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
2023
Open to Public Inspection
For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023
Name of foundation
NORTH STATE FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 1415
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
SMITHFIELD, NC27577
A Employer identification number

26-1986674
B Telephone number (see instructions)

(919) 414-2515
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$1,607,873J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 29,822 28,748  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 283,008
b Gross sales price for all assets on line 6a 1,263,565
7 Capital gain net income (from Part IV, line 2)... 283,008
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).......      
12 Total. Add lines 1 through 11........ 312,830 311,756  
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
List of Attached Documents:
// Content
1,400 700   700
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
1,409 944   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
6,452 6,452   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 9,261 8,096   700
25 Contributions, gifts, grants paid....... 73,000 73,000
26 Total expenses and disbursements. Add lines 24 and 25 82,261 8,096   73,700
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 230,569
b Net investment income (if negative, enter -0-) 303,660
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2023)
Form 990-PF (2023)
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............. 18,631 249,684 249,684
2 Savings and temporary cash investments.........      
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) 21,884 Click to see attachment
List of Attached Documents:
// Content
23,250 		23,250
b Investments—corporate stock (attach schedule)....... 1,181,591 Click to see attachment
List of Attached Documents:
// Content
1,156,573 		1,311,416
c Investments—corporate bonds (attach schedule)....... 0 Click to see attachment
List of Attached Documents:
// Content
23,168 		23,523
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,222,106 1,452,675 1,607,873
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 right arrow)    
23 Total liabilities (add lines 17 through 22)......... 0 0
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 1,222,106 1,452,675
29 Total net assets or fund balances (see instructions)..... 1,222,106 1,452,675
30 Total liabilities and net assets/fund balances (see instructions). 1,222,106 1,452,675
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
1,222,106
2
Enter amount from Part I, line 27a .....................
2
230,569
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
1,452,675
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
1,452,675
Form 990-PF (2023)
Form 990-PF (2023)
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 AS REPORTED BY FIRST CITIZENS P 2023-01-01 2023-12-31
b AS REPORTED BY FIRST CITIZENS P 2022-01-01 2023-12-31
c SALE OF CONTRIBUTED AMAZON STOCK D 2014-04-25 2023-07-31
d SALE OF CONTRIBUTED AMAZON STOCK D 2014-04-25 2023-09-14
e 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 542,914   513,207 29,707
b 441,699   437,110 4,589
c 133,125   15,120 118,005
d 145,095   15,120 129,975
e 732     732
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       29,707
b       4,589
c       118,005
d       129,975
e       732
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 2 283,008
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  
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 4,221
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 4,221
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 4,221
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 1,800
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,800
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9 2,421
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10  
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow   Refundedright arrow 11  
Form 990-PF (2023)
Form 990-PF (2023)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowNC
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2023 or the taxable year beginning in 2023? 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
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowOLIVIA B HOLDING Telephone no.right arrow (919) 414-2515

Located atright arrow409 E MARKET STSMITHFIELDNC ZIP+4right arrow27577
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 2023, 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
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
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 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
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 2023 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 2023.) .....................
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 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
OLIVIA B HOLDING PRESIDENT
0.50 		0 0 0
PO BOX 1415
SMITHFIELD,NC27577
CARSON H BRICE SECRETARY
0.50 		0 0 0
PO BOX 1415
SMITHFIELD,NC27577
HOPE H BRYANT TREASURER
0.50 		0 0 0
PO BOX 1415
SMITHFIELD,NC27577
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2023)
Form 990-PF (2023)
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
1,374,022
b
Average of monthly cash balances.......................
1b
102,948
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
1,476,970
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
1,476,970
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
22,155
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
1,454,815
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
72,741
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
72,741
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
4,221
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
4,221
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
68,520
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
68,520
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
68,520
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
73,700
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
73,700
Form 990-PF (2023)
Form 990-PF (2023)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2022 		(c)
2022 		(d)
2023
1 Distributable amount for 2023 from Part X, line 7 68,520
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 72,884
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019......  
c From 2020......  
d From 2021......  
e From 2022......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 73,700
a Applied to 2022, but not more than line 2a 72,884
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 2023 distributable amount..... 816
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2023. 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 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		67,704
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 2018 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2019....  
b Excess from 2020....  
c Excess from 2021....  
d Excess from 2022....  
e Excess from 2023....  
Form 990-PF (2023)
Form 990-PF (2023)
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 2023, 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) 2023 (b) 2022 (c) 2021 (d) 2020
         
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 (2023)
Form 990-PF (2023)
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

CONTEMPORARY ART FOUNDATION

409 WEST MARTIN STREET
RALEIGH,NC27603 		NONE PC PROMOTE THE ARTS THROUGH EDUCATION, OUTREACH AND INV 2,000

ELON UNIVERSITY

100 CAMPUS DRIVE
ELON,NC27244 		NONE PC GENERAL SUPPORT 3,000

ENVIRONMENTAL DEFENSE FUND

4000 WESTCHASE BLVD SUITE 510
RALEIGH,NC27607 		NONE PC PROMOTE AWARENESS OF AND FUND RESEARCH RELATING TO ENVIRONMENT 10,000

JOHNSTON COUNTY ANIMAL PROTECTION LEAGUE

PO BOX 607
SMITHFIELD,NC27577 		NONE PC GENERAL SUPPORT 2,500

JOHNSTON HEALTH FOUNDATION

PO BOX 1376
SMITHFIELD,NC27577 		NONE PC GENERAL SUPPORT 5,000

NC MUSEUM OF ART FOUNDATION

2110 BLUE RIDGE ROAD
RALEIGH,NC27607 		NONE EXEMPT PROMOTE ART AWARENESS 1,500

NORTH CAROLINA AQUARIUM SOCIETY

3125 POPLARWOOD COURT SUITE 160
RALEIGH,NC27604 		NONE PC MAINTENANCE OF FACILITIES AND PROMOTION OF ACTIVITIES 18,500

PARTNERSHIP ELEMENTARY

601 DEVEREUX ST
RALEIGH,NC276051638 		NONE PC GENERAL SUPPORT 2,000

PULLEN MEMORIAL BAPTIST CHURCH

1801 HILLSBOROUGH STREET
RALEIGH,NC276051638 		NONE PC GENERAL SUPPORT 10,000

RUFF

PO BOX 463
GARNER,NC27529 		NONE PC GENERAL SUPPOR 2,000

SNOWFLAKE ANIMAL RESCUE

PO BOX 97594
RALEIGH,NC27624 		NONE PC GENERAL SUPPORT 2,000

STREET DOGS AND STRAY CATS INC

1105 W ANDERSON STREET
SELMA,NC27576 		NONE PC GENERAL SUPPORT 4,500

UNC CHAPEL HILL

250 E FRANKLIN STREET
CHAPEL HILL,NC27514 		NONE PC GENERAL SUPPORT 5,000

YMCA OF THE TRIANGLE AREA

1603 HILLSBOROUGH STREET
RALEIGH,NC276051638 		NONE PC GENERAL SUPPORT 1,000

HABITAT FOR HUMANITY OF CRAVEN COUNTY

321 FLEET STREET
NEW BERN,NC28562 		NONE PC GENERAL SUPPORT 1,000

SAFE HAVEN FOR CATS

8431-137 GARVEY DRIVE
RALEIGH,NC276163267 		NONE PC GENERAL SUPPORT 2,500

NC AGRICULTURAL FOUNDATION

CAMPUS BOX 7207
RALEIGH,NC27695 		NONE PC GENERAL SUPPORT 500
Total .................................right arrow 3a 73,000
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 29,822  
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 ............ 		    14 283,008  
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) .. 0 312,830 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
312,830
(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 (2023)
Form 990-PF (2023)
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 (2023)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2023 AccountingFeesSchedule
Name:
NORTH STATE FOUNDATION
EIN:
26-1986674
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 1,400 700   700

TY 2023 InvestmentsCorpBondsSchedule
Name:
NORTH STATE FOUNDATION
EIN:
26-1986674
Name of Bond End of Year Book Value End of Year Fair Market Value
SPDR BLOOMBERG HIGH YIELD BOND ETF 99 SHS 9,106 9,378
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF 558 SHS 14,062 14,145

TY 2023 InvestmentsCorpStockSchedule
Name:
NORTH STATE FOUNDATION
EIN:
26-1986674
Name of Stock End of Year Book Value End of Year Fair Market Value
3M CO 36 SHS 3,886 3,936
ACCENTURE PLC CLASS A 12 SHS 3,717 4,211
ALLSTATE CORP 19 SHS 2,092 2,660
AMERICAN ELEC PWR INC COM 28 SHS 2,527 2,274
ARTISAN INTERNATION SMALL-MID FUND 772 SHS 12,492 13,597
BANK OF AMERICA CORP 100 SHS 2,908 3,367
BERKSHIRE HATHAWAY INC. 32 SHS 8,568 11,413
BEST BUY INC 26 SHS 1,870 2,035
CATERPILLAR INC 10 SHS 2,105 2,957
CISCO SYS INC 113 SHS 5,416 5,709
CME GROUP INC 17 SHS 3,178 3,580
COSTCO WHSL CORP NEW 4 SHS 1,570 2,640
CVS HEALTH CORPORATION 53 SHS 3,983 4,185
DARDEN RESTAURANTS INC 15 SHS 1,512 2,465
DELTA AIR LINES INC 41 SHS 1,570 1,649
DISNEY WALT CO 19 SHS 1,910 1,716
DOMINION ENERGY 38 SHS 2,171 1,786
DUKE ENERGY CORPORATION 24 SHS 2,230 2,329
EASTMAN CHEM CO 36 SHS 3,040 3,234
EATON CORPORATION PLC 15 SHS 1,995 3,612
ELECTRONIC ARTS INC 12 SHS 1,402 1,642
EXXON MOBIL CORP 81 SHS 8,357 8,098
FEDEX CORP 10 SHS 2,120 2,530
FIFTH THIRD BANCORP 60 SHS 1,613 2,069
GENERAL ELEC CO 18 SHS 1,247 2,297
GOLDMAN SACHS EMERGING MARKETS 3352 SHS 28,691 27,153
HARTFORD FIN SVCS GROUP 41 SHS 2,677 3,296
HOME DEPOT INC 17 SHS 5,012 5,891
HONEYWELL INTERNATIONAL INC 12 SHS 2,428 2,517
HP INC 86 SHS 2,027 2,588
INTERNATIONAL BUSINESS MACHS CORP 22 SHS 2,811 3,598
ISHARES RUSSEL TOP 200 GROWTH ETF 2028 SHS 281,242 355,346
JOHNSON & JOHNSON 21 SHS 3,259 3,292
JOHNSON CTLS 37 SHS 1,820 2,133
JP MORGAN CHASE & CO 55 SHS 7,234 9,356
JUNIPER NETWORKS INC 76 SHS 2,059 2,240
KIMCO REALTY CORP 118 SHS 1,847 2,515
MARATHON PETE CORP 22 SHS 2,814 3,264
MONDELEZ INTERNATIONAL INC 40 SHS 2,345 2,897
MORGAN STANLEY COM NEW 26 SHS 1,590 2,425
NORFOLK SOUTHN CORP COMM 9 SHS 1,899 2,127
PAYCHEX INC 21 SHS 2,066 2,501
PEAR TREE POLARIS 1254 SHS 12,911 13,987
PHILLIP MORRIS INTL INC 43 SHS 4,178 4,045
PPL CORP 62 SHS 1,671 1,680
PROCTER & GAMBLE COMPANY 38 SHS 5,030 5,569
PROSHARES TR DJ BROOFIELD GLOBAL INFRASTRUCTURE 151 SHS 6,754 6,890
REGIONS FINL CORP 138 SHS 2,604 2,675
SNAP-ON TOOLS CORP 9 SHS 1,957 2,600
TARGET CORP 13 SHS 1,710 1,851
TE CONNECTIVITY LIMITED 22 SHS 2,530 3,091
UNITEDHEALTH GROUP INC 13 SHS 6,772 6,844
VANGAURD SCOTTSDALE FD VNG 163 SHS 11,944 13,219
WAL-MART INC 23 SHS 2,732 3,626
XCEL ENERGY INC 21 SHS 1,237 1,300
ELEVANCE HEALTH INC 9 SHS 4,186 4,244
CBRE GROUP INC CL A 40 SHS 2,915 3,724
CIGNA CORP NEW USD 13 SHS 3,661 3,893
CONSTELLATION ENERGY CORP COM 14 SHS 1,081 1,636
GENERAL MTRS CO COM 51 SHS 1,734 1,832
INTERCONTINENTAL EXCHANGE INC COM 27 SHS 2,804 3,468
KIMBERLY CLARK CORP COM 17 SHS 2,172 2,066
NEXTERA ENERGY INC COM 25 SHS 2,066 1,519
PRICE T ROWE GROUP INC COM 24 SHS 2,624 2,585
UNION PAC CORP COM 16 SHS 3,299 3,930
SOUTHERN CO COM 53 SHS 3,690 3,716
ISHARES RUSSEL MID-CAP VALUE ETF 713 SHS 76,879 82,915
ISHARES RUSSEL MID-CAP GROWTH ETF 418 SHS 35,754 43,664
ISHARES TR CORE MSCI EAFE ETF 1616 SHS 103,913 113,686
J P MORGAN EXCHANGE TRADED FD US QUALITY FCTR 1648 SHS 67,753 78,873
MEDTRONIC PLC 25 SHS 1,901 2,060
PENTAIR PLC 39 SHS 1,823 2,836
BRISTOL MYERS SQUIBB CO COM 83 SHS 4,296 4,259
CATALENT INC COM 54 SHS 2,437 2,426
CENTENE CORP DEL COM 41 SHS 2,768 3,043
CHEVRON CORP NEW COM 42 SHS 6,396 6,265
DAVITA INC 27 SHS 2,367 2,829
ESSEX PPTY TR INC COM 13 SHS 2,996 3,223
GE HEALTHCARE TECHNOLOGIES INC 42 SHS 2,828 3,247
GOLDMAN SACHS GROUP INC COM 5 SHS 1,668 1,929
HCA HEALTHCARE INC 12 SHS 3,218 3,247
KINDER MORGAN INC DEL COM 189 SHS 3,324 3,333
MASTERCARD INC CL A 10 SHS 4,268 4,264
SIMON PPTY GROUP INC NEW COM 13 SHS 1,571 1,853
PARAMOUNT GLOBAL 183 SHS 2,929 2,706
WILLIAM BLAIR SMALL CAP GROWTH FUND 397 SHS 11,926 12,944
DRIEHAUS EMERGING MARKETS GROWTH FUND 891 SHS 29,790 31,001
HOTCHKIS & WILEY SMALL CAP 1042 SHS 13,399 13,056
MFS INTERNATIONAL EQUITY FUND CI R6 1719 SHS 52,334 56,624
THRIVENT SMALL CAP STOCK FUND CI S 439 SHS 12,641 12,930
TRANSAMERICA INTERNATIONAL EQUITY FUND 2746 SHS 54,503 55,385
ISHARES INC CORE MSCI EMKT 501 SHS 25,304 25,341
J P MORGAN EXCHANGE TRADED FD US VALUE FACTR 2086 SHS 74,177 80,478
VANGUARD INTL EQUITY INDEX FDS GLOBAL EX-US REAL ESTATE 277 SHS 10,733 11,797
VANGUARD REAL ESTATE ETF 182 SHS 15,115 16,082

TY 2023 InvestmentsGovtObligationsSch
Name:
NORTH STATE FOUNDATION
EIN:
26-1986674
US Government Securities - End of Year Book Value:

23,250
US Government Securities - End of Year Fair Market Value:

23,250
State & Local Government Securities - End of Year Book Value:


0
State & Local Government Securities - End of Year Fair Market Value:


0


TY 2023 OtherExpensesSchedule
Name:
NORTH STATE FOUNDATION
EIN:
26-1986674
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ANNUAL INVESTMENT FEE 6,452 6,452   0


TY 2023 TaxesSchedule
Name:
NORTH STATE FOUNDATION
EIN:
26-1986674
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 944 944   0
FEDERAL TAXES 465 0   0