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
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 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

$395,139,086J 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	13,150		13,150
4	Dividends and interest from securities...	4,131,015		4,131,015
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10	List of Attached Documents: // Content	-3,049,233
b	Gross sales price for all assets on line 6a 69,372,613
7	Capital gain net income (from Part IV, line 2)...			0
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......	List of Attached Documents: // Content	1,455,500	1,879,845
12	Total. Add lines 1 through 11........	2,550,432		6,024,010
13	Compensation of officers, directors, trustees, etc.	35,568		0	35,568
14	Other employee salaries and wages......	1,299,750		0	1,299,750
15	Pension plans, employee benefits.......	256,611		0	256,611
16a	Legal fees (attach schedule).........	List of Attached Documents: // Content	42,538	36,443	6,095
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	16,236	7,618	8,118
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	3,015,640	1,330,550	1,685,090
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	57,395	55,939	0
19	Depreciation (attach schedule) and depletion...	List of Attached Documents: // Content	36,941	0
20	Occupancy..............
21	Travel, conferences, and meetings.......	184,900		0	184,900
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	3,771,505	2,913,595	491,538
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	8,717,084		4,344,145	3,967,670
25	Contributions, gifts, grants paid.......	14,707,092			14,707,092
26	Total expenses and disbursements. Add lines 24 and 25	23,424,176		4,344,145	18,674,762
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-20,873,744
b	Net investment income (if negative, enter -0-)			1,679,865
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.............	598,574	4,420,912	4,420,912
	2	Savings and temporary cash investments.........	3,233,333	4,466,815	4,466,815
	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).......	159,499,124	List of Attached Documents: // Content 95,851,394	108,093,543
	c	Investments—corporate bonds (attach schedule).......	33,382,596	List of Attached Documents: // Content 32,729,869	31,158,868
	11	Investments—land, buildings, and equipment: basis 41,468,960
		Less: accumulated depreciation (attach schedule)	41,468,960	41,468,960	28,810,000
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	144,723,948	List of Attached Documents: // Content 183,169,682	217,893,107
	14	Land, buildings, and equipment: basis 751,893
		Less: accumulated depreciation (attach schedule) 456,052	384,698	List of Attached Documents: // Content 295,841	295,841
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	383,291,233	362,403,473	395,139,086
	17	Accounts payable and accrued expenses..........	28,474	14,458
	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).........	28,474	14,458
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		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	383,262,759	362,389,015
	29	Total net assets or fund balances (see instructions).....	383,262,759	362,389,015
	30	Total liabilities and net assets/fund balances (see instructions).	383,291,233	362,403,473

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

383,262,759

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

-20,873,744

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

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

362,389,015

Decreases not included in line 2 (itemize) right arrow

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

362,389,015

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	Publicly traded securities
b	K-1 Capital Gain / (Loss)	P
c	VP Dislocation Fund - Offshore	P	2020-06-30	2023-09-30
d	Capital gain distributions
e	Disposal of fixed assets	P	2021-11-08	2023-08-28

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	69,125,057	70,173,358	-1,048,301
b		2,195,234	-2,195,234
c	141,718	1,687	140,031
d	6,887		6,887
e	81,132	51,567	29,565

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			-1,048,301
b			-2,195,234
c			140,031
d			6,887
e			29,565

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	-3,067,052
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	23,350
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	23,350
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	23,350
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	551,678
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	551,678
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 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.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	528,328
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax528,328	Refunded	11	0

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?.........

Yes

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

Yes

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

or 4942(j)(5) for calendar year 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 Click to see list of attachments

List of Attached Documents:

// Content

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

Yes

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 Click to see attachment

List of Attached Documents:

// Content

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

Yes

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

Yes

Website address right arrow

WWW.JMBENDOWNMENT.ORG

The books are in care of right arrow

Taborah Miley Telephone no. right arrow

(980) 381-4123

Located at right arrow

4201 Congress Street Suite 470CharlotteNC ZIP+4 right arrow

28209

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)

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)

(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-)
Mary Claudia Belk Pilon List of Attached Documents: // Content	Board Chair 40.00	35,568
4201 Congress Street Charlotte,NC28209	Board Chair 40.00	35,568
J Keith Benedict	Board Member 24.00	398,160
4201 Congress Street Charlotte,NC28209	Board Member 24.00	398,160
Virginia M Esposito	Board Member 1.00	0
4201 Congress Street Charlotte,NC28209	Board Member 1.00	0

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


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
Michael Thomas Krause	Senior Advisor 40.00	400,500	13,200	0
4201 Congress Street Charlotte,NC28209	Senior Advisor 40.00	400,500	13,200	0
Mark Earl Reed	Managing Director 40.00	364,390	12,720	0
4201 Congress Street Charlotte,NC28209	Managing Director 40.00	364,390	12,720	0
Charles W Kaylor	Chief of Staff 40.00	208,763	8,350	0
4201 Congress Street Charlotte,NC28209	Chief of Staff 40.00	208,763	8,350	0
Michelle M Sorrells	Impact Officer 40.00	103,774	4,146	0
4201 Congress Street Charlotte,NC28209	Impact Officer 40.00	103,774	4,146	0
Calvin Dwight Miller	Impact Officer 40.00	84,270	3,371	0
4201 Congress Street Charlotte,NC28209	Impact Officer 40.00	84,270	3,371	0
Total number of other employees paid over $50,000...................				1

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
South Summit Capital Management LLC	Foundation management services	675,136
4201 Congress St Ste 470 Charlotte,NC28202	Foundation management services	675,136
New Educational Ventures LLC	Strategic consulting services	351,898
1311 13th St NW Unit T01 Washington,DC20005	Strategic consulting services	351,898
Andalusian Private Capital	Investment services	303,068
51 John F Kennedy Pkwy Short Hills,NJ07078	Investment services	303,068
Jake Drew	Data analytics	288,000
5908 Fallsview Ln Dallas,TX75252	Data analytics	288,000
New Republic Capital LLC	Investment services	255,000
521 East Morehead Street Suite 100 Charlotte,NC28202	Investment services	255,000

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	In 2023, 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 colleges that lead to improved career opportunities. In addition to making grants to community colleges in the respective cohorts, the Endowment covered the cost of communications and marketing services essential to the initiative's success.	477,767
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...................

164,746,040

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

4,644,633

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

225,191,007

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

394,581,680

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

394,581,680

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

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

5,918,725

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

388,662,955

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

19,433,148

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

19,433,148

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

23,350

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

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

23,350

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

19,409,798

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

46,410

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

19,456,208

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

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

19,456,208

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 ..........

18,674,762

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. .......

18,674,762

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				19,456,208
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......			17,859,805
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: $ 18,674,762
a Applied to 2022, but not more than line 2a			17,859,805
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.....				814,957
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 ..........				18,641,251
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 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)

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
Novant Health Foundation 200 Hawthorne Ln Charlotte,NC28204	N/A	PC	Bridges to Healthcare Pipeline and Recruitment Program	460,400
Public School Forum of North Carolina PO Box 18284 Raleigh,NC27619	N/A	PC	General Operating Support	100,000
InsideTrack 121 SW Salmon St Ste 800 Portland,OR97204	N/A	PC	Support for NC Reconnect	679,860
Julius L Chambers High School 7600 IBM Dr Charlotte,NC28262	N/A	Gov	General Operating Support	3,000
West Mecklenburg High School 7400 Tuckaseegee Rd Charlotte NC,NC28214	N/A	Gov	General Operating Support	1,500
Charlotte-Mecklenburg Schools 4421 Stuart Andrew Blvd Charlotte,NC28217	N/A	Gov	General Operating Support	35,000
EdNC PO Box 1636 Raleigh,NC27602	N/A	PC	General Operating Support	1,070,000
College Advising Corps 301 W Barbee Chapel Rd 210 Chapel Hill,NC27517	N/A	PC	General Operating Support	2,500,000
Institute for Emerging Issues 1070 Partners Way Raleigh,NC27606	N/A	PC	General Operating Support	250,000
Year Up 45 Milk St 9th Floor Boston,MA02109	N/A	PC	General Operating Support	500,000
College of The Albemarle 1208 North Rd St Elizabeth City,NC27909	N/A	PC	Support for NC Reconnect	75,000
Catawba Valley Community College 2550 Highway 70 SE Hickory,NC28602	N/A	Gov	Support for NC Reconnect	75,000
LatinxEd PO Box 891 Siler City,NC27344	N/A	PC	General Operating Support	500,000
Davidson-Davie Community College 297 DCC Rd Lexington,NC27360	N/A	Gov	Support for NC Reconnect	75,000
Brunswick Community College 50 College Rd Supply,NC28422	N/A	Gov	Support for NC Reconnect	75,000
Edgecombe Community College 2009 West Wilson St Tarboro,NC27886	N/A	Gov	Support for NC Reconnect	75,000
Hunt Institute 4000 Centregreen Way Ste 301 Cary,NC27513	N/A	PC	General Operating Support	1,500,000
myFutureNC PO Box 26246 Raleigh,NC27611	N/A	PC	General Operating Support	1,250,000
Guilford County Schools 712 N Eugene St Greensboro,NC27401	N/A	Gov	FAFSA Strong Initiative	30,000
Iredell-Statesville Schools 549 North Race St Statesville,NC28677	N/A	Gov	FAFSA Strong Initiative	30,000
Winston-SalemForsyth County Schools 427 Corporate Square Drive WinstonSalem,NC27105	N/A	Gov	FAFSA Strong Initiative	30,000
Union County Public Schools 400 N Church St Monroe,NC28112	N/A	Gov	FAFSA Strong Initiative	30,000
Charlotte-Mecklenburg Schools 4421 Stuart Andrew Blvd Charlotte,NC28217	N/A	Gov	FAFSA Strong Initiative	30,000
Land of Sky Regional Council 339 New Leicester Hwy 140 Asheville,NC28806	N/A	PC	General Operating Support	325,500
InsideTrack 121 SW Salmon St Ste 800 Portland,OR97204	N/A	PC	Support for NC Reconnect	406,832
National College Advising Corp 5540 Centerview Dr Ste 204 Raleigh,NC27606	N/A	PC	General Operating Support	100,000
Foundation for the Carolinas 220 N Tryon St Charlottel,NC28202	N/A	Gov	General Operating Support	4,500,000
Total ................................. 3a				14,707,092

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 ...........			14	13,150
4 Dividends and interest from securities ....			14	4,131,015
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	17,819	18	-3,067,052
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	-429,844	14	1,663,094
bHunting lease			16	4,938
cSection 951A GILTI			14	217,312
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		-412,025		2,962,457	0

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

2,550,432

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

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (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:

John M Belk Endowment

EIN:

56-1954114

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Tax compliance	14,000	6,500		7,000
Accounting	2,236	1,118		1,118

- TIN:

TY 2023 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 $675,136 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 $398,160 is attributed to his services performed for the JMBE. JMBE is making this disclosure pursuant to revised IRS guidance per Announcement 2021-18.

Person Name

Explanation

J Keith Benedict

John M. Belk Endowment (JMBE) paid a management fee of $675,136 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 $398,160 is attributed to his services performed for the JMBE. JMBE is making this disclosure pursuant to revised IRS guidance per Announcement 2021-18.

- TIN:

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

TY 2023 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
Leasehold Improvements	2015-03-15	349,858	69,806	SL	39.000000000000	8,970
Office furniture	2014-12-19	148,347	111,260	SL	10.000000000000	14,835
Equipment	2014-01-01	253,688	238,045	SL	5.000000000000	13,136

- TIN:

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

TY 2023 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
K-1 Capital Gain UBTI		Purchased			17,819		Cost	0	17,819

- TIN:

TY 2023 InvestmentsCorpBondsSchedule

Name:

John M Belk Endowment

EIN:

56-1954114

Name of Bond	End of Year Book Value	End of Year Fair Market Value
3,000 Callon Petroleu 6.125% 24	2,903	2,993
92,000 Cimarex Energy Co 3.9%27	78,282	79,695
267,000 Corecivic, Inc. 8.25%26	267,659	271,339
703,000 Delek Logistics 6.75% 25	701,187	692,455
866,000 Dish Dbs Corp 7.75% 26	887,550	599,705
32,000 Frontier Communi 6.75% 27	30,080	30,560
318,000 Frontier Communi 6.86% 28	295,120	306,870
53,000 Global Partners Lp 7%27	51,895	51,675
475,000 Griffon Corp 5.75%28	430,988	465,500
504,000 Hecla Mining Co 7.25% 28	533,593	507,150
159,000 Hercules Capita 2.625% 26	134,260	143,443
222,000 Icahn Enterprise 4.75% 24	214,651	220,613
349,000 Kohl'S Corp 4.25% 25	319,420	337,658
405,000 Macy'S, Inc. 6.9%29	374,232	376,650
4,000 Marriott Vacatio 4.75% 28	3,580	3,665
407,000 Mercer Interntn 5.125%29	348,100	349,003
405,000 Mpt Operating Pa 5.25%26	362,162	360,450
124,000 Nabors Industrie5.75%25	114,647	124,000
393,000 Nordstrom, Inc. 4%27	333,147	366,473
376,000 Oceaneering Internt 6% 28	337,017	364,720
311,000 Prospect Capita 3.364%26	260,193	278,637
89,000 Prospect Capita 3.706%26	77,935	83,294
86,000 Seagate Techno3.125%29F	66,194	69,230
274,000 Sm Energy Co 6.5% 28	260,387	272,630
17,000 Sm Energy Co 6.75% 26	16,544	17,000
773,000 Talos Production I 12% 26	812,602	795,224
379,000 The Geo Group, Inc 6% 26	348,349	361,945
372,000 Titan Intl Inc Del 7%28	356,708	372,465
169,000 Treehouse Foods, In 4%28	143,197	149,354
1,000 Us Steel Corp 6.875%29	896	1,019
800,000 Vital Energy, Inc 9.5% 25	817,206	800,160
836,851 Jpm Managed Income Fd - Usd	8,365,497	8,376,877
245,961 Fidelity U.S. Bond Index Fund (Fxnax	2,946,617	2,565,377
45,875 Ishares Trust 1-3 Year Treasury Bond	3,957,168	3,763,585
98,171 Ishares Tr Iboxx Hi Yd Etf (Hyg)	8,479,903	7,597,454

- TIN:

TY 2023 InvestmentsCorpStockSchedule

Name:

John M Belk Endowment

EIN:

56-1954114

Name of Stock	End of Year Book Value	End of Year Fair Market Value
5,550 Ishares S&P 500 Index Fund	1,291,721	2,650,847
297,210 Fidelity 500 Index Fund (Fxaix)	41,014,932	49,185,225
865,106 Fidelity Emerging Markets Index Fund	11,497,265	8,694,320
345,168 Fidelity Internatl Index Fund	16,383,166	16,343,718
16,600 Aci Worldwide Inc(Aciw)	420,043	507,960
4,000 Alphabet Inc Cap Stk Cl C(Goog)	550,082	563,720
12,950 Anterix Inc Com (Atex)	556,374	431,494
4,360 Apple Inc (Aapl)	630,509	839,431
69,500 Applied Digital Corp Com Usd0.001	488,724	468,430
18,200 Aspen Aerogels Inc Com Usd0.00001	466,977	287,201
990 Broadcom Inc Com (Avgo)	487,469	1,105,088
3,950 Chart Inds Inc Com (Gtls)	562,561	538,504
4,750 Chevron Corp New Com(Cvx)	590,376	708,510
2,340 Chubb Limited Com Npv	430,015	528,840
14,380 Clearwater Paper Corp(Clw)	394,810	519,396
10,750 Delta Air Lines Inc(Dal)	367,328	432,473
18,215 Dermtech Inc Com (Dmtk)	448,647	31,876
8,800 Duke Energy Corp New Com New Isin #Us26441C2044 Sedol #B7Jzsk0 (Duk)	860,680	853,952
37,651 Fidelity 500 Index Fund (Fxaix)	5,199,901	6,230,893
6,600 General Mills Inc Com Usd0.10(Gis)	382,810	429,924
35,400 Harrow Inc Com (Hrow)	479,663	396,480
3,660 Hca Healthcare Inc Com(Hca)	834,060	990,689
1,555 Johnson &Johnson Com Usd1.00(Jnj)	261,829	243,731
3,965 Jpmorgan Chase & Co(Jpm)	560,008	674,447
58,457 Kosmos Energy Ltd Com (Kos)	142,927	392,246
1,500 Lockheed Martin Corp Com Usd1.00 (Lmt)	580,874	679,860
4,625 Lyondellbasell Industries N V Com	450,080	439,745
29,400 Magnite Inc Com (Mgni)	498,136	274,596
7,100 Merck &Co. Inc Com (Mrk)	535,067	774,042
2,540 Microsoft Corp (Msft)	740,374	955,142
4,750 Moderna Inc Com (Mrna)	514,366	472,388
1,400 Nike Inc Class B Com Npv(Nke)	233,274	151,998
21,350 Old Republic International Corp(Ori)	534,963	627,690
13,500 Palantir Technologies Inc Cl A (Pltr)	115,829	231,795
2,200 Palo Alto Networks Inc Com Usd0.0001 (Panw)	299,981	648,736
9,000 Pinnacle Financial Partners Com Usd1.00 (Pnfp)	635,295	784,980
2,500 Salesforce Inc Com (Crm)	423,475	657,850
21,367 Stonex Group Inc Com(Snex)	990,885	1,577,526
3,935 United Parcel Service Inc Cl B(Ups)	739,752	618,771
1,030 Unitedhealth Group Inc(Unh)	430,846	542,264
10,350 Verizon Communications Inc (Vz)	557,709	390,195
1,500 Workday Inc Com Usd0.001 Cl A(Wday)	244,260	414,090
8,000 Spdr S&P 500 Etf Trust	2,023,351	3,802,480

- TIN:

TY 2023 InvestmentsOtherSchedule2

Name:

John M Belk Endowment

EIN:

56-1954114

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
3650 Trousdale Investors, LLC	AT COST	1,810,589	1,810,589
Ada Re Segregated Account 2024-HQS1	AT COST	750,000	750,000
Ada Re Segregated Account 2024-P1	AT COST	1,121,699	1,747,490
JMBE Holdings 2020 LLC	AT COST	8,229,102	7,978,705
Altarock Partners Series	AT COST	11,462,056	26,485,611
Andalusian Credit Company LLC	AT COST	0	122,275
Andalusian Sports Advisors, LP	AT COST	2,999,766	2,999,766
Andalusian SPV I LP	AT COST	1,739,779	1,497,250
Andalusian SPV II LP	AT COST	3,720,242	4,070,888
Andalusian SPV III LP	AT COST	3,995,300	3,982,655
Aston Realty Investment Company (Aric)	AT COST	2,715,368	3,069,670
Balance Legal Capital Fund II, LP (UK)	AT COST	2,820,337	2,475,628
Bares Mid-Large Cap Series	AT COST	13,642,678	13,455,153
BBH Ah Cayman LP	AT COST	2,009,664	2,270,240
BBH Cap Partners QP IV	AT COST	4,600	424,458
Braemont Partners I (Offshore) LP	AT COST	3,616,997	4,193,871
Bramalea Partners Fund LP	AT COST	3,529,801	4,825,899
Contrarian Emerging Markets Offshore Fund	AT COST	1,000,000	1,567,588
ECF Value Fund International Ltd	AT COST	2,500,000	2,780,853
FCA Health Innovations II QP	AT COST	953,139	1,082,741
FCA RR Investors LLC	AT COST	129,067	1,060,432
FCA Ventures I, LLC	AT COST	6,329,604	6,235,913
FCAW CC GP Investors LLC	AT COST	943,341	634,918
Goldcrest Capital II-A, LP	AT COST	538,513	1,501,066
Goldcrest Capital III-A, LP	AT COST	1,616,592	2,016,748
Goldcrest Capital Mars SPV	AT COST	2,497,936	3,263,042
Goldcrest Capital Peregrine-B SPV, LLC	AT COST	1,499,935	1,499,725
Goldcrest Capital Sourcegraph-D SPV, LLC	AT COST	997,159	719,352
HNVR II LP	AT COST	339,949	372,234
Housing Impact Fund I LLC	AT COST	657,199	655,559
LBC Credit Parners III USTE Series	AT COST	1,485,409	518,422
Morrocroft Neighborhood Fund III LP	AT COST	1,544,384	3,386,850
NRC Absolute Return Offshore LP	AT COST	8,000,000	8,387,331
NRC Global Select Equity Fund, L.P.	AT COST	2,545,374	2,637,576
NRC Hedged Equity Offshore LP	AT COST	4,000,000	3,521,343
NRC Private Credit Opportunities 2021 LP	AT COST	6,151,087	7,236,674
NRC Private Credit Opportunities 2022, LP	AT COST	5,412,656	5,842,888
NRC Private Equity Opportunities 2021, LP	AT COST	4,137,875	4,658,023
NRC Private Equity Opportunities 2022, LP	AT COST	3,089,362	3,301,886
Oaktree Opportunities Sub Trust	AT COST	3,330,661	4,941,428
Orbimed Royalty & Credit Opportunities III, L.P.	AT COST	2,483,198	2,360,986
Primary Wave	AT COST	3,482,296	5,264,055
RB EFO II DE AIV II LP	AT COST	376,071	341,798
Redbird Capital Partners Fund II, LP	AT COST	371,355	385,432
Select Equity Series - BBH	AT COST	13,315,820	15,276,883
Senvest Partners, Ltd.	AT COST	1,000,000	1,812,322
Sharpvue Capital (Svc)-Peachtree Corners LLC	AT COST	2,942,138	3,000,000
Spicewood Mineral Partners II, LP	AT COST	3,918,121	3,905,099
Spicewood Mineral Partners, LP	AT COST	4,673,302	5,458,776
Spicewood Titan Sidecar, LP	AT COST	2,157,170	2,758,820
Tosca	AT COST	2,936,176	3,008,149
Truebridge Capital Partners Fund VI (Cayman)	AT COST	861,047	1,117,981
Valley Forge Large Cap Equity Series - BBH	AT COST	9,098,531	13,238,370
VP Dislocation Fund II Private Investors Offshore L.P. - Class A -	AT COST	2,503,740	2,817,784
Zelda Ventures Fund I, LP	AT COST	236,730	217,286
Zephyrus Aviation Partners Ii	AT COST	8,946,767	6,946,626

- TIN:

TY 2023 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	78,776	271,082	271,082
Office furniture	148,347	126,095	22,252	22,252
Equipment	253,688	251,181	2,507	2,507

- TIN:

TY 2023 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	42,538	36,443		6,095

- TIN:

TY 2023 OtherExpensesSchedule

Name:

John M Belk Endowment

EIN:

56-1954114

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
Memberships, dues, subscriptions	42,994	0	42,994
Information & technology	64,557	0	64,557
Insurance	36,124	24,151	11,973
State filing fees	778	778	0
Sponsorships & hosting	309,332	0	309,332
Other expenses	24,713	5,601	19,112
K-1 expenses	3,245,292	2,878,920	0
Public relations	41,495	0	41,495
Other land expenses	4,145	4,145	0
Davidson scholar expenses	2,075	0	2,075

- TIN:

TY 2023 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	1,233,250	1,657,595	1,233,250
Hunting lease	4,938	4,938	4,938
Section 951A GILTI	217,312	217,312	217,312

- TIN:

TY 2023 OtherProfessionalFeesSchedule

Name:

John M Belk Endowment

EIN:

56-1954114

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
Investment management fees	877,603	877,603	0
Foundation management services	675,136	135,027	540,109
Staffing services	20,898	0	20,898
Leadership development	60,750	0	60,750
Data analytic research	313,078	288,000	25,078
Strategic consulting	532,806	0	532,806
Land management services	29,920	29,920	0
Payroll processing fees	30,013	0	30,013
Communications / public relations	475,436	0	475,436

- TIN:

TY 2023 TaxesSchedule

Name:

John M Belk Endowment

EIN:

56-1954114

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Federal excise tax	1,456	0		0
Foreign tax expense	55,939	55,939		0

- TIN:

TY 2023 TransfersFrmControlledEntities

Name:

John M Belk Endowment

EIN:

56-1954114

Name	US / Foreign Address	EIN	Description	Amount
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).	1,587,500
NRC Private Credit Opportunities 2022 (Offshore) LP	521 East Morehead St Ste 100 Charlotte,NC28202	98-1661072	Distribution from investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B).	3,219,959
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).	789,287
NRC Private Equity Opportunities 2022 LP	521 East Morehead St Ste 100 Charlotte,NC28202	87-4555439	Distribution from investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B).	1,816,433
Total				919,521

- TIN:

TY 2023 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).	10,030,000
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).	1,587,500
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).	3,219,959
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).	789,287
NRC Private Equity Opportunities 2022 LP	521 East Morehead St Ste 100 Charlotte,NC28202	87-4555439	Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B).	1,816,433
Total				17,443,179