Form990-PF


Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 10-01-2021 , and ending 09-30-2022
Name of foundation
SALT WATER FUND
 
Number and street (or P.O. box number if mail is not delivered to street address)110 S STRATFORD RD
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WINSTON SALEM, NC27104
A Employer identification number

81-0698838
B Telephone number (see instructions)

(704) 383-0129
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$15,774,688J 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) 210,856
2 Check bullet.............
3 Interest on savings and temporary cash investments 112,001 112,001  
4 Dividends and interest from securities... 269,292 269,292  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -1,061,896
b Gross sales price for all assets on line 6a 10,289,364
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 20,712 20,712  
12 Total. Add lines 1 through 11........ -449,035 402,005  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 42,385 0   0
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 258,715 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 83,533 0   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 384,633 0   0
25 Contributions, gifts, grants paid....... 4,205,000 4,205,000
26 Total expenses and disbursements. Add lines 24 and 25 4,589,633 0   4,205,000
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -5,038,668
b Net investment income (if negative, enter -0-) 402,005
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2021)
Form 990-PF (2021)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 1 5 5
2 Savings and temporary cash investments......... 519,858 172,644 172,644
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 2,380,780 Click to see attachment2,380,780 3,819,094
c Investments—corporate bonds (attach schedule)....... 1,067,517 Click to see attachment1,187,373 982,605
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 17,482,433 Click to see attachment12,675,745 10,800,340
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 21,450,589 16,416,547 15,774,688
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 21,450,589 16,416,547
29 Total net assets or fund balances (see instructions)..... 21,450,589 16,416,547
30 Total liabilities and net assets/fund balances (see instructions). 21,450,589 16,416,547
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
21,450,589
2
Enter amount from Part I, line 27a .....................
2
-5,038,668
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
4,626
4
Add lines 1, 2, and 3 ..........................
4
16,416,547
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
16,416,547
Form 990-PF (2021)
Form 990-PF (2021)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a BHP GROUP LTD SPON ADS   2021-09-30 2021-10-01
b SYLVAMO CORP COMMON STOCK   2021-10-01 2021-10-07
c SYLVAMO CORP COMMON STOCK   2021-10-02 2021-10-05
d AT&T INC COM USD1 AVG PRICE TRADE   2021-10-03 2021-11-10
e AT&T INC COM USD1 AVG PRICE TRADE   2021-10-04 2021-11-10
LABRADOR IRON ORE RTY CORP COM   2021-10-05 2021-11-10
LABRADOR IRON ORE RTY CORP COM   2021-10-06 2021-11-10
JOHNSON INSTL CORE BOND FUND   2021-10-07 2021-11-23
MORGAN STANLEY GROWTH PORTFOLIO   2021-10-08 2021-12-09
AMARIN CORP ADR EACH REP 1 ORD GBP.5   2021-10-09 2021-12-10
AMARIN CORP ADR EACH REP 1 ORD GBP.5   2021-10-10 2021-12-10
AMARIN CORP ADR EACH REP 1 ORD GBP.5   2021-10-11 2021-12-10
AMARIN CORP ADR EACH REP 1 ORD GBP.5   2021-10-12 2021-12-10
AMARIN CORP ADR EACH REP 1 ORD GBP.5   2021-10-13 2021-12-10
AMARIN CORP ADR EACH REP 1 ORD GBP.5   2021-10-14 2021-12-10
AMARIN CORP ADR EACH REP 1 ORD GBP.5   2021-10-15 2021-12-10
AMARIN CORP ADR EACH REP 1 ORD GBP.5   2021-10-16 2021-12-10
AMARIN CORP ADR EACH REP 1 ORD GBP.5   2021-10-17 2021-12-10
AMARIN CORP ADR EACH REP 1 ORD GBP.5   2021-10-18 2021-12-10
AMARIN CORP ADR EACH REP 1 ORD GBP.5   2021-10-19 2021-12-10
AMARIN CORP ADR EACH REP 1 ORD GBP.5   2021-10-20 2021-12-10
SQUARE INC CL A AVG PRICE TRADE   2021-10-21 2021-12-10
3M CO AVG PRICE TRADE   2021-10-22 2021-12-10
V F CORP COM NPV AVG PRICE TRADE   2021-10-23 2021-12-28
MEDTRONIC PLC EXEC ON MULT EXCHG   2021-10-24 2022-01-19
VERIZON COMMUNICATIONS INC   2021-10-25 2022-01-19
MICROSOFT CORP AVERAGE PRICE TRADE   2021-10-26 2022-01-25
MORGAN STANLEY GROWTH PORTFOLIO   2021-10-27 2022-01-27
BLACKROCK EMERGIN MARKETS FD INC INSL   2021-10-28 2022-02-01
EQUITRANS MIDSTREAM CORP COM   2021-10-29 2022-02-04
JP MORGAN EXCHANGE TRADED FD   2021-10-30 2022-02-07
AB LARGE CAP GROWTH ADVISOR CLASS   2021-10-31 2022-02-08
INVESCO QQQ TR UNIT SER 1   2021-11-01 2022-02-09
SHOPIFY INC COM NPV CL A   2021-11-02 2022-02-10
JP MORGAN EXCHANGE TRADED FD   2021-11-03 2022-02-17
ARTISAN PARTNERS ASSET MANAGEMENT INC   2021-11-04 2022-02-22
AVALARA INC COM EXEC ON MULT EXCHG   2021-11-05 2022-02-22
APOLLO GLOBAL MGMT INC COM   2021-11-06 2022-02-28
INVESCO QQQ TR UNIT SER 1   2021-11-07 2022-03-02
LABRADOR IRON ORE RTY CORP COM   2021-11-08 2022-03-17
LABRADOR IRON ORE RTY CORP COM   2021-11-09 2022-03-18
LYONDELLBASELL INDUSTRIES NV COM   2021-11-10 2022-03-18
BROADCOM INC COM AVERAGE PRICE TRADE   2021-11-11 2022-04-01
UBER TECHNOLOGIES INC COM   2021-11-12 2022-04-01
GOLDMAN SACHS GQG PARTNERS INTL   2021-11-13 2022-04-28
MORGAN STANLEY INTL ADVANTAGE CL   2021-11-14 2022-04-28
ISHARES TRUST CORE MSCI EAFE ETF   2021-11-15 2022-04-29
QUALCOMM INC EXEC ON MULT EXCHG   2021-11-16 2022-04-29
UBER TECHNOLOGIES INC COM   2021-11-17 2022-04-29
WILLIAMS COS INC COM EXEC ON MULT   2021-11-18 2022-04-29
AB LARGE CAP GROWTH ADVISOR CLASS   2021-11-19 2022-05-03
BAIRD AGGREGATE BOND FUND INSTL   2021-11-20 2022-05-03
COLUMBIA TOTAL RETURN BOND CL I2   2021-11-21 2022-05-03
EVENTIDE GILEAD FUND CLASS I   2021-11-22 2022-05-03
GOLDMAN SACHS GQG PARTNERS INTL   2021-11-23 2022-05-03
GUGGENHEIM TOTAL RETURN BOND FD INSTL   2021-11-24 2022-05-03
MORGAN STANLEY GROWTH PORTFOLIO   2021-11-25 2022-05-03
MORGAN STANLEY INTL ADVANTAGE CL   2021-11-26 2022-05-03
PGIM JEN INTL OPPORTUNITIES CL Z   2021-11-27 2022-05-03
PIMCO INCOME FUND INSTITUTIONAL FUND   2021-11-28 2022-05-03
ABBVIE INC COME USD   2021-11-29 2022-05-04
AGCO CORP COM USD   2021-11-30 2022-05-04
ALLOGENE THERAPEUTICS INC COM   2021-12-01 2022-05-04
ALPHABET INC CAP STK CL A   2021-12-02 2022-05-04
AMAZON.COM INC   2021-12-03 2022-05-04
BHP GROUP LTD SPON ADS   2021-12-04 2022-05-04
BLACKSTONE INC   2021-12-05 2022-05-04
BROADCOM INC COM   2021-12-06 2022-05-04
CALLAWAY GOLF CO   2021-12-07 2022-05-04
CME GROUP INC COM   2021-12-08 2022-05-04
COSTCO WHOLESALE CORP COM   2021-12-09 2022-05-04
CROWN CASTLE INTL CORP NEW COM   2021-12-10 2022-05-04
DIGITALOCEAN HLDGS INC COM   2021-12-11 2022-05-04
DT MIDSTREAM INC COMMON   2021-12-12 2022-05-04
DTE ENERGY CO   2021-12-13 2022-05-04
DUKE ENERGY CORP NEW COM   2021-12-14 2022-05-04
DYNATRACE INC COM NEW   2021-12-15 2022-05-04
ELASTIC N V COM   2021-12-16 2022-05-04
EOG RESOURCES INC   2021-12-17 2022-05-04
EQT CORP COM   2021-12-18 2022-05-04
FIDELITY TOTAL BOND ETF   2021-12-19 2022-05-04
GENCO SHIPPING & TRADING LIMITED   2021-12-20 2022-05-04
GITLAB INCC CLASS A COM   2021-12-21 2022-05-04
GLOBALFOUNDRIES INC COM   2021-12-22 2022-05-04
HASBRO INC COM   2021-12-23 2022-05-04
HASHICORP COM CL A   2021-12-24 2022-05-04
INFINITY PHARMACEUTICALS INC   2021-12-25 2022-05-04
INTERNATIONAL PAPER CO COM   2021-12-26 2022-05-04
INTUIT INC   2021-12-27 2022-05-04
INVESCO ACTIVELY MANAGED ETF   2021-12-28 2022-05-04
IQVA HLDGS INC COM   2021-12-29 2022-05-04
ISHARES TR RUS 1000 GRW   2021-12-30 2022-05-04
JP MORGAN EXCHANGE TRADED FD   2021-12-31 2022-05-04
JOHNSON & JOHNSON COM USD   2022-01-01 2022-05-04
JPMORGAN CHASE & CO   2022-01-02 2022-05-04
KLA CORP COM   2022-01-03 2022-05-04
LOCKHEED MARTIN CORP COM   2022-01-04 2022-05-04
MATCH GROUP INC NEW COM   2022-01-05 2022-05-04
MICROSOFT CORP   2022-01-06 2022-05-04
MORGAN STANLEY COM USD   2022-01-07 2022-05-04
NVIDIA CORPORATION COM   2022-01-08 2022-05-04
PAL ALTO NETWORKS INC COM   2022-01-09 2022-05-04
PFIZER INC   2022-01-10 2022-05-04
PHILLIPS 66 COM   2022-01-11 2022-05-04
PING IDENTITY HLDG CORP COM   2022-01-12 2022-05-04
PUBMATIC INC COM CL A   2022-01-13 2022-05-04
RAYTHEON TECHNOLOGIES CORP   2022-01-14 2022-05-04
REPUBLIC SERVICES INC   2022-01-15 2022-05-04
SIGNATURE BANK   2022-01-16 2022-05-04
STAR BULK CARRIES CORP COM   2022-01-17 2022-05-04
TARGET CORP   2022-01-18 2022-05-04
UNITY SOFTWARE INC   2022-01-19 2022-05-04
VANGUARD INDEX FDS VANGUARD GROWTH   2022-01-20 2022-05-04
VIRTU FINL INC CL A   2022-01-21 2022-05-04
WILLIAMS COS INC COM EXEC ON MULT   2022-01-22 2022-05-04
ZIM INTEGRATED SHIPPING SERVIES LTD   2022-01-23 2022-05-04
ZSCALER INC COM   2022-01-24 2022-05-04
PUT OKTA INC CL A   2022-01-25 2022-05-05
PUT UNITY SOFTWARE INC   2022-01-26 2022-05-05
ISHARES TR BLACKROCK ULTRA   2022-01-27 2022-05-06
MORGAN STANLEY GROWTH PORTFOLIO   2022-01-28 2022-05-09
HASBRO INC COM   2022-01-29 2022-05-10
UNITY SOFTWARE INC COM   2022-01-30 2022-05-10
BAIRD AGGREGATE BOND FUND INSTL   2022-01-31 2022-05-12
COLUMBIA TOTAL RETURN BOND CL I2   2022-02-01 2022-05-12
GUGGENHEIM TOTAL RETURN BOND FD INSTL   2022-02-02 2022-05-12
PIMCO INCOME FUND INSTITUTIONAL FUND   2022-02-03 2022-05-12
BAIRD AGGREGATE BOND FUND INSTL   2022-02-04 2022-05-13
BLACKSTONE INC   2022-02-05 2022-05-13
CME GROUP INC COM   2022-02-06 2022-05-13
COLUMBIA TOTAL RETURN BOND CL I2   2022-02-07 2022-05-13
FIDELITY TOTAL BOND ETF   2022-02-08 2022-05-13
GLOBALFOUNDRIES INC COM   2022-02-09 2022-05-13
GUGGENHEIM TOTAL RETURN BOND FD INSTL   2022-02-10 2022-05-13
INTERNATIONAL PAPER CO COM   2022-02-11 2022-05-13
INVESCO ACTIVELY MANAGED ETF ULTRA   2022-02-12 2022-05-13
ISHARES TR RUS 1000 GRW   2022-02-13 2022-05-13
PIMCO INCOME FUND INSTITUTIONAL FUND   2022-02-14 2022-05-13
FIDELITY TOTAL BOND ETF   2022-02-15 2022-05-16
INVESCO ACTIVELY MANAGED ETF ULTRA   2022-02-16 2022-05-16
PUT GLOBALFOUNDRIES INC   2022-02-17 2022-05-26
PUT SNOWFLAKE INC CL A   2022-02-18 2022-05-26
WOODSIDE ENERGY GROUP LTD SPON ADR   2022-02-19 2022-06-13
AGCO CORP COM USD   2022-02-20 2022-06-15
PUT GITLAB INC CLASS A   2022-02-21 2022-06-27
ISHARES TR BLACKROCK ULTRA   2022-02-22 2022-06-28
AMAZON.COM INC EXEC ON MLT   2022-02-23 2022-07-15
BLACKSTONE INC AVG PRICE   2022-07-14 2022-07-15
MATCH GROUP INC NEW COM   2022-02-25 2022-07-15
ALPHABET INC CAP STK CL A   2022-02-26 2022-07-26
SIGNATURE BANK AVG PRICE   2022-07-25 2022-07-26
AB LARGE CAP GROWTH   2022-07-25 2022-07-26
ALLOGENE THERAPEUTICS INC COM   2022-03-01 2022-07-29
TARGET CORP   2022-07-28 2022-07-29
VANGUARD INDEX FDS VANGUARD GROWTH   2022-03-03 2022-07-29
WILLIAMS COS INC COM EXEC ON MULT   2022-07-28 2022-07-29
PUT PING IDENTITY HLDG   2022-03-05 2022-08-04
ISHARES TR BLACKROCK ULTRA   2022-03-06 2022-08-05
PALO ALTO NETWORKS INC COM   2021-08-07 2022-08-08
PING IDENTITY HLDG CORP COM   2021-08-07 2022-08-08
COLUMBIA TOTAL RETURN BOND CL I2   2021-08-10 2022-08-11
AVALARA INC COM EXEC ON MULT EXCHG   2022-03-10 2022-08-15
VANGUARD BD INDEX FDS SHORT   2022-03-11 2022-08-22
WILLIAMS COS INC COM EXEC ON MULT   2021-09-12 2022-09-13
PUT UBER TECHNOLOGIES   2022-03-13 2022-09-19
INTERNATIONAL PAPER CO COM   2021-09-28 2022-09-29
TRAILHEAD, INC K-1 CAPITAL GAIN INCOME   2022-03-15 2022-09-30
TRAILHEAD, INC K-1 CAPITAL GAIN INCOME   2021-09-29 2022-09-30
CAPITAL GAINS DIVIDENDS P    
(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 48,321   70,607 -22,286
b 2,810   4,177 -1,367
c 19   28 -9
d 34,620   40,787 -6,167
e 34,595   40,758 -6,163
20,104   27,785 -7,681
20,076   27,747 -7,671
372,474   375,615 -3,141
264,200   240,769 23,431
3,621   4,484 -863
3,621   4,484 -863
3,142   3,891 -749
3,138   3,886 -748
3,020   3,739 -719
3,020   3,739 -719
663   821 -158
663   821 -158
573   709 -136
569   705 -136
551   683 -132
551   683 -132
58,356   65,113 -6,757
61,235   72,005 -10,770
86,428   98,842 -12,414
78,023   89,915 -11,892
75,890   81,387 -5,497
73,939   61,461 12,478
625,267   1,093,831 -468,564
286,204   338,050 -51,846
63,767   75,044 -11,277
582,758   586,369 -3,611
35,000   36,182 -1,182
352,490   343,697 8,793
66,006   91,785 -25,779
237,313   238,983 -1,670
55,764   73,869 -18,105
43,940   55,316 -11,376
48,272   46,933 1,339
428,478   431,780 -3,302
28,067   28,465 -398
20,629   20,576 53
100,365   113,664 -13,299
66,772   49,881 16,891
30,246   32,373 -2,127
174,800   194,512 -19,712
34,000   46,630 -12,630
1,136,854   1,283,461 -146,607
69,482   69,189 293
49,758   61,398 -11,640
12,849   10,180 2,669
272,800   316,602 -43,802
133,985   151,484 -17,499
69,000   80,486 -11,486
49,700   49,503 197
133,000   48,409 84,591
120,000   137,259 -17,259
95,500   93,511 1,989
134,450   181,630 -47,180
64,150   76,931 -12,781
84,985   94,191 -9,206
22,894   19,456 3,438
12,640   14,276 -1,636
3,516   7,680 -4,164
30,305   31,168 -863
19,904   22,060 -2,156
7,671   7,774 -103
29,393   27,721 1,672
27,694   26,575 1,119
9,739   15,400 -5,661
12,327   12,447 -120
28,030   29,330 -1,300
15,508   16,793 -1,285
11,127   15,932 -4,805
12,228   10,187 2,041
15,558   14,134 1,424
16,294   15,492 802
14,852   19,087 -4,235
9,348   15,177 -5,829
15,103   14,690 413
15,012   14,686 326
130,177   144,836 -14,659
4,649   4,870 -221
10,804   10,735 69
14,644   15,037 -393
14,791   15,674 -883
6,606   6,912 -306
1,226   3,602 -2,376
10,926   14,403 -3,477
19,645   21,252 -1,607
60,924   61,875 -951
18,671   20,124 -1,453
185,212   192,523 -7,311
63,231   63,932 -701
20,537   19,101 1,436
12,378   17,157 -4,779
22,855   22,152 703
17,218   16,170 1,048
9,989   17,171 -7,182
17,082   15,803 1,279
21,028   24,160 -3,132
33,214   42,372 -9,158
16,592   11,459 5,133
18,379   14,888 3,491
13,626   14,038 -412
15,642   14,978 664
17,702   20,389 -2,687
18,056   17,822 234
17,004   14,735 2,269
24,099   24,223 -124
10,920   8,444 2,476
20,649   20,824 -175
9,414   12,992 -3,578
60,135   67,515 -7,380
21,072   24,107 -3,035
44,215   34,883 9,332
5,857   6,950 -1,093
13,312   12,347 965
25,664   75,357 -49,693
35,619   90,651 -55,032
29,286   29,319 -33
346,773   500,589 -153,816
42,032   43,414 -1,382
24,213   38,336 -14,123
25,585   29,137 -3,552
21,100   24,916 -3,816
23,400   26,851 -3,451
15,385   17,260 -1,875
8,485   9,665 -1,180
5,804   5,576 228
1,390   1,529 -139
8,500   10,025 -1,525
29,738   33,406 -3,668
1,962   2,211 -249
8,500   9,761 -1,261
3,333   4,357 -1,024
22,126   22,482 -356
12,368   14,118 -1,750
8,485   9,536 -1,051
8,345   9,324 -979
7,957   8,083 -126
18,010   5,970 12,040
20,152   60,728 -40,576
5,496   5,047 449
51,173   65,996 -14,823
14,050   6,410 7,640
6,351   6,358 -7
77,790   96,512 -18,722
11,496   11,616 -120
31,347   63,066 -31,719
25,322   28,051 -2,729
68,628   96,842 -28,214
44,650   52,648 -7,998
518   734 -216
2,481   3,725 -1,244
5,853   6,837 -984
10,785   8,632 2,153
27,482   2,510 24,972
2,501   2,513 -12
20,356   14,638 5,718
56,967   49,798 7,169
190,007   223,198 -33,191
55,755   53,255 2,500
24,199   24,946 -747
67,888   56,599 11,289
29,408   28,276 1,132
32,522   62,117 -29,595
6,766     6,766
23,064     23,064
329,800     329,800
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       -22,286
b       -1,367
c       -9
d       -6,167
e       -6,163
      -7,681
      -7,671
      -3,141
      23,431
      -863
      -863
      -749
      -748
      -719
      -719
      -158
      -158
      -136
      -136
      -132
      -132
      -6,757
      -10,770
      -12,414
      -11,892
      -5,497
      12,478
      -468,564
      -51,846
      -11,277
      -3,611
      -1,182
      8,793
      -25,779
      -1,670
      -18,105
      -11,376
      1,339
      -3,302
      -398
      53
      -13,299
      16,891
      -2,127
      -19,712
      -12,630
      -146,607
      293
      -11,640
      2,669
      -43,802
      -17,499
      -11,486
      197
      84,591
      -17,259
      1,989
      -47,180
      -12,781
      -9,206
      3,438
      -1,636
      -4,164
      -863
      -2,156
      -103
      1,672
      1,119
      -5,661
      -120
      -1,300
      -1,285
      -4,805
      2,041
      1,424
      802
      -4,235
      -5,829
      413
      326
      -14,659
      -221
      69
      -393
      -883
      -306
      -2,376
      -3,477
      -1,607
      -951
      -1,453
      -7,311
      -701
      1,436
      -4,779
      703
      1,048
      -7,182
      1,279
      -3,132
      -9,158
      5,133
      3,491
      -412
      664
      -2,687
      234
      2,269
      -124
      2,476
      -175
      -3,578
      -7,380
      -3,035
      9,332
      -1,093
      965
      -49,693
      -55,032
      -33
      -153,816
      -1,382
      -14,123
      -3,552
      -3,816
      -3,451
      -1,875
      -1,180
      228
      -139
      -1,525
      -3,668
      -249
      -1,261
      -1,024
      -356
      -1,750
      -1,051
      -979
      -126
      12,040
      -40,576
      449
      -14,823
      7,640
      -7
      -18,722
      -120
      -31,719
      -2,729
      -28,214
      -7,998
      -216
      -1,244
      -984
      2,153
      24,972
      -12
      5,718
      7,169
      -33,191
      2,500
      -747
      11,289
      1,132
      -29,595
      6,766
      23,064
      329,800
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 -1,061,896
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Form 990-PF (2021)
Form 990-PF (2021)
Page 4
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 5,588
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 5,588
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 11,000
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 11,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 17
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 5,395
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet5,395 RefundedBullet 11 0
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
     
    No
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletNC
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletAMY TIERNEY Telephone no.bullet (404) 961-6000

    Located atbullet3350 RIVERWOOD PKWY SUITE 1550ATLANTAGA ZIP+4bullet30339
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
     
    No
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
     
    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
    ........bullet
    d
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
     
    No
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
    5b
     
     
    c
    .........bullet
    d
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant? .................
    5d
     
     
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract? .............................
    6a
     
    No
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    7a
     
    No
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .........................
    8
     
    No
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    JAMES S MAHAN III CHAIRMAN
    0.00     		0 0 0
    1931 SOUTH LIVE OAK PARKWAY
    WILMINGTON,NC28403
    MARGUERITE D MAHAN SECRETARY
    0.00     		0 0 0
    1931 SOUTH LIVE OAK PARKWAY
    WILMINGTON,NC28403
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    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.........................bullet0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    18,774,523
    b
    Average of monthly cash balances.......................
    1b
    197,908
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    18,972,431
    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
    18,972,431
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    284,586
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    18,687,845
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    934,392
    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
    934,392
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    5,588
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    5,588
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    928,804
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    928,804
    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
    928,804
    Part XI
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
     
    b
    Program-related investments—total from Part VIII-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.
    4
     
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 9
    Part XII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2020     		(c)
    2020     		(d)
    2021
    1 Distributable amount for 2021 from Part X, line 7 928,804
    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...... 668,673
    b From 2017...... 3,229,625
    c From 2018...... 827,982
    d From 2019...... 900,201
    e From 2020...... 1,960,517
    f Total of lines 3a through e ........ 7,586,998
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 4,205,000
    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..... 928,804
    e Remaining amount distributed out of corpus 3,276,196
    5 Excess distributions carryover applied to 2021. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 10,863,194
    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 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2016 not
    applied on line 5 or line 7 (see instructions) ...     		668,673
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		10,194,521
    10 Analysis of line 9:
    a Excess from 2017.... 3,229,625
    b Excess from 2018.... 827,982
    c Excess from 2019.... 900,201
    d Excess from 2020.... 1,960,517
    e Excess from 2021.... 3,276,196
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 10
    Part XIII
    Private Operating Foundations (see instructions and Part VI-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2021, enter the date of the ruling ....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2021 (b) 2020 (c) 2019 (d) 2018
             
    b 85% (0.85) of line 2a .........          
    c Qualifying distributions from Part XI,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part IX, line 6 for each year listed ..     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XIV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    JAMES S MAHAN III
    MARGUERITE D MAHAN
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 11
    Part XIV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    CAMP SCHREIBER
    208 PRINCESS STREET
    WILMINGTON,NC28401     		NONE 501(C)(3) GENERAL CONTRIBUTION 30,000
    GLOW NC
    606 S COLLEGE ROAD
    WILMINGTON,NC28403     		NONE 501(C)(3) GENERAL CONTRIBUTION 2,975,000
    STEP UP WILMINGTON
    20 N 4TH STREET SUITE 430
    WILMINGTON,NC28401     		NONE 501(C)(3) GENERAL CONTRIBUTION 50,000
    THE CAROUSEL CENTER
    1501 DOCK STREET
    WILMINGTON,NC28409     		NONE 501(C)(3) GENERAL CONTRIBUTION 300,000
    CAPE FEAR ACADEMY
    3900 COLLEGE ROAD
    WILMINGTON,NC28412     		NONE 501(C)(3) GENERAL CONTRIBUTION 250,000
    COLLECTIVE IMPACT IN NEW HANOVER COUNTY INC
    PO BOX 7746
    WILMINGTON,NC28406     		NONE 501(C)(3) GENERAL CONTRIBUTION 200,000
    WILMINGTON AREA REBUILDING MINISTRY
    5058 WRIGHTSVILLE AVE
    WILMINGTON,NC28403     		NONE 501(C)(3) GENERAL CONTRIBUTION 400,000
    Total .................................bullet 3a 4,205,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 112,001  
    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 -1,061,896  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 0 -659,891 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    -659,891
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


    		 Phone no.
    Form 990-PF (2021)
    Additional Data


    Software ID:  
    Software Version:  


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

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2021
    Name of the organization
    SALT WATER FUND
     
    Employer identification number

    81-0698838
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
    or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990) (2021)
    Schedule B (Form 990) (2021) Page 2
    Name of organization
    SALT WATER FUND
          		Employer identification number
    81-0698838
    Part I
    Contributors
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    MARGUERITE D MAHAN
    1931 S LIVE OAK PARKWAY
     
    WILMINGTON, NC28403

    		$ 105,428


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    JAMES S MAHAN
    1931 S LIVE OAK PARKWAY
     
    WILMINGTON, NC28403

    		$ 105,428


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990) (2021)
    Schedule B (Form 990) (2021)
    Page 3
    Name of organization
    SALT WATER FUND
          		Employer identification number

    81-0698838
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990) (2021)
    Schedule B (Form 990) (2021)
    Page 4
    Name of organization
    SALT WATER FUND
          		Employer identification number

    81-0698838
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990) (2021)
    Additional Data


    Software ID:  
    Software Version:  

    TY 2021 AccountingFeesSchedule
    Name:
    SALT WATER FUND
    EIN:
    81-0698838
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PROFESSIONAL FEES 42,385 0   0

    TY 2021 InvestmentsCorpBondsSchedule
    Name:
    SALT WATER FUND
    EIN:
    81-0698838
    Name of Bond End of Year Book Value End of Year Fair Market Value
    CORPORATE BONDS 1,187,373 982,605

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    SALT WATER FUND
    EIN:
    81-0698838
    Name of Stock End of Year Book Value End of Year Fair Market Value
    LIVE OAK BANCSHARES INC 2,380,780 3,819,094

    TY 2021 InvestmentsOtherSchedule2
    Name:
    SALT WATER FUND
    EIN:
    81-0698838
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    OTHER INVESTMENTS FMV 9,153,210 7,277,805
    TRAILHEAD INCOME FUND LP FMV 3,522,535 3,522,535

    TY 2021 OtherExpensesSchedule
    Name:
    SALT WATER FUND
    EIN:
    81-0698838
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADVISOR FEES 79,934 0   0
    ROUNDING 3 0   0
    INTEREST EXPENSE 1,601 0   0
    TRANSACTION COSTS 1,995 0   0


    TY 2021 OtherIncomeSchedule2
    Name:
    SALT WATER FUND
    EIN:
    81-0698838
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    TRAILHEAD, INC INVESTMENT INCOME 20,712 20,712 20,712


    TY 2021 OtherIncreasesSchedule
    Name:
    SALT WATER FUND
    EIN:
    81-0698838
    Description Amount
    ACCRUED BOND INTEREST 4,626


    TY 2021 TaxesSchedule
    Name:
    SALT WATER FUND
    EIN:
    81-0698838
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX 253,827 0   0
    TAX WITHHELD 4,888 0   0