TY 2023 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

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

Go 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
JIMMY WOODARD GARRELL FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)609 SOUTH FRANKLIN STREET
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
WHITEVILLE, NC28472

A Employer identification number

56-2174021

B Telephone number (see instructions)

(910) 641-0105

C If exemption application is pending, check here right arrow

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

D 1. Foreign organizations, check here............. right arrow

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

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

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

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

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

$23,691,074J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	526,213		526,213
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		508,342
b	Gross sales price for all assets on line 6a 8,378,524
7	Capital gain net income (from Part IV, line 2)...			508,342
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........	1,034,555		1,034,555
13	Compensation of officers, directors, trustees, etc.	144,000		72,000	72,000
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	46,264	23,123	23,123
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	170,389	170,389	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	3,790	3,790	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	4,550	0	4,550
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	368,993		269,302	99,673
25	Contributions, gifts, grants paid.......	1,021,747			1,021,747
26	Total expenses and disbursements. Add lines 24 and 25	1,390,740		269,302	1,121,420
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-356,185
b	Net investment income (if negative, enter -0-)			765,253
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	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	1
	2	Savings and temporary cash investments.........	197,334	347,056	347,056
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	18,879,486	List of Attached Documents: // Content 18,393,297	23,344,018
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	19,076,821	18,740,353	23,691,074
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	19,076,821	18,740,353
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	19,076,821	18,740,353
	30	Total liabilities and net assets/fund balances (see instructions).	19,076,821	18,740,353

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

19,076,821

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

-356,185

Other increases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

41,933

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

18,762,569

Decreases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

22,216

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

18,740,353

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
1 a	AFLAC INC	P
b	AT&T INC	P
c	ABBVIE INC	P
d	AMERICAN EXPRESS CO	P
e	AMGEN INC	P
	APPLE	P
	BLACKROCK	P
	CME GROUP	P
	CHEVRON	P
	CISCO	P
	COCA COLA	P
	CUMMINS	P
	DANAHER CORP	P
	DIGITAL REALTY TRUST	P
	DOLLAR GENERAL	P
	EMERSON ELECTRIC	P
	FIVE BELOW	P
	GENERAL MLS	P
	IDEXX	P
	INTL BUSINESS	P
	INVESCO	P
	JP MORGAN	P
	JOHNSON & JOHNSON	P
	LAUDER ESTEE	P
	MICROSOFT CORP	P
	MONDELEZ INTERNATIONAL	P
	NIKE INC	P
	NVIDIA CORP	P
	RTX CORP	P
	ROCKWELL	P
	SALESFORE INC	P
	UTILITIES SELECT	P
	STARBUCKS CORP	P
	TJX COMPANIES	P
	TEXAS INSTRUMENTS	P
	3M CO	P
	UNITED PARCEL	P
	VANGUARD	P
	VERSUS	P
	WASTE MGMT	P
	ZOETIS INC	P
	ACCENTURE PLC	P
	LINDE PLC	P
	NXP SEMICONDUCTORES	P
	ABBVIE INC	P
	AMAZON	P
	AMERICAN EXPRESS CO	P
	AMGEN INC	P
	APPLE INC	P
	BLACKROCK	P
	CME GROUP	P
	CISCO	P
	COCA COLA	P
	CUMMINS	P
	DANAHER CORP	P
	DISNEY WALT	P
	DOLLAR GENERAL	P
	EXXON MOBIL	P
	META PLATFORMS	P
	HONEYWELL INTERNATIONAL	P
	INTL BUSINESS MACHINES	P
	INVESCO	P
	ISHARES	P
	JP MORGAN	P
	JOHNSON & JOHNSON	P
	KENVUE INC	P
	LAUDER ESTEE	P
	MICROSOFT CORP	P
	MONDELEZ INTERNATIONAL	P
	NVIDIA CORP	P
	PAYCHEX INC	P
	PAYPAL	P
	RTX CORP	P
	TEXAS INSTRUMENTS	P
	THERMO FISHER	P
	UNITED PARCEL	P
	VERALTO	P
	VERSUS CAP	P
	VERSUS CAP RL	P
	WALMART	P
	WASTE MGMT	P
	ACCENTURE PLC	P
	LINDE PLC	P
	NXP SEMICONDUCTORES	P
	FSP MANAGER OF MANAGERS LLC II SERIES GE - GLOBAL EQUITY	P
	FSP MANAGER OF MANAGERS LLC II SERIES GE - GLOBAL EQUITY	P
	K-1 - FSP MANAGER OF MANAGERS LLC II SERIES OFIX	P
	K-1 - FSP MANAGER OF MANAGERS LLC II SERIES OFIX	P
	K-1 FSP MANAGER OF MANAGERS LLC I SERIES FIX	P
	K-1 FSP MANAGER OF MANAGERS LLC I SERIES FIX	P
	CAPITAL GAINS DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	21,777	24,329	-2,349
b	128,019	165,680	-37,434
c	78,313	87,837	-9,524
d	156,355	145,219	11,136
e	85,038	82,997	2,041
	34,960	29,598	5,362
	6,586	7,127	-541
	25,126	21,441	3,685
	41,529	44,963	-1,319
	132,726	128,447	4,279
	7,383	7,770	-387
	3,386	3,505	-119
	6,250	6,659	-409
	154,620	131,987	22,633
	22,971	27,355	-4,384
	191,110	197,239	-6,129
	118,849	91,263	27,586
	114,718	117,182	-2,464
	2,471	2,419	52
	211,612	194,215	17,808
	870,956	835,319	35,637
	25,774	25,427	437
	11,438	13,307	-1,869
	36,270	59,520	-23,250
	33,804	26,616	7,188
	18,766	18,140	626
	18,189	18,487	-298
	25,036	24,357	679
	192,788	248,161	-55,373
	1,148	1,129	19
	46,316	44,417	1,899
	170,343	179,697	-9,354
	100,018	103,670	-3,037
	28,504	25,606	2,937
	23,779	27,891	-4,112
	146,048	209,182	-63,134
	35,184	36,220	-1,036
	524,519	516,396	8,123
	3,844	3,806	38
	16,136	17,398	-1,262
	29,228	29,187	41
	65,831	68,048	-2,217
	59,627	57,894	1,733
	58,460	57,678	782
	24,135	12,333	11,802
	34,059	32,534	1,525
	61,791	60,555	1,752
	134,554	120,809	13,745
	123,726	45,723	78,003
	154,142	112,065	42,077
	51,145	40,613	10,532
	169,982	140,369	29,613
	95,362	86,393	8,969
	174,047	153,703	20,344
	4,493	2,483	2,010
	20,451	23,009	-2,558
	211,085	264,516	-53,431
	146,994	87,760	59,234
	76,514	72,806	3,708
	132,118	95,561	36,557
	3,511	3,186	325
	835,699	812,851	22,848
	12,585	15,362	-2,777
	119,506	84,866	34,640
	181,498	145,524	35,974
	15,420	11,535	3,885
	88,598	108,631	-20,033
	56,682	23,337	33,345
	8,296	5,934	2,362
	44,692	10,172	34,520
	108,114	63,182	44,932
	63,311	89,524	-19,970
	87,526	111,866	-24,340
	132,786	141,230	-8,383
	20,904	24,343	-3,439
	173,709	92,131	81,578
	16,795	9,104	7,691
	51,285	45,455	5,830
	136,994	113,175	23,819
	166,892	112,573	54,319
	138,310	78,693	59,617
	8,910	5,717	3,193
	35,331	15,287	20,044
	134,392	68,795	65,597
	10,408		10,408
	25,149		25,149
		34,531	-34,531
		68,259	-68,259
		14,906	-14,906
		54,516	-54,516
	818		818

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			-2,349
b			-37,434
c			-9,524
d			11,136
e			2,041
			5,362
			-541
			3,685
			-1,319
			4,279
			-387
			-119
			-409
			22,633
			-4,384
			-6,129
			27,586
			-2,464
			52
			17,808
			35,637
			437
			-1,869
			-23,250
			7,188
			626
			-298
			679
			-55,373
			19
			1,899
			-9,354
			-3,037
			2,937
			-4,112
			-63,134
			-1,036
			8,123
			38
			-1,262
			41
			-2,217
			1,733
			782
			11,802
			1,525
			1,752
			13,745
			78,003
			42,077
			10,532
			29,613
			8,969
			20,344
			2,010
			-2,558
			-53,431
			59,234
			3,708
			36,557
			325
			22,848
			-2,777
			34,640
			35,974
			3,885
			-20,033
			33,345
			2,362
			34,520
			44,932
			-19,970
			-24,340
			-8,383
			-3,439
			81,578
			7,691
			5,830
			23,819
			54,319
			59,617
			3,193
			20,044
			65,597
			10,408
			25,149
			-34,531
			-68,259
			-14,906
			-54,516
			818

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	508,342
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	10,637
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	10,637
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	10,637
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	6,000
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	6,000
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	4,637
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax	Refunded	11

Form 990-PF (2023)

Page 4

Part VI-A

Statements Regarding Activities

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

Yes

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

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

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

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

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

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. right arrow

$ 0(2) On foundation managers. right arrow

$ 0

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

on foundation managers. right arrow

$ 0

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

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

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

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

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

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

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

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument? ................

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XIV..................................

Yes

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

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.

If "Yes," complete Part XIII .............................

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

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

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement. See instructions.................

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

Yes

Website address right arrow

N/A

The books are in care of right arrow

SUGGS COMPANY PA Telephone no. right arrow

(910) 641-0105

Located at right arrow

609 S FRANKLIN STWHITEVILLENC ZIP+4 right arrow

28472

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

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)

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

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........

1a(1)

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

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

1a(2)

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

1a(3)

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

1a(4)

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)? ......................

1a(5)

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.) ...............

1a(6)

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........

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

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

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2023?....................

If "Yes," list the years right arrow

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

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

20, 20, 20, 20

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

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

If "Yes," did it have excess business holdings in 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.) .....................

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

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..

Form 990-PF (2023)

Page 6

Part VI-B

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

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

Yes

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

5a(1)

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive? ....................

5a(2)

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

5a(3)

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

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

5a(4)

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals? .............

5a(5)

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........

Organizations relying on a current notice regarding disaster assistance check ......... right arrow

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

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

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

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

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

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

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

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

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

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

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

Part VII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)
TERRAY SUGGS	DIRECTOR, PRESIDENT 10.00	36,000
609 SOUTH FRANKLIN STREET WHITEVILLE,NC28472	DIRECTOR, PRESIDENT 10.00	36,000
GLORIA FOWLER	DIRECTOR, EXECUTIVE DIRECTOR 10.00	72,000
POST OFFICE BOX 715 TABOR CITY,NC28463	DIRECTOR, EXECUTIVE DIRECTOR 10.00	72,000
DENNIS WORLEY	DIRECTOR, VICE PRESIDENT 6.00	36,000
PO BOX 457 TABOR CITY,NC28463	DIRECTOR, VICE PRESIDENT 6.00	36,000

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

Form 990-PF (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
FRANKLIN STREET PARTNERS	INVESTMENT MANAGMENT	170,389
1450 RALEIGH ROAD SUITE 300 CHAPEL HILL,NC27517	INVESTMENT MANAGMENT	170,389
SUGGS & COMPANY PA	ACCOUNTING AND TAX COMPLIANCE	46,264
609 SOUTH FRANKLIN ST WHITEVILLE,NC28472	ACCOUNTING AND TAX COMPLIANCE	46,264

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

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 arrow

Form 990-PF (2023)

Page 8

Part IX

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

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

purposes:

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

22,417,786

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

404,854

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

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

22,822,640

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

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

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

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

22,822,640

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

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

342,340

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

22,480,300

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

1,124,015

Part X

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

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

1,124,015

Tax on investment income for 2022 from Part V, line 5.......

10,637

Income tax for 2022. (This does not include the tax from Part V.) ...

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

10,637

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

1,113,378

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

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

1,113,378

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

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

1,113,378

Part XI

Qualifying Distributions (see instructions)

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

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

1,121,420

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

1,121,420

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				1,113,378
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......			995,054
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: $ 1,121,420
a Applied to 2022, but not more than line 2a			995,054
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.....				126,366
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 ..........				987,012
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)

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

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part IX for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2023	(b) 2022	(c) 2021	(d) 2020	(e) Total

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XIV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here right arrow

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

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

TERRAY F SUGGS
609 S FRANKLIN STREET
WHITEVILLE,NC28472
(910) 641-0105
TS@SUGGSCPA.COM

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

WRITTEN LETTER REQUEST

cAny submission deadlines:

NONE

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

NONE

Form 990-PF (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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
ANGEL HOUSE HOSPICE 206 WARRIOR TRAIL WHITEVILLE,NC28472	NONE	PUBLIC CHARITY	IN SUPPORT OF ANOTHER CHARITY	2,500
GUIDEPOST FOUNDATION 39 OLD RIDGEBURY RD DANBURY,CT06810	NONE	PUBLIC CHARITY	RELIGION	2,500
IN TOUCH MINISTRIES 3836 DEKALB TECHNOLOGY PKWY ATLANTA,GA30340	NONE	PUBLIC CHARITY	RELIGION	200
MATHEW 25 CENTER 1196 PENDERLEA HWY BURGAW,NC28425	NONE	PUBLIC CHARITY	IN SUPPORT OF ANOTHER CHARITY	1,000
NAKINA MIDDLE SCHOOL 9822 7 CREEKS HWY NAKINA,NC28455	NONE	PUBLIC CHARITY	EDUCATION	179,698
NORTH CAROLINA COMMUNITY FOUNDATION 3737 GLENWOOD AVE 460 RALEIGH,NC27612	NONE	PUBLIC CHARITY	RELIGION	225,000
OLD DOCK ELEMENTARY SCHOOL 12489 NEW BRITTON HWY E WHITEVILLE,NC28472	NONE	PUBLIC CHARITY	EDUCATION	60,000
SOUTH COLUMBUS HIGH SCHOOL 40 STALLION DRIVE TABOR CITY,NC28463	NONE	PUBLIC CHARITY	SUPPORT OF ANOTHER PUBLIC CHARITY	283,349
SOUTHEASTERN COMMUNITY COLLEGE 4564 CHADBOURN HWY WHITEVILLE,NC28472	NONE	PUBLIC CHARITY	EDUCATIONAL	2,500
TABOR CITY BAPTIST CHURCH 200 LIVE OAK STREET TABOR CITY,NC28463	NONE	PUBLIC CHARITY	RELIGION	135,000
THE EDUCATIONAL FOUNDATION 450 SKIPPER BOWLES DRIVE CHAPEL HILL,NC27599	NONE	PUBLIC CHARITY	EDUCATIONAL	2,500
WILLIAMS TOWNSHIP SCHOOL 10400 JAMES B WHITE HWY S WHITEVILLE,NC28472	NONE	PUBLIC CHARITY	EDUCATION	120,000
TABOR CITY COMMITTE OF 100 PO BOX 503 TABOR CITY,NC28463	NONE	PUBLIC CHARITY	IN SUPPORT OF ANOTHER CHARITY	5,000
LOWER CAPE FEAR HOSPICE 1414 PHYSICIANS DR WILMINGTON,NC28401	NONE	PUBLIC CHARITY	IN SUPPORT OF ANOTHER CHARITY	2,500
Total ................................. 3a				1,021,747

bApproved for future payment

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

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	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities ....					526,213
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 ............					508,342
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		0	1,034,555

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

1,034,555

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

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)
4	THIS IS NET INVESTMENT INCOME FOR 2018

Form 990-PF (2023)

Page 13

Part XVI

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

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

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

Form 990-PF (2023)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2023 AccountingFeesSchedule

Name:

JIMMY WOODARD GARRELL FOUNDATION

EIN:

56-2174021

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	46,264	23,123		23,123

- TIN:

TY 2023 InvestmentsCorpStockSchedule

Name:

JIMMY WOODARD GARRELL FOUNDATION

EIN:

56-2174021

Name of Stock	End of Year Book Value	End of Year Fair Market Value
FRANKLIN STREETS-STOCKS	18,393,297	23,344,018

- TIN:

TY 2023 OtherDecreasesSchedule

Name:

JIMMY WOODARD GARRELL FOUNDATION

EIN:

56-2174021

Description	Amount
EXCISE TAX	310
FRANKLIN STREET STOCK COST BASIS ADJUSTMENT	21,906

- TIN:

TY 2023 OtherExpensesSchedule

Name:

JIMMY WOODARD GARRELL FOUNDATION

EIN:

56-2174021

Description	Revenue and Expenses per Books	Disbursements for Charitable Purposes
BANK CHARGES	114	114
POSTAGE	219	219
INSURANCE	4,217	4,217

- TIN:

TY 2023 OtherIncreasesSchedule

Name:

JIMMY WOODARD GARRELL FOUNDATION

EIN:

56-2174021

Description	Amount
IRS TAX REFUND	35,803
FRANKLIN STREET NON TAXABLE STOCK ADJUSTMENTS	6,130

- TIN:

TY 2023 OtherProfessionalFeesSchedule

Name:

JIMMY WOODARD GARRELL FOUNDATION

EIN:

56-2174021

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
OTHER PROFESSIONAL FEES	170,389	170,389		0

- TIN:

TY 2023 TaxesSchedule

Name:

JIMMY WOODARD GARRELL FOUNDATION

EIN:

56-2174021

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN TAXES	3,790	3,790		0