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. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 01-01-2021 , and ending 12-31-2021
Name of foundation
John M Belk Endowment
 
Number and street (or P.O. box number if mail is not delivered to street address)4201 Congress Street 470
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Charlotte, NC28209
A Employer identification number

56-1954114
B Telephone number (see instructions)

(980) 381-4122
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$448,561,533J 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 309 309  
4 Dividends and interest from securities... 6,500,806 6,500,806  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 69,026,126
b Gross sales price for all assets on line 6a 512,604,330
7 Capital gain net income (from Part IV, line 2)... 68,827,393
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 507,413 686,566  
12 Total. Add lines 1 through 11........ 76,034,654 76,015,074  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 61,815 0   61,815
14 Other employee salaries and wages...... 662,056 0   662,056
15 Pension plans, employee benefits....... 151,536 0   151,536
16a Legal fees (attach schedule)......... Click to see attachment 23,343 14,882   8,461
b Accounting fees (attach schedule)....... Click to see attachment 15,158 5,915   8,743
c Other professional fees (attach schedule).... Click to see attachment 2,527,443 867,349   1,660,094
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 1,450,000 0   0
19 Depreciation (attach schedule) and depletion... Click to see attachment 35,027 0  
20 Occupancy.............. 8,897 0   8,897
21 Travel, conferences, and meetings....... 41,482 0   41,482
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 1,639,307 1,488,401   152,122
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 6,616,064 2,376,547   2,755,206
25 Contributions, gifts, grants paid....... 17,004,587 17,004,587
26 Total expenses and disbursements. Add lines 24 and 25 23,620,651 2,376,547   19,759,793
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 52,414,003
b Net investment income (if negative, enter -0-) 73,638,527
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2021)
Form 990-PF (2021)
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............. 707,509 2,614,527 2,614,527
2 Savings and temporary cash investments......... 11,343,841 27,398,659 27,398,659
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)....... 11,914,926 Click to see attachment186,649,437 217,942,572
c Investments—corporate bonds (attach schedule)....... 28,977,753 Click to see attachment33,222,682 33,350,866
11 Investments—land, buildings, and equipment: basis bullet41,468,960
Less: accumulated depreciation (attach schedule) bullet   41,466,994 41,468,960 28,810,000
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 249,749,576 Click to see attachment105,159,118 138,016,531
14 Land, buildings, and equipment: basis bullet842,893
Less: accumulated depreciation (attach schedule) bullet414,515 367,390 Click to see attachment428,378 428,378
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 344,527,989 396,941,761 448,561,533
Liabilities 17 Accounts payable and accrued expenses.......... 4,363 4,132
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)......... 4,363 4,132
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........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 344,523,626 396,937,629
29 Total net assets or fund balances (see instructions)..... 344,523,626 396,937,629
30 Total liabilities and net assets/fund balances (see instructions). 344,527,989 396,941,761
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
344,523,626
2
Enter amount from Part I, line 27a .....................
2
52,414,003
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
396,937,629
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
396,937,629
Form 990-PF (2021)
Form 990-PF (2021)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Publicly traded securities      
b K-1 Capital Gain      
c Capital gain distributions      
d 1-3 Year Treasury Index Non-Lendable Fund B P 2019-01-01 2021-03-15
e Emerging Markets Index Non-Lendable Fund B P 2019-01-01 2021-03-15
Equity Index Non-Lendable Fund B P 2019-01-01 2021-03-15
Msci World Ex-Us Index Fund B P 2019-01-01 2021-03-15
Russell 2000 Index Fund B P 2019-01-01 2021-03-15
US Debt Index Fund B P 2019-01-01 2021-03-15
US Real Estate Securities Index Fund B P 2019-01-01 2021-03-15
Short-Term Investment Fund B P 2019-01-01 2021-08-12
Cedar Rock Capital Partners P 2019-01-01 2021-07-19
Tosca AT1 Fund Ltd P   2021-10-14
Class Action Proceeds      
Distributions in excess of basis-BBH Cap P   2021-05-31
(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 253,898,184   248,740,691 5,157,493
b 13,193,397     13,193,397
c 310,098     310,098
d 8,128,904   8,053,282 75,622
e 29,367,006   18,916,091 10,450,915
106,232,771   79,665,052 26,567,719
38,052,258   30,603,415 7,448,843
14,093,249   9,368,072 4,725,177
31,149,386   30,770,033 379,353
11,122,475   11,696,821 -574,346
10,042   6 10,036
927,326     927,326
5,754,753   5,764,741 -9,988
5,693     5,693
160,055     160,055
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       5,157,493
b       13,193,397
c       310,098
d       75,622
e       10,450,915
      26,567,719
      7,448,843
      4,725,177
      379,353
      -574,346
      10,036
      927,326
      -9,988
      5,693
      160,055
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 68,827,393
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  
Form 990-PF (2021)
Form 990-PF (2021)
Page 4
Part V
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 All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) 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 1,023,576
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 1,023,576
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 1,683,697
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,683,697
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 660,121
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet660,121 RefundedBullet 11 0
Part VI-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 XIV..................................
    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 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    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 (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions Click to see attachment.............
    11
    Yes
     
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructionsClick to see attachment.................
    12
    Yes
     
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.JMBENDOWNMENT.ORG
    14
    The books are in care ofbulletKatie Lindquist Telephone no.bullet (980) 381-4122

    Located atbullet4201 Congress Street Suite 470CharlotteNC ZIP+4bullet28209
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2021, 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 VI-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? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
     
    No
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
    Yes
     
    (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)? ......................
    1a(5)
     
    No
    (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.) ...............
    1a(6)
     
    No
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
    1b
     
    No
    c
    ........bullet
    d
    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 2021? .............
    1d
     
    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 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    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? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 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 2021.) .....................
    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 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-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))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
     
    No
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    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
     
    No
    c
    .........bullet
    d
    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? .................
    5d
     
     
    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? .............................
    6a
     
    No
    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?
    7a
     
    No
    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? .........................
    8
     
    No
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    Mary Claudia Belk Pilon Board Chair
    40.00     		35,568 26,247 0
    4201 Congress Street
    Charlotte,NC28209
    J Keith Benedict Board Member
    24.00     		0 0 0
    4201 Congress Street
    Charlotte,NC28209
    Virginia M Esposito Board Member
    1.00     		0 0 0
    4201 Congress Street
    Charlotte,NC28209
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    Mark Earl Reed Managing Director
    40.00     		170,624 14,346 0
    4201 Congress Street
    Charlotte,NC28209
    Charles W Kaylor Chief of Staff
    40.00     		161,736 15,409 0
    4201 Congress Street
    Charlotte,NC28209
    Virginia M McIlwain Director Strategic I
    40.00     		116,174 8,069 0
    4201 Congress Street
    Charlotte,NC28209
    Usoon Woo Executive Assistant
    40.00     		78,028 24,700 0
    4201 Congress Street
    Charlotte,NC28209
    Allison Marie Fern Strategic Projects S
    40.00     		80,833 2,597 0
    4201 Congress Street
    Charlotte,NC28209
    Total number of other employees paid over $50,000...................bullet 1
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    South Summit Capital Management LLC Foundation mgmt svcs 689,680
    4201 Congress Street Ste 470
    Charlotte,NC28209
    New Educational Ventures Strategic consulting 223,168
    1311 13th Street NW Unit T01
    Washington,DC20005
    Jake Drew Data analytics 216,000
    5908 Fallsview Lane
    Dallas,TX75252
    New Republic Capital LLC Investment management 183,750
    521 East Morehead Street Ste 100
    Charlotte,NC28202
    VisionPoint Marketing LLC Marketing for adult learner initiative 181,794
    3210 Fairhill Drive Ste 150
    Raleigh,NC27612
    Total number of others receiving over $50,000 for professional services.............bullet6
    Part VIII-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 During 2021, the John M. Belk Endowment joined other organizations in leading the "NC Reconnect" effort focused on engaging adults in North Carolina who have not completed a post-secondary credential and connecting them to educational pathways at their local community college that lead to improved career opportunities. In addition to making grants to the community colleges in the first cohort, the Endowment paid for communications and marketing services essential to the initiative's success. 233,875
    2  
    3  
    4  
    Part VIII-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 (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    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
    229,473,048
    b
    Average of monthly cash balances.......................
    1b
    16,717,467
    c
    Fair market value of all other assets (see instructions)................
    1c
    199,250,827
    d
    Total (add lines 1a, b, and c).........................
    1d
    445,441,342
    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
    445,441,342
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    6,681,620
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    438,759,722
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    21,937,986
    Part X
    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 IX, line 6..................
    1
    21,937,986
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    1,023,576
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
    2,369
    c
    Add lines 2a and 2b............................
    2c
    1,025,945
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    20,912,041
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    20,912,041
    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 XII, line 1 ...
    7
    20,912,041
    Part XI
    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
     
    b
    Program-related investments—total from Part VIII-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 XII, line 4.
    4
     
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 9
    Part XII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2020     		(c)
    2020     		(d)
    2021
    1 Distributable amount for 2021 from Part X, line 7 20,912,041
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 19,149,280
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2021:
    a From 2016......  
    b From 2017......  
    c From 2018......  
    d From 2019......  
    e From 2020......  
    f Total of lines 3a through e ........ 0
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 19,846,207
    a Applied to 2020, but not more than line 2a 19,149,280
    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 2021 distributable amount..... 696,927
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2021. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		20,215,114
    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 2016 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2017....  
    b Excess from 2018....  
    c Excess from 2019....  
    d Excess from 2020....  
    e Excess from 2021....  
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 10
    Part XIII
    Private Operating Foundations (see instructions and Part VI-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 2021, 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) 2021 (b) 2020 (c) 2019 (d) 2018
             
    b 85% (0.85) of line 2a .........          
    c Qualifying distributions from Part XI,
    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 IX, 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 XIV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 11
    Part XIV
    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
    Blue Ridge Community College Foundation
    180 West Campus Dr
    Flat Rock,NC28731     		N/A PC Adult Learner Blitz 50,000
    Blue Ridge Community College Foundation
    180 West Campus Dr
    Flat Rock,NC28731     		N/A PC Mini-Grant for NC Reconnect Phase 2 75,000
    Catawba Valley Community College Foundation Inc
    2550 Highway 70 SE
    Hickory,NC28602     		N/A PC Startup Your Ecosystem Pilot 500,000
    Center for Racial Equity in Education
    330 Camp Rd Suite B 14
    Charlotte,NC28206     		N/A PC Listening to the NC10 240,000
    Center for Racial Equity in Education
    330 Camp Rd Suite B 14
    Charlotte,NC28206     		N/A PC General Operating Support for CREED 500,000
    Central Piedmont Community College Services Corporation
    PO Box 35009
    Charlotte,NC28235     		N/A GOV Economic Impact Study and Program-Specific Impact Study 783,000
    Durham Technical Community College Foundation
    1637 Lawson Street
    Durham,NC27703     		N/A PC Adult Learner Connect Grant 50,000
    Durham Technical Community College Foundation
    1637 Lawson Street
    Durham,NC27703     		N/A PC Adult Learner Connect Grant 75,000
    Education NC
    PO Box 1636
    Raleigh,NC27602     		N/A PC Continuing Coverage in NC 1,000,000
    Fayetteville Technical Community College
    2201 Hull Road
    Fayetteville,NC28303     		N/A GOV STEP to Successful Academic Progress (STEP to SAP) Initiative 50,000
    Fayetteville Technical Community College
    2201 Hull Road
    Fayetteville,NC28303     		N/A GOV Adult Learner Center 75,000
    Foundation for the Carolinas
    220 N Tryon Street
    Charlotte,NC28202     		N/A PC General Operating Support 1,500,000
    Foundation for the Carolinas
    220 N Tryon Street
    Charlotte,NC28202     		N/A PC General Operating Support 1,400,000
    Inside Track Inc
    121 SW Salmon Street Suite 800
    Portland,OR97204     		N/A PC Re-Enrollment Campaign 308,000
    James B Hunt Jr Institute for Education
    4000 Centregreen Way Suite 301
    Cary,NC27513     		N/A PC Creating Conditions for Success in NC 600,000
    Land of Sky Regional Council
    339 New Leicester Hwy 140
    Asheville,NC28806     		N/A GOV Connecting the Dots that Lead to Educational Attainment and Gainful Employment in Western NC 285,000
    myFutureNC Inc
    PO Box 26246
    Raleigh,NC27611     		N/A PC 2021-22 Strategic Initiatives 1,250,000
    National College Advising Corps
    301 W Barbee Chapel Rd 210
    Chapel Hill,NC27517     		N/A PC The Class Documentary Series 1,000,000
    National College Advising Corps
    301 W Barbee Chapel Rd 210
    Chapel Hill,NC27517     		N/A PC Support for the 2020-21 School Year in North Carolina 300,000
    NC Community Colleges Foundation
    200 W Jones St
    Raleigh,NC27603     		N/A PC Basic Needs Initiative, Rapid Response Team, and Communications Support 371,296
    North Carolina State University
    608 Poe Hall Campus Box 7801
    Raleigh,NC27695     		N/A GOV Envisioning Excellence for Community College Leadership 2,149,405
    North Carolina State University
    608 Poe Hall Campus Box 7801
    Raleigh,NC27695     		N/A GOV Bldg Capacity of Virtual Cntrs for Teaching/Learning to Improve Student Success in NCCC 2,150,000
    Pitt Community College Foundation
    1958 Pitt Tech Rd
    Winterville,NC28590     		N/A PC PCC Adult Learner Better Skills, Better Jobs Outreach 50,000
    Pitt Community College Foundation
    1958 Pitt Tech Rd
    Winterville,NC28590     		N/A PC PCC Adult Learner Better Skills, Better Jobs Outreach Part II 75,000
    The University of North Carolina System Office
    140 Friday Center Drive
    Chapel Hill,NC27517     		N/A GOV UNC System Student Success Equity Fellows 600,000
    The University of North Carolina System Office
    140 Friday Center Drive
    Chapel Hill,NC27517     		N/A GOV The University of North Carolina Systems Adult Learner Work: Moving Forward and Moving Together 150,000
    University of North Carolina- Chapel Hill
    910 Raleigh Rd
    Chapel Hill,NC27514     		N/A GOV NC Education Futures - Accelerating Attainment Project 742,348
    University of North Carolina- Charlotte
    9201 University City Blvd
    Charlotte,NC28223     		N/A GOV Understanding Experiences of Vertical Transfer Students in NC 456,788
    Vance-Granville Community College
    200 Community College Road
    Henderson,NC27536     		N/A GOV VGCC Connects 50,000
    Vance-Granville Community College
    200 Community College Road
    Henderson,NC27536     		N/A GOV VGCC Connects 2 34,750
    Wake Technical Community College
    9101 Fayetteville Rd
    Raleigh,NC27603     		N/A GOV Finish First NC Extension Project 134,000
    Total .................................bullet 3a 17,004,587
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-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 ...........     		    14 309  
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		525990 198,733 18 68,827,393  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aPassthrough K-1 income     		525990 -184,454 14 675,936  
    bHunting lease     16 4,938  
    cForeign tax refund     14 10,993  
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 14,279 76,020,375 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    76,034,654
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-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 XV-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    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 (2021)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2021 AccountingFeesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Tax compliance 12,061 5,715   5,846
    Accounting 3,097 200   2,897

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

    TY 2021 DepreciationSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    Leasehold Improvements 2015-03-15 349,858 145,568 SL 39.000000000000 8,970 0    
    Office furniture 2014-12-19 148,347 81,592 SL 10.000000000000 14,835 0    
    Office Equipment 2014-01-01 344,688 152,328 SL 5.000000000000 11,222 0    

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

    TY 2021 GainLossSaleOtherAssetsSch
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    OrbiMed Royalty & Credit Opportunities III, L.P.   Purchased     198,611   Cost 0 198,611  
    OrbiMed Royalty & Credit Opportunities III, L.P.   Purchased     122   Cost 0 122  

    TY 2021 InvestmentsCorpBondsSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Name of Bond End of Year Book Value End of Year Fair Market Value
    513276 Fidelity U.S. Bond Index Fund 6,149,042 6,149,042
    45875 Ishares Trust 1-3 Year Treasury Bond 3,957,168 3,924,148
    124096 Ishares Tr Iboxx Hi Yd 10,719,276 10,797,593
    671000 PBF Logistics L 6.875% 23 634,799 649,192
    296000 Caleres, Inc. 6.25% 23 269,840 296,000
    22000 SM Energy Co 5% 24 21,226 21,890
    665000 Callon Petroleum 6.125% 24 634,876 658,350
    1000 Oceaneering Inte 4.65% 24 699 1,004
    608000 Laredo Petroleum 9.5% 25 632,125 627,760
    703000 Delek Logistics 6.75% 25 701,562 721,454
    610000 SM Energy Co 5.625% 25 605,476 614,575
    198000 Talos Production I 12% 26 212,226 207,405
    548000 Dish Dbs Corp 7.75% 26 584,380 578,140
    620000 Matador Resource 5.875% 26 608,025 635,500
    15000 SM Energy Co 6.75% 26 14,521 15,375
    189000 Transdigm Inc. 5.5% 27 192,896 194,198
    488000 Murphy Oil Corp 5.875% 27 506,751 507,520
    6000 Lumen Technolog 6.875% 28 6,721 6,675
    6000 Oceaneering Internt 6% 28 5,904 5,895
    582000 Hecla Mining Co 7.25% 28 628,759 623,468
    1000 Occidental Petro 7.15% 28 1,153 1,209
    611335 JPM Managed Income Fd 6,134,134 6,113,350
    Adjustment to cost basis 1,123 1,123

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Name of Stock End of Year Book Value End of Year Fair Market Value
    42500 shs Ishares S&P 500 Index Fund 9,891,560 20,272,075
    8000 shs SPDR S&P 500 ETF Trust 2,023,351 3,799,680
    596568 shs Fidelity Internatl Index Fund 28,307,159 29,404,844
    599378 shs Fidelity 500 Index Fund 82,714,128 99,089,128
    298111 shs Fidelity Small Cap Index Fund 8,916,493 8,215,933
    638917 shs Fidelity Real Estate Index Fund 10,203,504 12,880,567
    1525175 shs Fidelity Emerging Markets Index Fund 20,269,579 18,439,368
    43663 shs Fidelity Internatl Index Fund 2,073,019 2,152,127
    42793 shs Fidelity 500 Index Fund 5,909,232 7,074,470
    26185 shs Fidelity Small Cap Index Fund 780,581 721,666
    87297 shs Fidelity Emerging Markets Index Fund 1,157,613 1,055,420
    2340 shs Chubb Limited Com NPV 430,015 452,345
    4625 shs Lyondellbasell Industries 450,080 426,564
    19475 shs ACI Worldwide Inc 614,486 675,782
    200 shs Alphabet Inc Cap Stk 550,082 578,718
    4125 shs Anterix Inc Com 236,086 242,385
    4360 shs Apple Inc 630,509 774,205
    7375 shs Aspen Aerogels Inc Com 321,120 367,201
    765 shs Broadcom Inc Com 372,068 509,039
    1810 shs Caredx Inc 137,127 82,319
    1520 shs Chart Inds Inc Com 266,142 242,425
    2215 shs Chevron Corp New Com 216,296 259,930
    9715 shs Dermtech Inc Com 335,450 153,497
    4166 shs Duke Energy Corp New Com New 429,895 437,013
    8732 shs General Mills Inc Com 514,348 588,362
    2710 shs Hca Healthcare Inc Com 681,678 696,253
    2255 shs Jpmorgan Chase & Co 358,739 357,079
    1555 shs Johnson &Johnson Com 261,829 266,014
    80457 shs Kosmos Energy Ltd Com 213,028 278,381
    1010 shs Lockheed Martin Corp Com 360,680 358,964
    20900 shs Magnite Inc Com 584,231 365,750
    8100 shs Merck &Co. Inc Com 616,944 620,784
    2165 shs Microsoft Corp 635,945 728,133
    1400 shs Nike Inc Class B Com Npv 233,274 233,338
    21350 shs Old Republic International Corp 534,963 524,783
    14925 shs Organon &Co Common Stock 505,204 454,466
    2715 shs Silvergate Cap Corp Cl A 297,091 402,363
    10325 shs Southwest Airlines Co 510,772 442,323
    9395 shs Stonex Group Inc Com 623,476 575,444
    9075 shs US Bancorp 527,468 509,743
    2235 shs United Parcel Service Inc 429,764 479,050
    1030 shs Unitedhealth Group Inc 430,846 517,204
    12800 shs Verizon Communications Inc 698,245 665,088
    27530 shs Vonage Holdings Corp 395,337 572,349

    TY 2021 InvestmentsOtherSchedule2
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    Altarock Partners Series AT COST 10,848,681 24,138,105
    Andalusian SPV I LP AT COST 1,726,790 1,496,018
    Andalusian SPV II LP AT COST 3,719,779 3,704,372
    Bares Mid-Large Cap Series AT COST 13,229,229 23,968,500
    BBH CAP Partners QP IV AT COST 0 318,613
    Bramalea Partners Fund LP AT COST 1,834,705 3,391,083
    Contrarian Emerging Markets Offshore Fund AT COST 1,000,000 1,260,875
    FCA RR Investors LLC AT COST 704,472 704,472
    FCA Ventures I, LLC AT COST 7,215,019 7,215,019
    FCAW CC GP Investors LLC AT COST 870,667 870,667
    Goldcrest Capital II-A, LP AT COST 649,616 1,189,526
    Goldcrest Capital III-A, LP AT COST 635,697 620,057
    Goldcrest Capital Sourcegraph-D SPV, LLC AT COST 998,901 1,157,010
    Housing Impact Fund I LLC AT COST 454,843 452,088
    JMBE Holdings 2020 LLC AT COST 138,972 138,972
    LBC Credit Parners III USTE Series AT COST 1,667,979 896,500
    Morrocroft Neighborhood Fund III LP AT COST 1,861,732 2,509,992
    NRC Absolute Return Offshore LP AT COST 8,000,000 7,596,722
    NRC Global Select Equity Fund, L.P. AT COST 2,903,112 3,012,477
    NRC Hedged Equity Offshore LP AT COST 4,000,000 3,914,626
    NRC Private Credit Opportunities 2021 LP AT COST 7,527,955 8,046,384
    NRC Private Equity Opportunities 2021, LP AT COST 2,846,776 3,289,066
    Oaktree Opportunities Sub Trust AT COST 2,949,539 4,007,097
    OrbiMed Royalty & Credit Opportunities III, L.P. AT COST 1,423,912 1,592,680
    Primary Wave Music IP Fund 2, LP AT COST 3,415,019 4,314,452
    RB EFO II DE AIV II LPLP AT COST 336,889 412,026
    Redbird Capital Partners Fund II, LP AT COST 322,663 394,627
    Select Equity Series AT COST 16,079,101 18,329,186
    Senvest Partners, Ltd. AT COST 1,000,000 2,152,157
    Spicewood Mineral Partners, LP AT COST 2,802,810 2,362,621
    Tosca European Financials Recovery Fund Ltd AT COST 2,572,898 3,049,511
    TrueBridge Capital Partners Fund VI(Cayman) AT COST 603,372 1,031,520
    VP Dislocation Fund - Offshore AT COST 817,990 479,510

    TY 2021 LandEtcSchedule2
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Leasehold Improvements 349,858 154,538 195,320  
    Office furniture 148,347 96,427 51,920  
    Office Equipment 344,688 163,550 181,138  


    TY 2021 LegalFeesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    General governance and counsel 23,343 14,882   8,461


    TY 2021 OtherExpensesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Memberships, dues, subscriptions 20,835 0   20,835
    Information & Technology 80,111 0   80,111
    Insurance 11,709 0   11,709
    Bank Fees 40 0   40
    Sponsorships & Hosting 29,500 0   29,500
    Davidson Scholars Expenses 3,753 0   3,753
    Other expenses 6,174 0   6,174
    K-1 expenses 1,477,077 1,478,293   0
    Other land expenses 10,108 10,108   0


    TY 2021 OtherIncomeSchedule2
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Passthrough K-1 income 491,482 670,635 491,482
    Hunting lease 4,938 4,938 4,938
    Foreign tax refund 10,993 10,993 10,993


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment management fees 521,497 521,497   0
    Foundation management services 689,680 103,452   586,228
    Staffing services 15,333 0   15,333
    Leadership development 84,012 0   84,012
    Community College comm/events 35,000 0   35,000
    Data analytic research 216,000 216,000   0
    Strategic consulting 695,825 0   695,825
    Land management services 26,400 26,400   0
    Payroll processing fees 9,821 0   9,821
    Communications and marketing 233,875 0   233,875


    TY 2021 TaxesSchedule
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Federal excise tax 1,450,000 0   0


    TY 2021 TransfersToControlledEntities
    Name:
    John M Belk Endowment
    EIN:
    56-1954114
    Name US /
    Foreign Address    		 EIN Description Amount
    JMBE Holdings 2020 LLC 4201 Congress Street 470
    Charlotte,NC28209     		85-3706523 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 3,811,891
    NRC Absolute Return Offshore LP 521 East Morehead St Ste 100
    Charlotte,NC28202     		98-1596086 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 8,000,000
    NRC Private Credit Opportunities 2021 (Offshore) LP 521 East Morehead St Ste 100
    Charlotte,NC28202     		98-1590920 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 8,083,527
    NRC Hedged Equity Offshore LP 521 East Morehead St Ste 100
    Charlotte,NC28202     		98-1596294 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 4,000,000
    Total     23,895,418