Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
Name of foundation
John M Belk Endowment
 
Number and street (or P.O. box number if mail is not delivered to street address)4201 Congress Street 470
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Charlotte, NC28209
A Employer identification number

56-1954114
B Telephone number (see instructions)

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

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$418,785,036J 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) 243,356
2 Check bullet.............
3 Interest on savings and temporary cash investments 69,588 69,588  
4 Dividends and interest from securities... 1,341,216 1,341,216  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 12,431,236
b Gross sales price for all assets on line 6a 104,340,626
7 Capital gain net income (from Part IV, line 2)... 12,425,150
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 5,739,595 5,671,855  
12 Total. Add lines 1 through 11........ 19,824,991 19,507,809  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 60,695     60,695
14 Other employee salaries and wages...... 415,455     415,455
15 Pension plans, employee benefits....... 86,292     86,292
16a Legal fees (attach schedule)......... Click to see attachment 49,449     49,449
b Accounting fees (attach schedule)....... Click to see attachment 11,940 4,422   7,018
c Other professional fees (attach schedule).... Click to see attachment 2,417,906 617,533   1,800,373
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 262,662      
19 Depreciation (attach schedule) and depletion... Click to see attachment 40,968    
20 Occupancy.............. 3,510     3,510
21 Travel, conferences, and meetings....... 23,592     23,592
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see list of attachments 1,655,401 1,336,596   286,391
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 5,027,870 1,958,551   2,732,775
25 Contributions, gifts, grants paid....... 15,669,248 15,669,248
26 Total expenses and disbursements. Add lines 24 and 25 20,697,118 1,958,551   18,402,023
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -872,127
b Net investment income (if negative, enter -0-) 17,549,258
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............. 1,237,128 707,509 707,509
2 Savings and temporary cash investments......... 8,502,401 11,343,841 11,343,841
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule).......   Click to see attachment11,914,926 18,945,200
c Investments—corporate bonds (attach schedule)....... 47,118,763 Click to see attachment28,977,753 29,491,346
11 Investments—land, buildings, and equipment: basis bullet41,466,994
Less: accumulated depreciation (attach schedule) bullet   41,466,994 Click to see attachment41,466,994 23,920,000
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 246,674,761 Click to see attachment249,749,576 334,009,750
14 Land, buildings, and equipment: basis bullet746,879
Less: accumulated depreciation (attach schedule) bullet379,489 408,359 Click to see attachment367,390 367,390
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 345,408,406 344,527,989 418,785,036
Liabilities 17 Accounts payable and accrued expenses.......... 12,653 4,363
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 12,653 4,363
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 345,395,753 344,523,626
29 Total net assets or fund balances (see instructions)..... 345,395,753 344,523,626
30 Total liabilities and net assets/fund balances (see instructions). 345,408,406 344,527,989
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
345,395,753
2
Enter amount from Part I, line 27a .....................
2
-872,127
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
344,523,626
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
344,523,626
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 Passthrough K-1 capital gain      
c Capital gain distributions      
d Longleaf Parnters Small Cap P 2020-01-01 2020-04-30
e Equity Index non Lendable P 2020-01-01 2020-12-31
1-3 Year Treasuary P 2020-01-01 2020-03-20
US Debt Index Fund P 2020-01-01 2020-01-01
Alpha Credit HY Bond Fund B P 2020-01-01 2020-01-31
Russell 2000 Index Fund P 2020-01-01 2020-12-31
Burgundy Emerging Market P 2020-01-01 2020-05-29
Cedar Rock Capital Partners P 2020-01-01 2020-05-29
Distribut in excess of basis Cap Part QP      
(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 30,261,982   30,927,141 -665,159
b 12,298,807     12,298,807
c 90,521     90,521
d 2,328,413   3,763,852 -1,435,439
e 7,095,615   6,384,615 711,000
6,825,155   6,869,682 -44,527
19,857,199   20,397,112 -539,913
8,898,701   8,306,579 592,122
3,552,471   2,704,287 848,184
3,277,495   3,277,295 200
9,273,258   9,278,827 -5,569
574,923     574,923
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       -665,159
b       12,298,807
c       90,521
d       -1,435,439
e       711,000
      -44,527
      -539,913
      592,122
      848,184
      200
      -5,569
      574,923
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 12,425,150
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................................ 1 243,935
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 243,935
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 243,935
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 492,632
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c 710,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,202,632
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8  
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 10 958,697
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet958,697 RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
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 Click to see attachment.............
    11
    Yes
     
    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
    Yes
     
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.JMBENDOWNMENT.ORG
    14
    The books are in care ofbulletKatie Lindquist Telephone no.bullet (704) 943-4167

    Located atbullet4201 Congress Street Suite 470CharlotteNC ZIP+4bullet28209
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 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
    Mary Claudia Belk Pilon Board Chair
    40.00     		35,568 25,127  
    4201 Congress Street
    Charlotte,NC28209
    George S Dewey IV V. Chair to Jun
    5.00     		0    
    4201 Congress Street
    Charlotte,NC28209
    J Keith Benedict Board Member
    24.00     		0    
    4201 Congress Street
    Charlotte,NC28209
    Virginia M Esposito Board Mbr/Sec
    1.00     		0    
    4201 Congress Street
    Charlotte,NC28209
    Brian T Marley Brd Mbr to Jun
    1.00     		0    
    4201 Congress Street
    Charlotte,NC28209
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    Charles W Kaylor Chief of Staff
    40.00     		152,584 14,803  
    4201 Congress Street
    Charlotte,NC28209
    Virginia M McIlwain Dir Strgc Initiat
    40.00     		141,150 14,818  
    4201 Congress Street
    Charlotte,NC28209
    Usoon Woo Exec Assist
    40.00     		75,936 23,044  
    4201 Congress Street
    Charlotte,NC28209
    Total number of other employees paid over $50,000...................bullet  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    South Summit Services Foundation mgmt svcs 543,200
    4201 Congress Street Ste 470
    Charlotte,NC28209
    Jake Drew Data analytics 216,000
    5908 Fallsview Ln
    Dallas,TX75252
    BBH Investment and Wealth Management Investment mgmt 146,206
    140 Broadway
    New York,NY10005
    Jamie R Woodson Education svcs 112,500
    1454 North Dickerson Chapel
    Lebanon,TN37087
    Education Strategy Group Education svcs 249,622
    4716 Drummond Avenue
    Chevy Chase,MD20815
    Total number of others receiving over $50,000 for professional services.............bullet1
    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 During 2020, the John M. Belk Endowment served as fiscal sponsor for myFutureNC, Inc. as it transitioned from a statewide commission to an independent public charity. 1,040,489
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (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
    47,226,701
    b
    Average of monthly cash balances.......................
    1b
    14,964,575
    c
    Fair market value of all other assets (see instructions)................
    1c
    351,166,941
    d
    Total (add lines 1a, b, and c).........................
    1d
    413,358,217
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    413,358,217
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    6,200,373
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    407,157,844
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    20,357,892
    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
    20,357,892
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    243,935
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
    3,270
    c
    Add lines 2a and 2b............................
    2c
    247,205
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    20,110,687
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    33,017
    5
    Add lines 3 and 4............................
    5
    20,143,704
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    20,143,704
    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
    18,402,023
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    18,402,023
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    18,402,023
    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 20,143,704
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 17,407,599
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016......  
    c From 2017......  
    d From 2018......  
    e From 2019......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 18,402,023
    a Applied to 2019, but not more than line 2a 17,407,599
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2020 distributable amount..... 994,424
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2020.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		19,149,280
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		 
    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 email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    Catawba Valley Community College Fo
    2550 Highway 70 SE
    Hickory,NC286028302     		N/A PC Startup Your Ecosystem Pilot 500,000
    Center for Racial Equity in Educati
    330 Camp Rd Suite B-14
    Charlotte,NC28206     		N/A PC General Operating Support 500,000
    Education NC
    PO Box 1636
    Raleigh,NC27602     		N/A PC Support for Continued Coverage in North Carolina 1,000,000
    Foundation For The Carolinas
    220 N Tryon Street
    Charlotte,NC28202     		N/A PC General Operating Support 2,000,000
    James B Hunt Jr Institute for Educa
    4000 Centregreen Way Suite 301
    Cary,NC27513     		N/A PC Creating Conditions for Success 600,000
    Latinx Education Center
    205 Peabody Hall CB 3500
    Chapel Hill,NC27599     		N/A PC The Latinx Education Network 500,000
    myFutureNC Inc
    6301 Mail Service Center
    Raleigh,NC27699     		N/A PC 2020-2021 Strategic Initiatives 1,500,000
    National College Advising Corps
    301 W Barbee Chapel Road Suite 210
    Chapel Hill,NC27517     		N/A PC Support for the 2020-21 School Year in North Carolina 3,500,000
    NC Community College System Office
    5001 Mail Service Center
    Raleigh,NC276995001     		N/A GOV System Office Capacity 455,554
    NC Community Colleges Foundation In
    200 West Jones Street
    Raleigh,NC27603     		N/A PC Basic Needs Initiative, Rapid Response Team, and Communications Support 535,825
    NC State University
    608 Poe Hall Campus Box 7801
    Raleigh,NC276957801     		N/A GOV Envisioning Excellence for Community College Leadership 3,075,171
    NC State University
    608 Poe Hall Campus Box 7801
    Raleigh,NC276957801     		N/A GOV Building Capacity of Regional/Virtual Centers for Teaching and Learning to Improve Student Success in North Carolina Community Colleges 350,000
    The ROC Charlotte Inc
    1335 Alleghany Street
    Charlotte,NC28208     		N/A PC High School Construction Youth Apprenticeship 75,000
    University of North Carolina
    UNC System Office
    Chapel Hill,NC27514     		N/A GOV Audit of North Carolina's Financial Aid 141,400
    Wake Technical Community College
    9101 Fayetteville Road
    Raleigh,NC27603     		N/A GOV Strategic Consultant - Finish First NC 12,000
    Year Up Inc
    45 Milk Street 9th Floor
    Boston,MA02109     		N/A PC Empowering Opportunity Youth in Charlotte 130,000
    National College Advising Corps
    301 W Barbee Chapel Road Suite 210
    Chapel Hill,NC27517     		  PC Remaining Needs for FY19-20 in North Carolina 500,000
    NC Community College System Office
    5001 Mail Service Center
    Raleigh,NC27699     		  GOV Finish First NC 256,298
    University of North Carolina
    UNC System Office
    Chapel Hill,NC27514     		  GOV Strategic Consultant - Finish First NC 38,000
    Total .................................bullet 3a 15,669,248
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 69,588  
    4 Dividends and interest from securities....     14 1,341,216  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		525990 6,086 18 12,425,150  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aForeign tax refund     		    14 16,329  
    bHunting lease & other     16 4,938  
    cPassthrough K-1 income 525990 23,114 14 5,476,086  
    dRefunds & overcharge     1 169,279  
    eTimber sales     16 49,849  
    12 Subtotal. Add columns (b), (d), and (e).. 29,200 19,552,435  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    19,581,635
    (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: 20011551
    Software Version: 2020v4.0


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

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2020
    Name of the organization
    John M Belk Endowment
     
    Employer identification number

    56-1954114
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
    or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020) Page 2
    Name of organization
    John M Belk Endowment
          		Employer identification number
    56-1954114
    Part I
    Contributors
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    Bill Melinda Gates Foundation
    PO Box 23350
     
    Seattle, WA98102

    		$ 243,356


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

    		$  


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

    		$  


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

    		$  


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

    		$  


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

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Page 3
    Name of organization
    John M Belk Endowment
          		Employer identification number

    56-1954114
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Page 4
    Name of organization
    John M Belk Endowment
          		Employer identification number

    56-1954114
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Additional Data


    Software ID: 20011551
    Software Version: 2020v4.0

    TY 2020 AccountingFeesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Accounting fees 2,095 0 0 2,095
    Tax compliance 9,845 4,422 0 4,923

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

    TY 2020 DepreciationSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    Leasehold Improvements 2015-03-15 349,858 136,597 SL 39.0000 8,970      
    Office furniture 2014-12-19 38,000 17,100 SL 10.0000 3,800      
    Office furniture 2015-03-15 110,347 49,656 SL 10.0000 11,035      
    Computer and peripherals 2017-01-01 248,673 135,166 SL 5.0000 17,163      

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

    TY 2020 GainLossSaleOtherAssetsSch
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    Passthrough - STCG UBI - OrbiMed   Purchase     6,086   Cost   6,086  

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Name of Bond End of Year Book Value End of Year Fair Market Value
    130000 AK Steel Corp 7.5% 07/15/23 123,493 130,488
    429000 Ak Steel Corp 7.625% 10/01/21 426,733 427,391
    350000 Allegheny Techno Step 08/15/23 323,792 381,938
    611701.1 BBH Income Fund-I 6,441,213 6,496,266
    1675045.74 BBH Limited Duration Fund Cl 17,166,222 17,286,472
    111000 Bed Bath & Beyond 3.749% 08/01/24 77,817 109,890
    150000 Bristow Group In 7.75% 12/15/22 148,724 150,750
    592000 Caleres Inc. 6.25% 08/15/23 543,126 593,480
    75000 Dillard's Inc. 7.75% 07/15/26 82,604 82,230
    350000 Dillard'S Inc. 7.875% 01/01/23 332,739 374,658
    350000 Macy's Inc. 3.45% 01/15/21 331,968 349,562
    636000 Oceaneering Inte 4.65% 11/15/24 509,385 574,785
    318000 PBF Logistics L 6.875% 05/15/23 299,846 303,690
    236000 Precision Drill7.75% 12/15/23 218,634 219,480
    318000 Range Resources 5.75% 06/01/21 308,613 318,000
    2000 Range Resources Cor 5% 08/15/22 1,878 2,000
    196000 Signet Uk Fin Pl4.7% 06/15/24 186,106 187,670
    200000 Southwestern Energy 4.1% 03/15/22 192,114 201,000
    125000 Spirit Aerosystem Var 21 06/15/21 114,154 123,125
    190000 Targa Pipeline 4.75% 11/15/21 186,390 190,475
    595000 The Geo Group 5.875% 01/15/22 569,570 580,125
    31000 Tidewater Inc. 8% 08/01/22 29,901 29,760
    380000 Tutor Perini Co 2.875 06/15/21 362,731 378,111

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Name of Stock End of Year Book Value End of Year Fair Market Value
    42500 shs Ishares S&P 500 Index Fund 9,891,560 15,954,075
    8000 shs SPDR S&P 500 ETF Trust 2,023,351 2,991,040
    41 shs Wells Fargo Co 998 1,237
    -38 shs Bank of America Corp 983 1,152

    TY 2020 InvestmentsLandSchedule2
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Land 41,466,994   41,466,994 23,920,000

    TY 2020 InvestmentsOtherSchedule2
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    1-3 Year Treasury Index Non-Lendable Fun AT COST 7,995,427 8,131,646
    Altarock Partners Series AT COST 9,490,841 20,583,610
    Bares Mid-Large Cap Series AT COST 10,302,531 27,431,953
    BBH Cap Partners QP IV (Cayman) AT COST   346,068
    Contrarian Emerging Markets Offshore Fun AT COST 1,000,000 1,172,053
    Emerging Markets Index Non-Lendable Fund AT COST 18,769,646 28,531,143
    Equity Index Non-Lendable Fund B AT COST 76,326,667 102,382,970
    Goldcrest Capital II-A LP AT COST 417,653 581,531
    Housing Impact Fund I LLC AT COST 100,604 100,604
    JMBE Holdings 2020 LLC AT COST 4,638,825 5,299,787
    LBC Credit Partners III USTE Series AT COST 1,982,042 1,144,420
    Morrocroft Neighborhood Fund III LP AT COST 1,914,716 1,888,084
    Msci World Ex-Us Index Fund B AT COST 29,012,762 36,890,751
    Oaktree Opportunities Sub Trust AT COST 2,943,012 3,174,309
    Orbimed Royalty & Credit Opportunities I AT COST 1,433,674 2,467,002
    Primary Wave Music IP Fund 2 LP AT COST 2,669,308 3,014,016
    RB EFO II De AIV II LP AT COST 448,664 551,406
    Redbird Capital Partners Fund II LP AT COST 314,140 386,076
    Russell 2000 Index Fund B AT COST 8,096,558 12,265,009
    Select Equity Series AT COST 13,979,310 17,738,685
    Senvest Partners Ltd. AT COST 1,000,000 1,155,877
    Spicewood Mineral Partners LP AT COST 1,597,034 1,451,017
    Tosca At1 Fund Ltd AT COST 5,057,692 5,490,050
    TrueBridge Capital Partners Fund VI LP AT COST 80,895 113,639
    US Debt Index Fund B AT COST 30,623,010 32,101,946
    US Real Estate Securities Index Fund B AT COST 11,554,565 10,306,938
    VP Dislocation Fund - Offshore AT COST 8,000,000 9,309,160

    TY 2020 LandEtcSchedule2
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Furniture and Fixtures 148,347 81,592 66,755 66,755
    Machinery and Equipment 248,674 152,330 96,344 96,344
    Improvements 349,858 145,567 204,291 204,291


    TY 2020 LegalFeesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    General governance and counsel 4,646 0 0 4,646
    Legal startup costs (myFutureNC) 44,803 0 0 44,803


    TY 2020 OtherExpensesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Books,subscriptions,memberships 40,712     40,712
    Community college efforts/research 53,857     53,857
    Davidson scholars expenses 5,810     5,810
    Information technology 72,550     72,550
    Insurance 8,250     8,250
    K-1 expenses 1,358,491 1,326,077    
    Other expenses 4,750     4,750
    Other land expenses 10,519 10,519    
    Programmatic funding (myFutureNC) 45,000     45,000
    Sponsorships & Hosting 55,462     55,462


    TY 2020 OtherIncomeSchedule2
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Foreign tax refund 16,329 16,329  
    Hunting lease & other 4,938 4,938  
    Passthrough K-1 income 5,499,200 5,468,673  
    Refunds & overcharge 169,279 132,066  
    Timber sales 49,849 49,849  


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Comm/Design/Mktg (myFutureNC) 85,286 0 0 85,286
    Communications & events services 35,000 0 0 35,000
    Data analytic research 216,000 15,450 0 200,550
    Education Strategy Group (myFutureNC) 249,622 0 0 249,622
    Foundation management services 543,200 81,480 0 461,720
    Investment Management Fees 481,174 481,174 0 0
    Land management services 39,429 39,429 0 0
    Leadership development 18,000 0 0 18,000
    Other Strategic Consulting (myFutureNC) 615,778 0 0 615,778
    Payroll processing fees 10,042 0 0 10,042
    Staffing services 17,000 0 0 17,000
    Strategic planning services 107,375 0 0 107,375


    TY 2020 TaxesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Excise tax 262,662      


    TY 2020 TransfersToControlledEntities
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Software ID:
    20011551
    Software Version:
    2020v4.0
    Name US /
    Foreign Address    		 EIN Description Amount
    JMBE Holdings 2020 LLC 4201 Congress Street 470
    Charlotte,NC28209     		85-3706523 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 4,638,825
    Total     4,638,825