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
2024
Open to Public Inspection
For calendar year 2024, or tax year beginning 01-01-2024 , and ending 12-31-2024
Name of foundation
John M Belk Endowment
 
Number and street (or P.O. box number if mail is not delivered to street address)4201 Congress Street 470
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Charlotte, NC28209
A Employer identification number

56-1954114
B Telephone number (see instructions)

(980) 381-4122
C 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$415,770,924J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments 24,061 24,061  
4 Dividends and interest from securities... 5,041,202 5,041,202  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment
List of Attached Documents:
// Content
32,732,184
b Gross sales price for all assets on line 6a 108,453,291
7 Capital gain net income (from Part IV, line 2)... 32,765,744
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
1,746,762 2,291,030  
12 Total. Add lines 1 through 11........ 39,544,209 40,122,037  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 39,728 0   39,728
14 Other employee salaries and wages...... 1,229,709 0   1,229,709
15 Pension plans, employee benefits....... 220,743 0   220,743
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
39,800 23,928   15,872
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
2,875 1,437   1,438
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
3,173,201 1,315,983   1,857,218
17 Interest............... 13,320 13,320   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
19,961 2,711   0
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
24,808 0  
20 Occupancy..............        
21 Travel, conferences, and meetings....... 162,800 0   162,800
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
3,526,567 2,699,722   502,871
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 8,453,512 4,057,101   4,030,379
25 Contributions, gifts, grants paid....... 14,691,485 14,691,485
26 Total expenses and disbursements. Add lines 24 and 25 23,144,997 4,057,101   18,721,864
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 16,399,212
b Net investment income (if negative, enter -0-) 36,064,936
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2024)
Form 990-PF (2024)
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............. 4,420,912 655,037 655,037
2 Savings and temporary cash investments......... 4,466,815 72,991,382 72,991,382
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) 0 Click to see attachment
List of Attached Documents:
// Content
4,147,224 		4,157,242
b Investments—corporate stock (attach schedule)....... 95,851,394 Click to see attachment
List of Attached Documents:
// Content
57,245,966 		86,038,493
c Investments—corporate bonds (attach schedule)....... 32,729,869 Click to see attachment
List of Attached Documents:
// Content
28,877,291 		28,617,342
11 Investments—land, buildings, and equipment: basis right arrow41,468,960
Less: accumulated depreciation (attach schedule) right arrow   41,468,960 41,468,960 28,810,000
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 183,169,682 Click to see attachment
List of Attached Documents:
// Content
173,316,249 		194,230,395
14 Land, buildings, and equipment: basis right arrow751,893
Less: accumulated depreciation (attach schedule) right arrow480,860 295,841 Click to see attachment
List of Attached Documents:
// Content
271,033 		271,033
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 362,403,473 378,973,142 415,770,924
Liabilities 17 Accounts payable and accrued expenses.......... 14,458 30,166
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
0 		Click to see attachment
List of Attached Documents:
// Content
138,394
23 Total liabilities (add lines 17 through 22)......... 14,458 168,560
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 362,389,015 378,804,582
29 Total net assets or fund balances (see instructions)..... 362,389,015 378,804,582
30 Total liabilities and net assets/fund balances (see instructions). 362,403,473 378,973,142
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
362,389,015
2
Enter amount from Part I, line 27a .....................
2
16,399,212
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
16,355
4
Add lines 1, 2, and 3 ..........................
4
378,804,582
5
Decreases not included in line 2 (itemize) right arrow
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
378,804,582
Form 990-PF (2024)
Form 990-PF (2024)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Publicly traded securities      
b K-1 Capital Gain / (Loss) P    
c Tosca European Financials Recovery Fund Ltd P 2022-03-23 2024-03-20
d Bares Mid-Large Cap Series - BBH P 2015-07-01 2024-08-23
e Select Equity Series - BBH P 2015-07-01 2024-11-13
Capital gain distributions      
Valley Forge Large Cap Equity - BBH P 2015-07-01 2024-11-13
(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 57,295,616   55,631,451 1,664,165
b       31,022,046
c 3,007,614   2,936,176 71,438
d 13,432,391   13,424,754 7,637
e 17,045,289   17,045,288 1
457     457
17,671,924   17,671,924 0
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       1,664,165
b       31,022,046
c       71,438
d       7,637
e       1
      457
      0
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 32,765,744
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 501,303
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........................... 3 501,303
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- ..... 5 501,303
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 528,328
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 156,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 684,328
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  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 183,025
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow183,025 Refundedright arrow 11 0
Form 990-PF (2024)
Form 990-PF (2024)
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 2024 or the taxable year beginning in 2024? 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 Click to see list of attachments
List of Attached Documents:
// Content
.............
11
Yes
 
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 instructionsClick to see attachment
List of Attached Documents:
// Content
.................
12
Yes
 
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowWWW.JMBENDOWNMENT.ORG
14
The books are in care ofright arrowTaborah Miley Telephone no.right arrow (980) 381-4123

Located atright arrow4201 Congress Street Suite 470CharlotteNC ZIP+4right arrow28209
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 2024, 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 (2024)
Form 990-PF (2024)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
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 2024? .............
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 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
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 2024 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 2024.) .....................
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 2024? ..
4b
 
No
Form 990-PF (2024)
Form 990-PF (2024)
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
 
No
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
Mary Claudia Belk PilonClick to see attachment
List of Attached Documents:
// Content
Board Chair
40.00 		39,728 0 0
4201 Congress Street
Charlotte,NC28209
J Keith Benedict Board Member
24.00 		308,458 0 0
4201 Congress Street
Charlotte,NC28209
Virginia M Esposito Board Member
1.00 		0 0 0
4201 Congress Street
Charlotte,NC28209
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
Michael Thomas Krause Senior Advisor
40.00 		431,025 13,800 0
4201 Congress Street
Charlotte,NC28209
Mark Earl Reed Managing Director
40.00 		380,421 11,130 0
4201 Congress Street
Charlotte,NC28209
Charles W Kaylor Chief of Staff
40.00 		261,250 10,430 0
4201 Congress Street
Charlotte,NC28209
Calvin Dwight Miller Impact Officer
40.00 		92,442 3,698 0
4201 Congress Street
Charlotte,NC28209
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
South Summit Capital Management LLC Foundation management services 551,202
4201 Congress St Ste 470
Charlotte,NC28202
McKinsey & Company Inc Strategic consulting services 350,000
175 Greenwich Street
New York,NY10007
New Educational Ventures LLC Strategic consulting services 309,081
1311 13th St NW Unit T01
Washington,DC20005
Andalusian Private Capital Investment services 304,826
51 John F Kennedy Pkwy
Short Hills,NJ07078
Jake Drew Data analytics 264,000
5908 Fallsview Ln
Dallas,TX75252
Total number of others receiving over $50,000 for professional services.............right arrow7
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1 In 2024, the John M. Belk Endowment joined other organizations in leading the "NC Reconnect" effort, focused on engaging adults in North Carolina who have not completed a post-secondary credential and connecting them to educational pathways at their local community colleges that lead to improved career opportunities. In addition to making grants to community colleges in the respective cohorts, the Endowment covered the cost of communications and marketing services essential to the initiative's success. 828,213
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2024)
Form 990-PF (2024)
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
119,690,928
b
Average of monthly cash balances.......................
1b
26,677,377
c
Fair market value of all other assets (see instructions)................
1c
267,657,264
d
Total (add lines 1a, b, and c).........................
1d
414,025,569
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
414,025,569
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
6,210,384
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
407,815,185
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
20,390,759
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
20,390,759
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
501,303
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
501,303
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
19,889,456
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
19,889,456
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
19,889,456
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
18,721,864
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
18,721,864
Form 990-PF (2024)
Form 990-PF (2024)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2023 		(c)
2023 		(d)
2024
1 Distributable amount for 2024 from Part X, line 7 19,889,456
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 18,641,251
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2024:
a From 2019......  
b From 2020......  
c From 2021......  
d From 2022......  
e From 2023......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 18,721,864
a Applied to 2023, but not more than line 2a 18,641,251
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 2024 distributable amount..... 80,613
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2024. 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 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		19,808,843
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 2019 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022....  
d Excess from 2023....  
e Excess from 2024....  
Form 990-PF (2024)
Form 990-PF (2024)
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 2024, 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) 2024 (b) 2023 (c) 2022 (d) 2021
         
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 (2024)
Form 990-PF (2024)
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

Alamance Community College

1247 Jimmie Kerr Road
Graham,NC27253 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Beaufort County Community College

5337 US-264
Washington,NC27889 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Bladen Community College

7418 NC Hwy 41W
Dublin,NC28332 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Blue Ridge Community College

180 W Campus Drive
Flat Rock,NC28731 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Brunswick Community College

50 College Road
Supply,NC28422 		N/A Gov NC Reconnect 50,000

Brunswick Community College

50 College Road
Supply,NC28422 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Caldwell Community College And Technical Institute

2855 Hickory Blvd
Hudson,NC28638 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Cape Fear Community College

411 N Front Street
Wilmington,NC28401 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Carteret Community College

3505 Arendell Street
Morehead City,NC28557 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Catawba Valley Community College

2550 Highway 70 SE
Hickory,NC28602 		N/A Gov NC Reconnect 50,000

Catawba Valley Community College

2550 Highway 70 SE
Hickory,NC28602 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Central Carolina Community College

1105 Kelly Drive
Sanford,NC27330 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Central Piedmont Community College

1201 Elizabeth Avenue
Charlotte,NC28204 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Charlotte-Mecklenburg Board of Education

600 East 4th Street
Charlotte,NC28202 		N/A Gov FAFSA Strong Initiative 25,000

Charlotte-Mecklenburg Schools

4421 Stuart Andrew Blvd
Charlotte,NC28217 		N/A Gov FAFSA Strong Initiative 18,107

Cleveland Community College

137 S Post Road
Shelby,NC28152 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Coastal Carolina Community College

444 Western Blvd
Jacksonville,NC28546 		N/A Gov JMBE Next NC Acceleration Grant 5,000

College Advising Corps

301 W Barbee Chapel Rd 210
Chapel Hill,NC27517 		N/A PC General Operating Support 2,880,000

College Of The Albemarle

1208 North Road Street
Elizabeth City,NC27909 		N/A Gov JMBE Next NC Acceleration Grant 5,000

College Of The Albermarle

1208 North Road Street
Elizabeth City,NC27909 		N/A Gov Support NC Reconnect 50,000

Central Piedmont Community College

1201 Elizabeth Avenue
Charlotte,NC28204 		N/A Gov Adult Learner Toolbox 75,000

Central Piedmont Community College

1201 Elizabeth Avenue
Charlotte,NC28204 		N/A Gov Adult Learner Toolbox 50,000

Central Piedmont Community College Foundation

1322 E 4th Street
Charlotte,NC28204 		N/A PC JMBE Next NC Acceleration Grant 5,000

Craven Community College

800 College Ct
New Bern,NC28562 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Cumberland County Board Of Education

2465 Gillespie Street
Fayetteville,NC28306 		N/A Gov JMBE FAFSA GRANT 25,000

Davidson-Davie Community College

297 DCC Road
Lexington,NC27360 		N/A Gov Support NC Reconnect 50,000

Davidson-Davie Community College

297 DCC Road
Lexington,NC27360 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Durham Public Schools

511 Cleveland Street
Durham,NC27701 		N/A Gov DPS FAFSA 25,000

Durham Technical Community College

1637 E Lawson Street
Durham,NC27703 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Edgecombe Community College

2009 West Wilson Street
Tarboro,NC27886 		N/A Gov Support NC Reconnect 50,000

Edgecombe Community College

2009 West Wilson Street
Tarboro,NC27886 		N/A Gov JMBE Next NC Acceleration Grant 5,000

EducationNC

PO Box 1636
Raleigh,NC27602 		N/A PC General Operating Support 1,070,000

Fayetteville Tech Community College

2201 Hull Road
Fayetteville,NC28303 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Forsyth Tech Community College

2100 Silas Creek Parkway
WinstonSalem,NC27103 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Forsyth Technical Community College

2100 Silas Creek Parkway
WinstonSalem,NC27103 		N/A Gov FAFSA Strong Initiative 75,000

Foundation For The Carolinas

220 N Tryon Street
Charlotte,NC28202 		N/A PC General Operating Support 2,738,000

Gaston College

201 US-321
Dallas,NC28034 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Guilford County Schools

712 N Eugene St
Greensboro,NC27401 		N/A Gov FAFSA Strong Initiative 24,900

Guilford Tech Community College

601 E Main Street
Jamestown,NC27282 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Halifax Community College

100 College Drive
Weldon,NC27890 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Haywood Community College

185 Freedlander Drive
Clyde,NC28721 		N/A Gov Support for NC Reconnect 127,500

Haywood Community College

185 Freedlander Drive
Clyde,NC28721 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Iredell-Statesville Schools

549 North Race Street
Statesville,NC28677 		N/A Gov FAFSA Strong Initiative 25,000

Isothermal Community College

286 I C C Loop Road
Spindale,NC28160 		N/A Gov JMBE Next NC Acceleration Grant 5,000

James B Hunt Jr Institute For Educational Leadership And Policy

4000 Centregreen Way Suite 301
Cary,NC27513 		N/A PC General Operating Support 1,500,000

James Sprunt Community College

133 James Sprunt Drive
Kenansville,NC28349 		N/A Gov JMBE FAFSA GRANT 50,000

James Sprunt Community College

133 James Sprunt Drive
Kenansville,NC28349 		N/A Gov JMBE Next NC Acceleration Grant 55,000

James Sprunt Community College

133 James Sprunt Drive
Kenansville,NC28349 		N/A Gov Train the East Initiative 25,000

Johnston Community College

245 College Road
Smithfield,NC27577 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Johnston County Public Schools

2320 US-70 BUS
Smithfield,NC27577 		N/A Gov FAFSA Strong Initiative 25,000

Land Of Sky Regional Council

339 New Leicester Hwy 140
Asheville,NC28806 		N/A Gov General operating support 300,000

Latinxed Education Center

PO Box 891
Siler City,NC27344 		N/A PC General operating support 500,000

Martin Community College

1161 Kehukee Park Road
Williamston,NC27892 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Mayland Community College

200 Mayland Drive
Spruce Pine,NC28777 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Mcdowell Technical Community College

54 College Drive
Marion,NC28752 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Mitchell Community College

500 W Broad Street
Statesville,NC28677 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Montgomery Community College

1011 Page Street
Troy,NC27371 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Myfuturenc Inc

PO Box 26246
Raleigh,NC27611 		N/A PC General operating support 1,250,000

Nash Community College

522 N Old Carriage Road
Rocky Mount,NC27804 		N/A Gov JMBE Next NC Acceleration Grant 5,000

North Carolina Community Colleges

2001 West Jones Street
Raleigh,NC27603 		N/A Gov General Operating Support 300,000

North Carolina Independent Colleges & Universities

530 N Blount Street
Raleigh,NC27604 		N/A PC General Operating Support 125,000

Piedmont Community College

1715 College Drive
Roxboro,NC27574 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Pitt Community College

1986 Pitt Tech Road
Winterville,NC28590 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Pitt County Schools

811 Howell Street
Greenville,NC27858 		N/A Gov FAFSA Focus 25,000

Presbyterian Hospital

200 Hawthorne Lane
Charlotte,NC28204 		N/A PC General operating support 522,400

Randolph Community College

629 Industrial Park Avenue
Asheboro,NC27205 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Richmond Community College

1042 Hamlet Avenue
Hamlet,NC28345 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Roanoke Chowan Community College

109 Community College Road
Ahoskie,NC27910 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Robeson Community College

5160 Fayetteville Road
Lumberton,NC28360 		N/A Gov JMBE Next NC Acceleration Grant 80,000

Robeson Community College

5160 Fayetteville Road
Lumberton,NC28360 		N/A Gov Support for RCC Reconnect 78,730

Rockingham Community College

215 Wrenn Memorial Road
Wentworth,NC27375 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Rowan Cabarrus Community College

1333 Jake Alexander Blvd S
Salisbury,NC28146 		N/A Gov JMBE Next NC Acceleration Grant 5,000

South Piedmont Community College

1851 South Piedmont Street
Monroe,NC28110 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Southeastern Community College

4564 Chadbourn Hwy
Whiteville,NC28472 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Southwestern Community College

447 College Drive
Sylva,NC28779 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Stanly Community College

141 College Drive
Albemarle,NC28001 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Strada Education Foundation Inc

10 W Market Street
Indianapolis,IN46204 		N/A PC General operating support 1,462,491

Union County Public Schools

400 N Church Street
Monroe,NC28112 		N/A Gov FAFSA Strong Initiative 22,941

University Of North Carolina At Charlotte

9201 University City Blvd
Charlotte,NC28223 		N/A Gov Support for NC Reconnect 75,000

Vance-Granville Community College

200 Community College Road
Henderson,NC27537 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Wayne Community College

3000 Wayne Memorial Drive
Goldsboro,NC27534 		N/A Gov Support for NC Reconnect 125,000

Wayne Community College

3000 Wayne Memorial Drive
Goldsboro,NC27534 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Western Piedmont Community College

1001 Burkemont Avenue
Morganton,NC28655 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Wilson Community College

902 Herring Avenue E
Wilson,NC27893 		N/A Gov JMBE Next NC Acceleration Grant 5,000

Winston-SalemForsyth County Schools

427 Corporate Square Drive
WinstonSalem,NC27105 		N/A Gov FAFSA Strong Initiative 21,416

Year Up

45 Milk St 9th Floor
Boston,MA02109 		N/A PC General operating support 500,000
Total .................................right arrow 3a 14,691,485
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2024)
Form 990-PF (2024)
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 24,061  
4 Dividends and interest from securities ....     14 5,041,202  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		525990 -33,560 18 32,765,744  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aHunting lease 		    16 3,288  
bPassthrough K-1 income 525990 -557,036 14 2,164,541  
c990-T refund     01 12,794  
dSection 951A GILTI     14 123,175  
e
12 Subtotal. Add columns (b), (d), and (e) .. -590,596 40,134,805 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
39,544,209
(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 (2024)
Form 990-PF (2024)
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 Right Arrow
 Firm's EIN Right Arrow
Firm's address Right Arrow


 Phone no.
Form 990-PF (2024)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2024 AccountingFeesSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Tax compliance 600 300   300
Accounting 2,275 1,137   1,138

TY 2024 CompensationExplanation
Name:
John M Belk Endowment
EIN:
56-1954114
Person Name Explanation
J Keith Benedict John M. Belk Endowment (JMBE) paid a management fee of $551,202 to South Summit Capital Management, LLC, pursuant to a shared services agreement, for ordinary and necessary personal services performed for JMBE during the tax year. J. Keith Benedict is employed by South Summit Capital Management, LLC. He is not employed or compensated by JMBE. The management fee is not paid to J. Keith Benedict directly, but it is estimated that $308,458 is attributed to his services performed for the JMBE. JMBE is making this disclosure pursuant to revised IRS guidance per Announcement 2021-18.

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

TY 2024 DepreciationSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
Leasehold Improvements 2015-03-15 349,858 78,776 SL 39.000000000000 8,970 0    
Office furniture 2014-12-19 148,347 126,095 SL 10.000000000000 14,835 0    
Equipment 2014-01-01 253,688 251,181 SL 5.000000000000 1,003 0    

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

TY 2024 GainLossSaleOtherAssetsSch
Name:
John M Belk Endowment
EIN:
56-1954114
Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
K-1 Capital Gain UBTI   Purchased       33,560 Cost 0 -33,560  

TY 2024 InvestmentsCorpBondsSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Name of Bond End of Year Book Value End of Year Fair Market Value
22,000 Ak Steel Corp 7.0% 27 22,040 22,028
386,000 Brightsphere Inve 4.8% 26 370,612 379,893
407,000 Barring Bdc, Inc. 3.3% 26 372,294 390,266
373,000 Beazer Homes Usa 7.25 29 375,150 375,798
267,000 Cimarex Energy Co 3.9%27 238,071 258,323
182,000 Corecivic, Inc. 8.25%29 190,851 192,465
74,000 Corecivic, Inc. 4.75% 27 69,561 71,780
23,000 Copper Tire & R 7.625% 27 23,547 23,115
866,000 Dish Dbs Corp 7.75% 26 879,597 725,275
52,000 Frontier Communi 6.75% 27 49,436 52,650
325,000 Frontier Florida 6.86% 28 301,889 332,313
385,000 Fs Kkr Capital Co 3.4% 26 366,822 377,435
5,000 Fs Kkr Capital Co 2.625% 27 4,527 4,724
366,000 Global Partners Lp 7%27 360,521 366,915
395,000 Griffon Corp 5.75%28 358,401 387,100
504,000 Hecla Mining Co 7.25% 28 527,653 505,890
2,000 Hercules Capita 2.625% 26 1,827 1,904
399,000 Hercules Capita 3.375% 27 362,198 380,811
275,000 Kohl'S Corp 4.25% 25 255,538 270,188
405,000 Macy'S, Inc. 6.9%29 374,232 403,481
399,000 Marriott Vacatio 4.75% 28 367,374 382,541
431,000 Mpt Operating Pa 5.25%26 384,090 396,520
48,000 Nordstrom, Inc. 4%27 40,569 45,900
23,000 Nordstrom, Inc. 6.95% 28 22,824 23,460
376,000 Oceaneering Internt 6% 28 337,015 369,420
198,000 Pbf Holding Co Llc 6% 28 193,996 189,585
316,000 Prospect Capita 3.364%26 264,774 294,704
104,000 Prospect Capita 3.706%26 92,157 100,655
88,000 Seagate Hdd Ca 3.125% 29 67,845 78,760
274,000 Sm Energy Co 6.5% 28 260,387 271,260
17,000 Sm Energy Co 6.75% 26 16,537 16,958
76,000 Sm Energy Co 6.625% 27 75,831 75,620
408,000 Tegna Inc. 4.625% 28 373,515 386,580
401,000 The Chemours Co 5.375% 27 382,499 385,963
332,000 The Geo Group, Inc 8.625% 29 352,151 349,015
408,000 Titan Intl Inc Del 7%28 391,643 399,330
437,000 Treehouse Foods, In 4%28 382,565 395,485
131,000 Transdigm Inc. 4.875% 29 119,108 123,140
881,123 Jpm Managed Income Fd - Usd 8,808,767 8,828,747
245,961 Fidelity U.S. Bond Index Fund (Fxnax 2,946,617 2,513,725
191,000 Advance Auto Parts 5.95% 03/09/2028 193,368 192,726
194,000 Apache Corp Sr Nts 4.375% 10/15/2028 191,102 187,122
196,000 Ares Cap Corp Sr Nts 3.25% 07/15/2025 193,209 194,098
201,000 Bain Cap Specialty F Sr Nts 2.95% 03/10/2026 193,968 195,047
201,000 Barings Bdc, Inc. 3.3%26 Due 11/23/26 192,050 192,855
200,000 Blackrock Tcp Cap Corp Sr Nts 2.85% 194,144 194,412
203,000 Blackstone Secd Lend Sr Nts 2.75% 194,241 194,840
202,000 Blue Owl Cap Corp Iii Sr Nts 3.125% 191,858 190,626
199,000 Blue Owl Cap Corp Sr Nts 3.4% 192,808 192,950
170,000 Boston Properties Lp Sr Nts 3.2% 169,168 169,863
160,000 Brixmor Oper Part Sr Nts 3.85% 159,401 159,789
182,000 Brunswick Corp Sr Nts 5.85% 188,567 184,838
27,000 Concentrix Corp Sr Nts 6.65% 27,470 27,463
171,000 Dillards Inc Sr Nts 7.0% 180,906 177,741
70,000 Discovery Comm Inc Nts 3.95 67,025 66,275
31,000 Epr Properties 4.5% 04/01/2025 30,922 30,922
197,000 Franklin Bsp Cap Co Sr Nts 3.25% 191,487 190,861
192,000 Frontier Ca Inc 6.75% 05/15/2027 200,629 195,840
198,000 Fs/Kkr Advisor, L 3.4%26 Due 01/15/26 193,129 194,168
195,000 Global Payments Inc 2.65% 02/15/2025 193,278 194,390
204,000 Golub Cap Bdc Sr Nts 2.5% 08/24/2026 194,055 194,328
192,000 Hca Inc 5.375% 02/01/2025 192,146 192,036
198,000 Healthcare Rlty Hldgs Lp 3.625% 190,832 188,065
202,000 Hercules Capita 3.375%27 Due 01/20/27 192,922 193,146
197,000 Hexcel Corp Sr Nts 4.2% 193,513 192,538
194,000 Kemper Corp Sr Nts 4.35% 193,459 193,463
196,000 Las Vegas Sands Corp Sr Nts 2.9% 192,686 193,867
194,000 Leggett & Platt Inc Sr Nts 3.5% 186,889 183,194
193,000 Mgic Invt Corp Sr Nts 5.25% 193,156 188,820
10,000 Natl Fuel Gas Co Sr Nts 5.2% 10,021 9,993
206,000 Oaktree Specialty Lend Sr Nts 2.7% 193,428 193,834
193,000 Omega Hlthcare Investors 4.5% 192,766 192,930
164,000 Paramount Global Sr Nts 4.0% 162,419 162,190
199,000 Patterson-Uti Energy Inc Sr Nts 3.95% 194,284 190,337
198,000 Pinnacle West Cap Sr Nts 1.3% 193,004 194,672
204,000 Prospect Capita 3.364%26 Due 11/15/26 191,405 189,637
191,000 Pvh Corp Sr Nts 4.625% 07/10/2025 190,221 190,098
202,000 Sixth Str Specialty Sr Nts 2.5% 193,282 193,964
186,000 Targa Res Partners 6.875% 191,080 190,360
193,000 Ventas Rlty Lp 2.65% 01/15/2025 191,695 192,691
25,000 Viacom Inc 3.450% 10/04/2026 24,301 24,079
85,000 Warnermedia Holdings Inc 3.755% 82,346 81,892
43,000 Warnermedia Holdings Inc 3.788% 42,679 42,870
193,000 Westn Midstream Operat Sr Nts 3.95% 191,458 192,022
180,000 Wp Carey Inc Sr Nts 4.0% 02/01/2025 179,483 179,768

TY 2024 InvestmentsCorpStockSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Name of Stock End of Year Book Value End of Year Fair Market Value
217,503 Fidelity 500 Index Fund (Fxaix) 30,015,444 44,411,982
12,080 Aci Worldwide Inc 291,774 627,073
4,000 Alphabet Inc Cap Stk Cl 550,082 761,760
12,950 Anterix Inc Com 556,374 397,177
4,360 Apple Inc 630,509 1,091,831
11,450 Aspen Aerogels Inc Com 172,489 136,030
9,530 Broadcom Inc Com 468,492 2,209,435
3,950 Chart Inds Inc Com 562,561 753,818
5,540 Chevron Corp New Com 709,593 802,414
2,340 Chubb Limited Com Npv 430,015 646,542
14,380 Clearwater Paper Corp(Clw) 394,810 428,085
3,668 Dell Technologies Inc Cl C(Dell) 401,946 422,700
10,750 Delta Air Lines Inc(Dal) 367,328 650,375
8,800 Duke Energy Corp New Com 860,680 948,112
630 Eli Lilly &Co Com (Lly) 497,506 486,360
38,144 Fidelity 500 Index Fund (Fxaix) 5,296,132 7,788,580
6,600 General Mills Inc Com Usd0.10(Gis) 382,810 420,882
8,493 Harrow Inc Com (Hrow) 78,235 284,940
3,660 Hca Healthcare Inc Com(Hca) 834,060 1,098,549
3,278 Johnson &Johnson Com(Jnj) 521,027 474,064
3,965 Jpmorgan Chase &Co. Com(Jpm) 560,008 950,450
100,605 Kosmos Energy Ltd Com (Kos) 391,309 344,069
1,500 Lockheed Martin Corp Com Usd1.00(Lmt) 580,874 728,910
9,249 Lyondellbasell Industries N V Com 809,153 686,923
7,100 Merck &Co. Inc Com (Mrk) 535,067 706,308
2,540 Microsoft Corp (Msft) 740,374 1,070,610
1,400 Nike Inc Class B Com Npv(Nke) 233,274 105,938
2,565 Novo Nordisk A/S Adr 273,209 220,641
21,350 Old Republic International Corp(Ori) 534,963 772,657
7,295 Palantir Technologies Inc ClA (Pltr) 62,590 551,721
4,400 Palo Alto Networks Inc 299,981 800,624
31,296 Pfizer Inc (Pfe) 853,388 830,283
7,250 Pinnacle Financial Partners 497,233 829,328
2,500 Salesforce Inc Com (Crm) 423,475 835,825
21,367 Stonex Group Inc Com(Snex) 990,885 2,093,325
5,685 United Parcel Service Inc Cl B(Ups) 975,576 716,935
1,030 Unitedhealth Group Inc(Unh) 430,846 521,036
12,200 Verizon Communications Inc (Vz) 630,128 487,878
1,500 Workday Inc Com Usd0.001 Cl A(Wday) 244,260 387,045
8,000 Spdr S&P 500 Etf Trust 2,023,351 4,688,640
4,873 Ishares S&P 500 Index Fund 1,134,155 2,868,638

TY 2024 InvestmentsGovtObligationsSch
Name:
John M Belk Endowment
EIN:
56-1954114
US Government Securities - End of Year Book Value:

4,147,224
US Government Securities - End of Year Fair Market Value:

4,157,242
State & Local Government Securities - End of Year Book Value:


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


0


TY 2024 InvestmentsOtherSchedule2
Name:
John M Belk Endowment
EIN:
56-1954114
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
3650 Trousdale Investors, LLC AT COST 1,830,475 2,000,000
Ada Re Vintage Year 2024 AT COST 4,306,012 4,847,485
JMBE Holdings 2020 LLC AT COST 16,668,757 16,393,871
Altarock Partners Series AT COST 10,848,224 10,848,166
Andalusian Credit Company LLC AT COST 2,993,250 2,918,275
Andalusian Sports Advisors, LP AT COST 2,994,913 3,000,000
Andalusian SPV I, LP AT COST 1,743,518 1,500,989
Andalusian SPV II, LP AT COST 3,719,196 4,071,765
Andalusian SPV VI, LP AT COST 1,001,835 1,001,442
Andalusian SPV, III AT COST 4,001,152 3,990,210
Aston Realty Investment Company AT COST 2,966,437 3,076,039
Balance Legal Capital Fund II LP AT COST 4,081,473 3,324,305
BBH AH Cayman AT COST 2,693,198 3,663,803
BBH Cap Partners QP IV AT COST 4,600 453,184
BBH Oaktree Opportunities Sub Trust AT COST 2,541,911 4,506,762
BBH Wealth Strategies LLC - LBC Credit Partners III USTE Series AT COST 1,473,810 664,944
Braemont Partners I Fund LP AT COST 5,590,834 7,687,429
Bramalea Partners Fund II, LP AT COST 2,500,000 2,500,000
Bramalea Partners Fund LP AT COST 3,649,639 4,182,179
Cesar Nursery Holdings, LLC AT COST 629,751 621,296
Contrarian Emerging Markets LP AT COST 1,000,000 1,954,204
ECF Value Fund International Ltd AT COST 2,500,000 2,977,514
FCA Health Innovations II (QP), LP AT COST 1,246,260 1,390,180
FCA RR Investors AT COST 0 2,167,502
FCA RR Investors Pref, LLC AT COST 392,644 441,001
FCA Ventures I LLC AT COST 3,781,657 2,000,000
FCAW CC GP AT COST 736,361 1,702,772
Goldcrest Capital II-A, LP AT COST 522,479 1,554,346
Goldcrest Capital II-A, LP AT COST 1,828,524 2,634,422
Goldcrest Capital Mars SPV, LLC AT COST 2,496,825 3,689,358
Goldcrest Capital Peregrine-B SPV, LLC AT COST 1,498,793 1,484,352
Goldcrest Capital Sourcegraph-D SPV, LLC AT COST 996,335 718,800
HNVR II, LP AT COST 515,312 584,791
Housing Impact Fund I LLC AT COST 596,598 596,578
HSFP Fund LP AT COST 505,582 500,000
Morrocroft Neighborhood Fund III, LP AT COST 1,365,256 3,474,989
NRC Absolute Return Offshore LP AT COST 8,583,731 9,258,308
NRC Global Select Equity Fund LP AT COST 2,523,238 2,980,317
NRC Hedged Equity Offshore LP AT COST 4,625,877 4,099,765
NRC Private Credit Opportunities 2021 LP AT COST 7,648,379 8,489,077
NRC Private Credit Opportunities 2022 LP AT COST 9,113,335 10,034,041
NRC Private Equity Opportunities 2021 LP AT COST 4,742,675 5,370,954
NRC Private Equity Opportunities 2022 LP AT COST 5,014,362 5,372,832
Orbimed Royalty & Credit Opportunities III AT COST 1,915,967 1,755,444
Primary Wave Music LP Fund 2 AT COST 3,355,944 5,268,416
RB EFO II De AIV II LPlp AT COST 275,584 225,235
Redbird Capital Partners Fund II LP AT COST 380,741 370,013
Senvest Partners, LP AT COST 1,000,000 2,165,843
Sharpvue Capital - Atlanta Marriott Peachtree Corners AT COST 3,079,441 3,131,894
Spicewood Mineral Partners II, LP AT COST 3,470,077 3,529,206
Spicewood Mineral Partners, LP AT COST 6,620,474 7,212,323
Spicewood Titan Sidecar LP AT COST 2,020,991 2,638,127
Truebridge Capital Partners Fund VI LP AT COST 888,487 1,267,412
VP Dislocation Fund II Private Investors Offshore L.P. AT COST 2,503,740 3,180,915
Zelda Ventures Fund 1, LP AT COST 500,060 385,313
Zephyrus Aviation Partners II (Offshore), LP AT COST 8,826,052 8,366,524
Andalusian Credit Partners, LLC AT COST 5,483 5,483

TY 2024 LandEtcSchedule2
Name:
John M Belk Endowment
EIN:
56-1954114
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
Leasehold Improvements 349,858 87,746 262,112 262,112
Office furniture 148,347 140,930 7,417 7,417
Equipment 253,688 252,184 1,504 1,504


TY 2024 LegalFeesSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
General governance and counsel 39,800 23,928   15,872


TY 2024 OtherExpensesSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Memberships, dues, subscriptions 1,734 0   1,734
Information & technology 59,984 0   59,984
Insurance 33,071 0   33,071
Sponsorships & hosting 372,108 0   372,108
Other expenses 32,851 0   32,851
K-1 expenses 3,023,696 2,699,722   0
Public relations 2,539 0   2,539
Davidson scholar expenses 584 0   584


TY 2024 OtherIncomeSchedule2
Name:
John M Belk Endowment
EIN:
56-1954114
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Hunting lease 3,288 3,288 3,288
Passthrough K-1 income 1,607,505 2,164,567 1,607,505
990-T refund 12,794   12,794
Section 951A GILTI 123,175 123,175 123,175


TY 2024 OtherIncreasesSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Description Amount
Prior period adjustment to investment cost basis 16,355


TY 2024 OtherLiabilitiesSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Description Beginning of Year - Book Value End of Year - Book Value
Partnership liabilities - FCA RR Investors 0 138,394


TY 2024 OtherProfessionalFeesSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment management fees 910,540 910,540   0
Foundation management services 551,202 110,240   440,962
Leadership development 675 0   675
Data analytic research 264,000 264,000   0
Strategic consulting 980,973 0   980,973
Land management services 31,203 31,203   0
Payroll processing fees 23,889 0   23,889
Communications / public relations 410,719 0   410,719


TY 2024 TaxesSchedule
Name:
John M Belk Endowment
EIN:
56-1954114
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Federal excise tax 17,250 0   0
Foreign tax 1,231 1,231   0
Property tax 1,480 1,480   0


TY 2024 TransfersFrmControlledEntities
Name:
John M Belk Endowment
EIN:
56-1954114
Name US /
Foreign Address		 EIN Description Amount
NRC Private Credit Opportunities 2021 (Offshore) LP 521 East Morehead St Ste 100
Charlotte,NC28202 		98-1590920 Distribution from investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 1,848,373
NRC Private Credit Opportunities 2022 (Offshore) LP 521 East Morehead St Ste 100
Charlotte,NC28202 		98-1661072 Distribution from investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 4,127,500
Total     1,003,338

TY 2024 TransfersToControlledEntities
Name:
John M Belk Endowment
EIN:
56-1954114
Name US /
Foreign Address		 EIN Description Amount
JMBE Holdings 2020 LLC 4201 Congress Street 470
Charlotte,NC28209 		85-3706523 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 8,439,655
NRC Absolute Return Offshore LP 521 East Morehead St Ste 100
Charlotte,NC28202 		98-1596086 Entity is not a business enterprise, per IRC 4943(d)(3)(B). 0
NRC Private Credit Opportunities 2021 (Offshore) LP 521 East Morehead St Ste 100
Charlotte,NC28202 		98-1590920 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 1,848,373
NRC Private Credit Opportunities 2022 (Offshore) LP 521 East Morehead St Ste 100
Charlotte,NC28202 		98-1661072 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 4,127,500
NRC Private Equity Opportunities 2022 LP 521 East Morehead St Ste 100
Charlotte,NC28202 		87-4555439 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 1,925,000
Total     16,340,528