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
RUBY AND ERNEST MCSWAIN WORTHY LANDS

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 2280
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
SANFORD, NC27331

A Employer identification number

46-7170073

B Telephone number (see instructions)

(919) 721-6725

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

$31,917,348J 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	77		77
4	Dividends and interest from securities...	696,100		696,100
5a	Gross rents............	23,735
b	Net rental income or (loss) 23,735
6a	Net gain or (loss) from sale of assets not on line 10		95,067
b	Gross sales price for all assets on line 6a 2,174,940
7	Capital gain net income (from Part IV, line 2)...			95,067
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........	814,979		791,244
13	Compensation of officers, directors, trustees, etc.	69,764		34,882	34,882
14	Other employee salaries and wages......	18,465		18,465	0
15	Pension plans, employee benefits.......	6,239		6,239	0
16a	Legal fees (attach schedule).........	List of Attached Documents: // Content	4,035	4,035	0
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	3,325	3,325	0
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	95,451	95,451	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	28,712	28,712	0
19	Depreciation (attach schedule) and depletion...	List of Attached Documents: // Content	37,526	0
20	Occupancy..............	85,118		85,118	0
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	9,109	9,109	0
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	357,744		285,336	34,882
25	Contributions, gifts, grants paid.......	1,240,000			1,240,000
26	Total expenses and disbursements. Add lines 24 and 25	1,597,744		285,336	1,274,882
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-782,765
b	Net investment income (if negative, enter -0-)			505,908
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.............	169,060	310,404	310,404
	2	Savings and temporary cash investments.........	620,212	456,073	456,073
	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).......	21,699,674	List of Attached Documents: // Content 20,841,157	25,247,353
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis 4,699,279
		Less: accumulated depreciation (attach schedule)	4,623,145	4,699,279	4,699,279
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis 1,593,480
		Less: accumulated depreciation (attach schedule) 390,891	1,235,182	List of Attached Documents: // Content 1,202,589	1,202,589
	15	Other assets (describe )	List of Attached Documents: // Content 1,650	List of Attached Documents: // Content 1,650	List of Attached Documents: // Content 1,650
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	28,348,923	27,511,152	31,917,348
	17	Accounts payable and accrued expenses..........	56,063	1,057
	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).........	56,063	1,057
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	28,292,860	27,510,095
	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).....	28,292,860	27,510,095
	30	Total liabilities and net assets/fund balances (see instructions).	28,348,923	27,511,152

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

28,292,860

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

-782,765

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

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

27,510,095

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 .

27,510,095

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	RAYMOND JAMES SECURITY SALES	P	2023-07-01	2023-12-31
b	RAYMOND JAMES SECURITY SALES	P	2021-12-31	2023-12-31
c	NCDOT	P	2021-12-31	2023-12-31
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	1,105,893	1,064,357	41,536
b	1,055,697	1,015,516	40,181
c	13,350		13,350
d
e

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			41,536
b			40,181
c			13,350
d
e

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	95,067
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	7,032
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	7,032
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	7,032
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	12,442
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	12,442
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
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	5,410
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax5,410	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?.........

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

HUBERT L BLACKMON Telephone no. right arrow

(919) 774-1419

Located at right arrow

PO BOX 2280SANFORDNC ZIP+4 right arrow

27331

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-)
HUBERT L BLACKMON	TRUSTEE 40.00	69,764
PO BOX 2280 SANFORD,NC27331	TRUSTEE 40.00	69,764
ANITA BLACKMON	TRUSTEE 40.00	0
PO BOX 2280 SANFORD,NC27331	TRUSTEE 40.00	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
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
NONE

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

24,299,407

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

864,803

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

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

25,164,210

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

25,164,210

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

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

377,463

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

24,786,747

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

1,239,337

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

1,239,337

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

7,032

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

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

7,032

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

1,232,305

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

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

1,232,305

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

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

1,232,305

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 ..........

1,274,882

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. .......

1,274,882

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					1,232,305
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......				0
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......	240,759
f Total of lines 3a through e ........		240,759
4Qualifying distributions for 2023 from Part
XI, line 4: $ 1,274,882
a Applied to 2022, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2023 distributable amount.....					1,232,305
e Remaining amount distributed out of corpus		42,577
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		283,336
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 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8 Excess distributions carryover from 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 ......		283,336
10 Analysis of line 9:
a Excess from 2019....
b Excess from 2020....
c Excess from 2021....
d Excess from 2022....	240,759
e Excess from 2023....	42,577

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
AMERICAN RED CROSS 100 PEARTREE LANE RALEIGH,NC27610	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	25,000
BAPTIST ON MISSION PO BOX 1107 CARY,NC27512	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	15,000
BOYS AND GIRLS CLUB OF CENTRAL CAROLINA 1013 CARTHAGE STREET SANFORD,NC27330	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	50,000
BREAD OF LIFE MINISTRY OF SANFORD PO BOX 175 SANFORD,NC27331	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	50,000
BREADBASKET OF SANFORD PO BOX 912 SANFORD,NC27331	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	30,000
CCCC FOUNDATION 1105 KELLY DRIVE SANFORD,NC27330	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	25,000
CHRISTIANS UNITED OUTREACH CENTER PO BOX 2217 SANFORD,NC27331	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	20,000
ENRICHMENT CENTER OF LEE COUNTY 1615 SOUTH THIRD STREET SANFORD,NC27330	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	25,000
FIRST BAPTIST CHURCH 202 SUMMITT DRIVE SANFORD,NC27330	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	20,000
FLOYD L KNIGHT SCHOOL 607 WEST MCINTOSH STREET SANFORD,NC27330	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	10,000
FOOD BANK OF CENTRAL AND EASTERN NC 1924 CAPITAL BLVD RALEIGH,NC27604	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	125,000
FOSTER PARENT ASSOCIATION 2309 GRASSMERE CT SANFORD,NC27330	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	30,000
HABITAT FOR HUMANITY OF SANFORD PO BOX 3821 SANFORD,NC27331	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	100,000
HELPING HANDS CLINIC 507 NORTH STEELE STREET SANFORD,NC27330	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	30,000
HOLLY'S NEST PO BOX 4086 SANFORD,NC27331	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	5,000
INGRAM FAMILY YMCA 1907 KM WICKER MEMORIAL DR SANFORD,NC27330	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	50,000
LEE COUNTY EDUCATION FOUNDATION PO BOX 98 SANFORD,NC27331	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	75,000
LEE COUNTY HAVEN 215 BRACKEN STREET SANFORD,NC27330	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	30,000
MEALS ON WHEELS PO BOX 2991 SANFORD,NC27331	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	35,000
MEREDITH COLLEGE 3800 HILLSBOROUGH ST RALEIGH,NC27607	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	150,000
NC CVM FOUNDATION CAMPUS BOX 7207 RALEIGH,NC276957207	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	150,000
OUTREACH MISSION PO BOX 476 SANFORD,NC27331	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	50,000
SALVATION ARMY 507 NORTH STEELE STREET SANFORD,NC27330	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	50,000
TEMPLE THEATRE PO BOX 1391 SANFORD,NC27331	N/A	PUBLIC CHARITY	FUND RECIPIENT'S EXEMPT PURPOSE	50,000
UNC HEALTH FOUNDATION 123 W FRANKLIN STREET SUITE 510 CHAPEL HILL,NC27516	N/A	PUBLIC CHARITY	FUND RECIPEINT'S EXEMPT PURPOSE	10,000
SANFORD BRUSH & PALETTE CLUB 507 NORTH STEELE STREET SANFORD,NC27330	N/A	PUBLIC CHARITY	FUND RECIPEINT'S EXEMPT PURPOSE	30,000
Total ................................. 3a				1,240,000

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	77
4 Dividends and interest from securities ....			14	696,100
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....			03	23,735
6 Net rental income or (loss) from personal property
7 Other investment income .....
8 Gain or (loss) from sales of assets other than inventory ............			18	95,067
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		814,979	0

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

814,979

(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:

RUBY AND ERNEST MCSWAIN WORTHY LANDS

EIN:

46-7170073

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	3,325	3,325		0

- TIN:

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

TY 2023 DepreciationSchedule

Name:

RUBY AND ERNEST MCSWAIN WORTHY LANDS

EIN:

46-7170073

Description of Property	Date Acquired	Cost or Other Basis	Prior Years' Depreciation	Computation Method	Rate / Life (# of years)	Current Year's Depreciation Expense
ELECTRICAL WORK	2014-12-31	8,311	4,501	SL	15.000000000000	554
ROAD WORK	2014-09-26	9,000	5,025	SL	15.000000000000	600
FARM OFFICE	2014-01-01	168,281	44,538	SL	39.000000000000	4,315
METAL BUILDING	2014-01-01	26,069	6,124	SL	39.000000000000	668
STORAGE BUILDING	2015-05-14	4,494	2,694	SL	10.000000000000	449
2 FILING CABINETS	2014-12-19	267	267	SL	7.000000000000	0
2 DESKS	2014-12-19	1,484	1,484	SL	7.000000000000	0
2 BOOKCASES	2014-12-19	630	630	SL	7.000000000000	0
2 CHAIRS	2014-12-19	278	278	SL	7.000000000000	0
FURNITURE	2014-11-13	294	294	SL	7.000000000000	0
OFFSET BLADE	2014-12-31	1,050	1,050	SL	7.000000000000	0
TOW DOLLY	2014-12-31	1,585	1,585	SL	7.000000000000	0
MOWER	2014-09-16	3,750	3,750	SL	7.000000000000	0
HP LASER PRINTER	2017-04-06	407	407	SL	5.000000000000	0
HP LAPTOP	2017-04-06	387	387	SL	5.000000000000	0
OFFICE FURNTIURE	2014-12-04	683	683	SL	7.000000000000	0
2017 KUBOTA SVL 95	2017-09-18	88,275	88,275	SL	5.000000000000	0
KUBOTA L4400 TRACTOR ACCESSORIES	2017-08-01	10,432	10,432	SL	5.000000000000	0
24' GATE	2017-10-14	833	436	SL	10.000000000000	83
30' GATE	2017-10-14	1,042	546	SL	10.000000000000	104
FENCING	2017-09-27	5,001	2,625	SL	10.000000000000	500
GENERATOR	2017-09-22	3,900	2,048	SL	10.000000000000	390
POUR PAD	2017-08-11	2,390	861	SL	15.000000000000	159
2010 CHRYSLER HANDICAP VAN	2017-08-01	42,861	42,861	SL	5.000000000000	0
2017 RAM 2500	2017-07-11	47,900	47,900	SL	5.000000000000	0
2017 VALOR GOLF CART	2017-06-01	6,022	6,022	SL	5.000000000000	0
PULVIZER ATTACHMENT	2018-04-11	2,087	1,981	SL	5.000000000000	106
2018 KUBOTO ZERO TURN MOWER	2018-03-26	15,515	14,739	SL	5.000000000000	776
72" POINT HITCH TILLER	2018-02-27	1,856	1,793	SL	5.000000000000	63
HOME IMPROVEMENTS	2018-12-31	12,258	3,268	SL	15.000000000000	817
BED LINER FOR 2017 RAM	2018-05-07	2,032	1,895	SL	5.000000000000	137
IMPROVEMENTS - WORTHY HOUSE	2021-12-31	884,754		L		0
OUTDOOR CLASSROOM	2020-03-02	64,121	9,084	SL	20.000000000000	3,206
POWER RAKE	2019-06-10	9,241	6,622	SL	5.000000000000	1,848
DOZER BLADE	2019-06-13	5,273	3,780	SL	5.000000000000	1,055
CONTROLLER KIT	2019-06-13	934	670	SL	5.000000000000	187
14 PIN ADAPTER	2019-06-13	458	329	SL	5.000000000000	92
KUBOTA UTILITY VEHICLE	2019-09-16	23,005	14,953	SL	5.000000000000	4,601
FENCING	2019-02-07	1,475	579	SL	10.000000000000	148
GENERATOR	2019-02-13	8,604	3,369	SL	10.000000000000	860
ENCLOSED TRAILER - 7 X 16	2019-09-19	4,390	2,854	SL	5.000000000000	878
HP COLOR LASER JET PRINTER	2020-05-07	473	253	SL	5.000000000000	95
NO TILL SEEDER - 78"	2020-03-17	5,885	3,237	SL	5.000000000000	1,177
WORTHY HOUSE FURNISHINGS	2021-12-16	24,078	2,408	SL	10.000000000000	2,408
WORTHY HOUSE DISPLAY CABINETS	2021-12-02	8,625	623	SL	15.000000000000	575
IMPROVEMENTS - 2308 TRAMWAY ROAD	2021-02-11	1,470	282	SL	10.000000000000	147
TRAILER - 6 X 10 X 18	2021-06-01	4,221	1,336	SL	5.000000000000	844
WORTHY HOUSE FURNISHINGS	2022-07-01	31,645	2,260	SL	7.000000000000	4,521
OFFICE FURNTIURE	2022-05-06	3,692	492	SL	5.000000000000	738
OFFICE CHAIR REUPHOLSTRY	2022-08-17	428	29	SL	5.000000000000	86
LP LINES TO COTTAGE	2022-08-05	535	22	SL	10.000000000000	54
HVAC UNIT	2022-08-03	6,472	270	SL	10.000000000000	647
COMPUTER EQUIPMENT	2022-12-07	428	7	SL	5.000000000000	86
GRAVLEY 6 SEATER	2022-11-10	22,149	527	SL	7.000000000000	3,164
SURVEY	2022-03-18	6,817		L		0
COMPUTER EQUIPMENT	2023-07-07	1,252		SL	5.000000000000	125
WORTHY HOUSE FURNISHINGS	2023-07-15	3,681		SL	7.000000000000	263

- TIN:

TY 2023 InvestmentsCorpStockSchedule

Name:

RUBY AND ERNEST MCSWAIN WORTHY LANDS

EIN:

46-7170073

Name of Stock	End of Year Book Value	End of Year Fair Market Value
CAPTRUST	20,841,157	25,247,353

- TIN:

TY 2023 LandEtcSchedule2

Name:

RUBY AND ERNEST MCSWAIN WORTHY LANDS

EIN:

46-7170073

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value
ELECTRICAL WORK	8,311	5,055	3,256
ROAD WORK	9,000	5,625	3,375
FARM OFFICE	168,281	48,853	119,428
METAL BUILDING	26,069	6,792	19,277
STORAGE BUILDING	4,494	3,143	1,351
2 FILING CABINETS	267	267	0
2 DESKS	1,484	1,484	0
2 BOOKCASES	630	630	0
2 CHAIRS	278	278	0
FURNITURE	294	294	0
OFFSET BLADE	1,050	1,050	0
TOW DOLLY	1,585	1,585	0
MOWER	3,750	3,750	0
HP LASER PRINTER	407	407	0
HP LAPTOP	387	387	0
OFFICE FURNTIURE	683	683	0
2017 KUBOTA SVL 95	88,275	88,275	0
KUBOTA L4400 TRACTOR ACCESSORIES	10,432	10,432	0
24' GATE	833	519	314
30' GATE	1,042	650	392
FENCING	5,001	3,125	1,876
GENERATOR	3,900	2,438	1,462
POUR PAD	2,390	1,020	1,370
2010 CHRYSLER HANDICAP VAN	42,861	42,861	0
2017 RAM 2500	47,900	47,900	0
2017 VALOR GOLF CART	6,022	6,022	0
PULVIZER ATTACHMENT	2,087	2,087	0
2018 KUBOTO ZERO TURN MOWER	15,515	15,515	0
72" POINT HITCH TILLER	1,856	1,856	0
HOME IMPROVEMENTS	12,258	4,085	8,173
BED LINER FOR 2017 RAM	2,032	2,032	0
IMPROVEMENTS - WORTHY HOUSE	884,754	0	884,754
OUTDOOR CLASSROOM	64,121	12,290	51,831
POWER RAKE	9,241	8,470	771
DOZER BLADE	5,273	4,835	438
CONTROLLER KIT	934	857	77
14 PIN ADAPTER	458	421	37
KUBOTA UTILITY VEHICLE	23,005	19,554	3,451
FENCING	1,475	727	748
GENERATOR	8,604	4,229	4,375
ENCLOSED TRAILER - 7 X 16	4,390	3,732	658
HP COLOR LASER JET PRINTER	473	348	125
NO TILL SEEDER - 78"	5,885	4,414	1,471
WORTHY HOUSE FURNISHINGS	24,078	4,816	19,262
WORTHY HOUSE DISPLAY CABINETS	8,625	1,198	7,427
IMPROVEMENTS - 2308 TRAMWAY ROAD	1,470	429	1,041
TRAILER - 6 X 10 X 18	4,221	2,180	2,041
WORTHY HOUSE FURNISHINGS	31,645	6,781	24,864
OFFICE FURNTIURE	3,692	1,230	2,462
OFFICE CHAIR REUPHOLSTRY	428	115	313
LP LINES TO COTTAGE	535	76	459
HVAC UNIT	6,472	917	5,555
COMPUTER EQUIPMENT	428	93	335
GRAVLEY 6 SEATER	22,149	3,691	18,458
SURVEY	6,817	0	6,817
COMPUTER EQUIPMENT	1,252	125	1,127
WORTHY HOUSE FURNISHINGS	3,681	263	3,418

- TIN:

TY 2023 LegalFeesSchedule

Name:

RUBY AND ERNEST MCSWAIN WORTHY LANDS

EIN:

46-7170073

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL FEES	4,035	4,035		0

- TIN:

TY 2023 OtherAssetsSchedule

Name:

RUBY AND ERNEST MCSWAIN WORTHY LANDS

EIN:

46-7170073

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
UTILITY DEPOSIT	150	150	150
BURIAL PLOTS	1,500	1,500	1,500

- TIN:

TY 2023 OtherExpensesSchedule

Name:

RUBY AND ERNEST MCSWAIN WORTHY LANDS

EIN:

46-7170073

Description	Revenue and Expenses per Books	Net Investment Income
AUTOMOBILE EXPENSES	3,873	3,873
OFFICE SUPPLIES	3,984	3,984
HEAVY EQUIPMENT COSTS	354	354
MISCELLANEOUS	898	898

- TIN:

TY 2023 OtherProfessionalFeesSchedule

Name:

RUBY AND ERNEST MCSWAIN WORTHY LANDS

EIN:

46-7170073

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ADVISORY FEES	95,451	95,451		0

- TIN:

TY 2023 TaxesSchedule

Name:

RUBY AND ERNEST MCSWAIN WORTHY LANDS

EIN:

46-7170073

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
PROPERTY TAX	23,863	23,863		0
FOREIGN TAXES ON DIVIDENDS	4,849	4,849		0