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
TOWNEBANK FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)6001 HARBOUR VIEW BLVD
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
SUFFOLK, VA23435
A Employer identification number

54-2036534
B Telephone number (see instructions)

(757) 673-1783
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$3,016,148J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 4,101,901
2 Check bullet.............
3 Interest on savings and temporary cash investments 184 184 184
4 Dividends and interest from securities... 20,225 20,225 20,225
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 18,376
b Gross sales price for all assets on line 6a 18,376
7 Capital gain net income (from Part IV, line 2)... 18,376
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 48,271   48,271
12 Total. Add lines 1 through 11........ 4,188,957 38,785 68,680
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 25,000      
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 2,850      
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 1,320      
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 75,979   75,884  
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 105,149 0 75,884 0
25 Contributions, gifts, grants paid....... 4,166,336 4,166,336
26 Total expenses and disbursements. Add lines 24 and 25 4,271,485 0 75,884 4,166,336
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -82,528
b Net investment income (if negative, enter -0-) 38,785
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............. 1,619,995 1,197,983 1,197,983
2 Savings and temporary cash investments.........      
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)....... 1,170,622 Click to see attachment1,510,106 1,818,165
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 2,790,617 2,708,089 3,016,148
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).........   0
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 2,790,617 2,708,089
29 Total net assets or fund balances (see instructions)..... 2,790,617 2,708,089
30 Total liabilities and net assets/fund balances (see instructions). 2,790,617 2,708,089
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
2,790,617
2
Enter amount from Part I, line 27a .....................
2
-82,528
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
2,708,089
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
2,708,089
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.)
1a
b
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
b
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
b
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 18,376
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................................ 1 539
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........................... 3 539
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- ..... 5 539
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 942
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 942
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 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 10 403
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet403 RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    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 addressbulletN/A
    14
    The books are in care ofbulletROBYN S LEAVY Telephone no.bullet (757) 673-1783

    Located atbullet6001 HARBOUR VIEW BLVDSUFFOLKVA ZIP+4bullet23435
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
     
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2020?.............
    1c
     
     
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2020.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    G ROBERT ASTON JR PRESIDENT
    2.00     		0 0 0
    6001 HARBOUR VIEW BLVD
    SUFFOLK,VA23435
    J MORGAN DAVIS VP & DIRECTO
    2.00     		0 0 0
    6001 HARBOUR VIEW BLVD
    SUFFOLK,VA23435
    WILLIAM T HODSDEN SECRETARY &
    2.00     		0 0 0
    6001 HARBOUR VIEW BLVD
    SUFFOLK,VA23435
    R SCOTT MORGAN TREASURER &
    2.00     		0 0 0
    6001 HARBOUR VIEW BLVD
    SUFFOLK,VA23435
    ROBYN S LEAVY EXECUTIVE DI
    8.00     		25,000 0 0
    6001 HARBOUR VIEW BLVD
    SUFFOLK,VA23435
    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
    NONE
    Total number of other employees paid over $50,000...................bullet  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 N/A  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    1,528,050
    b
    Average of monthly cash balances.......................
    1b
    1,411,130
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    2,939,180
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    2,939,180
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    44,088
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    2,895,092
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    144,755
    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
    144,755
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    539
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    539
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    144,216
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    144,216
    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
    144,216
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    4,166,336
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    4,166,336
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    4,166,336
    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 7 144,216
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016......  
    c From 2017...... 2,396,477
    d From 2018...... 3,264,913
    e From 2019...... 3,842,485
    fTotal of lines 3a through e........ 9,503,875
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 4,166,336
    a Applied to 2019, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2020 distributable amount..... 144,216
    e Remaining amount distributed out of corpus 4,022,120
    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 13,525,995
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		13,525,995
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017.... 2,396,477
    c Excess from 2018.... 3,264,913
    d Excess from 2019.... 3,842,485
    e Excess from 2020.... 4,022,120
    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:
    TOWNEBANK ATTN ROBYN LEAVY
    6001 HARBOUR VIEW BLVD
    SUFFOLK,VA23435
    (757) 673-1783
    ROBYN.LEAVY@TOWNEBANK.NET
    bThe form in which applications should be submitted and information and materials they should include:
    SCHOLARSHIPS: SCHOLARSHIP APPLICATION FORM, BRIEF ESSAY, TRANSCRIPTS, SAT/ACT SCORES GENERAL GRANTS: GRANT REQUEST FORM
    cAny submission deadlines:
    SCHOLARSHIPS: APPLICATION AND ESSAY MUST BE SUBMITTED BY FEBRUARY 15 OF EACH YEAR. GENERAL GRANTS: G
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    SCHOLARSHIPS: APPLICANT MUST BE A CHILD OF A PARENT CURRENTLY EMPLOYED BY TOWNEBANK AND ITS AFFILIATES ON A FULL-TIME BASIS FOR A MINIMUM OF TWO YEARS. APPLICANT MUST BE A CURRENT HIGH SCHOOL SENIOR OR HAVE GRADUATED FROM HIGH SCHOOL THROUGH AN EARLY GRADUATION PROGRAM. APPLICANT MUST ENROLL AS A FULL-TIME STUDENT AS DEFINED BY THE ACCREDITED EDUCATIONAL INSTITUTION. GENERAL GRANTS: THE FOUNDATION TYPICALLY PREFERS TO MAKE GRANTS TO APPLICANTS WITHIN THE BANK'S SERVICE AREA AND PRIMARILY FOR CAPITAL PURPOSES. THE NON-PROFITS MUST BE CLASSIFIED AS A 501(C)3 WITHIN IRS RULES AND REGULATIONS.
    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
    ATLANTIC SHORES CHRISTIAN SCHOOL
    1217 N CENTERVILLE TURNPI
    CHESAPEAKE,VA23320     		N/A PC GEN. CHARITABLE 10,000
    BETH SHOLOM HOME OF EASTERN VIRGINI
    6401 AUBURN DRIVE
    VIRGINIA BEACH,VA23464     		N/A PC GEN. CHARITABLE 10,000
    BHARAT INC
    3235 ACADEMY AVENUESUITE
    PORTSMOUTH,VA23703     		N/A PC GEN. CHARITABLE 50,000
    BON SECOURS HAMPTON ROADS FOUNDATIO
    PO BOX 55012
    NORFOLK,VA23505     		N/A PC GEN. CHARITABLE 25,000
    BOYS & GIRLS CLUBS OF SOUTHEAST VIR
    1300 DIAMOND SPRINGS ROAD
    VIRGINIA BEACH,VA23455     		N/A PC GEN. CHARITABLE 50,000
    BOYS & GIRLS CLUBS OF THE COASTAL P
    621 W FIRE TOWER ROAD
    WINTERVILLE,NC28590     		N/A PC GEN. CHARITABLE 50,000
    CHESAPEAKE BAY ACADEMY
    821 BAKER ROAD
    VIRGINIA BEACH,VA23462     		N/A PC GEN. CHARITABLE 130,000
    CHESAPEAKE BAY FOUNDATION INC
    6 HERNDON AVENUE
    ANNAPOLIS,MD21403     		N/A PC GEN. CHARITABLE 50,000
    CHILDREN'S HOSPITAL OF THE KINGS DA
    601 CHILDRENS LANE
    NORFOLK,VA23507     		N/A PC GEN. CHARITABLE 100,000
    CHRISTOPHER ACADEMY
    3300 CEDAR LANE
    PORTSMOUTH,VA23703     		N/A PC GEN. CHARITABLE 37,500
    CHRISTOPHER NEWPORT COLLEGE EDUCATI
    1 AVENUE OF THE ARTS
    NEWPORT NEWS,VA23606     		N/A PC GEN. CHARITABLE 200,000
    CHRISTOPHER NEWPORT UNIVERSITY
    CASHIERS OFFICE1 AVENUE
    NEWPORT NEWS,VA23606     		N/A PC GEN. CHARITABLE 2,000
    COASTAL CAROLINA UNIVERSITY
    OFFICE OF STUDENT ACCOUNT
    CONWAY,SC295286054     		N/A PC GEN. CHARITABLE 2,000
    EAST CAROLINA UNIVERSITY
    ECU TUITION PAYMENTSPO
    CHARLOTTE,NC28260     		N/A PC GEN. CHARITABLE 2,000
    ELEVATE EARLY EDUCATION INC
    PO BOX 3904
    VIRGINIA BEACH,VA23454     		N/A PC GEN. CHARITABLE 50,000
    ELIZABETH RIVER PROJECT
    475 WATER STREETSUITE C10
    PORTSMOUTH,VA23704     		N/A PC GEN. CHARITABLE 25,000
    ENVISION LEAD GROW INC
    1215 NORTH MILITARY HIGHW
    NORFOLK,VA23502     		N/A PC GEN. CHARITABLE 50,000
    FOODBANK OF SOUTHEASTERN VIRGINIA
    800 TIDEWATER DRIVE
    NORFOLK,VA23504     		N/A PC GEN. CHARITABLE 50,000
    FORKIDS INC
    PO BOX 6044
    NORFOLK,VA23508     		N/A PC GEN. CHARITABLE 125,000
    GOODWILL OF CENTRAL AND COASTAL VIR
    6301 MIDLOTHIAN TPKE
    RICHMOND,VA23225     		N/A PC GEN. CHARITABLE 50,000
    GREAT BRIDGE BATTLEFIELD AND WATERW
    PO BOX 15425
    CHESAPEAKE,VA23328     		N/A PC GEN. CHARITABLE 75,000
    GREENVILLE-ENC ALLIANCE
    PO BOX 1714
    GREENVILLE,NC27835     		N/A PC GEN. CHARITABLE 100,000
    GSCCC
    912 CEDAR RD
    CHESAPEAKE,VA23322     		N/A PC GEN. CHARITABLE 15,000
    HABITAT FOR HUMANITY OF SOUTH HAMPT
    900 TIDEWATER DRIVE
    NORFOLK,VA23504     		N/A PC GEN. CHARITABLE 25,000
    HAMPTON ROADS ACADEMY
    739 ACADEMY LANE
    NEWPORT NEWS,VA23602     		N/A PC GEN. CHARITABLE 70,000
    HEALING TRANSITIONS
    1251 GOODE STREET
    RALEIGH,NC27603     		N/A PC GEN. CHARITABLE 10,000
    HELP AND EMERGENCY RESPONSE INC
    PO BOX 2187
    PORTSMOUTH,VA23702     		N/A PC GEN. CHARITABLE 11,000
    HISTORIC ST LUKE'S RESTORATION
    14477 BENNS CHURCH BOULE
    SMITHFIELD,VA23430     		N/A PC GEN. CHARITABLE 50,000
    HOSPICE HOUSE OF HAMPTON ROADS
    PO BOX 683
    VIRGINIA BEACH,VA23451     		N/A PC GEN. CHARITABLE 50,000
    IDA BARBOUR EARLY LEARNING CENTER
    1400 CAMDEN AVENUE
    PORTSMOUTH,VA23704     		N/A PC GEN. CHARITABLE 15,000
    JAMES MADISON UNIVERSITY
    738 S MASON STREETMSC 35
    HARRISONBURG,VA22807     		N/A PC GEN. CHARITABLE 2,000
    JAMESTOWN REDISCOVERY FOUNDATION
    1365 COLONIAL PKWY
    WILLIAMSBURG,VA23185     		N/A PC GEN. CHARITABLE 25,000
    JUNIOR ACHIEVEMENT OF CENTRAL CAROL
    1701 NORTH GRAHAM STREET
    CHARLOTTE,NC28206     		N/A PC GEN. CHARITABLE 114,286
    LONGWOOD UNIVERSITY
    FINANCIAL AID OFFICE201 H
    FARMVILLE,VA23909     		N/A PC GEN. CHARITABLE 2,000
    MERCY CHEFS INC
    711 WASHINGTON STREET
    PORTSMOUTH,VA23704     		N/A PC GEN. CHARITABLE 17,500
    MERCY MEDICAL ANGELS
    4620 HAYGOOD ROADSUITE 3
    VIRGINIA BEACH,VA23455     		N/A PC GEN. CHARITABLE 25,000
    NANSEMOND RIVER PRESERVATION ALLIAN
    PO BOX 6090
    SUFFOLK,VA23433     		N/A PC GEN. CHARITABLE 20,000
    NANSEMOND-SUFFOLK ACADEMY
    3373 PRUDEN BOULEVARD
    SUFFOLK,VA23434     		N/A PC GEN. CHARITABLE 50,000
    NC STATE UNIVERSITY
    OFFICE OF SCHOLARSHIPS AN
    RALEIGH,NC27695     		N/A PC GEN. CHARITABLE 2,000
    NORFOLK BOTANICAL GARDEN
    6700 AZALEA GARDEN ROAD
    NORFOLK,VA23518     		N/A PC GEN. CHARITABLE 100,000
    NORTH CAROLINA CENTRAL UNIVERSITY
    COMPTROLLERS OFFICEPO
    DURHAM,NC27707     		N/A PC GEN. CHARITABLE 2,000
    NORTH CAROLINA FREEDOM PARK
    PO BOX 146
    RALEIGH,NC27602     		N/A PC GEN. CHARITABLE 5,000
    NORTHEAST ACADEMY FOR AEROSPACE AND
    PO BOX 2889
    ELIZABETH CITY,NC27906     		N/A PC GEN. CHARITABLE 50,000
    OCCONEECHEE COUNCIL BOY SCOUTS OF
    3231 ATLANTIC AVENUE
    RALEIGH,NC27604     		N/A PC GEN. CHARITABLE 25,000
    OPERATION SMILE INC
    3641 FACULTY BLVD
    VIRGINIA BEACH,VA23453     		N/A PC GEN. CHARITABLE 40,000
    PORTSMOUTH CATHOLIC REGIONAL SCHOOL
    2301 OREGON AVENUE
    PORTSMOUTH,VA23701     		N/A PC GEN. CHARITABLE 9,800
    PRESERVATION VIRGINIA
    204 WEST FRANKLIN STREET
    RICHMOND,VA23220     		N/A PC GEN. CHARITABLE 20,000
    PUBLIC ART VIRGINIA BEACH FOUNDATIO
    PO BOX 61427
    VIRGINIA BEACH,VA23466     		N/A PC GEN. CHARITABLE 10,000
    RANDOLPH-MACON COLLEGE
    OFFICE OF FINANCIAL AIDP
    ASHLAND,VA23005     		N/A PC GEN. CHARITABLE 2,000
    RONALD MCDONALD HOUSE OF EASTERN NC
    529 MOYE BOULEVARD
    GREENVILLE,NC27834     		N/A PC GEN. CHARITABLE 10,000
    SAINT PATRICK CATHOLIC SCHOOL
    1000 BOLLING AVENUE
    NORFOLK,VA23508     		N/A PC GEN. CHARITABLE 50,000
    SENIOR SERVICES OF SOUTHEASTERN VIR
    6350 CENTER DRIVEBUILDING
    NORFOLK,VA23502     		N/A PC GEN. CHARITABLE 20,000
    SENTARA HEALTHCARE
    6015 POPLAR HALL DRIVESUI
    NORFOLK,VA23502     		N/A PC GEN. CHARITABLE 20,000
    STANFORD UNIVERSITY
    FINANCIAL AID OFFICE355 G
    STANFORD,CA94305     		N/A PC GEN. CHARITABLE 2,000
    SUFFOLK CENTER FOR CULTURAL ARTS FO
    110 W FINNEY AVENUE
    SUFFOLK,VA23434     		N/A PC GEN. CHARITABLE 30,000
    SUFFOLK PARTNERSHIP FOR A HEALTHY C
    425 W WASHINGTON STREETSU
    SUFFOLK,VA23434     		N/A PC GEN. CHARITABLE 5,000
    TAMMY LYNN CENTER
    739 CHAPPELL DRIVE
    RALEIGH,NC27606     		N/A PC GEN. CHARITABLE 50,000
    TCC EDUCATIONAL FOUNDATION INC
    121 COLLEGE PLACE SUITE 6
    NORFOLK,VA23510     		N/A PC GEN. CHARITABLE 100,000
    THE BASILICA OF SAINT MARY OF THE I
    1000 HOLT STREET
    NORFOLK,VA23504     		N/A PC GEN. CHARITABLE 50,000
    THE COLLEGE OF WILLIAM AND MARY
    BURSARS OFFICE/STUDENT A
    WILLIAMSBURG,VA23187     		N/A PC GEN. CHARITABLE 2,000
    THE ELDER'S HOUSE
    215 LAS GAVIOTAS BLVD
    CHESAPEAKE,VA23322     		N/A PC GEN. CHARITABLE 50,000
    THE FAISON CENTER INC
    1701 BYRD AVENUE
    RICHMOND,VA23230     		N/A PC GEN. CHARITABLE 25,000
    THE FIRST TEE OF THE TRIANGLE
    8800 WESTGATE PARK DRIVES
    RALEIGH,NC27617     		N/A PC GEN. CHARITABLE 100,000
    THE FRIENDS OF THE ELIZABETH RIVER
    PO BOX 3042
    NORFOLK,VA23514     		N/A PC GEN. CHARITABLE 50,000
    THE GOVERNOR'S MAGNET SCHOOL FOR TH
    254 GRANBY STREET
    NORFOLK,VA23510     		N/A PC GEN. CHARITABLE 25,000
    THE SALVATION ARMY HRAC
    5525 RABY ROAD
    NORFOLK,VA23502     		N/A PC GEN. CHARITABLE 20,000
    THE UP CENTER
    150 BOUSH STREETSUITE 500
    NORFOLK,VA23510     		N/A PC GEN. CHARITABLE 20,000
    THE WILLIAMS SCHOOL
    419 COLONIAL AVE
    NORFOLK,VA23507     		N/A PC GEN. CHARITABLE 200,000
    THOMAS NELSON COMMUNITY COLLEGE
    HAMPTON CAMPUS99 THOMAS N
    HAMPTON,VA23666     		N/A PC GEN. CHARITABLE 2,000
    TIDEWATER WINDS
    PO BOX 62000
    VIRGINIA BEACH,VA23466     		N/A PC GEN. CHARITABLE 12,000
    UNC CHAPEL HILL
    OFFICE OF SCHOLARSHIPS AN
    CHAPEL HILL,NC27599     		N/A PC GEN. CHARITABLE 2,000
    UNION MISSION MINISTRIES
    PO BOX 3203
    NORFOLK,VA23514     		N/A PC GEN. CHARITABLE 20,000
    UNITED WAY OF SOUTH HAMPTON ROADS
    2515 WALMER AVENUE
    NORFOLK,VA23513     		N/A PC GEN. CHARITABLE 100,000
    UNIVERSITY OF MARY WASHINGTON
    CASHIERS OFFICE1301 COLLE
    FREDERICKSBURG,VA22401     		N/A PC GEN. CHARITABLE 2,000
    UNIVERSITY OF VIRGINIA
    ATTN SCHOLARSHIP OFFICEP
    CHARLOTTESVILLE,VA22904     		N/A PC GEN. CHARITABLE 2,000
    VERSABILITY RESOURCES INC
    2520 58TH STREET
    HAMPTON,VA23661     		N/A PC GEN. CHARITABLE 50,000
    VIDANT HEALTH FOUNDATION
    PO BOX 8489
    GREENVILLE,NC27835     		N/A PC GEN. CHARITABLE 10,000
    VIRGINIA AQUARIUM & MARINE SCIENCE
    717 GENERAL BOOTH BLVD
    VIRGINIA BEACH,VA23451     		N/A PC GEN. CHARITABLE 100,000
    VIRGINIA ARTS FESTIVAL
    440 BANK STREET
    NORFOLK,VA23510     		N/A PC GEN. CHARITABLE 100,000
    VIRGINIA BEACH LIBRARY FOUNDATION
    2416 COURTHOUSE DRIVE
    VIRGINIA BEACH,VA23456     		N/A PC GEN. CHARITABLE 5,000
    VIRGINIA HISTORICAL SOCIETY
    PO BOX 7311
    RICHMOND,VA23221     		N/A PC GEN. CHARITABLE 50,000
    VIRGINIA LIVING MUSEUM INC
    524 J CLYDE MORRIS BLVD
    NEWPORT NEWS,VA23601     		N/A PC GEN. CHARITABLE 30,000
    VIRGINIA MUSEUM OF HISTORY & CULTUR
    428 N ARTHUR ASHE BOULEV
    RICHMOND,VA23220     		N/A PC GEN. CHARITABLE 56,250
    VIRGINIA STAGE COMPANY
    PO BOX 3770
    NORFOLK,VA23514     		N/A PC GEN. CHARITABLE 140,000
    VIRGINIA STATE UNIVERSITY
    P O BOX 9027
    VIRGINIA STATE UNIVERS,VA23806     		N/A PC GEN. CHARITABLE 20,000
    VIRGINIA SYMPHONY ORCHESTRA
    150 BOUSH STREETSUITE 201
    NORFOLK,VA23510     		N/A PC GEN. CHARITABLE 100,000
    VIRGINIA WESLEYAN UNIVERSITY
    5817 WESLEYAN DRIVE
    VIRGINIA BEACH,VA23455     		N/A PC GEN. CHARITABLE 250,000
    VIRGINIA ZOOLOGICAL SOCIETY
    3500 GRANBY STREET
    NORFOLK,VA23504     		N/A PC GEN. CHARITABLE 20,000
    WAKEMED FOUNDATION
    3000 NEW BERN AVENUE
    RALEIGH,NC27612     		N/A PC GEN. CHARITABLE 50,000
    WESTERN TIDEWATER FREE CLINIC INC
    2019 MEADE PKWY
    SUFFOLK,VA23434     		N/A PC GEN. CHARITABLE 10,000
    WILLIAM & MARY MARSHALL-WYTHE SCHOO
    PO BOX 3527
    WILLIAMSBURG,VA23187     		N/A PC GEN. CHARITABLE 5,000
    WILLIAM & MARY MASON SCHOOL OF BUSI
    PO BOX 2220
    WILLIAMSBURG,VA23187     		N/A PC GEN. CHARITABLE 5,000
    YMCA OF GREATER RICHMOND
    2 W FRANKLIN STREET2ND F
    RICHMOND,VA23220     		N/A PC GEN. CHARITABLE 100,000
    YMCA OF SOUTH HAMPTON ROADS
    920 CORPORATE LANE
    CHESAPEAKE,VA23320     		N/A PC GEN. CHARITABLE 20,000
    YOUNG AUDIENCES OF VIRGINIA INC D
    420 NORTH CENTER DRIVESUI
    NORFOLK,VA23502     		N/A PC GEN. CHARITABLE 5,000
    YWCA SOUTH HAMPTON ROADS
    500 E PLUME STREETSUITE
    NORFOLK,VA23510     		N/A PC GEN. CHARITABLE 60,000
    Total .................................bullet 3a 4,166,336
    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 ...........     		    14 184  
    4 Dividends and interest from securities....     14 20,225  
    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 ............     		    14 18,376  
    9 Net income or (loss) from special events:         -27,613
    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)..   38,785 -27,613
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    11,172
    (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.)
    9 THE FOUNDATION CARRIES ON TWO FUNDRAISERS EVERY YEAR TO RAISE MONEY FOR SCHOLARSHIPS. THERE IS A GOLF TOURNAMENT AND FALL EXTRAVAGANZA.
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below?
    See instructions.
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2020)
    Additional Data


    Software ID:  
    Software Version:  


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

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

    54-2036534
    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
    TOWNEBANK FOUNDATION
          		Employer identification number
    54-2036534
    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
    TOWNEBANK
    6001 HARBOUR VIEW BLVD
     
    SUFFOLK, VA23435

    		$ 4,025,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    G ROBERT ASTON JR
    6001 HARBOUR VIEW BLVD
     
    SUFFOLK, VA23435

    		$ 10,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    PCA BUSINESS ENVIRONMENTS
    7420 CENTRAL BUSINESS PARK DR STE 4
     
    NORFOLK, VA23513

    		$ 5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
    SUSSEX DEVELOPMENT CORPORATION
    109 S LYNNHAVEN RD
     
    VIRGINIA BEACH, VA23452

    		$ 7,500


    (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
    TOWNEBANK FOUNDATION
          		Employer identification number

    54-2036534
    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
    TOWNEBANK FOUNDATION
          		Employer identification number

    54-2036534
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Additional Data


    Software ID:  
    Software Version:  

    TY 2020 AccountingFeesSchedule
    Name:
    TOWNEBANK FOUNDATION
    EIN:
    54-2036534
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 2,850      

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    TOWNEBANK FOUNDATION
    EIN:
    54-2036534
    Name of Stock End of Year Book Value End of Year Fair Market Value
    INVESTMENTS - RAYMOND JAMES 1,195,437 1,408,172
    INVESTMENTS - SCHOLARSHIP ASTON 179,980 235,707
    INVESTMENTS - SCHOLARSHIP ANDERSON 134,689 174,286

    TY 2020 OtherExpensesSchedule
    Name:
    TOWNEBANK FOUNDATION
    EIN:
    54-2036534
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FALL EXTRAVAGANZA        
    FALL EXTRAVAGANZA EXPENSES 72,098   72,098  
    GOLF TOURNAMENT        
    GOLF TOURNAMENT EXPENSES 3,786   3,786  
    EXPENSES        
    OFFICE EXPENSES 95      


    TY 2020 OtherIncomeSchedule2
    Name:
    TOWNEBANK FOUNDATION
    EIN:
    54-2036534
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    FALL EXTRAVAGANZA 37,943   37,943
    GOLF TOURNAMENT 10,328   10,328


    TY 2020 TaxesSchedule
    Name:
    TOWNEBANK FOUNDATION
    EIN:
    54-2036534
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX 1,320