Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
For calendar year 2023, or tax year beginning 06-01-2023 , and ending 05-31-2024
Name of foundation
THE BELK FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)6832 CARNEGIE BLVD STE 100
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CHARLOTTE, NC28211
A Employer identification number

27-0237197
B Telephone number (see instructions)

(704) 544-5444
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$52,108,551J Accounting method:
MODIFIED CASH
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments 7,529 7,529  
4 Dividends and interest from securities... 495,140 881,612  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -3,134,232
b Gross sales price for all assets on line 6a 1,990,073
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)....... Click to see attachment
List of Attached Documents:
// Content
0 -5,222  
12 Total. Add lines 1 through 11........ -2,631,563 883,919 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 176,340 35,268 0 141,072
14 Other employee salaries and wages...... 92,057 9,206 0 82,852
15 Pension plans, employee benefits....... 28,183 5,000 0 23,183
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
28,060 19,923 0 8,138
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
172,690 141,224 0 31,410
17 Interest...............   45,448    
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
20,000 31,789 0 0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 55,731 11,146 0 44,585
21 Travel, conferences, and meetings....... 21,662 1,419 0 20,243
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
26,059 58,017 0 22,523
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 620,782 358,440 0 374,006
25 Contributions, gifts, grants paid....... 1,915,063 1,936,493
26 Total expenses and disbursements. Add lines 24 and 25 2,535,845 358,440 0 2,310,499
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -5,167,408
b Net investment income (if negative, enter -0-) 525,479
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2023)
Form 990-PF (2023)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 252,294 135,893 135,893
2 Savings and temporary cash investments......... 76,509 52,487 52,487
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule).......      
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 47,754,389 Click to see attachment
List of Attached Documents:
// Content
42,726,606 		51,920,171
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 48,083,192 42,914,986 52,108,551
Liabilities 17 Accounts payable and accrued expenses.......... 1,109 92
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
37 		Click to see attachment
List of Attached Documents:
// Content
131
23 Total liabilities (add lines 17 through 22)......... 1,146 223
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 48,082,046 42,914,763
29 Total net assets or fund balances (see instructions)..... 48,082,046 42,914,763
30 Total liabilities and net assets/fund balances (see instructions). 48,083,192 42,914,986
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
48,082,046
2
Enter amount from Part I, line 27a .....................
2
-5,167,408
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
3,787
4
Add lines 1, 2, and 3 ..........................
4
42,918,425
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
3,662
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
42,914,763
Form 990-PF (2023)
Form 990-PF (2023)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a TOTAL FROM PASS THROUGH INVESTMENTS P    
b CAPITAL GAIN DISTRIBUTIONS P    
c DISTRIBUTIONS IN EXCESS OF BASIS / SUSPENDED LOSS ADJ P    
d DISPOSAL OF ALTERNATIVE INVESTMENTS P    
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a     153,893 -153,893
b 1,865,768     1,865,768
c 124,305     124,305
d     5,156,408 -5,156,408
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       -153,893
b       1,865,768
c       124,305
d       -5,156,408
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 -3,320,228
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3 0
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 7,304
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 7,304
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 7,304
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 43,510
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 20,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 7,304
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9 0
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10  
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow   Refundedright arrow 11  
Form 990-PF (2023)
Form 990-PF (2023)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowNC
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowHTTP://WWW.BELKFOUNDATION.ORG
14
The books are in care ofright arrowJEVELYN BONNER-REED Telephone no.right arrow (704) 544-5444

Located atright arrow6832 CARNEGIE BLVD STE 100CHARLOTTENC ZIP+4right arrow28211
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
Yes
 
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2023 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2023.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
JEVELYN D BONNER-REED EXECUTIVE DIRECTOR
40.00 		171,204 5,136 0
6832 CARNEGIE BLVD STE 100
CHARLOTTE,NC28211
JOHN R BELK CHAIR, BOARD OF DIRECTORS
10.00 		0 0 0
6832 CARNEGIE BLVD STE 100
CHARLOTTE,NC28211
THOMAS M BELK JR VICE CHAIR, TREASURER
1.00 		0 0 0
6832 CARNEGIE BLVD STE 100
CHARLOTTE,NC28211
JAMES WILLIAMS SECRETARY, BOARD OF DIRECTORS
1.00 		0 0 0
6832 CARNEGIE BLVD STE 100
CHARLOTTE,NC28211
ROBERT BELK MEMBER, BOARD OF DIRECTORS
1.00 		0 0 0
6832 CARNEGIE BLVD STE 100
CHARLOTTE,NC28211
MARY CLAUDIA BELK PILON MEMBER, BOARD OF DIRECTORS
1.00 		0 0 0
6832 CARNEGIE BLVD STE 100
CHARLOTTE,NC28211
ANN CLARK MEMBER, BOARD OF DIRECTORS
1.00 		0 0 0
6832 CARNEGIE BLVD STE 100
CHARLOTTE,NC28211
KATHERINE B MORRIS MEMBER, BOARD OF DIRECTORS
1.00 		0 0 0
6832 CARNEGIE BLVD STE 100
CHARLOTTE,NC28211
ALISON WELCHER MEMBER, BOARD OF DIRECTORS
1.00 		0 0 0
6832 CARNEGIE BLVD STE 100
CHARLOTTE,NC28211
BRANDY NELSON MEMBER, BOARD OF DIRECTORS
1.00 		0 0 0
6832 CARNEGIE BLVD STE 100
CHARLOTTE,NC28211
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
KATHRYN JAMES GRANTS MANAGER
40.00 		66,206 1,986 0
6832 CARNEGIE BLVD STE 100
CHARLOTTE,NC28211
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
PRIME BUCHHOLZ INVESTMENT MGR. 135,235
273 CORPORATE DRIVE STE 250
PORTSMOUTH,NH03801
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1 NONE 0
2  
All other program-related investments. See instructions.
3 Click to see attachment
List of Attached Documents:
// Content
0
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2023)
Form 990-PF (2023)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
18,830,073
b
Average of monthly cash balances.......................
1b
403,815
c
Fair market value of all other assets (see instructions)................
1c
31,668,712
d
Total (add lines 1a, b, and c).........................
1d
50,902,600
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) Click to see attachment
List of Attached Documents:
// Content
.............
1e
238,036
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
50,902,600
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
763,539
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
50,139,061
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
2,506,953
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
2,506,953
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
7,304
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
7,304
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
2,499,649
4
Recoveries of amounts treated as qualifying distributions................
4
21,430
5
Add lines 3 and 4............................
5
2,521,079
6
Deduction from distributable amount (see instructions).................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
2,521,079
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
2,310,499
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
2,310,499
Form 990-PF (2023)
Form 990-PF (2023)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2022 		(c)
2022 		(d)
2023
1 Distributable amount for 2023 from Part X, line 7 2,521,079
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 2,174,709
b Total for prior years:2021, 2020, 2019 0
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019......  
c From 2020......  
d From 2021......  
e From 2022......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 2,310,499
a Applied to 2022, but not more than line 2a 2,174,709
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..... 135,790
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 .......... 		2,385,289
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2018 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2019....  
b Excess from 2020....  
c Excess from 2021....  
d Excess from 2022....  
e Excess from 2023....  
Form 990-PF (2023)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2023, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2023)
Form 990-PF (2023)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

AUGUSTINE LITERACY PROJECT - CHARLOTTE

115 W 7TH ST
CHARLOTTE,NC28202 		N/A PC GENERAL OPERATING SUPPORT TO PROVIDE INTENSIVE TUTORING TO ASPIRING 1ST - 3RD GRADE READERS WHO ARE BEHIND IN READING. ALSO ADDITIONAL FUNDING AWARDED TO LAUNCH A TECHNOLOGY SOLUTION TO SUPPORT CONTINUED GROWTH OF THEIR TUTORING PROGRAM. 100,000

CENTER FOR RACIAL EQUITY IN EDUCATION

3424 ASHLEY VIEW DRIVE
CHARLOTTE,NC28213 		N/A PC PROGRAM SUPPORT FOR PROFESSIONAL DEVELOPMENT PROGRAMS THAT BUILD CAPACITY AND KNOWLEDGE FOR TEACHERS TO INCREASE TEACHER RETENTION. 25,000

CHARLOTTE SPEECH AND HEARING CENTER INC

817 E MOREHEAD ST 100
CHARLOTTE,NC28202 		N/A PC PROGRAM SUPPORT FOR CLINICIANS TO PROVIDE INDIVIDUALIZED SUPPORT TO EMERGING READERS IN K-3RD GRADES TO BUILD VOCABULARY AND LANGUAGE EXPRESSION. 17,500

CMS FOUNDATION (TEACHER INNOVATION)

4421 STUART ANDREW BLVD STE 100
CHARLOTTE,NC282172556 		N/A PC PROGRAM SUPPORT FOR COACHING AND PROJECT PLANNING FOR SCHOOLS AND TEACHER-LED TEAMS PARTICIPATING IN THE CMS FOUNDATION INNOVATION CENTER. 50,000

CMS FOUNDATION (TEACHER RESIDENCY)

4421 STUART ANDREW BLVD STE 100
CHARLOTTE,NC282172556 		N/A PC PROGRAM SUPPORT FOR THE CMS TEACHING RESIDENCY, WITH A GOAL OF INCREASING THE LICENSING OF NON-TRADITIONAL TEACHERS. 50,000

COMMUNITIES IN SCHOOLS OF CHARLOTTE MECKLENBURG INC

601 E 5TH ST STE 300
CHARLOTTE,NC282023094 		N/A PC PROGRAM SUPPORT TO REMOVE BARRIERS TO EDUCATIONAL EQUITY AND INCREASE ATTENDANCE FOR ELEMENTARY STUDENTS. 40,000

EDUCATIONNC

PO BOX 1636
RALEIGH,NC27602 		N/A PC GENERAL OPERATING SUPPORT TO EDNC'S WORK TO REPORT ON POLICY MAKERS AND LEVERS INFLUENCING SYSTEMS CHANGE IN EDUCATION. 30,000

FOUNDATION FOR THE CAROLINAS

220 N TRYON ST
CHARLOTTE,NC28202 		N/A PC GENERAL OPERATING SUPPORT FOR READ CHARLOTTE, A COLLABORATIVE, COMMUNITY-WIDE MOVEMENT DEDICATED TO INCREASING THE % OF THIRD GRADERS READING ON GRADE LEVEL. 150,000

FOUNDATION FOR THE CAROLINAS (SUMMER PROGRAM)

220 N TRYON ST
CHARLOTTE,NC28202 		N/A PC GENERAL OPERATING SUPPORT FOR A COLLECTIVE OF 6 LOCAL NON-PROFIT PARTNERS WORKING COLLABORATIVELY TO EXPAND THE NUMBER OF SCHOOLS AND STUDENTS WHO HAVE ACCESS TO SUMMER PROGRAMS ACROSS CHARLOTTE-MECKLENBURG SCHOOLS. 50,000

FOUNDATION FOR THE UNIVERSITY OF NORTH CAROLINA AT CHARLOTTE INC (TUTORING)

9201 UNIVERSITY CITY BLVD REESE 412
CHARLOTTE,NC28223 		N/A PC PROGRAM SUPPORT FOR TEACHER CANDIDATES TO HAVE A HIGH-QUALITY CLINICAL EXPERIENCE BY TUTORING K-5 GRADE CMS STUDENTS IN FOUNDATIONAL READING. 166,192

FREEDOM SCHOOL PARTNERS INC

1030 AROSA AVE
CHARLOTTE,NC28203 		N/A PC PROGRAM SUPPORT FOR SUMMER PROGRAM TO STOP SUMMER LEARNING LOSS AND CREATE PASSIONATE READERS AND LEARNERS. 50,000

HEART MATH TUTORING INC

1100 S MINT ST 107
CHARLOTTE,NC28203 		N/A PC GENERAL OPERATING SUPPORT FOR A MATH INTERVENTION PROGRAM THAT PROVIDES CURRICULUM AND ON-SITE SUPPORT FOR VOLUNTEER TUTORS IN TITLE I CMS ELEMENTARY SCHOOLS. 75,000

HELPING EDUCATION

2009 FAIRVIEW RD BOX 6667
RALEIGH,NC27628 		N/A PC PROGRAM SUPPORT TO DELIVER READING FLUENCY LITERACY PROGRAMMING TO CMS STUDENTS. 75,000

INTERNATIONAL HOUSE OF METROLINA INC

1817 CENTRAL AVENUE SUITE 215
CHARLOTTE,NC28205 		N/A PC PROGRAM SUPPORT FOR MULTI-LANGUAGE LEARNERS TO RECEIVE LITERACY TUTORING AFTER SCHOOL AND DURING THE SUMMER MONTHS. 80,000

LATINX EDUCATION CENTER

205 PEABODY HALL CB 3500
CHAPEL HILL,NC275990001 		N/A PC GENERAL OPERATING SUPPORT FOR THE LATINX LEADERSHIP PIPELINES PRACTICES INITIATIVE TO SUPPORT SCHOOL LEADERS. 50,000

NATIONAL BLACK CHILD DEVELOPMENT INSTITUTE - CHARLOTTE

7209 EAST WT HARRIS BLVD SUITE J
276
CHARLOTTE,NC28227 		N/A PC PROGRAM SUPPORT TO THE FAMILY EMPOWERMENT PROGRAM (FEP) TO BUILD THE CAPACITY OF PARENTS AND CAREGIVERS AS LEADERS AND ADVOCATES OF THEIR FAMILIES. 68,000

NATIONAL COUNCIL ON TEACHER QUALITY

1032 15TH STREET NW 242
WASHINGTON,DC20005 		N/A PC PROGRAM SUPPORT TO ENGAGE WITH STAKEHOLDERS IN NORTH CAROLINA TO ADVANCE POLICIES AND PRACTICES THAT PROMOTE BOTH STRONG ELEMENTARY LITERACY INSTRUCTION AND A DIVERSE TEACHER WORKFORCE IN ORDER TO IMPROVE STUDENT OUTCOMES. 25,000

NC ALLIANCE FOR SCHOOL LEADERSHIP DEVELOPMENT

PO BOX 28148
RALEIGH,NC27611 		N/A PC PROGRAM SUPPORT FOR THE ASSISTANT PRINCIPAL LEADERSHIP ACCELERATOR PROGRAM. 20,000

NC ALLIANCE FOR SCHOOL LEADERSHIP DEVELOPMENT

PO BOX 28148
RALEIGH,NC27611 		N/A PC PROGRAM SUPPORT TO CREATE AND IMPLEMENT THE EARLY CAREER PRINCIPALS ACADEMY, A STATEWIDE LEADERSHIP DEVELOPMENT INITIATIVE FOR EARLY-CAREER PUBLIC SCHOOL PRINCIPALS. 35,000

NORTH CAROLINA BUSINESS LEADERS FOR EDUCATION BEST NC

940 NW CARY PARKWAY SUITE 121
CARY,NC27513 		N/A PC GENERAL OPERATING SUPPORT FOR BEST NC, A NONPROFIT, NON-PARTISAN COALITION OF BUSINESS LEADERS COMMITTED TO TRANSFORMING NORTH CAROLINA EDUCATION THROUGH STATE POLICY AND ADVOCACY. 45,000

NORTH CAROLINA BUSINESS LEADERS FOR EDUCATION BEST NC

940 NW CARY PARKWAY SUITE 121
CARY,NC27513 		N/A PC PROGRAM SUPPORT FOR THE CONTINUED ADVOCACY FOR REFORM OF TEACHER COMPENSATION, LICENSURE, AND DEVELOPMENT. 50,000

NORTH CAROLINA STATE UNIVERSITY (PRINCIPAL STUDY)

ADMIN SERVICES III SUITE 240 2601
WOLF VILLAGE WAY
RALEIGH,NC276957514 		N/A GOV PROGRAM SUPPORT TO DEVELOP AND PILOT A TRANSFORMATIONAL PRINCIPAL LEARNING MODEL FOR EARLY GRADES LEADERSHIP IN NORTH CAROLINA. 70,000

NORTH CAROLINA STATE UNIVERSITY (TURNAROUND)

ADMIN SERVICES III SUITE 240 2601
WOLF VILLAGE WAY
RALEIGH,NC276957514 		N/A GOV PROGRAM SUPPORT FOR ADVANCING EDUCATIONAL OPPORTUNITY IN CHARLOTTE-MECKLENBURGS LOWEST-PERFORMING SCHOOLS THROUGH TEACHER RECRUITMENT, DEVELOPMENT, AND RETENTION. 87,168

OURBRIDGE INC

3925 WILLARD FARROW DRIVE
CHARLOTTE,NC28215 		N/A PC GENERAL OPERATING SUPPORT FOR AN AFTERSCHOOL PROGRAM WITH A FOCUS ON LITERACY FOR CHILDREN FROM TITLE I CMS SCHOOLS. 50,000

PROFOUND LADIES INC

5821 WYNMORE ROAD
RALEIGH,NC27610 		N/A PC GENERAL OPERATING SUPPORT TO MITIGATE TEACHER ATTRITION, HOLISTIC TRAINING, AND SUPPORT FOR NORTH CAROLINA-BASED TEACHERS. 25,000

QUEENS UNIVERSITY

1900 SELWYN AVENUE
CHARLOTTE,NC28274 		N/A PC PROGRAM SUPPORT FOR QUEENS SCHOOL EXECUTIVE LEADERSHIP ACADEMY (SELA), A PROGRAM THAT PREPARES NEW SCHOOL LEADERS AND PRINCIPALS THROUGH A PARTNERSHIP WITH QUEENS MCCOLL SCHOOL OF BUSINESS, CATO SCHOOL OF EDUCATION, AND CMS. 35,000

TEACH FOR AMERICA INC

PO BOX 11649
CHARLOTTE,NC28220 		N/A PC PROGRAM SUPPORT FOR RECRUITING, TRAINING, AND DEVELOPING IMPACT-DRIVEN TEACHERS AND LEADERS. TEACH FOR AMERICA SUPPORTS FIRST-AND SECOND-YEAR TEACHERS WHO TEACH SOME OF THE MOST VULNERABLE STUDENTS IN HIGHEST NEED CLASSROOMS. 100,000

THE INNOVATION PROJECT (TIP)

PO BOX 99109
RALEIGH,NC27264 		N/A PC PROGRAM SUPPORT TO SUPPORT RURAL NC DISTRICT SUPERINTENDENTS TO IMPROVE STUDENT LEARNING EXPERIENCE AND ACADEMIC OUTCOMES THROUGH INNOVATIVE STRATEGIES. 45,000

THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL

CB 1350 104 AIRPORT DRIVE SUITE
2200
CHAPEL HILL,NC275991350 		N/A GOV PROGRAM SUPPORT FOR COMPARATIVE RESEARCH OF THE CMS AND NC TEACHER WORKFORCES, INCLUDING PREPARATION, EFFECTIVENESS AND RETENTION OF EXCELLENT TEACHERS. 35,633

THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL (EQUITABLE ROSTERING)

CB 1350 104 AIRPORT DRIVE SUITE
2200
CHAPEL HILL,NC275991350 		N/A GOV PROGRAM SUPPORT TO PILOT A SYSTEM FOR STUDENT ROSTERING PRACTICES. 82,000

THE UNIVERSITY OF NORTH CAROLINA AT CHARLOTTE (STUDENT TEACHERS)

9201 UNIVERSITY CITY BLVD
CHARLOTTE,NC282230001 		N/A GOV PROGRAM SUPPORT FOR PROFESSIONAL DEVELOPMENT AND NETWORKING SUPPORT FOR PRESERVICE TEACHERS. 15,000

URBANPROMISE CHARLOTTE

6210 OLD PINEVILLE RD
CHARLOTTE,NC28217 		N/A PC GENERAL OPERATING SUPPORT FOR A YEAR-ROUND PROGRAM FOR LOW-INCOME STUDENTS THAT PROVIDES OUT-OF-SCHOOL TIME ACADEMIC AND SPIRITUAL DEVELOPMENT. 65,000

YMCA OF GREATER CHARLOTTE

400 E MOREHEAD ST
CHARLOTTE,NC28202 		N/A PC PROGRAM SUPPORT FOR Y READERS YEAR-ROUND PROGRAMMING TO ACCELERATE LITERACY GROWTH FOR KINDERGARTEN THROUGH THIRD GRADE STUDENTS IN CMS. 75,000
Total .................................right arrow 3a 1,936,493
bApproved for future payment

AUGUSTINE LITERACY PROJECT - CHARLOTTE
115 W 7TH ST
CHARLOTTE,NC28202 		N/A PC GENERAL OPERATING SUPPORT TO PROVIDE INTENSIVE TUTORING TO ASPIRING 1ST - 3RD GRADE READERS WHO ARE BEHIND IN READING. ALSO ADDITIONAL FUNDING AWARDED TO LAUNCH A TECHNOLOGY SOLUTION TO SUPPORT CONTINUED GROWTH OF THEIR TUTORING PROGRAM. 50,000

CMS FOUNDATION (TEACHER INNOVATION)
4421 STUART ANDREW BLVD STE 100
CHARLOTTE,NC282172556 		N/A PC PROGRAM SUPPORT FOR COACHING AND PROJECT PLANNING FOR SCHOOLS AND TEACHER-LED TEAMS PARTICIPATING IN THE CMS FOUNDATION INNOVATION CENTER. 50,000

CMS FOUNDATION (TEACHER RESIDENCY)
4421 STUART ANDREW BLVD STE 100
CHARLOTTE,NC282172556 		N/A PC PROGRAM SUPPORT FOR THE CMS TEACHING RESIDENCY, WITH A GOAL OF INCREASING THE LICENSING OF NON-TRADITIONAL TEACHERS. 50,000

EDUCATIONNC
PO BOX 1636
RALEIGH,NC27602 		N/A PC GENERAL OPERATING SUPPORT TO EDNC'S WORK TO REPORT ON POLICY MAKERS AND LEVERS INFLUENCING SYSTEMS CHANGE IN EDUCATION. 30,000

INTERNATIONAL HOUSE OF METROLINA INC
1817 CENTRAL AVENUE SUITE 215
CHARLOTTE,NC28205 		N/A PC PROGRAM SUPPORT FOR MULTI-LANGUAGE LEARNERS TO RECEIVE LITERACY TUTORING AFTER SCHOOL AND DURING THE SUMMER MONTHS. 80,000

NC ALLIANCE FOR SCHOOL LEADERSHIP DEVELOPMENT
PO BOX 28148
RALEIGH,NC27611 		N/A PC PROGRAM SUPPORT FOR THE ASSISTANT PRINCIPAL LEADERSHIP ACCELERATOR PROGRAM. 20,000

NC ALLIANCE FOR SCHOOL LEADERSHIP DEVELOPMENT
PO BOX 28148
RALEIGH,NC27611 		N/A PC PROGRAM SUPPORT TO CREATE AND IMPLEMENT THE EARLY CAREER PRINCIPALS ACADEMY, A STATEWIDE LEADERSHIP DEVELOPMENT INITIATIVE FOR EARLY-CAREER PUBLIC SCHOOL PRINCIPALS. 35,000

NORTH CAROLINA BUSINESS LEADERS FOR EDUCATION BEST NC
940 NW CARY PARKWAY SUITE 121
CARY,NC27513 		N/A PC PROGRAM SUPPORT FOR THE CONTINUED ADVOCACY FOR REFORM OF TEACHER COMPENSATION, LICENSURE, AND DEVELOPMENT. 100,000

OURBRIDGE INC
3925 WILLARD FARROW DRIVE
CHARLOTTE,NC28215 		N/A PC GENERAL OPERATING SUPPORT FOR AN AFTERSCHOOL PROGRAM WITH A FOCUS ON LITERACY FOR CHILDREN FROM TITLE I CMS SCHOOLS. 50,000

TEACH FOR AMERICA INC
PO BOX 11649
CHARLOTTE,NC28220 		N/A PC PROGRAM SUPPORT FOR RECRUITING, TRAINING, AND DEVELOPING IMPACT-DRIVEN TEACHERS AND LEADERS. TEACH FOR AMERICA SUPPORTS FIRST-AND SECOND-YEAR TEACHERS WHO TEACH SOME OF THE MOST VULNERABLE STUDENTS IN HIGHEST NEED CLASSROOMS. 100,000

YMCA OF GREATER CHARLOTTE
400 E MOREHEAD ST
CHARLOTTE,NC28202 		N/A PC PROGRAM SUPPORT FOR Y READERS YEAR-ROUND PROGRAMMING TO ACCELERATE LITERACY GROWTH FOR KINDERGARTEN THROUGH THIRD GRADE STUDENTS IN CMS. 75,000
Total ................................. right arrow 3b 640,000
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 7,529  
4 Dividends and interest from securities ....     14 495,140  
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 ............ 		    18 -3,134,232  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aPARTNERHSIP INVESTMENT LOSS 		523000 -3,875 14 3,875  
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. -3,875 -2,627,688 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
-2,631,563
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2023)
Form 990-PF (2023)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

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


 Phone no.
Form 990-PF (2023)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2023 AccountingFeesSchedule
Name:
THE BELK FOUNDATION
EIN:
27-0237197
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 28,060 19,923 0 8,138

TY 2023 AllOthProgRltdInvestmentsSch
Name:
THE BELK FOUNDATION
EIN:
27-0237197
Category Amount
NONE 0

TY 2023 GeneralExplanationAttachment
Name:
THE BELK FOUNDATION
EIN:
27-0237197
Identifier Return Reference Explanation
  REASON FOR AMENDMENT FY24 FORM 990-PF FOR THE BELK FOUNDATION THIS AMENDED FORM 990-PF IS BEING FILED TO CORRECT AN ERROR IN THE TOTAL GRANT DISTRIBUTIONS REPORTED FOR FISCAL YEAR 2024. THE ORIGINALLY FILED RETURN REPORTED TOTAL GRANT DISTRIBUTIONS OF $1,861,493, WHEREAS THE CORRECT AMOUNT, AS REFLECTED IN OUR FY24 ANNUAL REPORT, IS $1,915,063 FOR BOOK AND 1,936,493 ON CASH BASIS.UPON REVIEW, IT WAS DISCOVERED THAT A $75,000 GRANT TO HELPING EDUCATION WAS INADVERTENTLY NOT INCLUDED IN THE "CURRENT" GRANTS SECTION. THIS GRANT WAS PAID IN FY24 AND SHOULD HAVE BEEN INCLUDED IN THE TOTAL DISTRIBUTIONS.ADDITIONALLY, THE DISCREPANCY WAS PARTIALLY OFFSET BY $21,430 IN RETURNED GRANT FUNDS FROM TWO GRANTS WHICH WERE ORIGINALLY DISBURSED IN PRIOR YEARS (THE CURRENT TOTALS IN PART I WERE INADVERTENTLY REDUCED BY THIS AMOUNT). THE $21,430 REFUNDED GRANTS WERE ALREADY CORRECTLY REPORTED IN PART X.THIS AMENDED FORM 990-PF IS BEING FILED TO CORRECT REPORTING ERRORS IDENTIFIED AFTER THE ORIGINAL SUBMISSION FOR FISCAL YEAR 2024. THE FOLLOWING CHANGES HAVE BEEN MADE: - HEADER, ITEM G THE BOX FOR "AMENDED RETURN" HAS BEEN MARKED TO INDICATE THIS IS A CORRECTED FILING. - PART I, LINE 25, COLUMN (A) HAS BEEN UPDATED FROM $1,936,493 TO $1,915,063 TO REFLECT THE ACCURATE TOTAL OF GRANTS PAID DURING FY24 FOR BOOK PURPOSES. - PART I, LINE 25, COLUMN (D) HAS BEEN UPDATED FROM $1,957,923 TO $1,936,493 TO REPORT CORRECT CASH GRANTS. - PART III ANALYSIS OF CHANGES IN NET ASSETS: THE RECONCILIATION HAS BEEN UPDATED DUE TO THE ABOVE CORRECTIONS. - PART XIV, LINE 3A - TOTAL GRANTS PAID HAS BEEN INCREASED TO $1,936,493. - PART XIV, LINE 3A STATEMENT - THE FOLLOWING GRANT HAS BEEN ADDED TO THE LIST OF GRANTS PAID: HELPING EDUCATION - $75,000. THIS AMENDMENT ENSURES ACCURATE REPORTING OF GRANT DISTRIBUTIONS AND ENSURES THAT THE FORM 990-PF ACCURATELY REFLECTS THE FOUNDATION'S GRANTMAKING ACTIVITY AND FINANCIAL POSITION FOR FY24, IN ALIGNMENT WITH OUR INTERNAL RECORDS AND PUBLIC DISCLOSURES.

TY 2023 InvestmentsOtherSchedule2
Name:
THE BELK FOUNDATION
EIN:
27-0237197
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
MUTUAL FUNDS AT COST 16,812,765 20,251,460
SSGA REAL ASSET NL CTF AT COST 3,849,574 5,164,263
WELLINGTON - GLOBAL RESEARCH AT COST 3,000,000 3,818,772
EMINENCE FUND OFFSHORE AT COST 3,000,000 3,163,445
BAXTER STREET OFFSHORE FUND LTD AT COST 2,800,000 3,577,309
LONE CASCADE LP AT COST 2,000,000 2,450,152
LOGAN LENDER, LP AT COST 1,665,629 952,143
PALESTRA CAPITAL OFFSHORE FUND LTD AT COST 1,610,631 1,754,544
VARDE CREDIT PARTNERS OFFSHORE AT COST 1,250,000 1,723,249
NUT TREE AT COST 1,116,349 1,731,719
IFP GLOBAL AT COST 1,070,830 1,794,931
SOUTHPOINT QUALIFIED OFFSHORE FD AT COST 1,000,000 1,794,165
SILVERPOINT OFFSHORE FUND AT COST 1,000,000 1,000,000
POLUNIN AT COST 995,840 1,125,221
ETF VENTURE FUND II, LP AT COST 847,258 65,639
SEG PARTNERS OFFSHORE LTD AT COST 707,730 1,553,159

TY 2023 OtherDecreasesSchedule
Name:
THE BELK FOUNDATION
EIN:
27-0237197
Description Amount
CHANGE IN VALUE OF INVESTMENTS 3,662


TY 2023 OtherExpensesSchedule
Name:
THE BELK FOUNDATION
EIN:
27-0237197
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
OTHER EXPENSES 6,300 1,260 0 5,040
OFFICE SUPPLIES 5,344 1,069 0 4,275
GRANTS MGMT SYSTEM SUPPORT 4,887 0 0 4,887
INFORMATION TECHNOLOGY 4,079 816 0 3,263
MEMBERSHIP FEES 3,210 0 0 3,210
PAYROLL SERVICE FEES 1,399 280 0 1,119
INSURANCE 556 111 0 445
BOOKS, SUBSCRIPTIONS, REFERENCE 284 0 0 284
PARTNERSHIP EXPENSES 0 54,481 0 0


TY 2023 OtherIncomeSchedule2
Name:
THE BELK FOUNDATION
EIN:
27-0237197
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
PARTNERHSIP INVESTMENT LOSS 0 -5,222 0
  0 0 0


TY 2023 OtherIncreasesSchedule
Name:
THE BELK FOUNDATION
EIN:
27-0237197
Description Amount
ACCRUED INTEREST 3,787


TY 2023 OtherLiabilitiesSchedule
Name:
THE BELK FOUNDATION
EIN:
27-0237197
Description Beginning of Year - Book Value End of Year - Book Value
OTHER LIABILITIES 37 131


TY 2023 OtherProfessionalFeesSchedule
Name:
THE BELK FOUNDATION
EIN:
27-0237197
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
CONTRACTED SERVICES 37,455 5,989 0 31,410
INVESTMENT FEES 135,235 135,235 0 0


TY 2023 ReductionExplanationStatement
Name:
THE BELK FOUNDATION
EIN:
27-0237197
Explanation:
1) THE DESCRIPTION OF ASSETS: 7.2 PERCENT LIMITED PARTNERSHIP INTEREST IN LOGAN LENDER LP2) THE FAIR MARKET VALUE OF THE SECURITIES PRIOR TO THE VALUATION DISCOUNT: $1,190,179.3) PERCENTAGE OF THE TOTAL ISSUED AND OUTSTANDING SECURITIES OF THE SAME CLASS REPRESENTED BY THE FOUNDATION'S HOLDINGS: NOT APPLICABLE4) AMOUNT OF DISCOUNT CLAIMED: $238,0365) EXPLANATION OF WHY THE CLAIMED DISCOUNT IS APPROPRIATE IN VALUING THE SECURITIES:DUE TO THE PRIVATELY HELD NATURE OF THE LIMITED PARTNERSHIP INVESTMENT, THE NON-MARKETABLE MINORITY DISCOUNT IS NECESSARY DUE TO THE RELATIVE LACK OF CONTROL AND RELATIVE LACK OF MARKETABILITY. THE DISCOUNTED FMV IS SUPPORTED BY AN INDEPENDENT VALUATION OF THE UNDERLYING ASSETS AND APPRAISAL REVIEW OF THE DISCOUNT FOR REASONABLENESS.

TY 2023 TaxesSchedule
Name:
THE BELK FOUNDATION
EIN:
27-0237197
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FEDERAL EXCISE/UBI TAXES 20,000 0 0 0
FOREIGN TAXES 0 31,789 0 0