2024-05-14T14:00:42-05:00 2023-06-30 135565207 KPMG LLP 500 W 5TH ST STE 800 WINSTONSALEM NC 27101 990 2022-07-01 566058412 THE EDUCATIONAL FOUNDATION INC EDUC 9198432000 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 DIANE ALDRIDGE CFO & GENERAL COUNSEL 9198432000 2024-05-14 1 DIANE ALDRIDGE 999009999 0 SHAWN HUTCHINSON P01048557 3362753394 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JOHN MONTGOMERY 450 SKIPPER BOWLES D CHAPEL HILL NC 27599 81777973 0 X WWW.RAMSCLUB.COM X 1938 NC SEE SCHEDULE O 25 25 59 200 0 0 77900350 76234150 0 0 4507841 5543823 -3139 0 82405052 81777973 31750598 61422982 0 0 5033159 5198383 26446 49588 4583086 8111853 12110074 44922056 78781027 37482996 2996946 210237588 213331120 115023392 120099717 95214196 93231403 X SEE SCHEDULE O 0 0 22571599 13975259 CONTRIBUTIONS TO UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL: CONTRIBUTIONS TO UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL TO PROVIDE SCHOLARSHIP ASSISTANCE TO STUDENT ATHLETES. 9932523 9932523 CONTRIBUTIONS TO UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL:CONTRIBUTIONS TO UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL TO PROVIDE FINANCIAL ASSISTANCE TO OPERATING BUDGETS FOR 28 SPORTS, TO PROVIDE DEBT SERVICE FOR PREVIOUS RENOVATIONS OF ATHLETIC FACILITIES, TO PROVIDE ASSISTANCE WITH CONSTRUCTION OF PARKING FACILITIES ON CAMPUS, AND TO PROVIDE FINANCIAL ASSISTANCE TO VARIOUS OTHER ATHLETIC PROGRAMS AND PROJECTS. 37515200 37515200 RENOVATIONS TO THE KENAN FOOTBALL CENTER, FINLEY GOLF COURSE RENOVATION, CHEWNING TENNIS COMPLEX, AND THE WOMEN'S BASKETBALL LOCKER ROOM AND OFFICE AREA. RENOVATIONS TO WOOLLEN GYM TO CREATE A WOMEN'S PRACTICE FACILITY FOR WOMEN'S BASKETBALL. NEW VIDEOBOARD FOR BOSHAMER STADIUM AND CARMICHAEL AUDITORIUM. PLANNING COSTS FOR PHASE II OF THE CHEWNING TENNIS COMPLEX TO INCLUDE A NEW TEAM BUILDING AND OFFICES. 70019322 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 40 0 1 59 1 0 0 0 0 0 1 1 0 0 0 0 X 25 25 0 0 0 0 1 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY X DIANE S ALDRIDGE 9198432000 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 ALGE CRUMPLER EXECUTIVE BOARD MBR. 0.00 X 0 0 0 DONNA CURTIS MCCLATCHEY EXECUTIVE BOARD MBR 0.00 X 0 0 0 SHARON ROTHWELL EXECUTIVE BOARD MBR 0.00 X 0 0 0 JIM SIGMAN EXECUTIVE BOARD MBR 0.00 X 0 0 0 VAUGHN MOORE EXECUTIVE BOARD MBR 0.00 X 0 0 0 DEWEY BURKE EXECUTIVE BOARD MBR 0.00 X 0 0 0 MELANIE BIESE EXECUTIVE BOARD MBR 0.00 X 0 0 0 BRIAN GOLSON EXECUTIVE BOARD MBR 0.00 X 0 0 0 ALAN CALDWELL EXECUTIVE BOARD MBR 0.00 X 0 0 0 DON HARDISON EXECUTIVE BOARD MBR 0.00 X 0 0 0 IV CULP EXECUTIVE BOARD MBR 0.00 X 0 0 0 MICHAEL KENNEDY EXECUTIVE BOARD MBR 0.00 X 0 0 0 AURELIA STAFFORD MONK EXECUTIVE BOARD MBR 0.00 X 0 0 0 TOM CHEWNING EXECUTIVE BOARD MBR 0.00 X 0 0 0 KEN WILLIAMS EXECUTIVE BOARD MBR 0.00 X 0 0 0 LOWRY CAUDILL EXECUTIVE BOARD MBR 0.00 X 0 0 0 FRANK BRENNER EXECUTIVE BOARD MBR 0.00 X 0 0 0 DWIGHT STONE EXECUTIVE BOARD MBR 0.00 X 0 0 0 DON WILLIAMS CHAIR 0.00 X X 0 0 0 ANNE LLOYD VICE CHAIR 0.00 X X 0 0 0 STEVE VETTER PAST CHAIR 0.00 X X 0 0 0 MILT PETTY TREASURER 0.00 X X 0 0 0 TOM MANN SECRETARY 0.00 X X 0 0 0 DAVE BOLIEK EXECUTIVE BOARD MBR 0.00 X 0 0 0 RALPH MEEKINS EXECUTIVE BOARD MBR 0.00 X 0 0 0 DAVID ROUTH EXECUTIVE BOARD MBR 0.00 X 0 0 0 MICHAEL ANDREASEN EXECUTIVE BOARD MBR 0.00 X 0 0 0 JOHN MONTGOMERY EXECUTIVE DIRECTOR 40.00 X 607635 0 33442 DIANE ALDRIDGE CFO & GENERAL COUNSEL 40.00 X 267914 0 28020 EMILY COBLE SENIOR DIRECTOR OF FINANCE 40.00 X 109641 0 21483 KEN MACK SR ASSOC EXEC DIR LEAD GIF 40.00 X 291398 0 32830 MATT TERRELL CHIEF STRATEGY & COMMS OFF 40.00 X 226405 0 27500 GARY BURNS SENIOR DIRECTOR OF MAJOR G 40.00 X 164252 0 26754 EMILY STEVENS MAJOR GIFTS DIRECTOR 40.00 X 182086 0 21297 SETH REEVES CHIEF REVENUE OFFICER 40.00 X 200782 0 14350 BRIAN BERSTICKER DIRECTOR OF MEMBER SERVICES 40.00 X 141882 0 18166 JAMES RICHARDS MAJOR GIFTS DIRECTOR 40.00 X 119034 0 12789 2311029 0 236631 10 1 1 0 FRANK L BLUM CONSTRUCTION PO BOX 4153 WINSTONSALEM NC 27115 GENERAL CONTRACTORS 11373956 TA LOVING COMPANY 400 PATETOWN ROAD GOLDSBORO NC 27530 GENERAL CONTRACTORS 4740895 MACCURRACH GOLF CONSTRUCTION 3501 FAYE ROAD JACKSONSVILLE FL 32226 GENERAL CONTRACTORS 640967 HKS INC PO BOX 731121 DALLAS TX 75373 ARCHITECTS 603075 VISION CONTRACTORS INC 2315 MYRON DR 200 RALEIGH NC 27607 GENERAL CONTRACTORS 529250 26 15524162 17037212 43672776 7107668 76234150 655618 655618 4888205 0 4888205 4888205 4888205 81777973 0 0 5543823 61422982 61422982 1502993 749689 365533 387771 3125383 1558933 760103 806347 292988 147054 69229 76705 277019 139039 65456 72524 36796 36796 104464 104464 49588 49588 420286 420286 154753 18807 135946 809503 259874 81073 468556 195323 91449 56173 47701 129462 40265 85208 3989 291253 173443 28905 88905 148346 74456 35052 38838 3110671 3110671 36740 36740 209529 105165 49509 54855 GAME DAY EXPENSES 2499058 949642 1549416 BAD DEBT 1596875 1596875 TRANSPORTATION 984226 984226 STEWARDSHIP 230783 38861 191922 1152006 173573 368410 610023 78781027 70019322 4178619 4583086 35084902 39632112 51915138 47392435 4252977 4164310 699870 516184 94503 183686 108469196 110332636 10420872 11625941 210237588 213331120 1674170 5092472 680740 778753 69223902 63545976 10165150 6693832 27467150 40166340 5812280 3822344 115023392 120099717 X -42494424 -24546932 137708620 117778335 95214196 93231403 210237588 213331120 X 2996946 -6241641 1261902 X 0 1 X 1 0 X 40336826 75189607 59803980 77900350 76234150 329464913 40336826 75189607 59803980 77900350 76234150 329464913 31638311 297826602 376108 279552 35228 33753 655618 1380259 18170 9740 7150 3900 38960 330884132 0.89790 0.90920 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 88686303 2441972 -1029723 3525051 86573501 74603748 14467669 2190915 2576029 88686303 46744080 10143581 19863668 2147581 74603748 46280969 1871753 821295 2229937 46744080 43147669 1511343 3518546 1896589 46280969 0.64820 0.35180 1 0 699870 516184 183686 183686 CERTIFICATE OF DEPOSIT 269893 F UNC CH FDN INV. FUND 109352478 F OTHER EQUITY INVESTMENTS 196683 F CORPORATE BONDS 513582 F 110332636 INTEREST RATE SWAP ASSET 5235692 CASH SURRENDER VALUE OF LIFE INSURANCE 1435280 CONTR. REC. FROM SPLIT-INTEREST AGREEMENTS 4954969 11625941 PAYABLES TO UNC CH 3431216 RETIREMENT AND OTHER BENEFITS 391128 3822344 X 63160091 -6241641 337116 1261902 -4642623 67802714 13975259 13975259 81777973 65142884 337116 337116 64805768 13975259 13975259 78781027 PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP PART XI, LINE 4B - OTHER ADJUSTMENTS: SEE SCHEDULE O PART XII, LINE 4B - OTHER ADJUSTMENTS: SEE SCHEDULE O FORM 990, SCHEDULE D, PART X, LINE 2 INTENDED USES OF ENDOWMENT FUNDS PERMANENTLY RESTRICTED NET ASSETS ARE RESTRICTED TO INVESTMENT IN PERPETUITY. INCOME FROM THESE ASSETS IS EXPENDABLE TO PROVIDE OPERATIONAL SUPPORT FOR THE DESIGNATED SPORTS PROGRAMS OF THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL. FORM 990, SCHEDULE D, PART X, LINE 2 THE FOUNDATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES ON RELATED INCOME UNDER INTERNAL REVENUE CODE 501(A) AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) AND APPLICABLE STATE STATUTES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE. X X X X X X 1 MOSSROSS 4102 WESTFIELD DRIVE DURHAM NC 27705 FUNDRAISING CONSULTANTS 0 0 48421 0 48421 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY 1 UNC CHAPEL HILL 104 AIRPORT DRIVE CHAPEL HILL NC 27599 566001393 GOVT 61422982 0 BOOK N/A SCHOLARSHIPS, CONSTRUCTION, AND OTHER FINANCIAL ASSISTANCE. 1 PART I, LINE 2: GRANTS MADE BY THE ORGANIZATION WERE MADE TO A PUBLIC CHARITY FOR USE IN ITS EXEMPT MISSION. ACCORDINGLY, THE ORGANIZATION EXPECTS THE CHARITY TO USE THE FUNDS FOR PROPER PURPOSES, AND AS SUCH, DOES NOT SUBSEQUENTLY MONITOR THE GRANT. X X X 1 1 X X X X 0 0 0 1 0 0 0 0 0 JOHN MONTGOMERY EXECUTIVE DIRECTOR 513120 0 77905 0 16610 0 18300 0 15142 0 641077 0 0 0 KEN MACK SR ASSOC EXEC DIR LEAD GIF 253952 0 34734 0 2712 0 17527 0 15303 0 324228 0 0 0 DIANE ALDRIDGE CFO & GENERAL COUNSEL 228311 0 30461 0 9142 0 14072 0 13948 0 295934 0 0 0 MATT TERRELL CHIEF STRATEGY & COMMS OFF 192231 0 27677 0 6497 0 15705 0 11795 0 253905 0 0 0 SETH REEVES CHIEF REVENUE OFFICER 199158 0 0 0 1624 0 4942 0 9408 0 215132 0 0 0 EMILY STEVENS MAJOR GIFTS DIRECTOR 158483 0 19574 0 4029 0 11003 0 10294 0 203383 0 0 0 GARY BURNS SENIOR DIRECTOR OF MAJOR G 160892 0 0 0 3360 0 12131 0 14623 0 191006 0 0 0 BRIAN BERSTICKER DIRECTOR OF MEMBER SERVICES 121123 0 14262 0 6497 0 9028 0 9138 0 160048 0 0 0 FORM 990, SCH J, PART I, LINE 1A WRITTEN POLICY FOR COMPENSATION CHARTER TRAVEL, TRAVEL FOR COMPANIONS, AND CLUB DUES MAY BE PROVIDED BY THE ORGANIZATION TO CERTAIN MEMBERS OF ITS SENIOR STAFF. ALL TRAVEL PAID FOR BY THE ORGANIZATION OR REIMBURSED TO EMPLOYEES UNDER THE ACCOUNTABLE PLAN IS CONSIDERED TO HAVE A BUSINESS PURPOSE. ANY INDIVIDUAL LISTED ON FORM 990, PART VII MAY HAVE RECEIVED CHARTER TRAVEL OR TRAVEL FOR COMPANIONS. ALL SUCH TRAVEL WAS ASSOCIATED WITH THE ORGANIZATION'S CHARITABLE MISSION AND WAS NOT TREATED AS TAXABLE COMPENSATION TO THE RECIPIENTS. CERTAIN MEMBERS OF ITS SENIOR STAFF RECEIVED CLUB DUES. THE USE OF SOCIAL CLUB MEMBERSHIPS FOR BUSINESS PURPOSES ARE NOT TREATED AS TAXABLE COMPENSATION TO THE RECIPIENTS. HOWEVER, THE PORTION RELATED TO PERSONAL USE OF SOCIAL CLUB MEMBERSHIPS IS TREATED AS TAXABLE COMPENSATION TO THE RECIPIENTS. FORM 990, SCH J, PART I, LINE 5A INCENTIVE COMPENSATION PLAN THE EDUCATIONAL FOUNDATION, INC. MAINTAINS AN INCENTIVE COMPENSATION PLAN COVERING ELIGIBLE EMPLOYEES. THE PLAN IS FORMULA DRIVEN, TRIGGERED BY REACHING FUNDRAISING GOALS ON ANNUAL FUND REVENUES/MEMBERSHIP DUES. A PUBLIC FINANCE AUTHORITY SERIES 2019 273866124 2019-03-21 92000000 EDUCATIONAL FACILITIES REVENUE BOND 0 0 0 A 92000000 248280 77803706 13948014 2020 0 1 0 1 A 0 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 A 1 X 147 5552600 FMV X 10 466818 FMV X CAR DEALER CREDITS 41 839000 FMV X FLIGHTS 5 145226 FMV X PURCHASE OF GOODS 4 104024 FMV 0 1 1 PART I, LINE 32B: USE OF THIRD PARTIES THE EDUCATIONAL FOUNDATION, INC. USES THIRD PARTY STOCKBROKERS TO PROCESS NON-CASH PUBLICLY TRADED STOCK CONTRIBUTIONS. ADDITIONALLY, THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL PROCESSES GIFTS OF REAL PROPERTY AND GIFTS OF COMPLEX BUSINESS INTERESTS DESIGNATED FOR THE EDUCATIONAL FOUNDATION, INC. FORM 990, PART I, LINE 1 THE CORPORATION WAS FORMED TO PROVIDE EDUCATIONAL ASSISTANCE TO INDIVIDUALS ATTENDING THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL AND TO SUPPORT UNC FACILITIES & PROGRAMS. FORM 990, PART III, LINE I THE SPECIFIC OBJECTS FOR WHICH THIS CORPORATION ARE FORMED INCLUDE, WITHOUT LIMITATION, (A) PROVIDING ASSISTANCE TO WORTHY YOUNG MEN AND WOMEN SEEKING AN EDUCATION AT THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL (THE "UNIVERSITY") AND (B) SUPPORTING UNIVERSITY PROGRAMS BY PROVIDING FUNDS FOR THE CONSTRUCTION OF FACILITIES OR THE PURCHASE OF EQUIPMENT FOR SUCH PROGRAMS. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF THE ORGANIZATION MEMBERSHIP IN THE FOUNDATION SHALL CONSIST OF NATURAL PERSONS OR AUTHORIZED LEGAL ENTITIES WHO MAKE FINANCIAL CONTRIBUTIONS TO THE FOUNDATION AND SUBSCRIBE TO THE PURPOSES AND OBJECTIVES OF THE FOUNDATION. A CORPORATION, PARTNERSHIP OR AUTHORIZED LEGAL ENTITY OTHER THAN A NATURAL PERSON WHO MAKES FINANCIAL CONTRIBUTIONS TO THE FOUNDATION MUST DESIGNATE A NATURAL PERSON OR NATURAL PERSONS AS A MEMBER OR MEMBERS. CONTRIBUTIONS TO THE FOUNDATION SHALL BE OPEN TO ALL PERSONS INTERESTED IN THE AFFAIRS OF THE FOUNDATION REGARDLESS OF RACE, CREED, COLOR, OR RELIGIOUS BELIEFS. FORM 990, PART VI, SECTION B, LINE 11B BOARD REVIEW OF FORM 990 DURING MAY OF 2024, MANAGEMENT DISTRIBUTED A DRAFT OF THE 2022 FORM 990 TO THE AUDIT COMMITTEE AND GAVE THE MEMBERS AN OPPORTUNITY TO PROVIDE COMMENTS AND ASK QUESTIONS WITH RESPECT TO THE DRAFT. PRIOR TO FINALIZATION OF THE RETURN, MANAGEMENT PROVIDED A FINALIZED DRAFT, VIA E-MAIL, TO ALL MEMBERS OF THE EXECUTIVE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE EDUCATIONAL FOUNDATION, INC. HAS A CONFLICT OF INTEREST POLICY. IT IS THE RESPONSIBILITY OF EACH BOARD MEMBER TO ANNUALLY NOTIFY THE FOUNDATION OF ANY POTENTIAL CONFLICTS. THE ORGANIZATION'S ANNUAL NOTIFICATION PROCESS SERVES AS ITS PROCESS FOR MONITORING POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW THE EDUCATION FOUNDATION, INC.'S BOARD OF DIRECTORS DESIGNATED THE COMPENSATION COMMITTEE TO BE RESPONSIBLE FOR ESTABLISHING COMPENSATION PRACTICES WHICH ARE REASONABLE AND DO NOT VIOLATE THE PRIVATE INUREMENT PROHIBITION. THE PRACTICES AND PROCESSES ARE DESIGNED TO AVOID ANY CLAIM FOR INTERMEDIATE SANCTIONS AND TO SATISFY THE REQUIREMENTS TO OBTAIN THE REBUTTABLE PRESUMPTION. THE COMPENSATION COMMITTEE REVIEWS OUTSIDE, INDEPENDENT DATA TO ESTABLISH THE COMPENSATION OF OUR OFFICERS OTHER THAN THE CEO. THE BOARD OF DIRECTORS REVIEW AND SET FORTH THE COMPENSATION FOR THE CEO USING THE SAME PROCESS AS THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS THE EDUCATION FOUNDATION, INC. DOES NOT MAKE ITS GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, OR ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. THE ORGANIZATION'S FORM 990 IS PUBLICLY AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, QUESTION 17 STATES WHERE A COPY OF THE FORM 990 IS FILED. AN OUTSIDE LAW FIRM HANDLES OUR COMPLIANCE WITH CHARITABLE SOLICITATION LICENSING REQUIREMENTS NATIONWIDE & FILES A COPY OF THE ORGANIZATION'S FORM 990 WHERE REQUIRED. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 1,261,902. SCH D, PART XI, LINE 4B - OTHER ADJUSTMENTS: TRANSFER FROM THE EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT TRUST TO THE UNIVERSITY OF NORTH CAROLINA-CHAPEL HILL: 13,975,259 SCH D, PART XII, LINE 4B - OTHER ADJUSTMENTS: TRANSFER FROM THE EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT TRUST TO THE UNIVERSITY OF NORTH CAROLINA-CHAPEL HILL: 13,975,259 THE EDUCATIONAL FOUNDATION SCHOLARSHIP 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 566094839 SUPPORTING ORGANIZATION NC 501(C)(3) 12A EDU FDN 1 CHARITABLE REMAINDER UNITRUSTS 8 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 CHARITABLE TRUST NC N/A T 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 THE EDU FDN SCHOLARSHIP END TRUST C 13975259 FMV