Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2022
Open to Public Inspection
For calendar year 2022, or tax year beginning 01-01-2022 , and ending 12-31-2022
Name of foundation
John M Belk Endowment
 
Number and street (or P.O. box number if mail is not delivered to street address)4201 Congress Street 470
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Charlotte, NC28209
A Employer identification number

56-1954114
B Telephone number (see instructions)

(980) 381-4122
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$364,360,242J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments 496,243 496,243  
4 Dividends and interest from securities... 4,135,034 4,135,034  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment
List of Attached Documents:
// Content
5,270,027
b Gross sales price for all assets on line 6a 9,332,267
7 Capital gain net income (from Part IV, line 2)... 5,257,498
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
1,448,669 1,798,632  
12 Total. Add lines 1 through 11........ 11,349,973 11,687,407  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 63,742 0   63,742
14 Other employee salaries and wages...... 1,031,296 0   1,031,296
15 Pension plans, employee benefits....... 178,369 0   178,369
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
42,423 8,469   33,954
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
15,310 7,155   7,655
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
2,742,304 1,197,764   1,544,540
17 Interest............... 29,326 29,326   0
18 Taxes (attach schedule) (see instructions)...        
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
43,680 0  
20 Occupancy.............. 9,078 0   9,078
21 Travel, conferences, and meetings....... 155,935 0   155,935
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
3,753,553 2,643,041   1,025,041
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 8,065,016 3,885,755   4,049,610
25 Contributions, gifts, grants paid....... 16,959,827 16,959,827
26 Total expenses and disbursements. Add lines 24 and 25 25,024,843 3,885,755   21,009,437
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -13,674,870
b Net investment income (if negative, enter -0-) 7,801,652
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2022)
Form 990-PF (2022)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 2,614,527 598,574 598,574
2 Savings and temporary cash investments......... 27,398,659 3,233,333 3,233,333
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 186,649,437 Click to see attachment
List of Attached Documents:
// Content
159,499,124 		145,943,636
c Investments—corporate bonds (attach schedule)....... 105,159,118 Click to see attachment
List of Attached Documents:
// Content
33,382,596 		31,132,937
11 Investments—land, buildings, and equipment: basis right arrow41,468,960
Less: accumulated depreciation (attach schedule) right arrow   41,468,960 41,468,960 28,810,000
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 33,222,682 Click to see attachment
List of Attached Documents:
// Content
144,723,948 		154,257,064
14 Land, buildings, and equipment: basis right arrow842,893
Less: accumulated depreciation (attach schedule) right arrow458,195 428,378 Click to see attachment
List of Attached Documents:
// Content
384,698 		384,698
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 396,941,761 383,291,233 364,360,242
Liabilities 17 Accounts payable and accrued expenses.......... 4,132 28,474
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 right arrow)    
23 Total liabilities (add lines 17 through 22)......... 4,132 28,474
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 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 396,937,629 383,262,759
29 Total net assets or fund balances (see instructions)..... 396,937,629 383,262,759
30 Total liabilities and net assets/fund balances (see instructions). 396,941,761 383,291,233
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
396,937,629
2
Enter amount from Part I, line 27a .....................
2
-13,674,870
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
383,262,759
5
Decreases not included in line 2 (itemize) right arrow
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
383,262,759
Form 990-PF (2022)
Form 990-PF (2022)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Tosca European Financials Recovery Fund Ltd Redemption P 2020-06-25 2022-04-01
b K-1 Capital Gain / (Loss)      
c Publicly traded securities      
d 731 Gain - distributions exceeding basis      
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 2,936,176   2,572,898 363,278
b     1,489,342 -1,489,342
c 5,946,426     5,946,426
d 437,136     437,136
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       363,278
b       -1,489,342
c       5,946,426
d       437,136
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 5,257,498
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Form 990-PF (2022)
Form 990-PF (2022)
Page 4
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 108,443
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........................... 3 108,443
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- ..... 5 108,443
6 Credits/Payments:
a 2022 estimated tax payments and 2021 overpayment credited to 2022 6a 660,121
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.............. 7 660,121
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2221 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 551,678
11 Enter the amount of line 10 to be: Credited to 2023 estimated taxright arrow551,678 Refundedright arrow 11 0
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowNC
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2022 or the taxable year beginning in 2022? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
Form 990-PF (2022)
Form 990-PF (2022)
Page 5
Part VI-A
Statements Regarding Activities (continued)
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions Click to see list of attachments
List of Attached Documents:
// Content
.............
11
Yes
 
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructionsClick to see attachment
List of Attached Documents:
// Content
.................
12
Yes
 
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowWWW.JMBENDOWNMENT.ORG
14
The books are in care ofright arrowTaborah Miley Telephone no.right arrow (980) 381-4123

Located atright arrow4201 Congress Street Suite 470CharlotteNC ZIP+4right arrow28209
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2022, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2022? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2022, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2022?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2022 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2022.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2022? ..
4b
 
No
Form 990-PF (2022)
Form 990-PF (2022)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
No
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
Mary Claudia Belk PilonClick to see attachment
List of Attached Documents:
// Content
Board Chair
40.00 		35,568 28,174 0
4201 Congress Street
Charlotte,NC28209
J Keith Benedict Board Member
24.00 		340,640 0 0
4201 Congress Street
Charlotte,NC28209
Virginia M Esposito Board Member
1.00 		0 0 0
4201 Congress Street
Charlotte,NC28209
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
Mark Earl Reed Managing Director
40.00 		364,335 29,733 0
4201 Congress Street
Charlotte,NC28209
Charles W Kaylor Chief of Staff
40.00 		167,000 16,468 0
4201 Congress Street
Charlotte,NC28209
Michael Thomas Krause Senior Advisor
40.00 		160,000 13,544 0
4201 Congress Street
Charlotte,NC28209
Usoon Woo Executive Assistant
40.00 		88,500 26,438 0
4201 Congress Street
Charlotte,NC28209
Michelle M Sorrells Impact Officer
40.00 		80,359 10,956 0
4201 Congress Street
Charlotte,NC28209
Total number of other employees paid over $50,000...................right arrow 1
Form 990-PF (2022)
Form 990-PF (2022)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
South Summit Capital Management LLC Foundation management services 531,680
4201 Congress Street Ste 470
Charlotte,NC28209
New Educational Ventures LLC Strategic Consulting 388,887
1311 13th Street NW Unit T01
Washington,DC20005
Jake Drew Data analytics 234,000
5908 Fallsview Lane
Dallas,TX75252
The Presence Project LLC Leadership Development 211,750
1819 Silverwood Terrace
Los Angeles,CA90026
CRISP Communications LLC Communications and media relations support 207,561
278 Franklin Road Suite 370
Brentwood,TN37027
Total number of others receiving over $50,000 for professional services.............right arrow7
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1 During 2022, the John M. Belk Endowment joined other organizations in leading the "NC Reconnect" effort focused on engaging adults in North Carolina who have not completed a post-secondary credential and connecting them to educational pathways at their local community college that lead to improved career opportunities. In addition to making grants to the community colleges in the first cohort, the Endowment paid for communications and marketing services essential to the initiative's success. 570,466
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2022)
Form 990-PF (2022)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
193,041,240
b
Average of monthly cash balances.......................
1b
17,088,187
c
Fair market value of all other assets (see instructions)................
1c
170,836,491
d
Total (add lines 1a, b, and c).........................
1d
380,965,918
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
380,965,918
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
5,714,489
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
375,251,429
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
18,762,571
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
18,762,571
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
108,443
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
108,443
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
18,654,128
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
18,654,128
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
18,654,128
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
21,009,437
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
21,009,437
Form 990-PF (2022)
Form 990-PF (2022)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2021 		(c)
2021 		(d)
2022
1 Distributable amount for 2022 from Part X, line 7 18,654,128
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2021 only....... 20,215,114
b Total for prior years:20, 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2017......  
b From 2018......  
c From 2019......  
d From 2020......  
e From 2021......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2022 from Part
XI, line 4: right arrow$ 21,009,437
a Applied to 2021, but not more than line 2a 20,215,114
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		0
c Treated as distributions out of corpus (Election
required—see instructions)........ 		0
d Applied to 2022 distributable amount..... 794,323
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2022. 0 0
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		0
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2021. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2022. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2023 .......... 		17,859,805
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2017 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2023.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2018....  
b Excess from 2019....  
c Excess from 2020....  
d Excess from 2021....  
e Excess from 2022....  
Form 990-PF (2022)
Form 990-PF (2022)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2022, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2022 (b) 2021 (c) 2020 (d) 2019
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or 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 (2022)
Form 990-PF (2022)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

NC Community Colleges Foundation

200 W Jones St
Raleigh,NC27603 		N/A PC General Operating Support 400,000

Novant Health Presbyterian Medical Center Foundation

2085 Frontis Plaza Blvd
Winston Salem,NC27103 		N/A PC Support for Bridges to Healthcare 460,400

Inside Track Inc

121 SW Salmon Street Suite 800
Portland,OR97204 		N/A PC Support for NC RECONNECT effort 707,740

Board of Control for Southern Regional Education

592 10th St NW
Atlanta,GA30318 		N/A PC Grant to Southern Regional Education Board 50,000

Education Commission of the States

700 N Broadway Suite 810
Denver,CO80203 		N/A PC Support for data quality 30,000

North Carolina State University - Institute for Emerging Issues

1070 Partners Way
Raleigh,NC27606 		N/A GOV Educational attainment cohort 30,000

University of North Carolina- Chapel Hill

3500 Peabody Hall
Chapel Hill,NC27599 		N/A GOV Support for NC Education Futures 757,652

National Center for Family Philanthropy

1667 K St NW 550
Washington,DC20006 		N/A PC General Operating Support 150,000

NC Community Colleges Foundation

200 W Jones St
Raleigh,NC27603 		N/A PC General Operating Support 15,000

National College Advising Corps

5540 Centerview Dr Ste 204
Raleigh,NC27606 		N/A PC General Operating Support 2,144,509

NC Community Colleges Foundation

200 W Jones St
Raleigh,NC27603 		N/A PC General Operating Support 271,817

Education NC

PO Box 1636
Raleigh,NC27602 		N/A PC General Operating Support 1,070,000

Land of Sky Regional Council

339 New Leicester Hwy 140
Asheville,NC28806 		N/A GOV General Operating Support 220,695

Inside Track Inc

121 SW Salmon Street Suite 800
Portland,OR97204 		N/A PC Support for NC RECONNECT effort 157,014

Public School Forum of North Carolina

1017 Main Campus Drive Suite 2300
Raleigh,NC27606 		N/A PC General Operating Support 100,000

James B Hunt Jr Institute for Education

4000 Centregreen Way Suite 301
Cary,NC27513 		N/A PC Supporting Policy Condition in NC 1,500,000

North Carolina State University Foundation Inc

Campus 7475
Raleigh,NC27695 		N/A GOV NCSU Belk Center Planning Grant 750,000

North Carolina State University - Institute for Emerging Issues

1070 Partners Way
Raleigh,NC27606 		N/A GOV General Operating Support 250,000

The Foundation of Caldwell Community College and Technical Institute

PO Box 600
Lenoir,NC28645 		N/A PC General Operating Support 75,000

Wilkes Community College Foundation Inc

1328 South Collegiate Drive
Wilkesboro,NC28697 		N/A SO III FI Mini-grant to Wilkes C Foundation 75,000

Central Carolina Community College Foundation

1105 Kelly Drive
Sanford,NC27330 		N/A PC General Operating Support 75,000

Forsyth Technical Community College

2100 Silas Creek Parkway
WinstonSalem,NC27103 		N/A GOV General Operating Support 75,000

North Carolina State University

2601 Wolf Village Way
Raleigh,NC27607 		N/A GOV BELK Center 1,750,000

Land of Sky Regional Council

339 New Leicester Hwy 140
Asheville,NC28806 		N/A GOV Support for Amplify P20 120,000

myFutureNC Inc

301 N Wilmington Street
Raleigh,NC27601 		N/A PC Support for Strategic Initiatives 1,250,000

Foundation for the Carolinas

220 N Tryon Street
Charlotte,NC28202 		N/A PC General Operating Support 2,800,000

Foundation for the Carolinas

220 N Tryon Street
Charlotte,NC28202 		N/A PC General Operating Support 1,600,000

Lenoir Community College

231 North Carolina Hwy 58
Kinston,NC28504 		N/A GOV Support for NC Reconnect 75,000
Total .................................right arrow 3a 16,959,827
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2022)
Form 990-PF (2022)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 496,243  
4 Dividends and interest from securities ....     14 4,135,034  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		525990 12,529 18 5,257,498  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aPassthrough K-1 income 		525990 -351,607 14 1,413,820  
bHunting lease     16 7,772  
cForeign tax refund     14 46,608  
dTimber sales     16 18,518  
eRoyalty income     15 313,558  
12 Subtotal. Add columns (b), (d), and (e) .. -339,078 11,689,051 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
11,349,973
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2022)
Form 990-PF (2022)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

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


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


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2022 AccountingFeesSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Tax compliance 0 0   0
Accounting 15,310 7,155   7,655

TY 2022 CompensationExplanation
Name:
John M Belk Endowment
EIN:
56-1954114
Person Name Explanation
J Keith Benedict John M. Belk Endowment (JMBE) paid a management fee of $531,680 to South Summit Capital Management, LLC, pursuant to a shared services agreement, for ordinary and necessary personal services performed for JMBE during the tax year. J. Keith Benedict is employed by South Summit Capital Management, LLC. He is not employed or compensated by JMBE. The management fee is not paid to J. Keith Benedict directly, but it is estimated that $340,640 is attributed to his services performed for the JMBE. JMBE is making this disclosure pursuant to revised IRS guidance per Announcement 2021-18.

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

TY 2022 DepreciationSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
Leasehold Improvements 2015-03-15 349,858 154,538 SL 39.000000000000 8,970 0    
Office furniture 2014-12-19 148,347 96,427 SL 10.000000000000 14,835 0    
Equipment 2014-01-01 344,688 163,550 SL 5.000000000000 19,875 0    

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TY 2022 GainLossSaleOtherAssetsSch
Name:
John M Belk Endowment
EIN:
56-1954114
Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
TrueBridge capital Partners Fund VI (Cayman), LP   Purchased     1,044   Cost 0 1,044  
OrbiMed Royalty & Credit Opportunities III, L.P.   Purchased     11,485   Cost 0 11,485  

TY 2022 InvestmentsCorpBondsSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Name of Bond End of Year Book Value End of Year Fair Market Value
831000 Pbf Logistics L 6.875%23 794,128 829,961
8000 Pitney Bowes In 4.625%24 7,428 7,760
800000 Laredo Petroleum, 9.5%25 832,136 788,000
119000 Nabors Industrie 5.75%25 109,839 113,348
703000 Delek Logistics 6.75%25 701,562 685,425
325000 Carrizo Oil & Ga 8.25%25 328,665 322,563
773000 Talos Production I 12%26 826,298 803,920
89000 Prospect Capita 3.706%26 77,935 77,903
267000 Corecivic, Inc. 8.25%26 267,670 272,340
866000 Dish Dbs Corp 7.75%26 900,255 699,295
120000 Mpt Operating Pa 5.25%26 106,860 109,200
17000 Sm Energy Co 6.75%26 16,547 16,575
102000 Nordstrom, Inc. 4%27 86,209 84,660
4000 Tri Pointe Homes 5.25%27 3,543 3,580
189000 Transdigm Inc. 5.5%27 192,896 175,770
376000 Oceaneering Internt 6%28 337,019 346,860
582000 Hecla Mining Co 7.25%28 628,759 572,543
728000 Griffon Corp 5.75%28 661,032 666,120
46000 Titan Intl Inc Del 7%28 43,861 43,470
1000 Occidental Petro 7.15%28 1,160 1,028
248000 Carpenter Techn 6.375%28 245,122 235,600
936000 Treehouse Foods, In 4%28 795,358 795,600
146000 Mercer Interntn 5.125%29 124,684 121,545
329000 Us Steel Corp 6.875%29 301,815 318,308
5000 Macy'S, Inc. 6.9%29 4,516 4,625
960024.99 Jpm Managed Income Fd - Usd - L 9,603,611 9,581,049
245961.359 Fidelity U.S. Bond Index Fund (Fxnax) 2,946,617 2,503,887
45875 Ishares Trust 1-3 Year Treasury Bond Etf (Shy) 3,957,168 3,723,674
98171 Ishares Tr Iboxx Hi Yd Etf(Hyg) 8,479,903 7,228,328

TY 2022 InvestmentsCorpStockSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Name of Stock End of Year Book Value End of Year Fair Market Value
8100 Ishares S&P 500 Index Fund 1,885,215 3,112,101
8000 Spdr S&P 500 Etf Trust 2,023,351 3,059,440
525999.151 Fidelity Internatl Index Fund(Fspsx) 24,965,513 21,665,905
540211.873 Fidelity 500 Index Fund(Fxaix) 74,549,239 71,913,005
298110.77 Fidelity Small Cap Index Fund (Fssnx) 8,916,493 6,469,004
225449.772 Fidelity Real Estate Index Fund 3,600,433 3,275,785
1426165.318 Fidelity Emerging Markets Index Fund 18,953,737 13,448,739
15101.454 Fidelity Internatl Index Fund(Fspsx) 714,536 622,029
43146.429 Fidelity 500 Index Fund(Fxaix) 5,956,113 5,743,653
22233.175 Fidelity Small Cap Index Fund (Fssnx) 660,106 482,460
2340 Chubb Limited Com Npv 430,015 516,204
4625 Lyondellbasell Industries N V Com 450,080 384,014
36350 Aci Worldwide Inc(Aciw) 1,066,597 836,050
4000 Alphabet Inc Cap Stk Cl C(Goog) 550,082 354,920
5700 Anterix Inc Com (Atex) 299,651 183,369
4360 Apple Inc (Aapl) 630,509 566,495
9184.3 Aspen Aerogels Inc Com Usd0.00001 371,138 108,283
1115 Broadcom Inc Com (Avgo) 551,580 623,430
1810 Caredx Inc (Cdna) 137,127 20,652
3000 Chart Inds Inc Com (Gtls) 440,211 345,690
3125 Chevron Corp New Com(Cvx) 349,820 560,906
14379.728 Clearwater Paper Corp(Clw) 394,810 543,698
18215 Dermtech Inc Com (Dmtk) 448,647 32,241
4166 Duke Energy Corp New Com New 429,895 429,056
6600 General Mills Inc Com Usd0.10(Gis) 382,810 553,410
3860 Hca Healthcare Inc Com(Hca) 885,688 926,246
3965 Jpmorgan Chase & Co(Jpm) 560,008 531,707
1555 Johnson &Johnson Com Usd1.00 (Jnj) 261,829 274,691
80457 Kosmos Energy Ltd Com (Kos) 213,028 511,707
1010 Lockheed Martin Corp Com Usd1.00 360,680 491,355
39400 Magnite Inc Com (Mgni) 786,197 417,246
8100 Merck &Co. Inc Com (Mrk) 616,944 898,695
2665 Microsoft Corp (Msft) 778,161 639,120
2100 Moderna Inc Com (Mrna) 300,839 377,202
1400 Nike Inc Class B Com Npv(Nke) 233,274 163,814
21350 Old Republic International Corp (Ori) 534,963 515,603
14925 Organon &Co Common Stock(Ogn) 505,204 416,855
6000 Pinnacle Financial Partners Com 472,437 440,400
2715 Silvergate Cap Corp Cl A(Si) 297,091 47,241
10325 Southwest Airlines Co(Luv) 510,772 347,643
11245 Stonex Group Inc Com(Snex) 744,021 1,071,649
5575 Us Bancorp(Usb) 317,908 243,126
3385.449 United Parcel Service Inc(Ups) 644,776 588,526
1030 Unitedhealth Group Inc(Unh) 430,846 546,085
16350 Verizon Communications Inc (Vz) 886,750 644,186

TY 2022 InvestmentsOtherSchedule2
Name:
John M Belk Endowment
EIN:
56-1954114
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
Altarock Partners Series AT COST 12,016,709 18,060,477
Andalusian SPV I LP AT COST 1,735,738 1,495,734
Andalusian SPV II LP AT COST 3,719,460 3,713,320
Aston Realty Investment Company AT COST 2,507,292 1,639,367
Balance Legal Capital Fund II, LP (UK) AT COST 1,191,895 940,578
Bares Mid-Large Cap Series AT COST 18,281,708 13,231,028
BBH AH Cayman LP AT COST 1,238,607 1,186,247
BBH CAP Partners QP IV AT COST 0 412,157
Braemont Partners I (Offshore) LP AT COST 687,929 660,468
Bramalea Partners Fund Lp AT COST 3,612,830 4,897,542
Contrarian Emerging Markets Offshore Fund AT COST 1,000,000 1,240,183
ECF Value Fund International Ltd AT COST 2,500,000 2,281,809
FCA Health Innovations II QP AT COST 693,009 813,035
FCA RR Investors LLC AT COST 333,219 1,434,895
FCA Ventures I, LLC AT COST 6,654,269 6,678,689
FCAW CC GP Investors LLC AT COST 856,219 775,467
Goldcrest Capital II-A, LP AT COST 682,099 1,372,589
Goldcrest Capital III-A, LP AT COST 1,150,410 1,111,780
Goldcrest Capital Mars SPV AT COST 2,499,037 2,494,625
Goldcrest Capital Sourcegraph-D SPV, LLC AT COST 998,127 799,102
HNVR II LP AT COST 216,209 257,357
Housing Impact Fund I LLC AT COST 735,494 733,954
JMBE Holdings 2020 LLC AT COST 198,973 2,405
LBC Credit Parners III USTE Series AT COST 1,533,928 570,967
Morrocroft Neighborhood Fund III LP AT COST 1,736,048 2,914,052
NRC Absolute Return Offshore LP AT COST 8,000,000 7,934,579
NRC Global Select Equity Fund, L.P. AT COST 2,516,572 2,233,219
NRC Hedged Equity Offshore LP AT COST 4,000,000 3,226,412
NRC Private Credit Opportunities 2021 LP AT COST 4,925,601 6,122,936
NRC Private Credit Opportunities 2022, LP AT COST 2,500,000 2,467,763
NRC Private Equity Opportunities 2021, LP AT COST 3,561,971 3,670,905
NRC Private Equity Opportunities 2022, LP AT COST 1,309,750 1,344,404
Oaktree Opportunities Sub Trust AT COST 3,041,635 4,520,321
OrbiMed Royalty & Credit Opportunities III, L.P. AT COST 2,824,597 2,849,169
Primary Wave AT COST 3,748,090 4,896,380
RB EFO II DE AIV II LPLP AT COST 604,260 504,650
Redbird Capital Partners Fund II, LP AT COST 374,594 483,311
BBH Select Equity Series AT COST 13,685,539 14,216,051
Senvest Partners, Ltd. AT COST 1,000,000 1,726,950
Spicewood Mineral Partners, LP AT COST 1,868,124 2,455,093
Spicewood Titan Sidecar, LP AT COST 2,372,549 2,682,373
Tosca European Financials Recovery Fund Ltd AT COST 2,936,176 3,143,482
TrueBridge capital Partners Fund VI(Cayman) AT COST 838,144 1,150,320
Valley Forge Large Cap Equity Series - BBH AT COST 9,588,724 9,389,334
VP Dislocation Fund - Offshore AT COST 0 143,709
Zelda Ventures Fund I, LP AT COST 75,000 68,707
Zephyrus Aviation Partners II AT COST 8,173,413 9,309,169

TY 2022 LandEtcSchedule2
Name:
John M Belk Endowment
EIN:
56-1954114
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
Leasehold Improvements 349,858 163,508 186,350  
Office furniture 148,347 111,262 37,085  
Equipment 344,688 183,425 161,263  


TY 2022 LegalFeesSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
General governance and counsel 42,423 8,469   33,954


TY 2022 OtherExpensesSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Memberships, dues, subscriptions 60,239 0   60,239
Information & Technology 68,551 0   68,551
Insurance 12,665 0   12,665
Sponsorships & hosting 298,592 0   298,592
Other expenses 29,956 302   29,654
K-1 expenses 2,715,476 2,630,005   0
Other land expenses 12,734 12,734   0
Public relations 159,017 0   159,017
Communications & public relations 396,323 0   396,323


TY 2022 OtherIncomeSchedule2
Name:
John M Belk Endowment
EIN:
56-1954114
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Passthrough K-1 income 1,062,213 1,412,176 1,062,213
Hunting lease 7,772 7,772 7,772
Foreign tax refund 46,608 46,608 46,608
Timber sales 18,518 18,518 18,518
Royalty income 313,558 313,558 313,558


TY 2022 OtherProfessionalFeesSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment management fees 855,179 855,179   0
Foundation management services 531,680 79,752   451,928
Staffing services 5,000 0   5,000
Leadership development 211,750 0   211,750
Community College comm/events 0 0   0
Data analytic research 300,981 234,000   66,981
Strategic consulting 757,653 0   757,653
Land management services 28,833 28,833   0
Payroll processing fees 16,228 0   16,228
Communications and events services 35,000 0   35,000


TY 2022 TransfersFrmControlledEntities
Name:
John M Belk Endowment
EIN:
56-1954114
Name US /
Foreign Address		 EIN Description Amount
JMBE Holdings 2020 LLC 4201 Congress Street 470
Charlotte,NC28209 		85-3706523 Distribution from investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 60,920
NRC Private Credit Opportunities 2021 (Offshore) LP 521 East Morehead St Ste 100
Charlotte,NC28202 		98-1590920 Distribution from investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 374,799
NRC Private Equity Opportunities 2021 LP 521 East Morehead St Ste 100
Charlotte,NC28202 		86-2499321 Distribution from investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 1,100,084
Total     3,815,310

TY 2022 TransfersToControlledEntities
Name:
John M Belk Endowment
EIN:
56-1954114
Name US /
Foreign Address		 EIN Description Amount
JMBE Holdings 2020 LLC 4201 Congress Street 470
Charlotte,NC28209 		85-3706523 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 60,920
NRC Absolute Return Offshore LP 521 East Morehead St Ste 100
Charlotte,NC28202 		98-1596086 Entity is not a business enterprise, per IRC 4943(d)(3)(B). 0
NRC Private Credit Opportunities 2021 (Offshore) LP 521 East Morehead St Ste 100
Charlotte,NC28202 		98-1590920 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 374,799
NRC Hedged Equity Offshore LP 521 East Morehead St Ste 100
Charlotte,NC28202 		98-1596294 Entity is not a business enterprise, per IRC 4943(d)(3)(B). 0
NRC Private Credit Opportunities 2022 (Offshore) LP 521 East Morehead St Ste 100
Charlotte,NC28202 		98-1661072 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 2,500,000
NRC Private Equity Opportunities 2021 LP 521 East Morehead St Ste 100
Charlotte,NC28202 		86-2499321 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 1,100,084
Total     4,035,803