TY 2021 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
bullet

Go 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 07-01-2021 , and ending 06-30-2022

Name of foundation
BRYAN FOUNDATION INC
C/O FIRST CITIZENS BANK TRUST DEPT

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 29522
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
RALEIGH, NC27626

A Employer identification number

56-6034567

B Telephone number (see instructions)

(919) 716-2115

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$8,348,718J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments	30,194		30,194
4	Dividends and interest from securities...	111,981		111,981
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		456,676
b	Gross sales price for all assets on line 6a 3,046,461
7	Capital gain net income (from Part IV, line 2)...			456,676
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).......		865	865
12	Total. Add lines 1 through 11........	599,716		599,716
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).........		525	0	525
b	Accounting fees (attach schedule).......		9,500	1,900	7,600
c	Other professional fees (attach schedule)....		44,052	44,052	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		11,016	211	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		600	0	600
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	65,693		46,163	8,725
25	Contributions, gifts, grants paid.......	430,000			430,000
26	Total expenses and disbursements. Add lines 24 and 25	495,693		46,163	438,725
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	104,023
b	Net investment income (if negative, enter -0-)			553,553
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	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	179,624	193,037	193,037
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	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)
		Less: allowance for doubtful accounts
	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).......	9,343,460	7,300,732	7,300,732
	c	Investments—corporate bonds (attach schedule).......	910,138	854,949	854,949
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	10,433,222	8,348,718	8,348,718
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............	10,433,222	8,348,718
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	10,433,222	8,348,718
	30	Total liabilities and net assets/fund balances (see instructions).	10,433,222	8,348,718

Part III

Analysis of Changes in Net Assets or Fund Balances

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) ...............

10,433,222

Enter amount from Part I, line 27a .....................

104,023

Other increases not included in line 2 (itemize) bullet

Add lines 1, 2, and 3 ..........................

10,537,245

Decreases not included in line 2 (itemize) bullet

2,188,527

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

8,348,718

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
1 a	PUBLICLY TRADED SECURITIES	P
b
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	3,046,461	2,589,785	456,676
b
c
d
e

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			456,676
b
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	456,676
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 ...................		3

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 and enter “N/A" on line 1.
	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	7,694
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	7,694
6	Credits/Payments:

a	2021 estimated tax payments and 2020 overpayment credited to 2021	6a	6,000
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	5,500
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	11,500
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	3,806
11	Enter the amount of line 10 to be: Credited to 2022 estimated tax3,806	Refunded	11	0

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

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.

Did the foundation file Form 1120-POL for this year?.....................

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

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?.........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

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?................

Yes

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..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 .

Yes

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 .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

Form 990-PF (2021)

Page 5

Part VI-A

Statements Regarding Activities (continued)

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 .............

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.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

N/A

The books are in care of bullet

FIRST CITIZENS BANK TRUST COMPANY Telephone no. bullet

(919) 716-2115

Located at bullet

PO BOX 29522RALEIGHNC ZIP+4 bullet

27626

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

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

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)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............

1a(4)

(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)

(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)

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 ..........

Organizations relying on a current notice regarding disaster assistance check here........ bullet

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? .............

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)):

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?....................

If "Yes," list the years bullet

20, 20, 20, 20

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.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

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.) .....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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? ..

Form 990-PF (2021)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(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)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

(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)

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 ........

Organizations relying on a current notice regarding disaster assistance check here ......... bullet

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant? .................

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .........................

Part 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
WILLIAM H BRYAN	PRESIDENT 1.00	0	0	0
PO BOX 29522 RALEIGH,NC27626	PRESIDENT 1.00	0	0	0
JAMES M KEE ZEALY JR	VICE PRESIDENT 1.00	0	0	0
PO BOX 29522 RALEIGH,NC27626	VICE PRESIDENT 1.00	0	0	0
FRANK HOLDING JR	SECRETARY 1.00	0	0	0
PO BOX 29522 RALEIGH,NC27626	SECRETARY 1.00	0	0	0
FIRST CITIZENS BANK TRUST COMPANY	TRUSTEE 1.00	0	0	0
PO BOX 29522 RALEIGH,NC27626	TRUSTEE 1.00	0	0	0

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...................				0

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
NONE

Total number of others receiving over $50,000 for professional services............. bullet

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	N/A	0
2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Form 990-PF (2021)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

9,813,207

Average of monthly cash balances.......................

176,882

Fair market value of all other assets (see instructions)................

Total (add lines 1a, b, and c).........................

9,990,089

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

9,990,089

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

instructions) .............................

149,851

Net value of noncharitable-use assets. Subtract line 4 from line 3. .......

9,840,238

Minimum investment return. Enter 5% (0.05) of line 5................

492,012

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.)

Minimum investment return from Part IX, line 6..................

492,012

Tax on investment income for 2021 from Part V, line 5.......

7,694

Income tax for 2021. (This does not include the tax from Part V.) ...

Add lines 2a and 2b............................

7,694

Distributable amount before adjustments. Subtract line 2c from line 1............

484,318

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

484,318

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...

484,318

Part XI

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.

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					484,318
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......				0
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......	6,608
d From 2019......	30,611
e From 2020......
f Total of lines 3a through e ........		37,219
4Qualifying distributions for 2021 from Part
XI, line 4: $ 438,725
a Applied to 2020, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2021 distributable amount.....					438,725
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2021.		37,219			37,219
(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 ..........					8,374
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)

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 4942(j)(3) or4942(j)(5)

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	(e) Total

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

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:

WILLIAM H BRYAN
PO BOX 29522
RALEIGH,NC27626
(919) 755-7422

bThe form in which applications should be submitted and information and materials they should include:

WRITTEN REQUEST

cAny submission deadlines:

PRIOR TO JANUARY 31

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

NORTH CAROLINA EDUCATIONAL INSTITUTIONS

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
CAMPBELL UNIVERSITY 225 HILLSBOROUGH STREET RALEIGH,NC27603	NA	PC	SCHOLARSHIPS FOR STUDENTS OF CAMPBELL UNIVERSITY	50,000
HOBBTON HIGH SCHOOL 12201 HOBBTON HWY NEWTON GROVE,NC28366	NA	GOV	SCHOLARSHIPS FOR HIGH SCHOOL STUDENTS	35,000
INDEPENDENT COLLEGE FUND OF NORTH CAROLINA 530 N BLOUNT STREET RALEIGH,NC27604	NA	PC	SCHOLARSHIPS FOR NORTH CAROLINA STUDENTS	15,000
NORTH CAROLINA COMMUNITY FOUNDATION 737 GLENWOOD AVE 460 RALEIGH,NC27612	NA	PC	ENDOWMENT FUNDS FOR SPECIFIED EDUCATIONAL INSTITUTIONS	225,000
ST MARY'S SCHOOL 900 HILLSBOROUGH ST RALEIGH,NC27603	NA	PC	CAPITAL CAMPAIGN	25,000
UNIVERSITY OF MOUNT OLIVE 634 HENDERSON ST MT OLIVE,NC28365	NA	PC	SCHOLARSHIPS FOR STUDENTS OF THE UNIVERSITY OF MOUNT OLIVE	65,000
WAYNE COUNTRY DAY SCHOOL 480 COUNTRY DAY RD GOLDSBORO,NC27530	NA	PC	SCHOLARSHIPS FOR STUDENTS OF WAYNE COUNTRY DAY SCHOOL	15,000
Total ................................. 3a				430,000

bApproved for future payment

Total ................................. 3b				0

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	(e) Related or exempt function income (See instructions.)
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	30,194
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 ............			18	456,676
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aMISCELLANEOUS INCOME			01	865
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		599,716	0

13Total. Add line 12, columns (b), (d), and (e)..................

599,716

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	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)

Page 13

Part XVI

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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? ...........Yes No

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.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2021)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2021 AccountingFeesSchedule

Name:

BRYAN FOUNDATION INC

C/O FIRST CITIZENS BANK TRUST DEPT

EIN:

56-6034567

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	9,500	1,900		7,600

- TIN:

TY 2021 InvestmentsCorpBondsSchedule

Name:

BRYAN FOUNDATION INC

C/O FIRST CITIZENS BANK TRUST DEPT

EIN:

56-6034567

Name of Bond	End of Year Book Value	End of Year Fair Market Value
FEDERAL NATL MTG ASSN 2.625% DTD 09/08/2014 DUE 09/06/2024	19,819	19,819
US TREASURY NOTE 0.625% DTD 08/15/2020 DUE 08/15/2030	45,612	45,612
US TREASURY NOTE 0.125% DTD 02/15/2021 DUE 02/15/2024	9,555	9,555
US TREASURY NOTE 1.25% DTD 06/30/2021 DUE 06/30/2028	58,482	58,482
US TREASURY NOTE 1.375% DTD 11/15/2021 DUE 11/15/2031	30,362	30,362
US TREASURY NOTE 2.25% DTD 11/15/2014 DUE 11/15/2024	63,919	63,919
US TREASURY NOTE 2.00% DTD 08/15/2015 DUE 08/15/2025	87,219	87,219
US TREASURY NOTE 1.50% DTD 03/31/2016 DUE 03/31/2023	19,811	19,811
US TREASURY NOTE 2.125% DTD 05/15/2015 DUE 05/15/2025	43,908	43,908
US TREASURY NOTE 2.375% DTD 05/15/2017 DUE 05/15/2027	29,049	29,049
US TREASURY NOTE 1.50% DTD 08/15/2016 DUE 08/15/2026	9,394	9,394
US TREASURY NOTE 2.375% DTD 05/15/2019 DUE 05/15/2029	62,280	62,280
AT&T INC SR GLBL 4.10% DTD 08/15/2018 DUE 02/15/2028	19,590	19,590
AMERICAN EXPRESS CO SR GLBL 2.50% DTD 08/01/2017 DUE 08/01/2022	20,000	20,000
AMERICAN HONDA FIN CORP MTN FR 0.65% DTD 09/10/2020 DUE 09/08/2023	24,241	24,241
BANK AMER CORP FR 4.00% DTD 04/01/2014 DUE 04/01/2024	30,206	30,206
BECTON DICKINSON & CO SR GLBL 3.70% DTD 06/06/2017 DUE 06/06/2027	9,664	9,664
CVS HEALTH CORP 4.30% DTD 03/09/2018 DUE 03/25/2028	9,894	9,894
CAPITAL ONE FINL CORP SR NT 3.50% DTD 06/06/2013 DUE 06/15/2023	24,858	24,858
CITIGROUP INC FR 3.875% DTD 10/25/2013 DUE 10/25/2023	15,154	15,154
GENERAL DYNAMICS CORP SR NT 1.15% DTD 05/10/2021 DUE 06/01/2026	22,690	22,690
GOLDMAN SACHS GROUP INC SR NT 3.50% DTD 11/16/2016 DUE 11/16/2026	23,985	23,985
HESS CORP SR GLBL 4.30% DTD 09/28/2016 DUE 04/01/2027	24,370	24,370
INTERNATIONAL BUSINESS MACHS SR GLBL NT 3.00% DTD 05/15/2019 DUE 05/15/2024	14,880	14,880
JPMORGAN CHASE & CO FR 3.125% DTD 01/23/2015 DUE 01/23/2025	19,707	19,707
UNITEDHEALTH GROUP INC SR NT 2.00% DTD 05/18/2020 DUE 05/15/2030	17,138	17,138
VERIZON COMMUNICATIONS INC SR GLBL 2.10% DTD 03/22/2021 DUE 03/22/2028	17,764	17,764
VISA INC SR GLBL 1.90% DTD 04/02/2020 DUE 04/15/2027	18,448	18,448
VULCAN MATLS CO SR GLBL 3.90% DTD 03/14/2017 DUE 04/01/2027	14,766	14,766
WASTE MGMT INC DEL SR GLBL 1.50% DTD 11/17/2020 DUE 03/15/2031	11,934	11,934
AERCAP IRELAND CAPITAL LIMITED SR GLBL NT 2.45% DTD 10/29/2021 DUE 10/29/202	21,769	21,769
SHELL INTERNATIONAL FIN BV SR GLBL NT 2.875% DTD 05/10/2016 DUE 05/10/2026	14,481	14,481

- TIN:

TY 2021 InvestmentsCorpStockSchedule

Name:

BRYAN FOUNDATION INC

C/O FIRST CITIZENS BANK TRUST DEPT

EIN:

56-6034567

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ACCENTURE PLC CLASS A ORDINARY SHARES	13,050	13,050
EATON CORP PLC SHS	8,315	8,315
MEDTRONIC PLC SHS	7,180	7,180
TRANE TECHNOLOGIES PLC SHS	7,143	7,143
AES CORP COM	5,316	5,316
AT&T INC COM	5,366	5,366
ABBOTT LABORATORIES COM	9,778	9,778
ALLSTATE CORP COM	6,589	6,589
ALPHABET INC CAP STK CL C	24,061	24,061
ALPHABET INC CAP STK CL A	26,151	26,151
AMAZON.COM INC COM	25,490	25,490
AMEREN CORP COM	7,861	7,861
ANALOG DEVICES INC COM	8,327	8,327
ELEVANCE HEALTH INC	9,169	9,169
APPLE INC COM	66,446	66,446
APPLIED MATLS INC COM	8,643	8,643
ARCHER DANIELS MIDLAND CO COM	10,088	10,088
BANK OF AMERICA CORP COM	7,658	7,658
BERKSHIRE HATHAWAY INC DEL CL B NEW	21,023	21,023
BIOGEN, INC.	7,138	7,138
CF INDS HLDGS INC COM	6,687	6,687
CME GROUP INC COM	6,550	6,550
CMS ENERGY CORP COM	4,995	4,995
CISCO SYS INC COM	10,788	10,788
CINTAS CORP COM	6,350	6,350
COCA COLA CO COM	14,281	14,281
COMCAST CORP CL A	8,711	8,711
CONOCOPHILLIPS COM	16,166	16,166
DEVON ENERGY CORP NEW COM	12,345	12,345
DISNEY WALT CO COM	5,570	5,570
DUKE ENERGY CORP NEW COM	7,612	7,612
EASTMAN CHEM CO COM	6,284	6,284
EXTRA SPACE STORAGE INC COM	11,058	11,058
EXXON MOBIL CORP COM	10,534	10,534
META PLATFORM, INC.	15,964	15,964
FIRST CTZNS BANCSHARES INC N C CL A	2,288,230	2,288,230
FIRST CTZNS BANCSHARES INC N C CL B	539,000	539,000
FISERV INC COM	6,940	6,940
GENERAL MTRS CO COM	5,590	5,590
HOME DEPOT INC COM	10,422	10,422
IDEXX LABORATORIES INC COM	5,261	5,261
INTEL CORP COM	5,873	5,873
INTUIT COM	8,865	8,865
JPMORGAN CHASE & CO COM	11,824	11,824
LAM RESH CORP COM	8,523	8,523
LOWES COS INC COM	9,607	9,607
MGM RESORTS INTERNATIONAL	6,195	6,195
MARATHON PETE CORP COM	14,716	14,716
MARKETAXESS HLDGS INC COM	6,144	6,144
MASTERCARD INC CL A	12,935	12,935
MCDONALDS CORP COM	9,875	9,875
MICROSOFT CORP COM	58,557	58,557
MODERNA INC COM	6,143	6,143
MONDELEZ INTL INC COM	6,768	6,768
MORGAN STANLEY COM NEW	10,420	10,420
NETFLIX INC COM	3,497	3,497
NISOURCE INC COM	12,563	12,563
NVIDIA CORP COM	4,699	4,699
PEPSICO INC COM	12,166	12,166
PFIZER INC COM	15,047	15,047
PROCTER & GAMBLE CO COM	13,948	13,948
QUEST DIAGNOSTICS INC COM	9,442	9,442
REGIONS FINL CORP NEW COM	9,863	9,863
REPUBLIC SVCS INC COM	7,067	7,067
SIGNATURE BK NEW YORK NY COM	7,706	7,706
SNAP ON INC COM	8,275	8,275
TARGET CORP COM	7,909	7,909
TESLA, INC	16,162	16,162
THERMO FISHER CORP COM	13,582	13,582
3M CO COM	10,094	10,094
UNION PAC CORP COM	10,237	10,237
UNITEDHEALTH GROUP INC COM	18,491	18,491
VERIZON COMMUNICATIONS INC COM	7,054	7,054
VERTEX PHARMACEUTICALS INC COM	9,581	9,581
VISA INC COM CL A	14,570	14,570
DISCOVERY INC COM SER A	819	819
WASTE MANAGEMENT INC COM	7,190	7,190
INVESCO SMALL CAP VALUE FUND CLASS Y #8770	14,110	14,110
ARTISAN INTERNATIONAL SMALL-MID FUND	41,708	41,708
ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND - INST	80,789	80,789
BALLIE GIFFORD EMERGING MARKETS EQUITIES FUND CLASS K	72,811	72,811
ISHARES MSCI EAFE INTERNATIONAL	181,637	181,637
BLACKROCK MID-CAP GROWTH EQUITY PORTFOLIO CLASS K	142,162	142,162
DELAWARE SMALL CAP GROWTH FUND INST	12,307	12,307
FEDERATED HERMES MDT SMALL CAP CORE FUND	26,538	26,538
FIDELITY MID CAP INDEX FUND INST PREMIUM	455,049	455,049
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND CLASS R6	60,643	60,643
WCM FOCUSED INTERNATIONAL GROWTH FUND	135,143	135,143
JOHNSON ENHANCED RETURN FUND	112,013	112,013
MFS MID CAP VALUE R6	165,668	165,668
MAINSTAY CBRE GLOBAL INFRASTRUCTURE FUND CLASS I	19,723	19,723
NUVEEN GLOBAL INFRASTRUCTURE FUND CLASS I	20,976	20,976
PEAR TREE POLARIS FGN VAL SM CAP R6	47,136	47,136
PEAR TREE POLARIS FOREIGN VALUE FUND CL R6	143,200	143,200
PIMCO STOCKPLUS INTERNATIONAL	115,537	115,537
TIAA-CREF EMERGING MARKETS EQUITY INDEX FUND INST	93,429	93,429
T ROWE PRICE US EQUITY RESEARCH FUND CI	129,506	129,506
ISHARES RUS TOP 200 ETF	623,730	623,730
PROSHARES TR DJ BROOKFIELD GLOBAL INFRASTRUCTURE ETF	10,028	10,028
SPDR SERIES TR S&P PHARMACEUTICALS ETF	5,208	5,208
VANGUARD SCOTTSDALE FDS VNG RUS2000IDX	83,001	83,001
ABBVIE INC SR GLBL 3.20% DTD 05/21/2020 DUE 11/21/2029	9,199	9,199
BK OF AMERICA CORP FR VAR RATE DTD 10/21/2020 DUE 10/24/2031	11,982	11,982
CHEVRON PHILLIPS CHEM CO LLC SR 144A 3.40% DTD 11/22/2016 DUE 12/01/2026	24,235	24,235
COMCAST CORP NEW SR NT 4.15% DTD 10/05/2018 DUE 10/15/2028	14,958	14,958
DISNEY WALT CO SR GLBL NT 4.00% DTD 10/01/2019 DUE 10/01/2023	15,164	15,164
ERAC USA FINANCE COMPANY SR GLBL 144A 3.85% DTD 05/22/2014 DUE 11/15/2024	19,727	19,727
GEORGIA PAC CORP SR 144A NT 0.625% DTD 11/19/2020 DUE 05/15/2024	23,489	23,489
JPMORGAN CHASE & CO GLBL NT VAR RATE DTD 04/22/2021 DUE 04/22/2032	12,621	12,621
TRUIST BK GLOBAL BK MED TERM N SR NT 1.50% DTD 03/09/2020 DUE 03/10/2025	18,878	18,878
VOLKSWAGEN GROUP AMER FIN LLC SR GLBL 144A 3.35% DTD 05/13/2020 DUE 05/13/20	24,163	24,163
EDF S A SR 144A 4.50% DTD 09/21/2018 DUE 09/21/2028	14,572	14,572
HEINEKEN N V SR 144A NT 2.75% DTD 10/10/2012 DUE 04/01/2023	14,903	14,903
SCHLUMBERGER FINANCE SR 144A NT 2.65% DTD 11/20/2017 DUE 11/20/2022	19,979	19,979
SUNTORY HOLDINGS LTD GLBL 144A NT 2.25% DTD 10/16/2019 DUE 10/16/2024	9,554	9,554
AMERICAN BEACON GARCIA HAMILTON QUALITY BOND FUND CL R5	95,388	95,388
BAIRD INTERMEDIATE BOND FD INSTL #70	232,019	232,019
VANGUARD SHORT TERM BOND INDEX	113,654	113,654
ALLSPRING CORE BOND FUND R6 CLASS	153,658	153,658

- TIN:

TY 2021 LegalFeesSchedule

Name:

BRYAN FOUNDATION INC

C/O FIRST CITIZENS BANK TRUST DEPT

EIN:

56-6034567

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL FEES	525	0		525

- TIN:

TY 2021 OtherDecreasesSchedule

Name:

BRYAN FOUNDATION INC

C/O FIRST CITIZENS BANK TRUST DEPT

EIN:

56-6034567

Description	Amount
UNREALIZED HOLDING LOSS ON INVESTMENTS	2,188,527

- TIN:

TY 2021 OtherExpensesSchedule

Name:

BRYAN FOUNDATION INC

C/O FIRST CITIZENS BANK TRUST DEPT

EIN:

56-6034567

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
SCHOLARSHIP SERVICE FEE	600	0		600

- TIN:

TY 2021 OtherIncomeSchedule2

Name:

BRYAN FOUNDATION INC

C/O FIRST CITIZENS BANK TRUST DEPT

EIN:

56-6034567

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
MISCELLANEOUS INCOME	865	865	865

- TIN:

TY 2021 OtherProfessionalFeesSchedule

Name:

BRYAN FOUNDATION INC

C/O FIRST CITIZENS BANK TRUST DEPT

EIN:

56-6034567

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TRUSTEE FEES	44,052	44,052		0

- TIN:

TY 2021 TaxesSchedule

Name:

BRYAN FOUNDATION INC

C/O FIRST CITIZENS BANK TRUST DEPT

EIN:

56-6034567

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN TAXES	211	211		0
SECTION 4940 EXCISE TAX	10,805	0		0