Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2022
Open to Public Inspection
For calendar year 2022, or tax year beginning 01-01-2022 , and ending 12-31-2022
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) 658-7000
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$16,562,633J 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 right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 728,356 728,356  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -3,166
b Gross sales price for all assets on line 6a 445,937
7 Capital gain net income (from Part IV, line 2)... 0
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
List of Attached Documents:
// Content
402 0  
12 Total. Add lines 1 through 11........ 725,592 728,356  
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)......... Click to see attachment
List of Attached Documents:
// Content
110 0   0
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
50 0   0
c Other professional fees (attach schedule)....        
17 Interest............... 712 0   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
25,681 0   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
2,939 0   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 29,492 0   0
25 Contributions, gifts, grants paid....... 746,750 746,750
26 Total expenses and disbursements. Add lines 24 and 25 776,242 0   746,750
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -50,650
b Net investment income (if negative, enter -0-) 728,356
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2022)
Form 990-PF (2022)
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............. 709,351 11,600 11,600
2 Savings and temporary cash investments.........      
3 Accounts receivable right arrow8,078
Less: allowance for doubtful accounts right arrow   507,859 8,078  
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
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) right arrow  
Less: allowance for doubtful accounts right arrow        
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)....... 5,688,316 Click to see attachment
List of Attached Documents:
// Content
6,677,438 		6,628,673
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 7,880,073 Click to see attachment
List of Attached Documents:
// Content
8,496,789 		9,922,360
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 14,785,599 15,193,905 16,562,633
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)......   465,000
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
0 		Click to see attachment
List of Attached Documents:
// Content
-6,044
23 Total liabilities (add lines 17 through 22)......... 0 458,956
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
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 right arrow
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 10,153,880 10,103,230
29 Total net assets or fund balances (see instructions)..... 14,785,599 14,734,949
30 Total liabilities and net assets/fund balances (see instructions). 14,785,599 15,193,905
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
14,785,599
2
Enter amount from Part I, line 27a .....................
2
-50,650
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
14,734,949
5
Decreases not included in line 2 (itemize) right arrow
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
14,734,949
Form 990-PF (2022)
Form 990-PF (2022)
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 US BANCORP P   2022-01-24
b CUSTOMERS BANCORP INC P   2022-07-01
c JOHN MARSHALL BANCORP INC P   2022-07-20
d FIRST SOUTHWEST CORP P   2022-10-04
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 143,750   149,328 -5,578
b 100,000   99,775 225
c 100,000   100,000 0
d 102,187   100,000 2,187
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       -5,578
b       225
c       0
d       2,187
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 -3,166
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 (2022)
Form 990-PF (2022)
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 right arrow 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) 1 10,124
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 10,124
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 10,124
6 Credits/Payments:
a 2022 estimated tax payments and 2021 overpayment credited to 2022 6a 14,529
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 14,529
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2221 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 4,405
11 Enter the amount of line 10 to be: Credited to 2023 estimated taxright arrow4,405 Refundedright arrow 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. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 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
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet 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)
right arrowNC
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 2022 or the taxable year beginning in 2022? 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 (2022)
Form 990-PF (2022)
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 .............
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 addressright arrowN/A
14
The books are in care ofright arrowJOHN GRAY Telephone no.right arrow (919) 658-7000

Located atright arrow121 EAST MAIN STREETMOUNT OLIVENC ZIP+4right arrow28365
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2022, 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 right arrow
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)
 
No
(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
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
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 2022? .............
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 2022, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2022?....................
2a
 
No
If "Yes," list the years right arrow20, 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.
right arrow20, 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 2022 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 2022.) .....................
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 2022? ..
4b
 
No
Form 990-PF (2022)
Form 990-PF (2022)
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
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
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
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
HOPE M FIELDS 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
JOHN H GRAY ASSISTANT TREASURER
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...................right arrow 0
Form 990-PF (2022)
Form 990-PF (2022)
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
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
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  
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.........................right arrow0
Form 990-PF (2022)
Form 990-PF (2022)
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
16,968,310
b
Average of monthly cash balances.......................
1b
249,086
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
17,217,396
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
17,217,396
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
258,261
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
16,959,135
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
847,957
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
847,957
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
10,124
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
10,124
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
837,833
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
837,833
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
837,833
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
746,750
b
Program-related investments—total from Part VIII-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 XII, line 4. .......
4
746,750
Form 990-PF (2022)
Form 990-PF (2022)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2021 		(c)
2021 		(d)
2022
1 Distributable amount for 2022 from Part X, line 7 837,833
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2021 only....... 27,943
b Total for prior years:20, 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2017......  
b From 2018......  
c From 2019......  
d From 2020......  
e From 2021......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2022 from Part
XI, line 4: right arrow$ 746,750
a Applied to 2021, but not more than line 2a 27,943
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 2022 distributable amount..... 718,807
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2022. 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 2021. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2022. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2023 .......... 		119,026
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 2017 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2023.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2018....  
b Excess from 2019....  
c Excess from 2020....  
d Excess from 2021....  
e Excess from 2022....  
Form 990-PF (2022)
Form 990-PF (2022)
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 2022, enter the date of the ruling ...... right arrow
 
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 IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2022 (b) 2021 (c) 2020 (d) 2019
         
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 right arrow
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 (2022)
Form 990-PF (2022)
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

A TOUCH OF THE FATHERS LOVE MINISTRY AND FOOD PANTRY

530 E NASH ST
SPRING HOPE,NC27882 		NONE NON-PROFIT DONATION 5,000

AAPI OF HAMPTON ROADS

PO BOX 6428
PORTSMOUTH,VA23703 		NONE NON-PROFIT DONATION 24,000

ADLA INC OIC OF WAYNE COUNTY CDC

307 BEECH ST
GOLDSBORO,NC27530 		NONE NON-PROFIT DONATION 5,000

ALL THE KING'S CHILDREN FOUNDATION

204 NE CENTER ST
MOUNT OLIVE,NC28365 		NONE NON-PROFIT DONATION 1,000

ARTS COUNCIL OF WILSON

124 NASH ST NE
WILSON,NC27893 		NONE NON-PROFIT DONATION 5,000

BAPTIST CHILDRENS HOMES OF NC INC

204 IDOL ST
THOMASVILLE,NC27360 		NONE NON-PROFIT DONATION 2,500

BATH HIGH SCHOOL

PO BOX 149
BATH,NC27808 		NONE NON-PROFIT DONATION 2,500

BELHAVEN PUBLIC LIBRARY

158 N MARKET ST
WASHINGTON,NC27889 		NONE NON-PROFIT DONATION 2,000

BOY SCOUTS OF AMERICA - TUSCARORA COUNCIL

PO BOX 1436
GOLDSBORO,NC27533 		NONE NON-PROFIT DONATION 8,000

BOYS GIRLS CLUB OF THE ALBEMARLE

108 E WARD ST
ELIZABETH CITY,NC27909 		NONE NON-PROFIT DONATION 5,000

BUSINESS CONSORTIUM FOR ARTS SUPPORT

101 WEST MAIN STREET STE 4500
NORFOLK,VA23510 		NONE NON-PROFIT DONATION 7,000

CAMPBELL UNIVERSITY

PO BOX 116
BUIES CREEK,NC27506 		NONE NON-PROFIT DONATION 20,000

CAHEC FOUNDATION

7700 FALLS OF NEUSE RD 200
RALEIGH,NC27615 		NONE NON-PROFIT DONATION 3,000

CAROLINA GATEWAY PARTNERSHIP INC

427 FALLS ROAD
ROCKY MOUNT,NC278044808 		NONE NON-PROFIT DONATION 20,000

CHESAPEAKE GENERAL HEALTHCARE FOUNDATION

113 GAINSBOROUGH SQUARE SUITE 203
CHESAPEAKE,VA23320 		NONE NON-PROFIT DONATION 20,000

CHOWAN UNIVERSITY

1 UNIVERSITY PLACE
MURFREESBORO,NC27855 		NONE NON-PROFIT DONATION 25,000

CITY OF REFUGE FOUNDATION INC

1350 S WINSTEAD AVE
ROCKY MOUNT,NC27803 		NONE NON-PROFIT DONATION 50,000

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

COMMUNITIES SUPPORTING SCHOOLS OF WAYNE CO INC

308 N WILLIAM ST
GOLDSBORO,NC27530 		NONE NON-PROFIT DONATION 2,000

COOPERS RURITAN FOUNDATION INC

6084 NC HWY 58
ELM CITY,NC27822 		NONE NON-PROFIT DONATION 10,000

CROSS COALITION

318 S SOUTH ST
GASTONIA,NC28052 		NONE NON-PROFIT DONATION 5,000

EDGECOMBE COMMUNITY COLLEGE FOUNDATION

2009 W WILSON ST
TARBORO,NC27886 		NONE NON-PROFIT DONATION 4,000

FELLOWSHIP OF CHRISTIAN ATHLETES

4600 MARRIOTT DR 120
RALEIGH,NC27612 		NONE NON-PROFIT DONATION 3,000

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

FRANKIE LEMMON FOUNDATION INC

3101 POPLARWOOD CT 100
RALEIGH,NC27604 		NONE NON-PROFIT DONATION 10,000

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

GREATER WAYNE CHILDREN'S HEALTH FNDTN

22 W RALSTON AVENUE
AKRON,OH44301 		NONE NON-PROFIT DONATION 500

GREENVILLE MUSEUM OF ART INC

802 EVANS ST
GREENVILLE,NC27834 		NONE NON-PROFIT DONATION 2,000

HABITAT FOR HUMANITY GOLDSBORO

124 E MULBERRY ST
GOLDSBORO,NC27530 		NONE NON-PROFIT DONATION 10,000

HABITAT FOR HUMANITY OF PITT COUNTY

146 SW GREENVILLE BLVD
GREENVILLE,NC27834 		NONE NON-PROFIT DONATION 10,000

HAMPTON ROADS COUNCIL OF VETERANS ORGANIZATIONS

PO BOX 55366
VIRGINIA BEACH,VA23471 		NONE NON-PROFIT DONATION 2,650

HOPE PREPARATORY SCHOOL

13806 FL-33
GROVELAND,FL34736 		NONE NON-PROFIT DONATION 10,000

HOSPICE HOUSE OF HAMPTON ROADS

PO BOX 683
VIRGINIA BEACH,VA23451 		NONE NON-PROFIT DONATION 25,000

JDRF INTERNATIONAL

205 REGENCY EXECUTIVE PARK DR STE
102
CHARLOTTE,NC28217 		NONE NON-PROFIT DONATION 4,500

JOY SOUP KITCHEN

700 ALBEMARLE AVE
GREENVILLE,NC27834 		NONE NON-PROFIT DONATION 3,500

JUNIOR ACHIEVEMENT OF EASTERN NC

4904 WATERS EDGE DR STE 155
RALEIGH,NC27606 		NONE NON-PROFIT DONATION 5,000

KIWANIS CLUB OF GOLDSBORO NC FOUNDATION

PO BOX 10386
GOLDSBORO,NC27532 		NONE NON-PROFIT DONATION 5,000

KRAMDEN INSTITUTE

4915 PROSPECTUS DR STE J
DURHAM,NC27713 		NONE NON-PROFIT DONATION 19,000

KRIQUETTE'S KIDZ

2341 DAVIS MILL RD
FREMONT,NC27830 		NONE NON-PROFIT DONATION 1,000

LEUKEMIA & LYMPHOMA SOCIETY

3 INTERNATIONAL DRIVE SUITE 200
RYE BROOK,NY10573 		NONE NON-PROFIT DONATION 4,000

LOG A LOAD FOR KIDS

773 SEAFOOD HOUSE ROAD
SELMA,NC27576 		NONE NON-PROFIT DONATION 2,000

MOUNT OLIVE HISTORICAL SOCIETY

137 E MAIN ST
MOUNT OLIVE,NC28365 		NONE NON-PROFIT DONATION 5,000

NATIONAL FIRE SAFETY COUNCIL

PO BOX 378
MICHIGAN CENTER,MI492540378 		NONE NON-PROFIT DONATION 600

NC FREEDOM FEST

PO BOX 562
GOLDSBORO,NC27533 		NONE NON-PROFIT DONATION 1,000

NC K9 EMERGENCY RESPONSE TEAM

400 EVANS LANE
WENDELL,NC27591 		NONE NON-PROFIT DONATION 4,500

NC LION VIP FISHING TOURNAMENT

7050 CAMP DOGWOOD DRIVE
SHERRILS FORD,NC28673 		NONE NON-PROFIT DONATION 5,000

NEWMAN FITNESS FOUNDATION INC

3419 VIRGINIA BEACH BLVD B-31
VIRGINIA BEACH,VA23452 		NONE NON-PROFIT DONATION 500

NORTH CAROLINA INDEPENDENT COLLEGES AND UNIVERSITIES

530 N BLOUNT ST
RALEIGH,NC27604 		NONE NON-PROFIT DONATION 3,500

NORTH CAROLINA PICKLE FESTIVAL

123 N CENTER ST
MOUNT OLIVE,NC28365 		NONE NON-PROFIT DONATION 13,500

NORTH CAROLINA SYMPHONY SOCIETY

3700 GLENWOOD AVE STE 130
RALEIGH,NC27612 		NONE NON-PROFIT DONATION 10,000

OUTER BANKS HOSPITAL DEVELOPMENT COUNCIL

4800 S CROATAN HIGHWAY
NAGS HEAD,NC27959 		NONE NON-PROFIT DONATION 50,000

PEACEMAKERS OF ROCKY MOUNT INC

1725 DAVIS ST
ROCKY MOUNT,NC27803 		NONE NON-PROFIT DONATION 10,000

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

RAISING MEN LAWNCARE INC

PO BOX 2182
MADISON,AL35758 		NONE NON-PROFIT DONATION 500

ROCKY MOUNT YMCA INC

1000 INDEPENDENCE DR
ROCKY MOUNT,NC27804 		NONE NON-PROFIT DONATION 5,000

SHAW UNIVERSITY

118 E SOUTH ST
RALEIGH,NC27601 		NONE NON-PROFIT DONATION 2,500

SOUTHERN BANK ENDOWMENT FOR ELIZABETH CITY STATE UNIVERSITY

1704 WEEKSVILLE ROAD
ELIZABETH CITY,NC27909 		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

STRATEGIC TWIN-COUNTIES EDUCATION PARTNERSHIP

101 COASTLINE ST
ROCKY MOUNT,NC27801 		NONE NON-PROFIT DONATION 5,000

SUFFOLK CENTER FOR CULTURAL ARTS

110 FINNEY AVE 100
SUFFOLK,VA23434 		NONE NON-PROFIT DONATION 10,000

TAR RIVER CHORAL AND ORCHESTRAL SOCIETY INC

PO BOX 8255
ROCKY MOUNT,NC27804 		NONE NON-PROFIT DONATION 5,000

THE DOWNTOWN GOLDSBORO DEVELOPMENT

116 N CENTER ST
GOLDSBORO,NC27530 		NONE NON-PROFIT DONATION 1,500

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 5,000

THE FOUNDATION OF WAYNE COMMUNITY COLLEGE

3000 WAYNE MEMORIAL DR
GOLDSBORO,NC27534 		NONE NON-PROFIT DONATION 20,000

THE GOOD SHEPHERD FOOD PANTRY

1008 NORTH KING ST
WINDSOR,NC27983 		NONE NON-PROFIT DONATION 1,000

THE OUTLAW FOUNDATION

PO BOX 189
NEWTON GROVE,NC28366 		NONE NON-PROFIT DONATION 1,500

THE ROSE & WOMBLE FOUNDATION

4190 SOUTH PLAZA TRAIL SUITE 200
VIRGINIA BEACH,VA23452 		NONE NON-PROFIT DONATION 20,000

THE SALVATION ARMY (005018)

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 5,000

UNITED WAY OF WAYNE COUNTY

301 E ASH ST 310
GOLDSBORO,NC27530 		NONE NON-PROFIT DONATION 5,000

UNITED WAY OF WILSON COUNTY

509 NASH ST N
WILSON,NC27893 		NONE NON-PROFIT DONATION 5,000

UNITY ORGANIZATION INC

237 FRANKLIN ST
MOUNT OLIVE,NC28365 		NONE NON-PROFIT DONATION 1,000

VIRGINIA BANKERS ASSOCIATION EDUCATION

4490 COX ROAD
GLEN ALLEN,VA23060 		NONE NON-PROFIT DONATION 3,000

VIRGINIA BEACH EDUCATION FOUNDATION

2512 GEORGE MASON DR
VIRGINIA BEACH,VA23456 		NONE NON-PROFIT DONATION 5,000

VIRGINIA MUSEUM OF CONTEMPORARY ARTS

2200 PARKS AVE
VIRGINIA BEACH,VA23451 		NONE NON-PROFIT DONATION 10,000

WAYNE CHARITABLE PARTNERSHIP INC

308 N WILLIAM ST
GOLDSBORO,NC27530 		NONE NON-PROFIT DONATION 8,500

WAYNE COUNTY 4-H

3114 WAYNE MEMORIAL DRIVE
GOLDSBORO,NC27534 		NONE NON-PROFIT DONATION 2,500

WAYNE COUNTY DEVELOPMENT ALLIANCE

PO BOX 1280
GOLDSBORO,NC27533 		NONE NON-PROFIT DONATION 12,000

WILSON FORWARD

PO BOX 1764
WILSON,NC27894 		NONE NON-PROFIT DONATION 2,000

YMCA OF THE TRIANGLE AREA

801 CORPORATE CENTER DRIVE STE 200
RALEIGH,NC27607 		NONE NON-PROFIT DONATION 10,000
Total .................................right arrow 3a 746,750
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2022)
Form 990-PF (2022)
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 ........... 		         
4 Dividends and interest from securities .... 900001   14 728,356  
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 -3,166  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aDEBT-FINANCED INCOME 		  402      
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 402 725,190 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
725,592
(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 (2022)
Form 990-PF (2022)
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.
right arrow right arrow
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 Check if self-
employed right arrow		 PTIN
Firm's name SmallBullet
 Firm's EIN SmallBullet
Firm's address SmallBullet


 Phone no.
Form 990-PF (2022)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2022 AccountingFeesSchedule
Name:
SOUTHERN BANK FOUNDATION
EIN:
56-2002871
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 50 0   0

TY 2022 InvestmentsCorpStockSchedule
Name:
SOUTHERN BANK FOUNDATION
EIN:
56-2002871
Name of Stock End of Year Book Value End of Year Fair Market Value
AMERICAN AGCREDIT ACA 250,000 217,500
ATLANTIC UNION BANKSHARES CORPORATION 200,000 197,600
BANK OZK 250,833 181,355
CONNECTONE BANCORP INC 75,000 61,170
CORPORATE SECURITIES 2,793,707 2,946,437
DIME COMMUNITY BANCSHARES INC 254,689 194,775
DUKE ENERGY 191,788 394,761
ELLINGTON FINANCIAL INC 200,000 140,480
ENTERPRISE FINANCIAL SERVICES CORP 187,506 127,125
ENTERPRISE FINANCIAL SERVICES CORP 111,060 95,920
FELCOR LODGING TR INC 28,102 35,685
FIFTH THIRD BANK 10,989 20,736
FIRST HORIZON BANK 175,000 156,000
FIRST HORIZON NATL CORP 100,042 93,038
HEARTLAND FINANCIAL USA INC 300,664 301,993
ISHARES TR S&P US PFD 50,080 39,078
MERCHANTS BANCORP 100,000 96,760
MET LIFE PFD SER A 24,980 21,981
MIDLAND STATES BANCORP INC 100,076 102,841
OCEAN FIRST FINANCIAL CORP INC 150,000 150,001
PACWEST BANCORP 150,000 150,000
PEBBLEBROOK HOTEL TRUST 50,392 39,446
PINNACLE FINANCIAL PARTNERS INC COM 100,006 101,400
SOUTHERN CO COM 40,115 61,056
SYNOVUS FINL CORP 231,875 237,470
US BANK PREF SER B 199,678 147,200
WELLS FARGO & CO NEW PRFD CONV CL A 300,850 266,625
WESBANCO INC A 50,006 50,240

TY 2022 InvestmentsOtherSchedule2
Name:
SOUTHERN BANK FOUNDATION
EIN:
56-2002871
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
BAY BANKS OF VIRGINIA, INC. AT COST 250,000 238,443
F&M FINANCIAL CORPORATION AT COST 100,000 95,704
FIRST CAPITAL BANCSHARES INC AT COST 150,000 150,000
FIRST CAROLINA FINANCIAL SERVICES INC AT COST 500,000 500,000
FNB CORP (NEWBRIDGE - YADKIN FINANCIAL) AT COST 500,000 500,000
GREAT PLAINS BANCSHARES INC. AT COST 100,000 100,000
HARBOR ONE BANCORP INC. AT COST 100,000 97,588
JD BANCSHARES INC AT COST 100,000 100,000
MIDLAND STATES BANCORP, INC. AT COST 500,000 448,335
NEW YORK COMMUNITY BANCORP INC. AT COST 100,000 96,895
OLD POINT NATIONAL CORP AT COST 500,000 500,000
PB FINANCIALCORPORATION AT COST 350,000 350,000
PB FINANCIALCORPORATION AT COST 150,000 150,000
UNITED BANCORP, INC. AT COST 100,000 96,562
VANGUARD FUND AT COST 4,796,789 6,298,833
VILLAGE BANK & TRUST FINANCIAL CORP AT COST 200,000 200,000

TY 2022 LegalFeesSchedule
Name:
SOUTHERN BANK FOUNDATION
EIN:
56-2002871
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 110 0   0


TY 2022 OtherExpensesSchedule
Name:
SOUTHERN BANK FOUNDATION
EIN:
56-2002871
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
MISCELLANEOUS EXPENSES 2,939 0   0


TY 2022 OtherIncomeSchedule2
Name:
SOUTHERN BANK FOUNDATION
EIN:
56-2002871
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
DEBT-FINANCED INCOME 402   402


TY 2022 OtherLiabilitiesSchedule
Name:
SOUTHERN BANK FOUNDATION
EIN:
56-2002871
Description Beginning of Year - Book Value End of Year - Book Value
INTEREST PAYABLE 0 -6,044


TY 2022 TaxesSchedule
Name:
SOUTHERN BANK FOUNDATION
EIN:
56-2002871
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FEDERAL INCOME TAXES 25,681 0   0