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
Danville Regional Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)512 Bridge Street No 100
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Danville, VA24541
A Employer identification number

20-3319727
B Telephone number (see instructions)

(434) 799-2176
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$251,188,385J 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 9,026 9,026  
4 Dividends and interest from securities... 3,719,780 3,719,780  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 9,927,029
b Gross sales price for all assets on line 6a 112,778,774
7 Capital gain net income (from Part IV, line 2)... 9,927,029
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 222,096 145,900  
12 Total. Add lines 1 through 11........ 13,877,931 13,801,735  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 406,410 40,261   396,384
14 Other employee salaries and wages...... 529,683 7,990   565,746
15 Pension plans, employee benefits....... 150,571 3,201   147,370
16a Legal fees (attach schedule)......... Click to see attachment 3,534 1,200   2,334
b Accounting fees (attach schedule)....... Click to see attachment 88,561 0   79,221
c Other professional fees (attach schedule).... Click to see attachment 1,662,031 1,176,347   451,437
17 Interest............... 52,390 27,404   24,986
18 Taxes (attach schedule) (see instructions)... Click to see attachment 465,476 45,270   66,744
19 Depreciation (attach schedule) and depletion... Click to see attachment 59,293 0  
20 Occupancy.............. 108,890 61,223   33,491
21 Travel, conferences, and meetings....... 7,477 0   7,477
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 695,912 281,427   373,563
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 4,230,228 1,644,323   2,148,753
25 Contributions, gifts, grants paid....... 5,137,126 7,057,056
26 Total expenses and disbursements. Add lines 24 and 25 9,367,354 1,644,323   9,205,809
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 4,510,577
b Net investment income (if negative, enter -0-) 12,157,412
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............. 267,074 5,171,691 5,171,691
2 Savings and temporary cash investments......... 3,373,326 10,195,914 10,195,914
3 Accounts receivable bullet3,830
Less: allowance for doubtful accounts bullet     3,830 3,830
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.......... 67,382 98,082 98,082
10a Investments—U.S. and state government obligations (attach schedule) 12,580,338 Click to see attachment8,088,566 8,088,566
b Investments—corporate stock (attach schedule)....... 53,480,052 Click to see attachment59,820,549 59,820,549
c Investments—corporate bonds (attach schedule)....... 37,536,154 Click to see attachment25,917,881 25,917,881
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 124,763,284 Click to see attachment141,020,770 141,020,770
14 Land, buildings, and equipment: basis bullet1,249,629
Less: accumulated depreciation (attach schedule) bullet679,767 629,155 Click to see attachment569,862 569,862
15 Other assets (describe bullet) Click to see attachment484,391 Click to see attachment301,240 Click to see attachment301,240
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 233,181,156 251,188,385 251,188,385
Liabilities 17 Accounts payable and accrued expenses.......... 613,329 413,857
18 Grants payable................. 8,877,273 6,966,443
19 Deferred revenue................. 62,235 637,048
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)...... 1,254,964 Click to see attachment1,169,401
22 Other liabilities (describe bullet) Click to see attachment730,978 Click to see attachment892,075
23 Total liabilities (add lines 17 through 22)......... 11,538,779 10,078,824
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........... 221,642,377 241,109,561
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)..... 221,642,377 241,109,561
30 Total liabilities and net assets/fund balances (see instructions). 233,181,156 251,188,385
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
221,642,377
2
Enter amount from Part I, line 27a .....................
2
4,510,577
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
14,999,550
4
Add lines 1, 2, and 3 ..........................
4
241,152,504
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
42,943
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
241,109,561
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      
b Return of capital-alt. invest. funds      
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 112,698,981   102,851,745 9,847,236
b 79,793     79,793
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       9,847,236
b       79,793
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 9,927,029
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................................ 1 168,988
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........................... 3 168,988
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- ..... 5 168,988
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 174,075
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 20,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 194,075
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
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 25,087
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet25,087 RefundedBullet 11 0
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)
    bulletVA
    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 addressbulletwww.drfonline.org
    14
    The books are in care ofbulletJon C Sells CFO & Treas Telephone no.bullet (434) 799-2176

    Located atbullet512 Bridge Street Suite 100DanvilleVA ZIP+4bullet24541
    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
     
    No
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 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
    Clark Casteel President & CEO
    40.00     		231,242 46,348 18,528
    512 Bridge St 100
    Danville,VA24541
    Jon C Sells Treasurer & CFO (started 8/24/2020)
    40.00     		41,539 2,444 0
    512 Bridge St 100
    Danville,VA24541
    Chris Eastwood Chair
    1.00     		0 0 0
    512 Bridge St 100
    Danville,VA24541
    Tommy Stump Vice Chair
    1.00     		0 0 0
    512 Bridge St 100
    Danville,VA24541
    Shirley Jo Hite Secretary
    35.00     		66,846 29,698 0
    512 Bridge St 100
    Danville,VA24541
    Jessie Barksdale Director
    1.00     		0 0 0
    512 Bridge St 100
    Danville,VA24541
    Alexis I Ehrhardt Director
    1.00     		0 0 0
    512 Bridge St 100
    Danville,VA24541
    Carolyn Evans Director
    1.00     		0 0 0
    512 Bridge St 100
    Danville,VA24541
    Greg Hairston Director
    1.00     		0 0 0
    512 Bridge St 100
    Danville,VA24541
    William Henderson IV Director
    1.00     		0 0 0
    512 Bridge St 100
    Danville,VA24541
    Charles Majors Director
    1.00     		0 0 0
    512 Bridge St 100
    Danville,VA24541
    Martha A Walker Director
    1.00     		0 0 0
    512 Bridge St 100
    Danville,VA24541
    Tammy Wright Warren Director
    1.00     		0 0 0
    512 Bridge St 100
    Danville,VA24541
    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
    Annie Martinie Sr. Prog. Officer
    40.00     		99,787 26,793 0
    512 Bridge St 100
    Danville,VA24541
    Starling McKenzie Sr. Prog. Officer
    40.00     		99,138 24,478 0
    512 Bridge St 100
    Danville,VA24541
    Lori Merrick Dir.-Marketing & Com
    40.00     		103,118 19,318 0
    512 Bridge St 100
    Danville,VA24541
    Stephanie Blevins Accountant
    40.00     		79,895 32,011 0
    512 Bridge St 100
    Danville,VA24541
    Susanne Bell Sr. Prog. Officer
    40.00     		76,696 5,887 0
    512 Bridge St 100
    Danville,VA24541
    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
    Wedge Capital Management Investment management 167,187
    301 College St
    Charlotte,NC28202
    Downtown Danville Development LLC Investment management 150,000
    PO Box 650
    Durham,NC27702
    Richmond Capital Investment management 101,562
    10800 Midlothian Turnpike Suite 217
    Richmond,VA23235
    Third Sector New England Program consulting 101,090
    89 South St Suite 700
    Boston,MA02111
    TCC Group Program consulting 87,660
    333 7th Ave 9th Floor
    New York,NY10001
    Total number of others receiving over $50,000 for professional services.............bullet9
    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 N/A 0
    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
    166,829,601
    b
    Average of monthly cash balances.......................
    1b
    6,149,582
    c
    Fair market value of all other assets (see instructions)................
    1c
    51,540,184
    d
    Total (add lines 1a, b, and c).........................
    1d
    224,519,367
    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
    603,702
    3
    Subtract line 2 from line 1d.........................
    3
    223,915,665
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    3,358,735
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    220,556,930
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    11,027,847
    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
    11,027,847
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    168,988
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    168,988
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    10,858,859
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    9,100
    5
    Add lines 3 and 4............................
    5
    10,867,959
    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
    10,867,959
    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
    9,205,809
    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
    9,205,809
    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
    9,205,809
    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 10,867,959
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 0
    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...... 3,376,774
    fTotal of lines 3a through e........ 3,376,774
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 9,205,809
    a Applied to 2019, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2020 distributable amount..... 9,205,809
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2020. 1,662,150 1,662,150
    (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 1,714,624
    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 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    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 ......     		1,714,624
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017....  
    c Excess from 2018....  
    d Excess from 2019.... 1,714,624
    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:
    Mr Clark Casteel Pres CEO
    512 Bridge St 100
    Danville,VA24541
    (434) 799-2176
    bThe form in which applications should be submitted and information and materials they should include:
    Refer to the Foundation's grant proposal guidelines on its website for full details and information.
    cAny submission deadlines:
    None
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    The Foundation supports programs operating or benefiting those who live in Danville and Pittsylvania County in VA and Caswell County in NC. Refer to the Foundation's grant proposal guidelines on its website for full details and information.
    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
    Smart Beginnings Danville Pittsylvania
    133 Robertson Ave
    Danville,VA24541     		None PC School Readiness Initiative II 578,873
    City of Danville VA
    PO Box 3300
    Danville,VA24543     		None GOV Art Trail Match 16,666
    United Way of Danville-Pittsylvania County
    308 Craghead Street Suite 104
    Danville,VA24541     		None PC DRNN Implementation Grant 139,607
    Caswell County NC
    PO Box 98 144 Court Square
    Yanceyville,NC27379     		None GOV Caswell Enterprise Center - On the Square 416,525
    Institute for Advanced Learning and Research
    150 Slayton Avenue
    Danville,VA24540     		None GOV Industry 4.0 Integration Initiative 1,500,000
    Olde Dominion Agricultural Foundation
    19783 US Hwy 29 Suite G
    Chatham,VA24531     		None PC Expansion and Capacity 60,000
    River District Association
    PO Box 853
    Danville,VA24543     		None PC Continued River District Revitalization 250,000
    Southside Business Technology Center (SBTC)
    527 Bridge St 200
    Danville,VA24541     		None PC The Launch Place Phase 2 1,785,796
    Averett University
    420 West Main Street
    Danville,VA24541     		None PC Best Practice Research and Implementation 25,000
    Averett University
    420 West Main Street
    Danville,VA24541     		None PC CCECC 2020-2025 488,155
    Caswell County Chamber of Commerce
    PO Box 29 142 Main Street
    Yanceyville,NC27379     		None PC Caswell Online Experience Project 23,000
    Danville Neighborhood Development Corporation
    PO Box 3549
    Danville,VA24543     		None PC Planning Grant 125,000
    Danville Redevelopment and Housing Authority
    PO Box 1476
    Danville,VA24543     		None GOV Southside Community Center 550,000
    Just Kids Child Development Center
    120 Shavers-Johnson Street
    Danville,VA24540     		None PC 2020 Ashby Award Recipient 50,000
    The Launch Place
    527 Bridge St 200
    Danville,VA24541     		None PC Entrepreneurial Ecosystem 118,500
    NC Cooperative Extension - Caswell County Center
    PO Box 220
    Yanceyville,NC27379     		None PC CEAD Phase 2 & 3 Planning 23,500
    Pittsylvania County
    1 Center Street PO Box 426
    Chatham,VA24531     		None GOV Regional Economic Development Plan 6,334
    Pittsylvania County Parks and Recreation
    PO Box 426
    Chatham,VA24531     		None GOV Wayside Park 153,270
    Caswell Council for the Arts
    PO Box 689
    Yanceyville,NC27379     		None PC Southern Roots Festival 4,000
    Caswell Family Medical Center
    PO Box 1448
    Yanceyville,NC27379     		None PC Capacity Building - Strategic Plan 18,750
    Community Foundation of the Dan River Region
    541 Loyal Street
    Danville,VA24541     		None PC COVID-19 Challenge Grant 130,000
    Friends of the Danville Public Library
    PO Box 11405
    Danville,VA24543     		None PC Community Engagement Project 24,981
    Gunn Memorial Public Library
    161 Main Street East
    Yanceyville,NC27379     		None PC Hot Spots 13,677
    Caswell County Schools
    353 County Home Road
    Yanceyville,NC27379     		None GOV Feasibility Study for Center of the Arts 25,000
    Danville Family YMCA
    215 Riverside Dr
    Danville,VA24540     		None PC Riverwalk Trailhead Stretching Station 14,718
    Danville Museum of Fine Arts & History
    975 Main Street
    Danville,VA24541     		None PC Capacity Building Grant 23,870
    Community Foundation of the Dan River Region
    541 Loyal Street
    Danville,VA24541     		None PC Re-granting '20-'22 & Professional Development 250,000
    Danville Pittsylvania County Chamber Foundation Inc
    PO Box 99
    Blairs,VA24527     		None PC Summer 2020 Intern 4,334
    Middle Border Forward
    326 Main Street 102
    Danville,VA24541     		None PC Expand Community Engagement & Collaboration 100,000
    River District Association
    PO Box 853
    Danville,VA24543     		None PC Capacity Grant 25,000
    Southside Area Tennis Association
    163 Hawthorne Drive
    Danville,VA24541     		None PC Capacity Grant 25,000
    Caswell County Council for the Arts
    PO Box 689
    Yanceyville,NC27379     		None PC Capacity Grant 25,000
    Danville Police Department
    427 Patton Street
    Danville,VA24541     		None GOV Capacity Grant 25,000
    Averett UniversityCCECC
    420 West Main Street
    Danville,VA24541     		None PC TED Talk 12,500
    River District Association
    PO Box 853
    Danville,VA24543     		None PC Home for the Holidays 25,000
    Total .................................bullet 3a 7,057,056
    bApproved for future payment
    Institute for Advanced Learning and Research
    150 Slayton Avenue
    Danville,VA24540     		None GOV Dan River Region Collaborative - 3 years 596,230
    United Way of Danville-Pittsylvania County
    308 Craghead Street Suite 104
    Danville,VA24541     		None PC DRNN Implementation Grant 160,841
    Institute for Advanced Learning and Research
    150 Slayton Avenue
    Danville,VA24540     		None GOV Dan River Year AmeriCorps 2018-2022 176,229
    Institute for Advanced Learning and Research
    150 Slayton Avenue
    Danville,VA24540     		None GOV Industry 4.0 Integration Initiative 1,748,992
    Olde Dominion Agricultural Foundation
    19783 US Hwy 29 Suite G
    Chatham,VA24531     		None PC Expansion and Capacity 30,000
    Averett University
    420 West Main Street
    Danville,VA24541     		None PC Best Practice Research and Implementation 25,000
    Averett University
    420 West Main Street
    Danville,VA24541     		None PC CCECC 2020-2025 724,310
    The Launch Place
    527 Bridge St 200
    Danville,VA24541     		None PC Entrepreneurial Ecosystem 474,000
    Piedmont Community College
    PO Box 1150
    Yanceyville,NC27379     		None PC Center for Educational & Agricultural Development (CEAD) 2,647,200
    Virginia Health Care Foundation
    707 East Main Street Suite 1350
    Richmond,VA23219     		None PC Project Connect Outreach Worker 65,000
    Averett UniversityCCECC
    420 West Main Street
    Danville,VA24541     		None PC TED Talk 12,500
    Dan River Basin Association
    308 Craghead Street Suite 104
    Danville,VA24541     		None PC Capacity Grant 23,141
    Caswell County NC
    PO Box 98 144 Court Square
    Yanceyville,NC27379     		None GOV Caswell Enterprise Center - On the Square 283,000
    Total .................................bullet 3b 6,966,443
    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 9,026  
    4 Dividends and interest from securities....     14 3,719,780  
    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..... 531120 76,196 14 145,900  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 9,927,029  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 76,196 13,801,735 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    13,877,931
    (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

    Form 990PF Part XV Line 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
    Smart Beginnings Danville Pittsylvania133 Robertson Ave
    Danville,VA24541     		None PC School Readiness Initiative II 578,873
    City of Danville VAPO Box 3300
    Danville,VA24543     		None GOV Art Trail Match 16,666
    United Way of Danville-Pittsylvania County308 Craghead Street Suite 104
    Danville,VA24541     		None PC DRNN Implementation Grant 139,607
    Caswell County NCPO Box 98 144 Court Square
    Yanceyville,NC27379     		None GOV Caswell Enterprise Center - On the Square 416,525
    Institute for Advanced Learning and Research150 Slayton Avenue
    Danville,VA24540     		None GOV Industry 4.0 Integration Initiative 1,500,000
    Olde Dominion Agricultural Foundation19783 US Hwy 29 Suite G
    Chatham,VA24531     		None PC Expansion and Capacity 60,000
    River District AssociationPO Box 853
    Danville,VA24543     		None PC Continued River District Revitalization 250,000
    Southside Business Technology Center (SBTC)527 Bridge St 200
    Danville,VA24541     		None PC The Launch Place Phase 2 1,785,796
    Averett University420 West Main Street
    Danville,VA24541     		None PC Best Practice Research and Implementation 25,000
    Averett University420 West Main Street
    Danville,VA24541     		None PC CCECC 2020-2025 488,155
    Caswell County Chamber of CommercePO Box 29 142 Main Street
    Yanceyville,NC27379     		None PC Caswell Online Experience Project 23,000
    Danville Neighborhood Development CorporationPO Box 3549
    Danville,VA24543     		None PC Planning Grant 125,000
    Danville Redevelopment and Housing AuthorityPO Box 1476
    Danville,VA24543     		None GOV Southside Community Center 550,000
    Just Kids Child Development Center120 Shavers-Johnson Street
    Danville,VA24540     		None PC 2020 Ashby Award Recipient 50,000
    The Launch Place527 Bridge St 200
    Danville,VA24541     		None PC Entrepreneurial Ecosystem 118,500
    NC Cooperative Extension - Caswell County CenterPO Box 220
    Yanceyville,NC27379     		None PC CEAD Phase 2 & 3 Planning 23,500
    Pittsylvania County1 Center Street PO Box 426
    Chatham,VA24531     		None GOV Regional Economic Development Plan 6,334
    Pittsylvania County Parks and RecreationPO Box 426
    Chatham,VA24531     		None GOV Wayside Park 153,270
    Caswell Council for the ArtsPO Box 689
    Yanceyville,NC27379     		None PC Southern Roots Festival 4,000
    Caswell Family Medical CenterPO Box 1448
    Yanceyville,NC27379     		None PC Capacity Building - Strategic Plan 18,750
    Community Foundation of the Dan River Region541 Loyal Street
    Danville,VA24541     		None PC COVID-19 Challenge Grant 130,000
    Friends of the Danville Public LibraryPO Box 11405
    Danville,VA24543     		None PC Community Engagement Project 24,981
    Gunn Memorial Public Library161 Main Street East
    Yanceyville,NC27379     		None PC Hot Spots 13,677
    Caswell County Schools353 County Home Road
    Yanceyville,NC27379     		None GOV Feasibility Study for Center of the Arts 25,000
    Danville Family YMCA215 Riverside Dr
    Danville,VA24540     		None PC Riverwalk Trailhead Stretching Station 14,718
    Danville Museum of Fine Arts & History975 Main Street
    Danville,VA24541     		None PC Capacity Building Grant 23,870
    Community Foundation of the Dan River Region541 Loyal Street
    Danville,VA24541     		None PC Re-granting '20-'22 & Professional Development 250,000
    Danville Pittsylvania County Chamber Foundation IncPO Box 99
    Blairs,VA24527     		None PC Summer 2020 Intern 4,334
    Middle Border Forward326 Main Street 102
    Danville,VA24541     		None PC Expand Community Engagement & Collaboration 100,000
    River District AssociationPO Box 853
    Danville,VA24543     		None PC Capacity Grant 25,000
    Southside Area Tennis Association163 Hawthorne Drive
    Danville,VA24541     		None PC Capacity Grant 25,000
    Caswell County Council for the ArtsPO Box 689
    Yanceyville,NC27379     		None PC Capacity Grant 25,000
    Danville Police Department427 Patton Street
    Danville,VA24541     		None GOV Capacity Grant 25,000
    Averett UniversityCCECC420 West Main Street
    Danville,VA24541     		None PC TED Talk 12,500
    River District AssociationPO Box 853
    Danville,VA24543     		None PC Home for the Holidays 25,000
    Total ...............................bullet 3a 7,057,056
    bApproved for future payment
    Institute for Advanced Learning and Research150 Slayton Avenue
    Danville,VA24540     		None GOV Dan River Region Collaborative - 3 years 596,230
    United Way of Danville-Pittsylvania County308 Craghead Street Suite 104
    Danville,VA24541     		None PC DRNN Implementation Grant 160,841
    Institute for Advanced Learning and Research150 Slayton Avenue
    Danville,VA24540     		None GOV Dan River Year AmeriCorps 2018-2022 176,229
    Institute for Advanced Learning and Research150 Slayton Avenue
    Danville,VA24540     		None GOV Industry 4.0 Integration Initiative 1,748,992
    Olde Dominion Agricultural Foundation19783 US Hwy 29 Suite G
    Chatham,VA24531     		None PC Expansion and Capacity 30,000
    Averett University420 West Main Street
    Danville,VA24541     		None PC Best Practice Research and Implementation 25,000
    Averett University420 West Main Street
    Danville,VA24541     		None PC CCECC 2020-2025 724,310
    The Launch Place527 Bridge St 200
    Danville,VA24541     		None PC Entrepreneurial Ecosystem 474,000
    Piedmont Community CollegePO Box 1150
    Yanceyville,NC27379     		None PC Center for Educational & Agricultural Development (CEAD) 2,647,200
    Virginia Health Care Foundation707 East Main Street Suite 1350
    Richmond,VA23219     		None PC Project Connect Outreach Worker 65,000
    Averett UniversityCCECC420 West Main Street
    Danville,VA24541     		None PC TED Talk 12,500
    Dan River Basin Association308 Craghead Street Suite 104
    Danville,VA24541     		None PC Capacity Grant 23,141
    Caswell County NCPO Box 98 144 Court Square
    Yanceyville,NC27379     		None GOV Caswell Enterprise Center - On the Square 283,000
    Total ................................bullet 3b 6,966,443

    TY 2020 AccountingFeesSchedule
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Audit & accounting fees 88,561 0   79,221

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

    TY 2020 DepreciationSchedule
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    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
    Software 2007-01-10 22,565 22,565 SL 3.000000000000 0 0    
    Additional software licenses 2007-07-24 2,414 2,414 SL 2.500000000000 0 0    
    Server and computer equipment 2007-12-12 5,014 5,014 SL 3.000000000000 0 0    
    Computers 2008-02-28 2,658 2,658 SL 3.000000000000 0 0    
    Computers 2008-03-10 1,712 1,712 SL 3.000000000000 0 0    
    Phone system 2008-04-30 6,641 6,641 SL 5.000000000000 0 0    
    Computers 2008-04-01 1,504 1,504 SL 3.000000000000 0 0    
    Phones/security 2011-09-01 38,250 38,250 SL 5.000000000000 0 0    
    Furniture 2011-10-06 72,746 72,746 SL 8.000000000000 0 0    
    Board table and chairs 2011-12-02 16,196 16,196 SL 8.000000000000 0 0    
    Alarm system 2011-12-02 4,428 4,428 SL 5.000000000000 0 0    
    Building (capital lease asset) 2011-12-01 891,000 360,113 SL 20.000000000000 44,550 0    
    Server 2012-10-30 7,996 7,996 SL 5.000000000000 0 0    
    Office Furniture 2013-12-31 7,469 7,469 SL 5.000000000000 0 0    
    Computer equipment 2014-06-01 3,041 3,041 SL 3.000000000000 0 0    
    Leasehold improvements 2014-04-01 2,597 858 SL 17.000000000000 154 0    
    Notebook computers 2014-06-18 6,664 6,664 SL 3.000000000000 0 0    
    Leasehold improvements 2014-08-01 13,708 4,411 SL 17.000000000000 814 0    
    Leasehold improvements 2014-12-01 56,167 16,674 SL 17.000000000000 3,277 0    
    Website upgrades 2015-11-13 34,370 34,370 SL 3.000000000000 0 0    
    Carpet 2019-05-02 7,506 1,001 SL 5.000000000000 1,501 0    
    Automobile 2019-08-12 44,983 3,749 SL 5.000000000000 8,997 0    

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Name of Bond End of Year Book Value End of Year Fair Market Value
    Aflac Inc. 306,410 306,410
    Altria Group Inc. 355,043 355,043
    Amazon.com Inc. 170,784 170,784
    American Express Co. 674,201 674,201
    Anheuser-Busch 226,546 226,546
    AT&T Inc. 233,946 233,946
    Avalonbay Communities 314,201 314,201
    Bank of America Corp. 386,711 386,711
    Bank of NY Mellon Corp 351,578 351,578
    Boston Properties LP 159,580 159,580
    BP Capital Markets PLC 719,757 719,757
    Burlington North Santa Fe 329,169 329,169
    Camden Property Trust 453,620 453,620
    Capital One Financial Co. 486,082 486,082
    Caterpillar Financial SE 507,740 507,740
    Charles Schwab Corp 278,727 278,727
    Chubb INA Holdings Inc. 377,115 377,115
    Cintas Corporation 560,196 560,196
    Citigroup Inc 494,856 494,856
    Comcast Corp 282,045 282,045
    CVS Health Corp 427,928 427,928
    Diageo Capital PLC 431,558 431,558
    DowDupont Inc. 221,797 221,797
    Enterprise Products 279,915 279,915
    EOG Resources Inc. 260,893 260,893
    ERP Operating LP 462,969 462,969
    FedEx Corp 465,269 465,269
    Fifth Third BankCorp 217,664 217,664
    Florida Power & Light 188,338 188,338
    Franklin Resources Inc 201,763 201,763
    Geico Corp 299,209 299,209
    General Dynamics Corp 131,318 131,318
    General Mills Inc. 339,147 339,147
    Georgia Power Company 276,743 276,743
    Goldman Sachs Group Inc 285,300 285,300
    Halliburton Co 112,152 112,152
    Home Depot Inc 391,283 391,283
    John Deere Capital Corp 366,884 366,884
    JP Morgan Chase & Co 583,168 583,168
    Keycorp 491,250 491,250
    Kroger Co 287,417 287,417
    Lincoln National Corp 323,204 323,204
    Magellan Midstream Partn 357,528 357,528
    Mondelez International 310,275 310,275
    Morgan Stanley 470,823 470,823
    Norfolk Southern Corp 436,500 436,500
    Nutrien Ltd 298,282 298,282
    Oracle Corp 461,385 461,385
    Phillips 66 335,126 335,126
    PNC Financial Services 346,571 346,571
    Prologis LP 170,295 170,295
    Prudential Financial Inc 385,241 385,241
    Royal Bank of Canada 450,396 450,396
    Schlumberger Investment 434,256 434,256
    Shell International Fin 332,529 332,529
    Snap-On Inc. 82,919 82,919
    Spectra Energy Partners 252,252 252,252
    Stryker Corp 288,237 288,237
    SunTrust Bank 625,632 625,632
    Sysco Corp 350,740 350,740
    Tampa Electric Co 515,375 515,375
    Union Pacific Corp 536,035 536,035
    United Parcel Service 440,835 440,835
    Valero Energy Corp 300,869 300,869
    Virginia Elec & Power Co 215,754 215,754
    Walt Disney Company 424,850 424,850
    Wells Fargo & Co 636,653 636,653
    Comm Mortgage Trust 1,022,570 1,022,570
    Commercial Mortgage Pass-Through 722,477 722,477

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Name of Stock End of Year Book Value End of Year Fair Market Value
    Enstar Group Limited 706,871 706,871
    Element Solutions Inc. 658,935 658,935
    Valvoline Inc 543,096 543,096
    Worthington Inds Inc 224,869 224,869
    Brinks Co 483,048 483,048
    Enerpac Tool Group Corp 373,178 373,178
    Fortune Brands Home & Security 611,184 611,184
    PGT Innovations, Inc. 234,724 234,724
    Rexnord Corp 439,563 439,563
    Trimas Corp 428,907 428,907
    Trinity Inds Inc 350,063 350,063
    Accel Entertainment Inc 383,719 383,719
    Allison Transmission Holdings 352,976 352,976
    Brunswick Corp 484,886 484,886
    Carter Holdings 239,879 239,879
    Core-Mark Holding Co Inc 491,125 491,125
    M D C Hldgs Inc Com 518,805 518,805
    Ruth's Hospitality Group 347,419 347,419
    Terminix Global Holdings Inc 441,492 441,492
    Tupperware Brands Corporation 225,434 225,434
    Winmark Corp 224,818 224,818
    Caseys Gen Stores Inc 230,777 230,777
    Championx Corp 447,449 447,449
    Viper Energy Partners LP 289,919 289,919
    World Fuel Services Corp Com 333,879 333,879
    BankUnited Inc 516,692 516,692
    Cannae Holdings Inc. 636,160 636,160
    First Interstate BancSystem Inc 297,621 297,621
    First Merchants Corp Com 307,323 307,323
    Hilltop Holdings Inc 381,564 381,564
    Horizon Bankcorp 329,793 329,793
    Potlatchdeltic Corporation 530,212 530,212
    Re/Max Holdings Inc 220,886 220,886
    Sterling Bankcorp Del 485,999 485,999
    Store Capital Corporation 373,270 373,270
    Texas Cap Bancshares Inc 301,665 301,665
    Arrow Electrs Inc. 193,141 193,141
    CMC Materials Inc 170,213 170,213
    Techtarget Inc 538,788 538,788
    Idacorp Inc 206,465 206,465
    Addus Homecare Corp 313,801 313,801
    Atlantic Capital Bancshares 316,967 316,967
    Murphy USA Inc 215,281 215,281
    Aptiv PLC 189,572 189,572
    BP PLC - ADR 96,711 96,711
    Garmin Ltd 311,954 311,954
    Jazz Pharmaceuticals PLC 304,682 304,682
    Lyondellbasell Industries 78,461 78,461
    Royal Dutch Shell PLC 91,891 91,891
    Seagate Technology 687,552 687,552
    TE Connectivity Ltd 775,574 775,574
    Total SE 88,975 88,975
    Unilever PLC - ADR 282,424 282,424
    Berry Plastics Group Inc 81,195 81,195
    Celanese Corp 75,365 75,365
    Crown Hldgs Inc. 72,946 72,946
    Eastman Chem Co Com 80,525 80,525
    International Paper Co 76,569 76,569
    Nucor Corp 74,094 74,094
    Packaging Corp of America 81,367 81,367
    Reliance STL & Alum Co Com 79,035 79,035
    Sonoco Prods Co 75,070 75,070
    Steel Dynamics Inc Com 76,247 76,247
    The Scotts Miracle-Gro Company CL A 325,196 325,196
    Valvoline Inc 74,650 74,650
    Westlake Chem Corp 77,928 77,928
    Westrock Co 78,572 78,572
    Acuity Brands (Holding Company) Inc 177,276 177,276
    Agco Corp Com 190,201 190,201
    Carlisle Cos Inc 186,323 186,323
    Crane Co 181,491 181,491
    Cummins Inc. 174,867 174,867
    Dover Corp Com 184,830 184,830
    Emcor Group Inc Com 181,731 181,731
    Emerson Electric Co 187,021 187,021
    Jacobs Engr Group Inc. 180,329 180,329
    Masco Corp 186,048 186,048
    Owens Corning Inc 76,821 76,821
    Parker Hannifin Corp 178,429 178,429
    United Rental Inc Com 172,541 172,541
    Allison Transmission Holdings 187,357 187,357
    Autoliv Inc Com 188,160 188,160
    Autozone Inc 318,883 318,883
    Best Buy Inc 291,187 291,187
    Borg Warner Inc. Com 171,909 171,909
    Brunswick Corp 324,630 324,630
    Crocs Inc 292,560 292,560
    D R Horton Inc Com 296,218 296,218
    Deckers Outdoor Corp 318,326 318,326
    Dicks Sporting Goods Inc 306,569 306,569
    Dollar General Corp 304,725 304,725
    General Motors Co 314,215 314,215
    Gentex Corp 185,020 185,020
    Lear Corp 188,132 188,132
    Lenmar Corporation Class A Common 314,220 314,220
    Lithia Motors Inc CL A Com 340,961 340,961
    Lowes Cos Inc. 328,403 328,403
    NVR Inc Com 318,229 318,229
    Pulte Group Inc 310,550 310,550
    RH 310,579 310,579
    Target Corp 294,805 294,805
    Tempur Sealy International 309,960 309,960
    Toll Bros Inc 285,641 285,641
    Tractor Supply Co Com 324,177 324,177
    Whirlpool Corp 300,335 300,335
    Williams Sonoma Inc 298,900 298,900
    Archer Daniels Midland Co 70,978 70,978
    BJ's Wholesale Club Holdings, Inc. 299,321 299,321
    Campbell Soup Co 308,811 308,811
    General Mills Inc. 273,361 273,361
    Ingredion Inc 71,039 71,039
    JM Smucker Co 281,948 281,948
    Kimberly Clark Corp Com 289,885 289,885
    The Kraft Heinz Company 296,724 296,724
    Molson Coors Brewing Company 295,091 295,091
    Philip Morris International 292,663 292,663
    US Foods Holding Corp 315,213 315,213
    Chevron Corp 95,091 95,091
    ConocoPhillips 95,296 95,296
    Exxon Mobil Corporation 100,659 100,659
    Halliburton Co 104,612 104,612
    Helmerich & Payne Inc 94,354 94,354
    Marathon Oil Corp 99,917 99,917
    National Oilwell Varco Inc Com 100,366 100,366
    Ally Financial Inc 277,363 277,363
    Ameriprise Finl Inc 241,164 241,164
    Bank New York Mellon Corp Com 247,086 247,086
    Bank of America Corp 253,634 253,634
    Citigroup Inc 255,766 255,766
    Citizens Financial Group Inc 253,753 253,753
    Discover Financial Services 278,651 278,651
    Axa Equitable Holdings, Inc. 240,418 240,418
    Franklin Resources Inc 271,366 271,366
    Goldman Sachs Group Inc 277,950 277,950
    KeyCorp New 252,386 252,386
    Lincoln National Corp Ind 236,507 236,507
    Metlife Inc 241,558 241,558
    Morgan Stanley 277,067 277,067
    New York Cmnty Bancorp Inc 254,877 254,877
    Principal Financial Group 239,368 239,368
    Prudential Finl Inc 258,802 258,802
    Regions Finl Corp New 246,829 246,829
    State Street Corp 250,218 250,218
    Synchrony Financial 274,348 274,348
    Unum Group 240,525 240,525
    Voya Financial, Inc. 259,234 259,234
    Activision Blizzard Inc 366,386 366,386
    Akamai Technologies 739,865 739,865
    Amphenol Corp CL A 717,535 717,535
    Apple Inc 779,023 779,023
    Applied Materials Inc 757,455 757,455
    Booz Allen Hamilton Holding Co 745,389 745,389
    Cadence Design Systems Inc 874,516 874,516
    CDW Corp/DE 742,109 742,109
    Corning Inc 699,264 699,264
    Fair Issac, Inc 705,746 705,746
    Keysight Technologies Inc 763,348 763,348
    KLA Corporation 760,160 760,160
    LAM Research Corp Com 737,213 737,213
    Micron Technology Inc 789,014 789,014
    Microsoft Corp 742,438 742,438
    Nvidia Corp 743,613 743,613
    Oracle Corporation 761,272 761,272
    Texas Instruments Inc 732,840 732,840
    Western Union Co 286,514 286,514
    Centerpoint Energy Inc 164,983 164,983
    Dominion Energy Inc 155,438 155,438
    Evergy Inc 162,089 162,089
    Exelon Corporation 166,685 166,685
    NRG Energy Inc 178,963 178,963
    OGE Energy Corp Com 158,312 158,312
    Portland Gen Elec Co 166,889 166,889
    Public SVC Enterprise Group Inc 163,940 163,940
    UGI Corp NEW Com 155,397 155,397
    Amerisourcebergen Corp 287,121 287,121
    Amgen Inc 290,619 290,619
    Anthem Inc 284,486 284,486
    Cardinal Health Inc Com 288,635 288,635
    Davita Inc 305,123 305,123
    Dentsply Sirona Inc 283,163 283,163
    Hologic Inc Com 286,877 286,877
    Humana Inc 290,881 290,881
    Johnson & Johnson 318,222 318,222
    Laboratory CRP of Amer Hldgs 279,271 279,271
    McKesson Corp 298,968 298,968
    Pfizer Inc 262,934 262,934
    Schein Henry Inc 288,033 288,033
    United Therapeutics Corp Del 316,179 316,179
    Universal Health Svcs Inc CL B 304,013 304,013
    Zimmer Biomet Holdings, Inc. 314,344 314,344
    CenturyLink, Inc. 150,365 150,365
    T-Mobile US Inc 166,540 166,540
    Verizon Communications 154,219 154,219
    Murphy USA Inc 297,991 297,991

    TY 2020 InvestmentsGovtObligationsSch
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    US Government Securities - End of Year Book Value:

    8,088,566
    US Government Securities - End of Year Fair Market Value:

    8,088,566
    State & Local Government Securities - End of Year Book Value:


    0
    State & Local Government Securities - End of Year Fair Market Value:


    0


    TY 2020 InvestmentsOtherSchedule2
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    Equity mutual funds FMV 89,515,443 89,515,443
    Commingled real estate investment fund - alternative investment FMV 12,153,941 12,153,941
    Offshore feeder funds - alternative investments FMV 12,091,386 12,091,386
    Real estate investment properties FMV 8,760,000 8,760,000
    LLC fund FMV 18,500,000 18,500,000

    TY 2020 LandEtcSchedule2
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Software 22,565 22,565 0  
    Additional software licenses 2,414 2,414 0  
    Server and computer equipment 5,014 5,014 0  
    Computers 2,658 2,658 0  
    Computers 1,712 1,712 0  
    Phone system 6,641 6,641 0  
    Computers 1,504 1,504 0  
    Phones/security 38,250 38,250 0  
    Furniture 72,746 72,746 0  
    Board table and chairs 16,196 16,196 0  
    Alarm system 4,428 4,428 0  
    Building (capital lease asset) 891,000 404,663 486,337  
    Server 7,996 7,996 0  
    Office Furniture 7,469 7,469 0  
    Computer equipment 3,041 3,041 0  
    Leasehold improvements 2,597 1,012 1,585  
    Notebook computers 6,664 6,664 0  
    Leasehold improvements 13,708 5,225 8,483  
    Leasehold improvements 56,167 19,951 36,216  
    Website upgrades 34,370 34,370 0  
    Carpet 7,506 2,502 5,004  
    Automobile 44,983 12,746 32,237  


    TY 2020 LegalFeesSchedule
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Legal fees 3,534 1,200   2,334


    TY 2020 MortgagesAndNotesPayableSch
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Total Mortgage Amount:  

    Item No. 1
    Lender's Name Diversified Capital-Virginia LLC
    Lender's Title  
    Relationship to Insider None
    Original Amount of Loan 510,000
    Balance Due 422,721
    Date of Note 2015-07
    Maturity Date 2025-08
    Repayment Terms 2,958 monthly -1st 12 mo's; then $3,247 monthly; balloon payment at maturity
    Interest Rate 5.000000000000
    Security Provided by Borrower Real estate
    Purpose of Loan Finance the purchase of real estate investment property
    Description of Lender Consideration N/A
    Consideration FMV  

    Item No. 2
    Lender's Name Jerome D Cook Sr & Barbara T Cook
    Lender's Title  
    Relationship to Insider None
    Original Amount of Loan 280,000
    Balance Due 153,684
    Date of Note 2015-09
    Maturity Date 2025-09
    Repayment Terms 34,521 annually
    Interest Rate 4.000000000000
    Security Provided by Borrower Real estate
    Purpose of Loan Finance the purchase of real estate investment property
    Description of Lender Consideration N/A
    Consideration FMV  

    Item No. 3
    Lender's Name Industrial Development Authority of Danville
    Lender's Title  
    Relationship to Insider None
    Original Amount of Loan 891,000
    Balance Due 592,996
    Date of Note 2011-12
    Maturity Date 2031-11
    Repayment Terms 6,105 monthly
    Interest Rate 5.450000000000
    Security Provided by Borrower Building
    Purpose of Loan Capital lease - building
    Description of Lender Consideration N/A
    Consideration FMV  


    TY 2020 OtherAssetsSchedule
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    Accrued int. rec. 484,391 301,240 301,240


    TY 2020 OtherDecreasesSchedule
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Description Amount
    Taxable pass through inc. from K-1's included in unrealized gains in the F/S 42,943


    TY 2020 OtherExpensesSchedule
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Marketing / promotion 94,840 0   94,840
    Insurance 47,388 3,580   43,808
    Supplies 8,198 0   8,198
    Small capital purchases, software licenses 13,751 0   13,751
    Bank charges 2,708 2,708   0
    Postage 1,470 0   1,470
    Website hosting & maintenance 17,826 0   17,826
    Special initiatives (non-fundraising) 132,942 0   132,942
    Maintenance & repairs 206,311 166,275   10,272
    Telephone 17,015 0   17,015
    Dues and subscriptions 30,657 0   30,657
    Equipment rental 16,400 9,923   0
    Miscellaneous 106,406 98,941   2,784


    TY 2020 OtherIncomeSchedule2
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Net taxable pass-through income from partnership investment K-1's 42,943 42,943 42,943
    Rental income from investments (non-debt financed) 102,957 102,957 102,957
    Rental income from investments (debt financed) 76,196 0 76,196


    TY 2020 OtherIncreasesSchedule
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Description Amount
    Unrealized gain on investments per audited financial statements 14,999,550


    TY 2020 OtherLiabilitiesSchedule
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Description Beginning of Year - Book Value End of Year - Book Value
    Def. excise tax 730,978 892,075


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment management and advisory fees 957,926 957,926   0
    IT support fees 2,924 0   2,924
    Other professional fees 455,886 61,484   386,834
    Property management 162,512 156,937   0
    Recruitment fees 73,484 0   52,380
    Payroll & benefit administration fees 9,299 0   9,299


    TY 2020 TaxesSchedule
    Name:
    Danville Regional Foundation
    EIN:
    20-3319727
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Payroll taxes 60,755 2,463   64,558
    Federal excise taxes 197,274 0   0
    Provision for deferred federal excise tax benefit 161,097 0   0
    Property tax 46,350 42,807   2,186