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
Southern Bank Foundation
 
Number and street (or P.O. box number if mail is not delivered to street address)PO Box 729
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Mount Olive, NC283650729
A Employer identification number

56-2002871
B Telephone number (see instructions)

(919) 658-7000
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$19,199,784J 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      
4 Dividends and interest from securities... 949,644 949,644  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 531,192
b Gross sales price for all assets on line 6a 2,250,000
7 Capital gain net income (from Part IV, line 2)... 531,192
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances 0
b Less: Cost of goods sold.... 0
c Gross profit or (loss) (attach schedule)..... 0  
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
159 0 0
12 Total. Add lines 1 through 11........ 1,480,995 1,480,836 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
720 0 0 0
b Accounting fees (attach schedule)....... 0 0 0 0
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
50 0 0 0
17 Interest............... 17,452      
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
25,000 0 0 0
19 Depreciation (attach schedule) and depletion... 0 0 0
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
33 0 0 0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 43,255 0 0 0
25 Contributions, gifts, grants paid....... 1,161,294 1,161,294
26 Total expenses and disbursements. Add lines 24 and 25 1,204,549 0 0 1,161,294
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 276,446
b Net investment income (if negative, enter -0-) 1,480,836
c Adjusted net income (if negative, enter -0-)... 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............. 39,481 65,517 65,517
2 Savings and temporary cash investments.........      
3 Accounts receivable right arrow505,493
Less: allowance for doubtful accounts right arrow   9,847 505,493 505,493
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow   0 0 0
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions)..... 0 0 0
7 Other notes and loans receivable (attach schedule) right arrow0
Less: allowance for doubtful accounts right arrow0 0 0 0
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 0 0 0
b Investments—corporate stock (attach schedule)....... 8,232,523 Click to see attachment
List of Attached Documents:
// Content
8,600,704 		8,853,840
c Investments—corporate bonds (attach schedule)....... 0   0
11 Investments—land, buildings, and equipment: basis right arrow0
Less: accumulated depreciation (attach schedule) right arrow0 0   0
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 7,568,793 Click to see attachment
List of Attached Documents:
// Content
7,125,377 		9,774,934
14 Land, buildings, and equipment: basis right arrow0
Less: accumulated depreciation (attach schedule) right arrow0 0   0
15 Other assets (describe right arrow) 0 0 0
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 15,850,644 16,297,091 19,199,784
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons 0 0
21 Mortgages and other notes payable (attach schedule)...... 275,000 Click to see attachment
List of Attached Documents:
// Content
445,000
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
0
23 Total liabilities (add lines 17 through 22)......... 275,000 445,000
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........ 4,631,717 4,631,717
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 10,943,927 11,220,374
29 Total net assets or fund balances (see instructions)..... 15,575,644 15,852,091
30 Total liabilities and net assets/fund balances (see instructions). 15,850,644 16,297,091
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
15,575,644
2
Enter amount from Part I, line 27a .....................
2
276,446
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
15,852,090
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
15,852,090
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 Vanguard P   2024-12-31
b Merchants Bancorp P   2024-04-01
c BSB Capital Trust P   2024-12-31
d
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 1,650,000   1,187,836 462,164
b 100,000   100,000 0
c 500,000   430,972 69,028
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a     0 462,164
b     0 0
c     0 69,028
d
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 2 531,192
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 20,584
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-) Click to see attachment
List of Attached Documents:
// Content
2 0
3 Add lines 1 and 2........................... 3 20,584
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 20,584
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 30,684
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 30,684
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8  
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 10,100
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow10,100 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
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
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 .............
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 arrow  
14
The books are in care ofright arrowJohn Gray Telephone no.right arrow (919) 658-7000

Located atright arrowPO Box 729Mount OliveNC ZIP+4right arrow283650729
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)
 
No
(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
 
 
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
 
 
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
Hope H Bryant Director
0 		0 0  
PO Box 729
Mt Olive,NC283650729
John C Pegram Jr Director
0 		0 0  
PO Box 729
Mt Olive,NC283650729
Julian R Aycock Director
0 		0 0  
PO Box 729
Mt Olive,NC283650729
William H Bryan Director
0 		0 0  
PO Box 729
Mt Olive,NC283650729
David L Sauls Jr Treasurer
0 		0 0  
PO Box 729
Mt Olive,NC283650729
Drew M Covert President & Director
0 		0 0  
PO Box 729
Mt Olive,NC283650729
Hope M Fields Secretary
0 		0 0  
PO Box 729
Mt Olive,NC283650729
John H Gray Assistant Treasurer
0 		0 0  
PO Box 729
Mt Olive,NC283650729
Lisa R Sanderson Assistant Secretary
0 		0 0  
PO Box 729
Mt Olive,NC283650729
Stacey D Herring Assistant Treasurer
0 		0 0  
PO Box 729
Mt Olive,NC283650729
Samuel A Clark Assistant Treasurer
0 		0 0  
PO Box 729
Mt Olive,NC283650729
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
 
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
 
Total number of others receiving over $50,000 for professional services.............right arrow  
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right 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
18,493,467
b
Average of monthly cash balances.......................
1b
62,941
c
Fair market value of all other assets (see instructions)................
1c
505,493
d
Total (add lines 1a, b, and c).........................
1d
19,061,901
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
 
3
Subtract line 2 from line 1d.........................
3
19,061,901
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
285,929
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
18,775,972
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
938,799
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
938,799
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
20,584
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
20,584
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
918,215
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
918,215
6
Deduction from distributable amount (see instructions).................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
918,215
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
1,161,294
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
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
1,161,294
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 7 918,215
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 15,212
b Total for prior years:20 , 20, 2020 0
3 Excess distributions carryover, if any, to 2024:
a From 2019...... 0
b From 2020...... 0
c From 2021...... 0
d From 2022...... 0
e From 2023...... 0
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 1,161,294
a Applied to 2023, but not more than line 2a 15,212
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..... 918,215
e Remaining amount distributed out of corpus 227,867
5 Excess distributions carryover applied to 2024.   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 5 227,867
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...... 		 
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 .......... 		0
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 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 ...... 		227,867
10 Analysis of line 9:
a Excess from 2020.... 0
b Excess from 2021.... 0
c Excess from 2022.... 0
d Excess from 2023.... 0
e Excess from 2024.... 227,867
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 e-mail address of the person to whom applications should be addressed:
Hope M Fields
PO Box 729
Mount Olive,NC28365
(919) 658-7000
bThe form in which applications should be submitted and information and materials they should include:
Southern Bank Foundation Request for Grant
cAny submission deadlines:
None
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
None
Form 990-PF (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

ALL THE KING'S CHILDREN FOUNDATION

204 NE CENTER ST
MOUNT OLIVE,NC28365 		  PC Public Benefit 1,000

HOPE HOUSE FOUNDATION INC

801 BOUSH ST 302
NORFOLK,VA23510 		  PC Public Benefit 7,000

UNITY ORGANIZATION INC

237 FRANKLIN ST
MOUNT OLIVE,NC28365 		  PC Public Benefit 1,000

VIRGINIA MUSEUM OF CONTEMPORARY ARTS

2200 Parks Ave
VIRGINIA BEACH,VA23451 		  PC Public Benefit 15,000

WAYNE COUNTY 4 H

3114 WAYNE MEMORIAL DRIVE
GOLDSBORO,NC27534 		  PC Public Benefit 2,500

NORTH CAROLINA PICKLE FESTIVAL

123 N Center St
MOUNT OLIVE,NC28365 		  PC Public Benefit 5,000

FREE WILL BAPTIST CHILDREN'S HOME INC

7907 BUCK DEANS ROAD
MIDDLESEX,NC27557 		  PC Public Benefit 5,000

HAMPTON ROADS COUNCIL OF VETERANS ORG

PO BOX 55366
VIRGINIA BEACH,VA23471 		  PC Public Benefit 3,000

HONORBRIDGE

909 East Arlington Boulevard
Greenville,NC27858 		  PC Public Benefit 5,000

JUNIOR ACHIEVEMENT OF EASTERN NORTH CAROLINA

4904 WATERS EDGE DR STE 155
RALEIGH,NC27606 		  PC Public Benefit 10,000

KRIQUETTE'S KIDZ

2341 Davis Mill Rd
Fremont,NC27830 		  PC Public Benefit 2,500

COASTAL CHRISTIAN HIGH SCHOOL

1150 THE KINGS HIGHWAY
WILMINGTON,NC28409 		  PC Public Benefit 5,000

EMERGE GALLERY & ART CENTER

404 Evans St
Greenville,NC27858 		  PC Public Benefit 1,000

NATIONAL FIRE SAFETY COUNCIL

po box 378
michigan center,MI492540378 		  PC Public Benefit 300

NC FREEDOM FEST

Po box 562
GOLDSBORO,NC27533 		  PC Public Benefit 2,500

UNITED WAY OF WILSON COUNTY INC

509 NASH ST N
WILSON,NC27893 		  PC Public Benefit 5,000

VA BEACH CITY PUBLIC SCHOOLS EDUCATION FOUNDATION

2512 GEORGE MASON DR
VIRGINIA BEACH,VA23456 		  PC Public Benefit 5,000

YMCA OF THE TRIANGLE AREA

801 Corporate Center Drive Ste 200
RALEIGH,NC27607 		  PC Public Benefit 10,000

ALSACST JUDE CHILDRENS RESEARCH HOSPITAL

262 DANNY THOMAS PLACE
MEMPHIS,TN38105 		  PC Public Benefit 7,500

CALE COMMUNITY FOUNDATION

377 Camp Cale Rd
Hertford,NC27944 		  PC Public Benefit 10,000

FELLOWSHIP OF CHRISTIAN ATHLETES

4600 MARRIOTT DR 120
RALEIGH,NC27612 		  PC Public Benefit 4,000

HOSPICE HOUSE OF HAMPTON ROADS

po box 683
VIRGINIA BEACH,VA23451 		  PC Public Benefit 25,000

NC AQUARIUM SOCIETY INC

3125 POPLARWOOD CT SUITE 160
RALEIGH,NC27604 		  PC Public Benefit 125,000

UNITED WAY OF WAYNE COUNTY

301 E ASH ST 310
GOLDSBORO,NC27530 		  PC Public Benefit 5,000

WILSON FORWARD

PO BOX 1764
WILSON,NC27894 		  PC Public Benefit 2,000

ARTS COUNCIL OF WILSON

124 NASH ST NE
WILSON,NC27893 		  PC Public Benefit 5,000

BOYS & GIRLS CLUB OF THE ALBEMARLE

108 E Ward St
ELIZABETH CITY,NC27909 		  PC Public Benefit 5,000

MOUNT OLIVE AREA HISTORICAL SOCIETY

137 E MAIN ST
MOUNT OLIVE,NC28365 		  PC Public Benefit 5,000

NC LIONS VIP FISHING TOURNAMENT

7050 CAMP DOGWOOD DRIVE
SHERRILS FORD,NC28673 		  PC Public Benefit 5,000

TAR RIVER CHORAL CHESTRAL SOC

PO BOX 8255
ROCKY MOUNT,NC27804 		  PC Public Benefit 5,000

BUSINESS CONSORTIUM FOR ARTS SUPPORT

101 WEST MAIN STREET STE 4500
NORFOLK,VA23510 		  PC Public Benefit 7,000

CAHEC FOUNDATION

7700 FALLS OF NEUSE RD 200
RALEIGH,NC27615 		  PC Public Benefit 3,000

CAROLINAS GATEWAY PARTNERSHIP

427 FALLS ROAD
ROCKY MOUNT,NC278044808 		  PC Public Benefit 20,000

OUTER BANKS HOSPTIAL DEVELOPMENT COUNCIL

4800 S CROATAN HIGHWAY
NAGS HEAD,NC27959 		  PC Public Benefit 50,000

THE SOUTHEASTERN PARTNERSHIP II INC

707 WEST BROAD ST PO BOX 2556
ELIZABETHTOWN,NC28337 		  PC Public Benefit 5,000

NC STOP HUMAN TRAFFICKING INC

PO BOX 959
FARMVILLE,NC27828 		  PC Public Benefit 2,500

CHESAPEAKE GENERAL HEALTHCARE FOUNDATION

113 GAINSBOROUGH SQUARE SUITE 203
CHESAPEAKE,VA23320 		  PC Public Benefit 20,000

COMMUNITY CARE CLINIC OF DARE

425 HEALTH CENTER DRIVE
NAGS HEAD,NC27959 		  PC Public Benefit 5,000

PITT COMMUNITY COLLEGE FOUNDATION I

PO BOX 7007
MERRY HILL,NC27957 		  PC Public Benefit 25,000

PITT COUNTY COMMITTEE OF 100

PO BOX 1714
GREENVILLE,NC27835 		  PC Public Benefit 20,000

THE ELIZABETHAN GARDENS INC

1411 NATIONAL PARK DR
MANTEO,NC27954 		  PC Public Benefit 8,000

THE OUTLAW FOUNDATION

PO BOX 189
NEWTON GROVE,NC28366 		  PC Public Benefit 2,500

THE PARAMOUNT THEATRE FOUNDATION

139 S Center Street
Goldsboro,NC27530 		  PC Public Benefit 3,000

VIRGINIA BANKERS ASSOCIATION EDUCATION FOUNDATION

4490 COX ROAD
GLEN ALLEN,VA23060 		  PC Public Benefit 3,500

WAYNE HEALTH FOUNDATION

PO BOX 8001
GOLDSBORO,NC27533 		  PC Public Benefit 10,000

BOY SCOUTS OF AMERICA - TUSCARORA COUNCIL

PO BOX 1436
GOLDSBORO,NC27533 		  PC Public Benefit 8,000

BEACH FOOD PANTRY INC

4007 N Croatan Hwy
Kitty Hawk,NC27949 		  PC Public Benefit 10,000

GOOD SHEPHERD FOOD PANTRY OF BERTIE CO

1008 NORTH KING ST
WINDSOR,NC27983 		  PC Public Benefit 1,000

KRAMDEN INSTITUTE

4915 PROSPECTUS DR STE J
DURHAM,NC27713 		  PC Public Benefit 19,000

NORTH CAROLINA SYMPHONY SOCIETY INC

3700 GLENWOOD AVE STE 130
RALEIGH,NC27612 		  PC Public Benefit 7,500

FRANKIE LEMMON FOUNDATION INC

3101 POPLARWOOD CT 100
RALEIGH,NC27604 		  PC Public Benefit 10,000

HOPE PREPARATORY SCHOOL

13806 FL-33
GROVELAND,FL34736 		  PC Public Benefit 10,000

WILMINGTON AREA REBUILDING MINISTRY INC

909 Market St
Wilmington,NC28401 		  PC Public Benefit 25,000

UNIVERSITY OF MOUNT OLIVE (003689)

634 HENDERSON ST
MOUNT OLIVE,NC28365 		  PC Public Benefit 107,500

CAPE HENRY COLLEGIATE

1320 Mill Dam Rd
Virginia Beach,VA23454 		  PC Public Benefit 10,000

3HC HOME HEALTH & HOSPICE CARE INC

2402 Wayne Memorial Drive
GOLDSBORO,NC27534 		  PC Public Benefit 1,000

AAPI OF HAMPTON ROADS

1435 Crossways Blvd
Chesapeake,VA23320 		  PC Public Benefit 21,500

DUPLIN COUNTY EDUCATION FOUNDATION

315 N Main St PO Box 128
Kenansville,NC28349 		  PC Public Benefit 1,000

ELIZABETH CITY STATE UNIVERSITY FOUNDATION

1704 Weeksville Road
Elizabeth City,NC27909 		  PC Public Benefit 5,000

HABITAT FOR HUMANITY OF SOUTH HAMPTON ROADS

900 Tidewater Drive
Norfolk,VA23504 		  PC Public Benefit 10,000

NORTH CAROLINA WESLYAN UNIVERSITY

3400 N Wesleyan Blvd
Rocky Mount,NC27804 		  PC Public Benefit 25,000

ROANOKE CHOWAN COMMUNITY HEALTH CENTER INC

305 Beachwood Blvd
Murfreesboro,NC27855 		  PC Public Benefit 25,000

SYLVAN HEIGHTS WATERFOWL PARK AND ECO CENTER INC

PO Box 368
Scotland Neck,NC27874 		  PC Public Benefit 25,000

CHILDREN & YOUTH PARTNERSHIP FOR DARE CO

534 Ananias Dare St
Manteo,NC27954 		  PC Public Benefit 2,500

HABITAT FOR HUMANITY OF GOLDSBORO-WAYNE

2719 Graves Dr Suite 3
Goldsboro,NC27534 		  PC Public Benefit 10,000

STAGESTRUCK

121 W Chestnut St
Goldsboro,NC27530 		  PC Public Benefit 2,500

WAYNE COUNTY DEVELOPMENT ALLIANCE INC

719 E Ash St
Goldsboro,NC27532 		  PC Public Benefit 12,000

BAPTIST CHILDRENS HOMES OF NC

PO Box 338
Thomasville,NC27361 		  PC Public Benefit 5,000

COVENANT HOMES INC

135 Covenant Ct
Rocky Mount,NC27804 		  PC Public Benefit 10,000

NASH HEALTH CARE FOUNDATION

2460 Curtis Ellis Dr
Rocky Mount,NC27804 		  PC Public Benefit 10,000

RW TOWNE FOUNDATION

1435 Crossways Blvd
Chesapeake,VA23320 		  PC Public Benefit 20,000

THE COMMUNITY ARTS COUNCIL OF GOLDSBORO NC INC

139 W Walnut St
Goldsboro,NC27530 		  PC Public Benefit 25,000

TOWN OF AYDEN

4144 West Avenue
Ayden,NC28513 		  PC Public Benefit 5,000

GO GLOBAL NC COUNCIL INC

PO Box 2162
Wake Forest,NC27588 		  PC Public Benefit 10,000

NORTH CAROLINA BLACK BEAR FESTIVAL INC

PO Box 706
Plymouth,NC27962 		  PC Public Benefit 3,000

THE COMMUNITY FOUNDATION OF NC EAST INC

PO Box 3985
Greenville,NC27869 		  PC Public Benefit 2,000

WARRIOR CLUB PTO

1501 Haw Branch Road
Chocowinity,NC27817 		  PC Public Benefit 5,000

BERTIE EDUCATIONAL FOUNDATION

148 Avoca Farm Rd
Merry Hill,NC27957 		  PC Public Benefit 25,000

BOY SCOUTS OF AMERICA-OCCONEECHEE COUNCIL

3231 Atlantic Ave
Raleigh,NC27604 		  PC Public Benefit 13,874

PUNGO CHRISTIAN ACADEMY INC

983 W Main St
Belhaven,NC27810 		  PC Public Benefit 6,720

WAYNE CO LIVESTOCK DEV ASSOC FOUND

PO Box 1100
Goldsboro,NC27533 		  PC Public Benefit 10,000

YMCA OF SOUTH HAMPTON ROADS

920 Corporate Ln
Chesapeake,VA23320 		  PC Public Benefit 2,500

BARTON COLLEGE (006943)

400 Atlantic Christian College Dr N
E
Wilson,NC27893 		  PC Public Benefit 50,000

FOODBANK OF SOUTHEASTERN VIRGINIA

800 Tidewater Dr
Norfolk,VA23504 		  PC Public Benefit 5,000

GIRL SCOUTS NORTH CAROLINA COASTAL PINES INC

6901 Pinecrest Road
Raleigh,NC27613 		  PC Public Benefit 25,000

GREENVILLE MUSEUM OF ART INC

802 Evans St
Greenville,NC27834 		  PC Public Benefit 2,500

NC CENTER FOR POULTRY EDUCATION

1208 High Level Rd
Pinetops,NC27864 		  PC Public Benefit 10,000

BOYS & GIRLS CLUBS OF WAYNE COUNTY

1401 Royall Ave
Goldsboro,NC27530 		  PC Public Benefit 10,000

BEAUFORT COUNTY ARTS COUNCIL

150 W Main St
Washington,NC27889 		  PC Public Benefit 2,500

CHOANOKE AREA DEVELOPMENT ASSOCIATI

120 Sessoms Dr
Rich Square,NC27869 		  PC Public Benefit 10,000

COOPERS RURITAN FOUNDATION INC

6084 NC-58
Elm City,NC27822 		  PC Public Benefit 5,000

BOY SCOUTS OF AMERICA - TIDEWATER COUNCIL

1032 Heatherwood Dr
Virginia Beach,VA23455 		  PC Public Benefit 10,000

NORTH CAROLINA BANKERS ASSOCIATION FOUNDATION

3601 Haworth Dr
Raleigh,NC27609 		  PC Public Benefit 9,400

BREAKTHROUGH T1D

200 Vesey Street 28th floor
New York,NY10281 		  PC Public Benefit 4,500

TYRELL-WASHINGTON PARTNERSHIP FOR C

125-B W Water Street
Plymouth,NC27692 		  PC Public Benefit 1,000

WAYNE COUNTY PUBLIC LIBRARY (006449)

1001 E Ash St
Goldsboro,NC27530 		  PC Public Benefit 10,000

ALBEMARLE EDUCATION FOUNDATION INC

1210 US Highway 17 S
Elizabeth City,NC27909 		  PC Public Benefit 10,000

CAROLINA SMALL BUSINESS DEVELOPMENT FUND

3128 Highwoods Blvd 170
Raleigh,NC27604 		  PC Public Benefit 5,000

PARTNERSHIP FOR AURORA-RICHLAND TOWNSHIP PROGRESS

PO Box 235
Aurora,NC27806 		  PC Public Benefit 3,000

TIDEWATER FRIENDS OF FOSTER CARE INC

999 Waterside Dr 103
Norfolk,VA23510 		  PC Public Benefit 10,000

GREATER NEUSE FELLOWSHIP OF CHRISTIAN ATHLETES

2822 Cashwell Dr Box 235
Goldsboro,NC27534 		  PC Public Benefit 3,000
Total .................................right arrow 3a 1,161,294
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 ........... 		         
4 Dividends and interest from securities .... 900001   14 949,644  
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 ............ 		    18 531,192  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aDebt-Financed Income 		  159      
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 159 1,480,836 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,480,995
(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: 24020961
Software Version: 2024v5.1


Form 990PF - Special Condition Description:
Special Condition Description

TY 2024 InvestmentsCorpStockSchedule
Name:
Southern Bank Foundation
EIN:
56-2002871
Software ID:
24020961
Software Version:
2024v5.1
Name of Stock End of Year Book Value End of Year Fair Market Value
American AgCredit ACA 250,000 243,718
Atlantic Union Bankshares Corporation 598,538 610,211
BANK OZK 250,833 183,540
Cadence Bank 150,226 169,238
Chesapeake Finl Shs Inc 50,058 49,742
ConnectOne Bancorp Inc 75,000 68,910
CORPORATE SECURITIES 2,362,735 2,478,977
Dime Community Bancshares Inc 254,689 201,705
Duke Energy Corp 191,788 412,967
Ellington Financial Inc 200,000 184,960
Enterprise Financial Services Corp 187,506 111,680
Enterprise Financial Services Corp 111,060 148,013
RLJ Lodging TR Inc (Felcor Lodging) 28,102 36,840
Fifth Third BNCP 10,989 26,721
First Horizon Bank 175,000 148,500
First Horizon Corporation 149,428 183,520
First Horizon Natl Corp (Iberia Bank Corp) 100,042 94,945
Heartland Financial USA Inc 300,664 300,342
ISHARES TR S&P US PFD 50,080 40,243
Keycorp 150,195 183,352
Merchants Bancorp 0 0
Met Life Inc Pfd Ser A 24,980 25,300
Midland States Bancorp Inc 300,419 334,080
Ocean First Financial Corp Inc 150,000 151,380
Pacwest Bancorp 150,000 146,580
Pebblebrook Hotel Trust 50,392 43,868
Pinnacle Financial Partners Inc Com 353,547 371,228
Regions Financial Corp 250,318 264,275
SOUTHERN CO COM 40,115 70,384
Synovus Finl Corp 231,875 246,933
Truist Finl Corp 250,853 247,040
US Bank Pref Ser B 199,678 176,400
WELLS FARGO & CO NEW PRFD CONV CL A 300,850 268,720
WesBanco Inc A 200,450 199,700
Texas Cap Bancshares Inc 200,362 182,545
Synchrony Financial 150,406 150,173
M&T Bk Corp 99,526 97,110

TY 2024 InvestmentsOtherSchedule2
Name:
Southern Bank Foundation
EIN:
56-2002871
Software ID:
24020961
Software Version:
2024v5.1
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
Blue Ridge Bankshares fka Bay Banks of Virginia, Inc. FMV 1,137,500 1,241,088
Dime Community Bancshares Inc FMV 100,000 108,749
F&M Financial Corporation FMV 100,000 99,750
First Capital Bancshares Inc FMV 150,000 150,000
First Carolina Financial Services Inc FMV 500,000 500,000
Great Plains Bancshares Inc. FMV 100,000 100,000
Hancock Whitney Corporation FMV 299,577 300,623
JD Bancshares Inc FMV 100,000 100,000
Midland States Bancorp, Inc. FMV 500,000 435,000
New York Community Bancorp Inc FMV 100,000 95,000
Old Point National Corp FMV 500,000 500,000
PB FinanciaLCorporation FMV 350,000 350,000
PB FinanciaLCorporation FMV 150,000 150,000
United Bancorp, Inc. FMV 100,000 97,259
Vanguard Fund FMV 2,738,300 5,347,465
Village Bank & Trust Financial Corp FMV 200,000 200,000

TY 2024 LegalFeesSchedule
Name:
Southern Bank Foundation
EIN:
56-2002871
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Legal Fees 720      


TY 2024 MortgagesAndNotesPayableSch
Name:
Southern Bank Foundation
EIN:
56-2002871
Software ID:
24020961
Software Version:
2024v5.1
Total Mortgage Amount: 275,000

Item No. 1
Lender's Name  
Lender's Title  
Relationship to Insider  
Original Amount of Loan  
Balance Due 445,000
Date of Note  
Maturity Date  
Repayment Terms  
Interest Rate  
Security Provided by Borrower  
Purpose of Loan  
Description of Lender Consideration  
Consideration FMV  


TY 2024 OtherExpensesSchedule
Name:
Southern Bank Foundation
EIN:
56-2002871
Software ID:
24020961
Software Version:
2024v5.1
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Miscellaneous Expense 33      


TY 2024 OtherIncomeSchedule2
Name:
Southern Bank Foundation
EIN:
56-2002871
Software ID:
24020961
Software Version:
2024v5.1
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Debt-Financed Income 159    


TY 2024 OtherLiabilitiesSchedule
Name:
Southern Bank Foundation
EIN:
56-2002871
Software ID:
24020961
Software Version:
2024v5.1
Description Beginning of Year - Book Value End of Year - Book Value
Interest Payable    


TY 2024 OtherProfessionalFeesSchedule
Name:
Southern Bank Foundation
EIN:
56-2002871
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Professional Fees 50      


TY 2024 TaxesSchedule
Name:
Southern Bank Foundation
EIN:
56-2002871
Software ID:
24020961
Software Version:
2024v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Federal Income Tax Expense 25,000