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
SOUTHERN BANK FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 729
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MOUNT OLIVE, NC283650729
A Employer identification number

56-2002871
B Telephone number (see instructions)

(919) 658-7007
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$17,747,969J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 833,857 833,857  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 43,006
b Gross sales price for all assets on line 6a 891,195
7 Capital gain net income (from Part IV, line 2)... 43,006
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 7,523 0  
12 Total. Add lines 1 through 11........ 884,386 876,863  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
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 153 0   0
c Other professional fees (attach schedule)....        
17 Interest............... 7,032 0   0
18 Taxes (attach schedule) (see instructions)...        
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule).......        
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 7,185 0   0
25 Contributions, gifts, grants paid....... 820,350 820,350
26 Total expenses and disbursements. Add lines 24 and 25 827,535 0   820,350
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 56,851
b Net investment income (if negative, enter -0-) 876,863
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............. 290,883 39,196 39,196
2 Savings and temporary cash investments.........      
3 Accounts receivable bullet110,503
Less: allowance for doubtful accounts bullet   9,721 110,503  
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)....... 5,842,902 Click to see attachment6,300,436 7,242,002
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).......... 8,155,964 Click to see attachment8,431,186 10,466,771
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) 14,299,470 14,881,321 17,747,969
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)......   525,000
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 525,000
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........ 4,631,719 4,631,719
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 9,667,751 9,724,602
29 Total net assets or fund balances (see instructions)..... 14,299,470 14,356,321
30 Total liabilities and net assets/fund balances (see instructions). 14,299,470 14,881,321
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
14,299,470
2
Enter amount from Part I, line 27a .....................
2
56,851
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
14,356,321
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
14,356,321
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 CAPITAL ONE FINANCIAL P   2020-03-02
b NORTH STATE TELECOMM P   2020-05-27
c FIRST BANK P   2020-06-30
d STEWARDSHIP FINANCIAL CORP P   2020-09-01
e PNC FINANCIAL SERVICES GROUP P   2020-09-08
WESTERN ALLIANCE BANK P   2020-10-15
BLUEROCK REDEMPTION P   2020-10-28
BLUEROCK REDEMPTION P   2020-12-31
VIRGINIA BK BANKSHARES P   2020-12-31
(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 106,175   100,132 6,043
b 160,000   131,310 28,690
c 202,246   200,000 2,246
d 103,375   100,000 3,375
e 102,500   100,034 2,466
100,000   100,000 0
17,275   14,215 3,060
24,275   19,975 4,300
75,349   82,523 -7,174
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       6,043
b       28,690
c       2,246
d       3,375
e       2,466
      0
      3,060
      4,300
      -7,174
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 43,006
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 12,188
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 12,188
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 12,188
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 0
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 500
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 500
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 11,688
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet   RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletNC
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletGENETTA GOODMAN Telephone no.bullet (919) 658-7007

    Located atbullet121 EAST MAIN STREETMOUNT OLIVENC ZIP+4bullet28365
    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
     
    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
    LISA R SANDERSON ASSISTANT SECRETARY
    0.00     		0 0 0
    PO BOX 729
    MT OLIVE,NC28365
    DAVID L SAULS TREASURER
    0.00     		0 0 0
    PO BOX 729
    MT OLIVE,NC28365
    JOHN L HEEDEN SECRETARY
    0.00     		0 0 0
    PO BOX 729
    MT OLIVE,NC28365
    GENETTA B GOODMAN ASSISTANT TREASURER
    0.00     		0 0 0
    PO BOX 729
    MT OLIVE,NC28365
    DREW M COVERT PRESIDENT & DIRECTOR
    0.00     		0 0 0
    PO BOX 729
    MT OLIVE,NC28365
    DAN R ELLIS VICE PRESIDENT & INVESTMENT OFFICER
    0.00     		0 0 0
    PO BOX 729
    MT OLIVE,NC28365
    JOHN C PEGRAM JR DIRECTOR
    0.00     		0 0 0
    PO BOX 729
    MT OLIVE,NC28365
    JULIAN R AYCOCK DIRECTOR
    0.00     		0 0 0
    PO BOX 729
    MT OLIVE,NC28365
    WILLIAM H BRYAN DIRECTOR
    0.00     		0 0 0
    PO BOX 729
    MT OLIVE,NC28365
    HOPE H BRYANT DIRECTOR
    0.00     		0 0 0
    PO BOX 729
    MT OLIVE,NC28365
    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 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    16,355,850
    b
    Average of monthly cash balances.......................
    1b
    148,502
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    16,504,352
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    16,504,352
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    247,565
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    16,256,787
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    812,839
    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
    812,839
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    12,188
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    12,188
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    800,651
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    800,651
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    800,651
    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
    820,350
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    820,350
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    820,350
    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 7 800,651
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016...... 11,698
    c From 2017......  
    d From 2018...... 55,637
    e From 2019...... 8,049
    fTotal of lines 3a through e........ 75,384
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 820,350
    a Applied to 2019, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2020 distributable amount..... 800,651
    e Remaining amount distributed out of corpus 19,699
    5 Excess distributions carryover applied to 2020. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 95,083
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		95,083
    10 Analysis of line 9:
    a Excess from 2016.... 11,698
    b Excess from 2017....  
    c Excess from 2018.... 55,637
    d Excess from 2019.... 8,049
    e Excess from 2020.... 19,699
    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:
    SOUTHERN BANK FOUNDATION DAVID L SA
    PO BOX 729
    MOUNT OLIVE,NC28365
    (919) 658-7000
    bThe form in which applications should be submitted and information and materials they should include:
    SOUTHERN BANK FOUNDATION REQUEST FOR GRANT
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    NONE
    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
    AHOSKIE FOOD PANTRY
    701 E CHURCH ST
    AHOSKIE,NC27910     		NONE NON-PROFIT DONATION 5,000
    ALBEMARLE DEVELOPMENT CORPORATION
    144 N 2ND ST
    ALBEMARLE,NC28001     		NONE NON-PROFIT DONATION 2,000
    ARTS COUNCIL OF WILSON
    124 NASH ST NE
    WILSON,NC27893     		NONE NON-PROFIT DONATION 5,000
    BOY SCOUTS OF AMERICA - TUSCARORA COUNCIL
    PO BOX 1436
    GOLDSBORO,NC27533     		NONE NON-PROFIT DONATION 4,000
    BOYS GIRLS CLUB OF EDENTON CHOWAN
    131 MORRISTOWN RD
    EDENTON,NC27932     		NONE NON-PROFIT DONATION 5,000
    BUSINESS CONSORTIUM FOR ARTS SUPPORT
    101 WEST MAIN STREET STE 4500
    NORFOLK,VA23510     		NONE NON-PROFIT DONATION 6,000
    C S BROWN AUDITORIUM RESTORATION ASSOCIATION INC
    PO BOX 435
    WINTON,NC27986     		NONE NON-PROFIT DONATION 950
    CAMPBELL UNIVERSITY
    PO BOX 116
    BUIES CREEK,NC27506     		NONE NON-PROFIT DONATION 20,000
    CARE
    PO BOX 610
    PITTSBORO,NC27312     		NONE NON-PROFIT DONATION 5,000
    CAROLINA GATEWAY PARTNERSHIP INC
    427 FALLS ROAD
    ROCKY MOUNT,NC278044808     		NONE NON-PROFIT DONATION 20,000
    CHOANOKE AREA DEVELOPMENT ASSOCIATION
    120 SESSOMS DR
    RICH SQUARE,NC27869     		NONE NON-PROFIT DONATION 10,000
    CHOWAN UNIVERSITY
    1 UNIVERSITY PLACE
    MURFREESBORO,NC27855     		NONE NON-PROFIT DONATION 30,000
    CITY OF GOLDSBORO - PARKS AND RECREATION
    901 E ASHE ST
    GOLDSBORO,NC27530     		NONE NON-PROFIT DONATION 5,000
    COASTAL CHRISTIAN HIGH SCHOOL
    1150 THE KINGS HIGHWAY
    WILMINGTON,NC28409     		NONE NON-PROFIT DONTAION 5,000
    COMMUNITY CARE CLINIC OF DARE
    425 HEALTH CENTER DRIVE
    NAGS HEAD,NC27959     		NONE NON-PROFIT DONATION 5,000
    COMMUNITY DEVELOPMENT FNDTN OF ROCKY MT
    PO BOX 8105
    ROCKY MOUNT,NC27804     		NONE NON-PROFIT DONATION 8,500
    COMO VOLUNTEER FIRE DEPARTMENT
    1201 US 258
    COMO,NC27818     		NONE NON-PROFIT DONATION 5,000
    DARE COUNTY ARTS COUNCIL
    300 QUEEN ELIZABETH AVE
    MANTEO,NC27954     		NONE NON-PROFIT DONATION 2,500
    DOWNTOWN GOLDSBORO ASSOCIATION INC
    219 N JOHN ST
    GOLDSBORO,NC27530     		NONE NON-PROFIT DONATION 1,500
    DOWN EAST PARTNERSHIP FOR CHILDREN
    215 LEXINGTON ST
    ROCKY MOUNT,NC27801     		NONE NON-PROFIT DONATION 2,500
    FELLOWSHIP OF CHRISTIAN ATHLETES
    4600 MARRIOTT DR 120
    RALEIGH,NC27612     		NONE NON-PROFIT DONATION 9,000
    FOOD BANK OF CENTRAL AND EASTERN NC INC
    3808 TARHEEL DR
    RALEIGH,NC27609     		NONE NON-PROFIT DONATION 5,000
    FOOD BANK OF SOUTHEASTERN VIRGINIA
    800 TIDEWATER DR
    NORFOLK,VA23504     		NONE NON-PROFIT DONATION 5,000
    FOOD BANK OF THE ALBEMARLE
    109 TIDEWATER WAY
    ELIZABETH CITY,NC27909     		NONE NON-PROFIT DONATION 5,000
    FORKIDS INC
    4200 COLLEY AVE A
    NORFOLK,VA23508     		NONE NON-PROFIT DONATION 25,000
    FREE WILL BAPTIST CHILDREN'S HOME INC
    7907 BUCK DEANS ROAD
    MIDDLESEX,NC27557     		NONE NON-PROFIT DONATION 25,000
    FRIENDS OF THE ELIZABETH RIVER TRAIL FOUNDATION
    PO BOX 3042
    NORFOLK,VA23514     		NONE NON-PROFIT DONATION 10,000
    FRIENDS OF THE JOHN A WILKINSON BUILDING INC
    PO BOX 38
    BELHAVEN,NC27810     		NONE NON-PROFIT DONATION 5,000
    FRIENDS OF WASHINGTON COUNTY LIBRARY
    3901 TX-36
    BRENHAM,TX77833     		NONE NON-PROFIT DONATION 900
    GOLDSBORO FAMILY YMCA
    1105 PARKWAY DRIVE
    GOLDSBORO,NC27534     		NONE NON-PROFIT DONATION 12,500
    GREATER WAYNE CHILDREN'S HEALTH FNDTN
    22 W RALSTON AVENUE
    AKRON,OH44301     		NONE NON-PROFIT DONATION 1,000
    GREENFIELD SCHOOL
    3351 NC-42
    WILSON,NC27893     		NONE NON-PROFIT DONATION 25,000
    HOPE HOUSE FOUNDATION INC
    801 BOUSH ST 302
    NORFOLK,VA23510     		NONE NON-PROFIT DONATION 10,000
    HOPE PREPARATORY SCHOOL
    13806 FL-33
    GROVELAND,FL34736     		NONE NON-PROFIT DONATION 4,500
    HOPE REINS
    8420 WAKE FOREST HWY
    RALEIGH,NC27613     		NONE NON-PROFIT DONATION 4,500
    JUNIOR ACHIEVEMENT OF EASTERN NC
    4904 WATERS EDGE DR STE 155
    RALEIGH,NC27606     		NONE NON-PROFIT DONATION 7,500
    KRAMDEN INSTITUTE
    4915 PROSPECTUS DR STE J
    DURHAM,NC27713     		NONE NON-PROFIT DONATION 9,000
    MOUNT OLIVE HISTORICAL SOCIETY
    137 E MAIN ST
    MOUNT OLIVE,NC28365     		NONE NON-PROFIT DONATION 500
    NANSEMOND-SUFFOLK ACADEMY ASSOCIATION INC
    3373 PRUDEN BLVD
    SUFFOLK,VA23434     		NONE NON-PROFIT DONATION 5,000
    NASH HEALTH CARE SYSTEMS FOUNDATION
    2416 PROFESSIONAL DR
    ROCKY MOUNT,NC27804     		NONE NON-PROFIT DONATION 25,000
    NC AQUARIUM SOCIETY
    3125 POPLARWOOD CT SUITE 160
    RALEIGH,NC27604     		NONE NON-PROFIT DONATION 5,000
    NC COASTAL PINES COUNCIL GIRL SCOUT
    6901 PINECREST ROAD
    RALEIGH,NC27613     		NONE NON-PROFIT DONATION 25,000
    NC LION VIP FISHING TOURNAMENT
    7050 CAMP DOGWOOD DRIVE
    SHERRILS FORD,NC28673     		NONE NON-PROFIT DONATION 5,000
    NORTH CAROLINA DENTAL SOCIETY FOUNDATION INC
    1600 EVANS RD
    CARY,NC27513     		NONE NON-PROFIT DONATION 10,000
    NORTH CAROLINA INDEPENDENT COLLEGES AND UNIVERSITIES
    530 N BLOUNT ST
    RALEIGH,NC27604     		NONE NON-PROFIT DONATION 3,500
    NORTH CAROLINA TOBACCO FOUNDATION INC
    401 N MAIN STREET
    WINSTON SALEM,NC27101     		NONE NON-PROFIT DONATION 1,000
    PEACEMAKERS OF ROCKY MOUNT INC
    1725 DAVIS ST
    ROCKY MOUNT,NC27803     		NONE NON-PROFIT DONATION 5,000
    PITT COMMUNITY COLLEGE FOUNDATION
    PO BOX 7007
    GREENVILLE,NC27835     		NONE NON-PROFIT DONATION 25,000
    PITT COUNTY COMMITTEE OF 100 INC
    PO BOX 1714
    GREENVILLE,NC27835     		NONE NON-PROFIT DONATION 10,000
    RALEIGH-WAKE COUNTY DENTAL SOCIETY
    6601 CROSS MEADOW CT
    FUQUAY VARINA,NC27526     		NONE NON-PROFIT DONATION 1,000
    ROANOKE ECONOMIC DEVELOPMENT INC
    117 CHURCH AVENUE SW
    ROANOKE,VA24011     		NONE NON-PROFIT DONATION 1,000
    ROCKY MOUNT ACADEMY
    1313 AVONDALE AVE
    ROCKY MOUNT,NC27803     		NONE NON-PROFIT DONATION 5,000
    RONALD MCDONALD HOUSE OF EASTERN NC
    529 MOYE BLVD
    GREENVILLE,NC27834     		NONE NON-PROFIT DONATION 10,000
    RONES CHAPEL AREA COMMUNITY CENTER
    599 GARNER CHAPEL RD
    MOUNT OLIVE,NC28365     		NONE NON-PROFIT DONATION 1,000
    SCARLET OAK FARMS INC
    6059 GUM SWAMP ROAD
    AYDEN,NC28513     		NONE NON-PROFIT DONATION 1,000
    SHAW UNIVERSITY
    118 E SOUTH ST
    RALEIGH,NC27601     		NONE NON-PROFIT DONATION 2,500
    ST JUDES CHILDREN'S RESEARCH HOSPITAL
    262 DANNY THOMAS PLACE
    MEMPHIS,TN38105     		NONE NON-PROFIT DONATION 7,500
    STAGESTRUCK
    121 W CHESTNUT ST
    GOLDSBORO,NC27530     		NONE NON-PROFIT DONATION 1,000
    SOUTHEASTERN CANCER CARE
    203 COX BLVD
    GOLDSBORO,NC27534     		NONE NON-PROFIT DONATION 1,000
    TAR RIVER CHORAL AND ORCHESTRAL SOCIETY INC
    PO BOX 8255
    ROCKY MOUNT,NC27804     		NONE NON-PROFIT DONATION 5,000
    THE BOYS AND GIRLS CLUB OF THE TAR RIVER REGION
    301 S CHURCH ST STE 290
    ROCKY MOUNT,NC27802     		NONE NON-PROFIT DONATION 2,500
    THE ELIZABETHAN GARDENS INC
    1411 NATIONAL PARK DR
    MANTEO,NC27954     		NONE NON-PROFIT DONATION 8,000
    THE ECU FOUNDATION
    2200 S CHARLES BLVD
    GREENVILLE,NC27858     		NONE NON-PROFIT DONATION 1,000
    THE FOUNDATION FOR DUPLIN COUNTY IN
    3737 GLENWOOD AVENUE
    RALEIGH,NC27612     		NONE NON-PROFIT DONATION 5,000
    THE FOUNDATION OF WAYNE COMMUNITY COLLEGE
    3000 WAYNE MEMORIAL DR
    GOLDSBORO,NC27534     		NONE NON-PROFIT DONATION 2,500
    THE GOOD SHEPHERD FOOD PANTRY
    1008 NORTH KING ST
    WINDSOR,NC27983     		NONE NON-PROFIT DONATION 1,000
    THE LEUKEMIA AND LYMPHOMA SOCIETY INC
    3 INTERNATIONAL DRIVE SUITE 200
    RYE BROOK,NY10573     		NONE NON-PROFIT DONATION 1,000
    THE OUTER BANKS RELIEF FOUNDATION
    PO BOX 545
    NAGS HEAD,NC27959     		NONE NON-PROFIT DONATION 5,000
    THE RECREATION COMMISSION OF THE TO
    602 MUSTIAN STREET
    KILL DEVIL HILLS,NC27948     		NONE NON-PROFIT DONATION 20,000
    THE SALVATION ARMY - CAPE FEAR
    223 S 3RD STREET
    WILMINGTON,NC28401     		NONE NON-PROFIT DONATION 25,000
    THE SALVATION ARMY - ELIZABETH CITY
    600 N HUGHES BLVD
    ELIZABETH CITY,NC27909     		NONE NON-PROFIT DONATION 10,000
    THE SOUTHEASTERN PARTNERSHIP
    707 WEST BROAD ST PO BOX 2556
    ELIZABETHTOWN,NC28337     		NONE NON-PROFIT DONATION 5,000
    TOBACCO FARM LIFE MUSEUM
    709 CHURCH ST
    KENLY,NC27542     		NONE NON-PROFIT DONATION 2,500
    UNITED WAY OF WAYNE COUNTY
    301 E ASH ST 310
    GOLDSBORO,NC27530     		NONE NON-PROFIT DONATION 12,000
    UNITY ORGANIZATION INC
    237 FRANKLIN ST
    MOUNT OLIVE,NC28365     		NONE NON-PROFIT DONATION 1,000
    UNIVERSITY OF MOUNT OLIVE COLLEGE
    634 HENDERSON ST
    MOUNT OLIVE,NC28365     		NONE NON-PROFIT DONATION 200,000
    UNION RURAL FIRE DEPARTMENT OF HERT
    1470 UNION CHURCH ROAD
    SALISBURY,NC28146     		NONE NON-PROFIT DONATION 5,000
    VIRGINIA BANKERS ASSOCIATION EDUCATION
    4490 COX ROAD
    GLEN ALLEN,VA23060     		NONE NON-PROFIT DONATION 1,000
    VIRGINIA BEACH EDUCATION FOUNDATION
    2512 GEORGE MASON DR
    VIRGINIA BEACH,VA23456     		NONE NON-PROFIT DONATION 5,000
    VIRGINIA PENINSULA FOOD BANK
    2401 ALUMINUM AVENUE
    HAMPTON,VA23661     		NONE NON-PROFIT DONATION 5,000
    WAYNE CHARITABLE PARTNERSHIP INC
    308 N WILLIAM ST
    GOLDSBORO,NC27530     		NONE NON-PROFIT DONATION 6,000
    WAYNE COUNTY 4-H
    3114 WAYNE MEMORIAL DRIVE
    GOLDSBORO,NC27534     		NONE NON-PROFIT DONATION 2,500
    WAYNE COUNTRY DAY SCHOOL
    480 COUNTRY DAY ROAD
    GOLDSBORO,NC27530     		NONE NON-PROFIT DONATION 10,000
    WAYNE COUNTY DEVELOPMENT ALLIANCE
    PO BOX 1280
    GOLDSBORO,NC27533     		NONE NON-PROFIT DONATION 10,000
    WAYNE HEALTH FOUNDATION
    PO BOX 8001
    GOLDSBORO,NC27533     		NONE NON-PROFIT DONATION 5,000
    WILSON FORWARD
    PO BOX 1764
    WILSON,NC27894     		NONE NON-PROFIT DONATION 1,500
    Total .................................bullet 3a 820,350
    bApproved for future payment
    Total .................................bullet 3b 0
    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 ...........     		         
    4 Dividends and interest from securities.... 900000   14 833,857  
    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 ............     		    18 43,006  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aOTHER INCOME     		        6,410
    bDEBT-FINANCED INCOME   1,113      
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 1,113 876,863 6,410
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    884,386
    (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.)
    11 INCOME TAX OVERPAYMENT REFUNDED TO FOUNDATION DURING TAX YEAR
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 AccountingFeesSchedule
    Name:
    SOUTHERN BANK FOUNDATION
    EIN:
    56-2002871
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 153 0   0

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    SOUTHERN BANK FOUNDATION
    EIN:
    56-2002871
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ATLANTIC UNION BANKSHARES CORPORATION 200,000 221,600
    BLUEROCK RESIDENTIAL GROWTH 22,382 27,309
    CORPORATE SECURITIES 3,275,134 3,664,700
    DUKE ENERGY 191,788 350,949
    ENBRIDGE INC COM (SPECTRA) 63,653 157,391
    EXXON MOBIL CORP COM 39,992 20,445
    FELCOR LODGING TR INC 33,952 38,100
    FIFTH THIRD BANK 10,989 17,424
    FIRST HORIZON NATL CORP 250,089 263,587
    GENERAL ELECTRIC CO COM 29,961 13,576
    HEARTLAND FINANCIAL USA INC 150,000 166,800
    HUNTINGTON BANCSHARES 75,064 62,872
    IBERIA TR S&P US PFD 100,042 104,430
    ISHARES TR S&P US PFD 50,080 49,293
    MERCHANTS BANCORP 100,000 109,040
    MET LIFE PFD SER A 24,980 25,958
    OCEAN FIRST FINANCIAL CORP INC 150,000 165,120
    PINNACLE FINL PARTNERS INC COM (BNC BANCORP) 210,481 232,613
    PINNACLE FINANCIAL PARTNERS INC COM 100,006 110,760
    PINNACLE BANKSHARES (F/K/A EASTERN VA BANCSHARES, INC. 26,733 18,101
    REGIONS FINL CORP 345,007 366,642
    SOUTH STATE CORP 77,929 186,245
    SOUTHERN CO COM 40,115 52,523
    SYNOVUS FINL CORP 231,875 265,162
    US BANCORP DEL 149,328 153,295
    WELLS FARGO & CO NEW PRFD CONV CL A 300,850 341,528
    WESBANCO INC A 50,006 56,100
    WABTEC COM 0 439

    TY 2020 InvestmentsOtherSchedule2
    Name:
    SOUTHERN BANK FOUNDATION
    EIN:
    56-2002871
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    AMERISERVE FINANCIAL AT COST 150,000 150,000
    BAY BANKS OF VIRGINIA, INC. AT COST 500,000 510,355
    BOK FINANCIAL CORP AT COST 100,110 101,110
    DOMINION ENERGY INC AT COST 100,099 107,417
    DUKE ENERGY CORP JR SUB DEBT AT COST 99,569 107,440
    EASTERN VA BANKSHARES AT COST 100,000 100,000
    F&M FINANCIAL CORPORATION AT COST 100,000 102,868
    FIRST CAROLINA FINANCIAL SERVICES INC AT COST 500,000 500,000
    FIRST SOUTHWEST CORPORATION AT COST 100,000 100,000
    FNB CORP (NEWBRIDGE - YADKIN FINANCIAL) AT COST 500,000 500,000
    GREAT PLAINS BANCSHARES INC. AT COST 100,000 100,000
    HANCOCK HOLDING CO SUB NOTE AT COST 499,693 513,083
    HARBOR ONE BANCORP INC. AT COST 100,000 102,015
    JOHN MARSHALL BANCORP INC AT COST 100,000 100,000
    MAIN STREET BANCSHARES INC AT COST 100,000 100,000
    MIDLAND STATES BANCORP, INC AT COST 125,000 125,000
    MIDLAND STATES BANCORP, INC. AT COST 500,000 522,555
    NEW YORK COMMUNITY BANCORP INC. AT COST 100,000 103,790
    OAK RIDGE FINANCIAL SERVICES NC AT COST 100,000 100,000
    PB FINANCIALCORPORATION AT COST 350,000 350,000
    TEXAS CAP BANCSHARES INC SUB AND NT AT COST 100,359 100,172
    UNITED BANCORP, INC. AT COST 100,000 105,371
    VANGUARD MONEY MARKET AT COST 3,606,356 5,565,147
    VILLAGE BANK & TRUST FINANCIAL CORP AT COST 200,000 200,000
    WESTERN ALLIANCE AT COST 100,000 100,448

    TY 2020 OtherIncomeSchedule2
    Name:
    SOUTHERN BANK FOUNDATION
    EIN:
    56-2002871
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    OTHER INCOME 6,410   6,410
    DEBT-FINANCED INCOME 1,113   1,113