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
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
Name of foundation
THE EDWARD M ARMFIELD SR FOUNDATION
INC
Number and street (or P.O. box number if mail is not delivered to street address)324 W WENDOVER AVE NO 130
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
GREENSBORO, NC27408
A Employer identification number

56-2156876
B Telephone number (see instructions)

(336) 273-7519
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$65,188,265J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments 222 222  
4 Dividends and interest from securities... 621,281 622,957  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,548,400
b Gross sales price for all assets on line 6a 8,968,368
7 Capital gain net income (from Part IV, line 2)... 2,658,618
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 2,500,000 -107,225  
12 Total. Add lines 1 through 11........ 5,669,903 3,174,572  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 162,999 32,600   130,399
14 Other employee salaries and wages...... 82,725 16,545   66,180
15 Pension plans, employee benefits....... 2,482 497   1,985
16a Legal fees (attach schedule)......... Click to see attachment 84,801 84,161   640
b Accounting fees (attach schedule)....... Click to see attachment 58,035 11,607   46,428
c Other professional fees (attach schedule).... Click to see attachment 165,315 165,115   200
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 51,723 7,701   13,340
19 Depreciation (attach schedule) and depletion... 4,726 0  
20 Occupancy.............. 24,583 4,917   19,666
21 Travel, conferences, and meetings....... 3,196 639   2,557
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 429,599 412,901   16,698
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,070,184 736,683   298,093
25 Contributions, gifts, grants paid....... 3,435,928 3,311,339
26 Total expenses and disbursements. Add lines 24 and 25 4,506,112 736,683   3,609,432
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,163,791
b Net investment income (if negative, enter -0-) 2,437,889
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......... 875,318 1,732,171 1,732,171
3 Accounts receivable bullet97,285
Less: allowance for doubtful accounts bullet   2,046,632 97,285 97,285
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 0 2,000 2,000
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 14,636,409 Click to see attachment13,677,486 13,677,486
c Investments—corporate bonds (attach schedule)....... 2,927,797 Click to see attachment2,479,525 2,479,525
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 43,418,676 Click to see attachment47,184,429 47,184,429
14 Land, buildings, and equipment: basis bullet56,865
Less: accumulated depreciation (attach schedule) bullet41,496 20,095 15,369 15,369
15 Other assets (describe bullet) Click to see attachment97,888 Click to see attachment0 Click to see attachment0
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 64,022,815 65,188,265 65,188,265
Liabilities 17 Accounts payable and accrued expenses.......... 92,253 79,254
18 Grants payable................. 7,925,111 5,557,901
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 attachment1,626,062 Click to see attachment14,831
23 Total liabilities (add lines 17 through 22)......... 9,643,426 5,651,986
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........... 54,379,389 59,536,279
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)..... 54,379,389 59,536,279
30 Total liabilities and net assets/fund balances (see instructions). 64,022,815 65,188,265
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
54,379,389
2
Enter amount from Part I, line 27a .....................
2
1,163,791
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
3,993,099
4
Add lines 1, 2, and 3 ..........................
4
59,536,279
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
59,536,279
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 VANGUARD FUNDS P 2019-12-31 2020-12-31
b EMPIRE CAPITAL SHARES P 2012-01-01 2020-12-31
c NEON LIBERTY FUND P 2018-01-01 2020-12-31
d PEMCO FUNDS P 2012-01-01 2020-12-31
e SAPONA P 2012-01-01 2020-12-31
HOLOWESKO P 2012-01-01 2020-12-31
GOLDMAN SACHS MAZZANINE FUND P 2020-01-01 2020-12-31
DW CATALYST P 2012-01-01 2020-12-31
NEW PORT ASIA K-1 P 2019-12-31 2020-12-31
WHITEHALL K-1 P 2019-12-31 2020-12-31
KABOUTER K-1 P 2019-12-31 2020-12-31
LEXINGTON CAPITAL K-1 P 2019-12-31 2020-12-31
LCP IX K-1 P 2019-12-31 2020-12-31
CAPITAL GAINS DIVIDENDS 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 2,300,000   1,390,017 909,983
b 131,020   139,314 -8,294
c 2,145,554   1,628,536 517,018
d 500,000   524,211 -24,211
e 180,000     180,000
2,524,034   2,000,000 524,034
18,513     18,513
642,361   620,910 21,451
28,164     28,164
    6,762 -6,762
12,679     12,679
58,458     58,458
412     412
427,173     427,173
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       909,983
b       -8,294
c       517,018
d       -24,211
e       180,000
      524,034
      18,513
      21,451
      28,164
      -6,762
      12,679
      58,458
      412
      427,173
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 2,658,618
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
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 33,887
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 0
3 Add lines 1 and 2........................... 3 33,887
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 33,887
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 19,056
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 19,056
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 365
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 15,196
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet   RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See 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$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    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 ofbulletMINDY OAKLEY Telephone no.bullet (336) 273-7519

    Located atbullet324 WEST WENDOVER AVEGREENSBORONC ZIP+4bullet27408
    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
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2020?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 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
    ADAIR P ARMFIELD DIRECTOR
    2.00     		5,000 0 0
    1504 EDGEDALE ROAD
    GREENSBORO,NC27408
    BEDFORD CANNON DIRECTOR
    2.00     		4,000 0 0
    140 EAST WATER STREET
    STATESVILLE,NC28677
    PHIFER CRUTE DIRECTOR
    2.00     		4,000 0 0
    1327 TORREY PINE ROAD
    LAJOLLA,CA92037
    JAMES C B HANCOCK DIRECTOR
    2.00     		4,000 0 0
    177 BLEECKER ST 12
    NEW YORK,NY10012
    R DAVID SPRINKLE DIRECTOR
    2.00     		4,000 0 0
    3017 VERBENA LN
    GREENSBORO,NC27410
    MELINDA W OAKLEY OFFICER
    40.00     		136,137 5,862 0
    1911 LAFAYETTE AVE
    GREENSBORO,NC27408
    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
    DIANA HEDGSPETH OFFICE MGR
    40.00     		82,725 2,482 0
    324 W WENDOVER AVE - STE 130
    GREENSBORO,NC27408
    Total number of other employees paid over $50,000...................bullet 0
    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
    WEAVER CONSULTING GROUP ENVIRONMENTAL CLEAN UP SERVICES 247,946
    101 MAIN ST 200
    HUNTINGTON,CA92648
    GEOSYNTEC CONSULTANTS ENVIRONMENTAL CLEAN UP SERVICES 160,781
    924 ANACAPA STREET STE 4A
    SANTA BARBARA,CA93101
    MONTICELLO ASSOCIATES ASSET MANAGEMENT CONSULTANT 156,250
    1800 LARIMER STREET
    DENVER,CO80202
    DAVIS WRIGHT TREM LLP LEGAL 76,962
    505 MONTGOMERY ST STE 800
    SAN FRANCISCO,CA94111
    DMJ & CO PLLC ACCOUNTING 58,035
    703 GREEN VALLEY RD - STE 201
    GREENSBORO,NC27408
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    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
    15,230,155
    b
    Average of monthly cash balances.......................
    1b
    1,630,797
    c
    Fair market value of all other assets (see instructions)................
    1c
    47,158,448
    d
    Total (add lines 1a, b, and c).........................
    1d
    64,019,400
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    64,019,400
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    960,291
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    63,059,109
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    3,152,955
    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
    3,152,955
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    33,887
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    33,887
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    3,119,068
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    3,119,068
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    3,119,068
    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
    3,609,432
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    3,609,432
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    3,609,432
    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 3,119,068
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 1,802,503
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016......  
    c From 2017......  
    d From 2018......  
    e From 2019......  
    fTotal of lines 3a through e........ 0
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 3,609,432
    a Applied to 2019, but not more than line 2a 1,802,503
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2020 distributable amount..... 1,806,929
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2020. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		1,312,139
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017....  
    c Excess from 2018....  
    d Excess from 2019....  
    e Excess from 2020....  
    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 e-mail address of the person to whom applications should be addressed:
    MELINDA W OAKLEY
    324 W WENDOVER AVE - STE 130
    GREENSBORO,NC27408
    (336) 273-7519
    MINDY.OAKLEY@ARMFIELDFDN.ORG
    bThe form in which applications should be submitted and information and materials they should include:
    CALL FOUNDATION FOR REQUIRED GRANT APPLICATION FORM
    cAny submission deadlines:
    JUNE 15TH AND OCTOBER 31ST
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    COMMUNITY CAPITAL CAMPAIGNS, EDUCATIONAL INSTITUTION CAPITAL CAMPAIGNS AND EDUCATIONAL PROGRAMS IN GUILFORD, RANDOLPH AND SURRY COUNTIES IN NC.
    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
    ACTION GREENSBORO
    122 N ELM ST SUITE 110
    GREENSBORO,NC27401     		N/A PC GRANTS 25,000
    ALLEGHANY MEMORIAL HOSPITAL FOUNDATION
    233 DOCTORS STREET
    SPARTA,NC28675     		N/A PC GRANTS 50,000
    APPALACHIAN STATE UNIVERSITY
    PO BOX 32059
    BOONE,NC28608     		N/A PC SCHOLARSHIPS 137,900
    ARMFIELD CIVIC CENTER
    873 W 52 BYPASS
    PILOT MOUNTAIN,NC27041     		N/A PC GRANTS 132,000
    BARTON COLLEGE
    PO BOX 5000
    WILSON,NC27893     		N/A PC SCHOLARSHIPS 3,000
    BAYLOR UNIVERSITY
    ONE BEAR PLACE 97048
    WACO,TX76798     		N/A PC SCHOLARSHIPS 750
    BELMONT ABBEY COLLEGE
    100 BELMONT-MT HOLLY RD
    BELMONT,NC28012     		N/A PC SCHOLARSHIPS 9,500
    BIG BROTHERS BIG SISTERS
    502 HICKORY RIDGE DR
    GREENSBORO,NC27409     		N/A PC SCHOLARSHIPS 150,000
    BRIGHAM-YOUNG UNIVERSITY-UT
    A-41 ABRAHAM SMOOT BLDG
    PROVO,UT84602     		N/A PC SCHOLARSHIPS 14,000
    CAMPBELL UNIVERSITY
    PO BOX 70
    BUIES CREEK,NC25060     		N/A PC SCHOLARSHIPS 7,000
    CANTERBURY SCHOOL
    5400 OLD LAKE JEANETTE RD
    GREENSBORO,NC27455     		N/A PC GRANTS 140,000
    CATAWBA COLLEGE
    2300 WEST INNES ST
    SALISBURY,NC28144     		N/A PC SCHOLARSHIPS 12,300
    CENTER FOR CREATIVE LEADERSHIP (SURRY COUNTY)
    ONE LEADERSHIP PLACE
    GREENSBORO,NC27410     		N/A PC GRANTS 80,000
    CITY OF ASHEBORO
    PO BOX 1106
    ASHEBORO,NC27204     		N/A GOV GRANTS 80,000
    CLEMSON UNIVERSITY
    105 SIKES HALL BOX 345124
    CLEMSON,SC29634     		N/A PC SCHOLARSHIPS 7,500
    COMMUNITIES IN SCHOOLS
    PO BOX 1347
    GREENSBORO,NC27402     		N/A PC GRANTS 90,750
    COMMUNITY FOUNDATION OF GREATER GREENSBORO
    330 S GREENE ST SUITE 130
    GREENSBORO,NC27401     		N/A PC GRANTS 100,000
    DUKE UNIVERSITY
    PO BOX 90035
    DURHAM,NC27708     		N/A PC SCHOLARSHIPS 1,000
    EAST CAROLINA UNIVERSITY
    SPILMAN BUILDING
    GREENVILLE,NC27858     		N/A PC SCHOLARSHIPS 5,000
    EASTERN MENNONITE UNIVERSITY
    1200 PARK ROAD
    HARRISONBURG,VA22802     		N/A PC SCHOLARSHIPS 1,000
    ELKIN CITY SCHOOLS
    202 WEST SPRING ST
    ELKIN,NC28621     		N/A PC GRANTS 47,491
    ELON UNIVERSITY
    CAMPUS BOX 2700
    ELON,NC27244     		N/A PC SCHOLARSHIPS 15,000
    FAMILY SERVICE OF THE PIEDMONT
    315 E WASHINGTON ST
    GREENSBORO,NC27401     		N/A PC SCHOLARSHIPS 6,500
    FERRUM COLLEGE
    PO BOX 1000
    FERRUM,VA24088     		N/A PC SCHOLARSHIPS 5,000
    GARDNER-WEBB UNIVERSITY
    PO BOX 997
    BOILING SPRINGS,NC28017     		N/A PC SCHOLARSHIPS 15,641
    GREEN HILL CENTER FOR ART
    200 N DAVIE ST
    GREENSBORO,NC27401     		N/A PC SCHOLARSHIPS 25,000
    GREENSBORO BOUND
    PO BOX 5256
    GREENSBORO,NC27435     		N/A PC GRANTS 30,000
    THE ROTARY CLUB OF GREENSBORO
    330 SOUTH GREENE STREET SUITE 304
    GREENSBORO,NC27401     		N/A PC SCHOLARSHIPS 10,000
    GREENSBORO COLLEGE
    815 WEST MARKET STREET
    GREENSBORO,NC27401     		N/A PC SCHOLARSHIPS 14,000
    GUILFORD COLLEGE
    5800 WEST FRIENDLY AVE
    GREENSBORO,NC27410     		N/A PC SCHOLARSHIPS 10,000
    GUILFORD COLLEGE
    5800 WEST FRIENDLY AVE
    GREENSBORO,NC27410     		N/A PC GRANTS 200,000
    GUILFORD COUNTY PARTNERSHIP FOR CHILDREN
    500 WEST FRIENDLY AVE SUITE 100
    GREENSBORO,NC27403     		N/A PC GRANTS 50,000
    GUILFORD EDUCATION ALLIANCE
    311 POMONA DR
    GREENSBORO,NC27407     		N/A PC GRANTS 125,000
    HIGH POINT UNIVERSITY
    833 MONTLIEU AVE
    HIGH POINT,NC27262     		N/A PC SCHOLARSHIPS 10,000
    JOHNSON AND WALES UNIVERSITY
    801 WEST TRADE STREET
    CHARLOTTE,NC28202     		N/A PC SCHOLARSHIPS 10,000
    LEE UNIVERSITY
    1120 N OCOEE STREET
    CLEVELAND,TN27590     		N/A PC SCHOLARSHIPS 10,000
    LEES-MCRAE COLLEGE
    PO BOX 128
    BANNER ELK,NC28604     		N/A PC SCHOLARSHIPS 5,000
    LENIOR-RHYNE COLLEGE
    PO BOX 128
    BANNER ELK,NC28604     		N/A PC SCHOLARSHIPS 24,500
    LONGWOOD UNIVERSITY
    201 HIGH STREET
    FARMVILLE,VA23909     		N/A PC SCHOLARSHIPS 9,000
    MARS HILL UNIVERSITY
    PO BOX 370
    MARS HILL,NC28754     		N/A PC SCHOLARSHIPS 1,000
    MCCALLIE SCHOOL
    500 DODDS AVENUE
    CHATTANOOGA,TN37404     		N/A PC GRANTS 100,000
    MEREDITH COLLEGE
    3800 HILLSBOROUGH STREET
    RALEIGH,NC27607     		N/A PC SCHOLARSHIPS 7,500
    METHODIST UNIVERSITY
    5400 RAMSEY STREET
    FAYETTEVILLE,NC28311     		N/A PC SCHOLARSHIPS 10,000
    MONTREAT COLLEGE
    310 GAITHER CIRCLE
    MONTREAT,NC28757     		N/A PC SCHOLARSHIPS 5,500
    MT AIRY CITY SCHOOLS
    PO DRAWER 710
    MT AIRY,NC27030     		N/A PC GRANTS 49,324
    NC TEXTILE FOUNDATION
    1020 MAIN CAMPUS DR
    RALEIGH,NC27606     		N/A PC GRANTS 100,000
    NORTH CAROLINA STATE UNIVERSITY
    BOX 7302 / 2005 HARRIS HALL
    RALEIGH,NC27695     		N/A PC SCHOLARSHIPS 66,000
    OLD DOMINION UNIVERSITY
    121 ALFRED B ROLLINS JR HALL
    NORFOLK,VA23529     		N/A PC SCHOLARSHIPS 5,000
    OPERATION XCEL
    2200 ONTARIO ST
    GREENSBORO,NC27403     		N/A PC GRANTS 50,000
    PFEIFFER UNIVERSITY
    PO BOX 960
    MISENHEIMER,NC28109     		N/A PC SCHOLARSHIPS 5,000
    PRESBYTERIAN COLLEGE SCHOOL OF PHARMACY
    PO BOX 493
    CLINTON,SC29325     		N/A PC SCHOLARSHIPS 5,000
    RANDOLPH ASHEBORO YMCA
    343 NC HWY 42 N
    ASHBORO,NC27203     		N/A PC GRANTS 50,000
    SALEM COLLEGE
    601 S CHURCH STREET
    WINSTONSALEM,NC27101     		N/A PC SCHOLARSHIPS 13,000
    SALVATION ARMY OF SURRY COUNTY
    PO BOX 443
    MT AIRY,NC27030     		N/A PC GRANTS 10,000
    SECOND HARVEST
    2517 PHILLIPS AVE
    GREENSBORO,NC27405     		N/A PC GRANTS 100,000
    STANFORD UNIVERSITY
    355 GALVEZ STREET
    STANFORD,CA94305     		N/A PC SCHOLARSHIPS 6,000
    SURRY CHILDREN'S CENTER
    2000 PRISON CAMP RD
    DOBSON,NC27017     		N/A PC GRANTS 50,000
    TEACH FOR AMERICA
    5855 EXECUTIVE CENTER SUITE 200
    CHARLOTTE,NC28212     		N/A PC GRANTS 25,000
    THE GEORGE WASHINGTON UNIVERSITY
    525 FELLOWSHIP ROAD
    WASHINGTON,DC27752     		N/A PC SCHOLARSHIPS 10,000
    UNC CHAPEL HILL CAROLINA COLLEGE ADVISING PROGRAM
    206 W FRANKLIN ST SUITE 100
    CHAPEL HILL,NC27599     		N/A PC GRANTS 170,000
    UNC GREENSBORO
    PO BOX 26177
    GREENSBORO,NC27402     		N/A PC GRANTS 265,000
    UNITED ARTS COUNCIL
    200 N DAVIE ST SUITE 201
    GREENSBORO,NC27401     		N/A PC GRANTS 10,000
    UNITED FUND OF SURRY
    37 MOORE AVE
    MT AIRY,NC27030     		N/A PC GRANTS 50,000
    UNITED WAY OF GREATER GREENSBORO
    1500 YANCEYVILLE ST
    GREENSBORO,NC27405     		N/A PC GRANTS 100,000
    UNIVERSITY OF NORTH CAROLINA-ASHEVILLE
    CPO 2230
    ASHEVILLE,NC28804     		N/A PC SCHOLARSHIPS 5,000
    UNIVERSITY OF NORTH CAROLINA-CHAPEL HILL
    103 BYRUM HALL
    CHAPEL HILL,NC27599     		N/A PC SCHOLARSHIPS 126,533
    UNIVERSITY OF NORTH CAROLINA-CHARLOTTE
    9201 UNIVERSITY CITY BLVD
    CHARLOTTE,NC28223     		N/A PC SCHOLARSHIPS 63,400
    UNIVERSITY OF NORTH CAROLINA-GREENSBORO
    PO BOX 26177
    GREENSBORO,NC27402     		N/A PC SCHOLARSHIPS 16,000
    UNIVERSITY OF NORTH CAROLINA-WILMINGTON
    601 S COLLEGE RD
    WILMINGTON,NC28403     		N/A PC SCHOLARSHIPS 26,500
    UNIVERSITY OF TENNESSEE
    211 STUDENT SERVICES BLDG
    KNOXVILLE,TN37996     		N/A PC SCHOLARSHIPS 12,500
    VIRGINIA MILLITARY INSTITUTE
    STUDENT ACCOUNTING OFFICE
    LEXINGTON,VA24450     		N/A PC SCHOLARSHIPS 10,000
    VIRGINIA TECH UNIVERSITY
    800 WASHINGTON STREET SW
    BLACKSBURG,VA24061     		N/A PC SCHOLARSHIPS 15,000
    WAKE FOREST UNIVERSITY
    PO BOX 7246
    WINSTONSALEM,NC27109     		N/A PC SCHOLARSHIPS 4,500
    WEST VIRGINIA UNIVERSITY
    PO BOX 6004
    MORGANTOWN,WV26506     		N/A PC SCHOLARSHIPS 12,500
    WESTERN CAROLINA UNIVERSITY
    HFR ADMINISTRATION BUILDING
    CULLOWHEE,NC28723     		N/A PC SCHOLARSHIPS 42,250
    WINGATE UNIVERSITY
    CAMPUS BOX 3001
    WINGATE,NC28174     		N/A PC SCHOLARSHIPS 20,000
    YWCA
    1807 WENDOVER AVE E
    GREENSBORO,NC27405     		N/A PC GRANTS 25,000
    Total .................................bullet 3a 3,311,339
    bApproved for future payment
    DAVIDSON COLLEGE
    BOX 7157
    DAVIDSON,NC28035     		N/A PC GRANTS 1,000,000
    SALEM COLLEGE
    601 S CHURCH STREET
    WINSTONSALEM,NC27101     		N/A PC GRANTS 500,000
    GUILFORD COLLEGE CHESS
    5800 WEST FRIENDLY AVE
    GREENSBORO,NC27410     		N/A PC GRANTS 150,000
    Total .................................bullet 3b 1,650,000
    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
    aUNFUNDED PLEDGE COMMITMENT         2,500,000
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 222  
    4 Dividends and interest from securities.... 525990 6,210 14 615,071  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property...... 525990 1      
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property 525990 -117 14 117  
    7 Other investment income..... 525990 286 14 31,527  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		525990 43,939 18 2,504,461  
    9 Net income or (loss) from special events: 525990 -31,814      
    10 Gross profit or (loss) from sales of inventory     01    
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 18,505 3,151,398 2,500,000
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    5,669,903
    (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.)
    4 INVESTMENT IN STATE BONDS FOR CONSISTENT INCOME TO FUND SCHOLARSHIPS
    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

    TY 2020 AccountingFeesSchedule
    Name:
    THE EDWARD M ARMFIELD SR FOUNDATION
     
    INC
    EIN:
    56-2156876
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 58,035 11,607   46,428

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    THE EDWARD M ARMFIELD SR FOUNDATION
     
    INC
    EIN:
    56-2156876
    Name of Bond End of Year Book Value End of Year Fair Market Value
    PIMCO FUNDS 2,479,525 2,479,525

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    THE EDWARD M ARMFIELD SR FOUNDATION
     
    INC
    EIN:
    56-2156876
    Name of Stock End of Year Book Value End of Year Fair Market Value
    BANK OF NORTH CAROLINA STOCK 14,305 14,305
    VANGUARD DIVIDEND FUND 13,663,181 13,663,181

    TY 2020 InvestmentsOtherSchedule2
    Name:
    THE EDWARD M ARMFIELD SR FOUNDATION
     
    INC
    EIN:
    56-2156876
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    GS MEZZANINE V LP FMV 16,756 16,756
    HARBINGER DISTRESSED DEBT FUNDS FMV 11,501 11,501
    NEON LIBERTY EMERGING MKTS FMV 4,073,818 4,073,818
    MAVERICK STABLE FUND FMV 7,941,125 7,941,125
    INDUS ASIA PACIFIC FUND II FMV 147,753 147,753
    NEWPORT ASIA INSTITUTIONAL FUND FMV 2,486,883 2,486,883
    DODGE AND COX FMV 1,885,328 1,885,328
    NEUBERGER BERMAN GREATER CHINA FUND FMV 1,808,109 1,808,109
    EDGEWOOD GROWTH FUND FMV 7,801,455 7,801,455
    CANYON REALIZATION FUND FMV 3,238,922 3,238,922
    MORGAN STANLEY RE OFFSHORE GLOBAL FUND FMV 65,322 65,322
    GS WHITEHALL REAL ESTATE FUND FMV 22,901 22,901
    SHEARWATER OFFSHORE SECURITIES FMV 2,426,921 2,426,921
    BOSTWICK COMPOUND OFFSHORE LTD FMV 4,321,111 4,321,111
    CANYON DISTRESSED OPPORTUNITY FUND FMV 357,502 357,502
    KABOUTER INTERNATIONAL FUND FMV 1,843,960 1,843,960
    SELECT EQUITY OFFSHORE FUND FMV 1,486,358 1,486,358
    LEXINGTON PARTNERS FMV 528,875 528,875
    CANYON DISTRESSED OPPORTUNITY FUND III FMV 418,673 418,673
    SPYGLASS CAPITAL FUND FMV 1,093,576 1,093,576
    GQG PARTNERS FUND FMV 1,021,186 1,021,186
    INDUS SELECT FUND FMV 3,111,121 3,111,121
    CASDIN PRIVATE GROWTH FMV 298,907 298,907
    NUT TREE DOWNDOWN FUND FMV 776,366 776,366

    TY 2020 LegalFeesSchedule
    Name:
    THE EDWARD M ARMFIELD SR FOUNDATION
     
    INC
    EIN:
    56-2156876
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 84,801 84,161   640


    TY 2020 OtherAssetsSchedule
    Name:
    THE EDWARD M ARMFIELD SR FOUNDATION
     
    INC
    EIN:
    56-2156876
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    SAPONA MFG CO 90,832 0 0
    INCOME TAX RECEIVABLE 7,056 0 0


    TY 2020 OtherExpensesSchedule
    Name:
    THE EDWARD M ARMFIELD SR FOUNDATION
     
    INC
    EIN:
    56-2156876
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OFFICE SUPPLIES 9,500 1,900   7,600
    INSURANCE 9,692 1,938   7,754
    SANTA BARBARA ENVIRONMENTAL EXPENSE 408,727 408,727   0
    DUES AND SUBSCRIPTIONS 1,680 336   1,344


    TY 2020 OtherIncomeSchedule2
    Name:
    THE EDWARD M ARMFIELD SR FOUNDATION
     
    INC
    EIN:
    56-2156876
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    DW CATALYST K-1 0 -719 0
    NEWPORT ASIA K-1 0 -22,266 0
    WHITEHALL K-1 0 -4,620 0
    NORTH HAVEN K-1 0 -645 0
    KABOUTER K-1 0 -18,484 0
    LEXINGTON K-1 0 -59,570 0
    LCP IX K-1 0 -924 0
    OTHER INCOME 0 3 0
    UNFUNDED PLEDGE COMMITMENT 2,500,000   2,500,000


    TY 2020 OtherIncreasesSchedule
    Name:
    THE EDWARD M ARMFIELD SR FOUNDATION
     
    INC
    EIN:
    56-2156876
    Description Amount
    UNREALIZED GAINS 3,993,099


    TY 2020 OtherLiabilitiesSchedule
    Name:
    THE EDWARD M ARMFIELD SR FOUNDATION
     
    INC
    EIN:
    56-2156876
    Description Beginning of Year - Book Value End of Year - Book Value
    CAPITAL CONTRIBUTION PAYABLE 1,626,062 0
    INCOME TAX PAYABLE 0 14,831


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    THE EDWARD M ARMFIELD SR FOUNDATION
     
    INC
    EIN:
    56-2156876
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OTHER PROFESSIONAL FEES 250 50   200
    INVESTMENT MANAGEMENT 165,065 165,065   0


    TY 2020 TaxesSchedule
    Name:
    THE EDWARD M ARMFIELD SR FOUNDATION
     
    INC
    EIN:
    56-2156876
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INCOME TAXES 35,048 0   0
    PAYROLL TAXES 16,675 3,335   13,340
    FOREIGN INVESTMENT TAXES 0 4,366   0