    ORANGEBURG,SC29115     		NONE PC PLANNING GRANT 40,000
    COLLEGE AND COMMUNITY FELLOWSHIP
    475 RIVERSIDE DR 1626
    NEW YORK,NY10115     		NONE PC SUPPORT PELL GRANT ADVOCACY 60,000
    COMMUNITY PARTNERS
    1000 N ALAMEDA STREET
    SUITE 240
    LOS ANGELES,CA90012     		NONE PC AHEP GENERAL OPERATING SUPPORT 80,000
    CONCERNED CITIZENS FOR JUSTICE
    230 PEACHTREE ST
    SUITE 2700
    ATLANTA,GA30303     		NONE PC CCFJ PARTICIPATORY DEFENSE FUND 10,000
    DIVERSITY RICHMOND
    1407 SHERWOOD AVE
    RICHMOND,VA23220     		NONE PC INTERIM GRANT PAYMENT 25,000
    EL CENTRO HISPANO
    2000 CHAPEL HILL ROAD
    SUITE 26A
    DURHAM,NC27707     		NONE PC LGBTQ PROGRAM SUPPORT 55,000
    EMANCIPATE NC
    115 MARKET ST 204
    DURHAM,NC27701     		NONE PC GENERAL OPERATIONS 25,000
    EQUALITY FEDERATION
    567 SUTTER ST 3RD FLOOR
    SAN FRANCISCO,CA94102     		NONE PC SOUTHERN SUMMIT 30,000
    EQUALITY OF NC
    PO BOX 28768
    RALEIGH,NC27611     		NONE PC GENERAL OPERATING SUPPORT 100,000
    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
    EXCHANGE FOR CHANGE
    2103 CORAL WAY 2ND FL
    MIAMI,FL33145     		NONE PC FLORIDA PRISON ED COALITION 3,500
    FLORIDA JUSTICE CENTER
    3469 N DIXIE HWY
    OAKLAND PARK,FL33334     		NONE PC CASE MGMT & WRAP AROUND SVCS 25,000
    FLORIDA PRISON EDUCATION PROJECT
    12400 AQUARIUS AGORA DR
    ORLANDO,FL32816     		NONE PC PROGRAM SUPPORT FOR FPEP 60,000
    FLORIDA RIGHTS RESTORATION
    COALITION EDUCATION FUND
    PO BOX 618147
    ORLANDO,FL32861     		NONE PC FRRC EDUCATION FUND 15,000
    FREE HEARTS
    6339 CHARLOTTE PIKE
    SUITE 668
    NASHVILLE,TN37209     		NONE PC GENERAL OPERATIONS 20,000
    FREEDOM CENTER FOR SOCIAL JUSTICE
    4921 ALBEMARLE RD
    SUITE 201
    CHARLOTTE,NC28205     		NONE PC GENERAL OPERATING SUPPORT 110,000
    FUNDERS FOR LGBTQ ISSUES
    45 W 36TH ST 8TH FLOOR
    NEW YORK,NY10018     		NONE PC OITS INITIATIVE 125,000
    GEORGIA STATE UNIVERSITY FOUNDATION
    PO BOX 2668
    ATLANTA,GA30301     		NONE PC PRISON EDUCATION PROGRAM 70,000
    GUILFORD COLLEGE
    WISER JUSTICE PROGRAM
    5800 W FRIENDLY AVE
    GREENSBORO,NC27410     		NONE PC PROGRAM SUPPORT 65,000
    HEALTH BRIGADE
    1010 N THOMPSON ST
    RICHMOND,VA23230     		NONE PC LGBTQ PROGRAM SUPPORT 40,000
    HORIZONS FOUNDATION
    550 MONTGOMERY ST
    SUITE 700
    SAN FRANCISCO,CA94111     		NONE PC GIVE OUT DAY 2020 20,000
    SECOND CHANCE EDUCATIONAL ALLIANCE
    360 BLOOMFIELD AVE
    SUITE 301
    WINDSOR,CT06095     		NONE PC PROJECT FREEDOM 50,000
    JUST LEADERSHIP USA
    PO BOX 1730
    NEW YORK,NY10037     		NONE PC COVID PREPAREDNESS 20,000
    LGBT CENTER OF RALEIGH
    324 S HARRINGTON ST
    RALEIGH,NC27603     		NONE PC GENERAL OPERATING 85,000
    LGBTQ CENTER OF DURHAM
    114 HUNT STREET
    DURHAM,NC27701     		NONE PC VIRTUAL FUNDRAISING PLATFORM 2,000
    LGBTQ CENTER OF DURHAM
    114 HUNT STREET
    DURHAM,NC27701     		NONE PC GENERAL OPERATING SUPPORT 80,000
    LGBT LIFE CENTER
    222 W 21ST ST
    F308
    NORFOLK,VA23517     		NONE PC GENERAL OPERATING SUPPORT 75,000
    LIFE UNIVERSITY
    1969 BARCLAY CIRCLE
    MARIETTA,GA30060     		NONE PC PROGRAM SUPPORT FOR CHILON PROJ 75,000
    LYNCHBURG DIVERSITY CENTER
    901 JEFFERSON ST
    SUITE 201
    LYNCHBURG,VA24504     		NONE PC GENERAL OPERATING SUPPORT 20,000
    MIAMI DADE COLLEGE
    11 ISLAND AVE
    SUITE 1008
    MIAMI BEACH,FL33139     		NONE PC PROGRAM SUPPORT FOR IEE 60,000
    NASHVILLE COMMUNITY BAIL FUND
    PO BOX 70120
    NASHVILLE,TN37207     		NONE PC SUPPORT FOR DECARCERATION EFFORTS 20,000
    NATIONAL CTR FOR CIVIC INNOVATION
    THE FUND FOR THE CITY OF NY
    121 AVE OF THE AMERICAS
    6TH FLOOR
    NEW YORK,NY10013     		NONE PC LGBTQ WOMEN'S RESEARCH 50,000
    NATIONAL LGBTQ TASK FORCE
    1050 CONNECTICUT AVE NW
    SUITE 65500
    WASHINGTON,DC20035     		NONE PC CREATING CHANGE CONFERENCE 25,000
    NATIONZ FOUNDATION
    4794 FINLAY ST
    SUITE 1
    RICHMOND,VA23231     		NONE PC GENERAL OPERATING SUPPORT 80,000
    OPERATION RESTORATION
    PO BOX 56894
    NEW ORLEANS,LA70156     		NONE PC SAFETY & FREEDOM FUND 20,000
    OPERATION RESTORATION
    PO BOX 56894
    NEW ORLEANS,LA70156     		NONE PC GENERAL OPERATING SUPPORT 100,000
    OUTRIGHT YOUTH OF CATAWBA VALLEY
    INC
    PO BOX 2222
    HICKORY,NC28603     		NONE PC GENERAL OPERATING SUPPORT 25,000
    RAPPAHANNOCK COMMUNITY COLLEGE
    PO BOX 923
    WARSAW,VA22572     		NONE PC PRISON EDUCATION PROGRAM SUPPORT 70,000
    RESTORE HER
    3435 ROOSEVELT HWY
    UNIT 141
    RED OAK,GA30272     		NONE PC SUPPORT FOR WOMEN IN REENTRY 25,000
    SHIFT NC
    3710 UNIVERSITY DR
    SUITE 310
    DURHAM,NC27707     		NONE PC GENERAL OPERATING SUPPORT 30,000
    SIDE BY SIDE
    PO BOX 5542
    RICHMOND,VA23220     		NONE PC GENERAL OPERATING SUPPORT 75,000
    SOUTHERN VISION ALLIANCE
    1410 W CHAPEL HILL ST
    DURHAM,NC27701     		NONE PC GENERAL OPERATING SUPPORT 40,000
    SOUTHERN VISION ALLIANCE
    1410 W CHAPEL HILL ST
    DURHAM,NC27701     		NONE PC FRONTLINES FUNDS 35,000
    SOUTHERNERS ON NEW GROUND
    PO BOX 11250
    ATLANTA,GA30310     		NONE PC GENERAL OPERATING SUPPORT 125,000
    SOUTHERNERS ON NEW GROUND
    PO BOX 11250
    ATLANTA,GA30310     		NONE PC SOUTHERN POWER FUND 304,500
    SOUTHSIDE VIRGINIA COMMUNITY
    COLLEGE FDN
    109 CAMPUS DR
    ALBERTA,VA23821     		NONE PC CAMPUS WITHIN WALLS PROGRAM COORD. 70,000
    STETSON UNIVERSITY
    421 N WOODLAND BLVD
    UNIT 8279
    DELAND,FL32723     		NONE PC GENERAL OPERATING SUPPORT 70,000
    TENNESSEE HIGHER EDUCATION
    INITIATIVE
    1006 SHELBY AVE
    NASHVILLE,TN37206     		NONE PC SUPPORT TN PRISON COLLEGE COALITION 45,000
    TENNESSEE HIGHER EDUCATION
    INITIATIVE
    1006 SHELBY AVE
    NASHVILLE,TN37206     		NONE PC PROGRAM SUPPORT 70,000
    TENNESSEE HIGHER EDUCATION
    INITIATIVE
    1006 SHELBY AVE
    NASHVILLE,TN37206     		NONE PC SOUTHERN HEP COLLECTIVE 30,000
    THE EDUCATION TRUST
    1501 K ST NW
    SUITE 200
    WASHINGTON,DC20005     		NONE PC JUSTICE IMPACTED FELLOWSHIP & ADV BD 50,000
    THE FAIRNESS EDUCATION FUND
    2263 FRANKFORT AVE
    LOUISVILLE,KY40206     		NONE PC LGBTQ TRAINING PROGRAM 25,000
    THE FIRST 72
    2915 PERDIDO ST
    NEW ORLEANS,LA70119     		NONE PC SUPPORT REENTRY PROGRAM 25,000
    THE ORDINARY PEOPLE'S SOCIETY
    403 WEST POWELL ST
    DOTHAN,AL36303     		NONE PC GENERAL OPERATING SUPPORT 25,000
    THE VIRGINIA FOUNDATION FOR
    COMMUNITY COLLEGE EDUCATION
    300 ARBORETUM PL
    SUITE 200
    RICHMOND,VA23236     		NONE PC VA HIGHER EDUCATION IN PRISON 40,000
    TIDES FOUNDATION
    594 DEAN STREET
    SUITE 12
    BROOKLYN,NY11238     		NONE PC TRANS JUSTICE FUNDING PROJECT 100,000
    TIME OUT YOUTH
    3800 MONROE RD
    CHARLOTTE,NC28205     		NONE PC VIRTUAL YOUTH CENTER 30,000
    TIME OUT YOUTH CENTER
    3800 MONROE RD
    CHARLOTTE,NC28205     		NONE PC GENERAL OPERATING SUPPORT 100,000
    TRANSCENDING BARRIERS
    1755 THE EXCHANGE
    SUITE 115
    ATLANTA,GA30339     		NONE PC GENERAL OPERATING SUPPORT 25,000
    TRANZMISSION
    70 WOODFIN PLACE
    ASHEVILLE,NC28801     		NONE PC GENERAL OPERATING SUPPORT 50,000
    TURNING LEAF PROJECT
    3765 LEEDS AVE
    NORTH CHARLESTON,SC29405     		NONE PC REENTRY PROGRAM 20,000
    UNHEARD VOICES OUTREACH
    1623 HAYNES MEADE CIR
    NASHVILLE,TN37207     		NONE PC REENTRY WORK 15,000
    UNIVERSITY OF NORTH ALABAMA
    1 HARRISON PLAZA
    FLORENCE,AL35632     		NONE PC PLANNING GRANT FOR INSIDE OUT PROG 40,000
    UNIVERSITY OF UTAH
    1721 CAMPUS CENTER DRIVE
    SAEC 1230
    SALT LAKE CITY,UT84112     		NONE PC HIGHER EDUCATION IN PRISON 50,000
    VERA INSTITUTE OF JUSTICE
    34 35TH STREET 4-2A
    BROOKLYN,NY11232     		NONE PC UNLOCKING POTENTIAL CAMPAIGN 60,000
    VIRGINIA ANTI-VIOLENCE PROJECT
    PO BOX 7445
    RICHMOND,VA23221     		NONE PC GENERAL OPERATING SUPPORT 65,000
    VIRGINIA CENTER FOR INCLUSIVE
    COMMUNITIES
    5511 STAPLES MILL RD
    SUITE 202
    RICHMOND,VA23228     		NONE PC GENERAL OPERATING SUPPORT 40,000
    WOMEN ON THE RISE
    236 FORSYTH ST SW
    SUITE 302
    ATLANTA,GA30303     		NONE PC SUPPORT FOR DEPOPULATING JAILS 20,000
    YOUTH OUTRIGHT WNC INC
    PO BOX 1893
    ASHEVILLE,NC28802     		NONE PC GENERAL OPERATING SUPPORT 25,000
    Total .................................bullet 3a 4,350,000
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2020)
    Form 990-PF (2020)
    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 ...........     		    14 201,674  
    4 Dividends and interest from securities....     14 389,189  
    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 ............     		900099 76,940 18 3,172 4,408,836
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aARAVAIPA     		900099 -10,486      
    bECOTRUST II 900099 -50,566      
    cIMPACT AMERICA FUND L.P. 900099 -7,427      
    dCLEAN GROWTH FUND 900099 -6,876      
    eCOASTAL VENTURES 900099 -19,909      
    fJUMPFUND II 900099 -5,985      
    gARBORVIEW CAPITAL PARTNERS 900099 -10,461      
    hECOTRUST III 900099 -36,152      
    iIMPACT AMERICA FUND II 900099 -6,379      
    jENVIVA PARTNERS LP 900099 -353      
    12 Subtotal. Add columns (b), (d), and (e).. -77,654 594,035 4,408,836
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    4,925,217
    (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 (2020)
    Form 990-PF (2020)
    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 instructions.
    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 (2020)
    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
    2020
    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) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020) Page 2
    Name of organization
    LAUGHING GULL FOUNDATION
          		Employer identification number
    36-4749289
    Part I
    Contributors
    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

    		$ 3,523,485


    (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) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    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 $ 3,523,485 2020-01-15
    (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) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    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) (2020)
    Additional Data


    Software ID:  
    Software Version:  

    TY 2020 AccountingFeesSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INDIRECT ACCOUNTING FEES 5,074      

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

    TY 2020 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 4,506 200DB 7.0000 238      
    OFFICE BUILDOUT 2020-09-15 176,032   S/L 15.0000 5,868      
    CC LAPTOP 2020-10-02 1,471   200DB 5.0000 294      
    CC PRINTER 2020-10-02 85   200DB 5.0000 17      
    CC FILE CABINET 2020-10-02 119   200DB 7.0000 17      
    HEADPHONES 2020-11-03 903   200DB 5.0000 181      
    KEYBOARDS, MICE 2020-11-03 152   200DB 5.0000 30      
    FRIDGE, DISHWASHER, MICROWAVE 2020-12-01 2,570   200DB 7.0000 367      
    OFFICE FURINTURE 2020-12-03 79,125   200DB 7.0000 11,304      
    MONITOR FOR KAREN 2020-12-23 183   200DB 5.0000 37      
    STORAGE ROOM CABINETS 2020-12-23 1,887   200DB 5.0000 377      
    SECURITY DOOR 2020-12-23 2,354   S/L 15.0000 78      
    BLINDS 2020-12-23 7,052   200DB 7.0000 1,007      

    TY 2020 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 4,384,664 4,626,641

    TY 2020 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 15,049,238 21,995,847

    TY 2020 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 275,000 310,230
    ARAVAIPA VENTURE FUND, LLC AT COST 210,536 575,000
    ECOTRUST FORESTS II, LLC AT COST 651,560 1,393,508
    IMPACT AMERICA FUND, LP AT COST 81,602 133,756
    JUMPFUND II, LP AT COST 192,771 198,365
    COASTAL VENTURES IV LP AT COST 252,534 324,032
    CLEAN GROWTH FUND IV LP AT COST 134,795 190,346
    ARBORVIEW CAPITAL PARTNERS AT COST 161,655 207,211
    ECOTRUST III AT COST 30,041 100,680
    IMPACT AMERICA FUND II AT COST 67,895 71,210
    ENVIVA PARTNERS LP AT COST 9,540 12,400

    TY 2020 LandEtcSchedule2
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
      277,273 24,321 252,952  


    TY 2020 OtherDecreasesSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Description Amount
    FMV>COST DONATIONS/K1 BASIS ADJ 508,682


    TY 2020 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 2,147      
    DUES & MEMBERSHIPS 21,488      
    OFFICE EXPENSE 2,684      
    WORKERS COMP INSURANCE 593      
    MISCELLANEOUS 6,495      
    BOARD MEETINGS 5,426     4,069
    ADR FEES 1,263 1,263    
    NONDEDUCTIBLE EXPENSES K-1 3,784      
    403B PLAN FEES 1,125      


    TY 2020 OtherIncomeSchedule2
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ARAVAIPA -10,486    
    ECOTRUST II -50,566    
    IMPACT AMERICA FUND L.P. -7,427    
    CLEAN GROWTH FUND -6,876    
    COASTAL VENTURES -19,909    
    JUMPFUND II -5,985    
    ARBORVIEW CAPITAL PARTNERS -10,461    
    ECOTRUST III -36,152    
    IMPACT AMERICA FUND II -6,379    
    ENVIVA PARTNERS LP -353    


    TY 2020 OtherLiabilitiesSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Description Beginning of Year - Book Value End of Year - Book Value
    FEDERAL EXCISE TAX 9,137 9,033


    TY 2020 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 2020 OtherProfessionalFeesSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SYNOVUS 196,504 127,728   19,650
    SYNOVUS INVESTMENT FEES 11,298 11,298    
    CONSULTING 318,242     194,128


    TY 2020 TaxesSchedule
    Name:
    LAUGHING GULL FOUNDATION
    EIN:
    36-4749289
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES WITHHELD 38,423 38,423    
    EXCISE TAX 67,033