2014-11-14T13:29:27-06:00 2014-06-30 BDO USA LLP 7101 WISCONSIN AVE SUITE 800 BETHESDA MD 208144827 990 2013-07-01 522204473 The Golden LEAF Inc % BETH EDMONDSON GOLD 2524427474 301 N Winstead Avenue Suite Rocky Mount NC 27804 DANIEL J GERLACH president 7038930600 2014-11-14 true Michael Sorrells P00001737 7038930600 2013 2015-11-30 17:44:51Z Daniel J Gerlach 301 N Winstead Ave Rocky Mount NC 27804 193410915 false X www.goldenleaf.org X 1999 NC SEE PART III, LINE 1 15 15 17 0 33814 0 105581136 0 0 0 40875189 42563127 5202 4498 146461527 42567625 46018345 32162211 0 0 1702899 1857975 0 0 0 62444624 27795465 110165868 61815651 36295659 -19248026 897044517 956849074 87667715 75031265 809376802 881817809 X GOLDEN LEAF'S MISSION IS TO PROMOTE THE SOCIAL WELFARE OF NORTH CAROLINA'S CITIZENS AND TO RECEIVE AND DISTRIBUTE FUNDS FOR ECONOMIC IMPACT ASSISTANCE TO ECONOMICALLY AFFECTED OR TOBACCO-DEPENDENT REGIONS OF NORTH CAROLINA. false false 33346342 32162211 The primary purpose for which this Corporation was formed is to promote the social welfare and lessen the burdens of government by receiving and distributing funds to be used to provide economic impact assistance to economically affected or tobacco-dependent regions of North Carolina. In accordance with the consent decree and final judgment in state of north Carolina V. Phillip Morris Incorporated, ET AL., 98 CVS 14377. Activities in which the corporation may engage in the state of North Carolina include, but are not limited to, the following: 1. Education Assistance- provision of funds for educational programs for tobacco farmers and other workers impacted or projected to be impacted by the decline in demand for and/or production of tobacco or tobacco products. 2.Job training and employment assistance - Provision of loans and grants, to be used for job training and other employment-related programs to organizations assisting tobacco farmers and other workers dependent on tobacco farming, production and sales to transition to other sources of income. 3.Scientific research - Provision of funding for scientific research to develop new uses for tobacco or for the development of alternative cash crops. 4.Economic hardship assistance - Provision of direct grants, loans and other assistance programs to alleviate economic hardship, poverty or need experienced by tobacco farmers, quota owners, their families and others as a result of decline in quota and/or production of tobacco or tobacco products. 5.Public works and industrial recruitment - Provision of grants and loans to local governments for upgrading utilities, transportation, and other public service infrastructure to attract new businesses or for more general economic development purposes. 6.Health and human services - Provision of funding for improved health care and other social services needed to maintain the stability of tobacco-dependent communities. 7.Community assistance - Provision of direct grants and loans to economically depressed and deteriorating tobacco-dependent communities to be used exclusively for public purposes. 33346342 true false false true false false false false false false false true false false false false true false false false true false false false false false false true false true false false false false false false false false false false false false false false false false false true 17 0 true 17 true true true true EI false false false false false false false false X 15 15 false false false false false true true true true false false true true true true true true true false false X BETH EDMONDSON 2524427474 301 N WINSTEAD AVE rocky mount NC 27804 PAUL BROOKS Director 3.0 0.0 X 1456 0 0 J THOMAS BUNN Director 3.0 0.0 X 0 0 0 WILLIAM CLARKE Director 3.0 0.0 X 1248 0 0 BRITT COBB Director 3.0 0.0 X 1248 0 0 S LAWRENCE DAVENPORT treasurer 3.0 0.0 X X 1248 0 0 BARRY Z DODSON Director 3.0 0.0 X 0 0 0 DONALD E FLOW Director 3.0 0.0 X 0 0 0 CLAUDINE GIBSON Director 3.0 0.0 X 0 0 0 BILLY RAY HALL asst. secretary 3.0 0.0 X X 1456 0 0 TOMMY HESTER Director 3.0 0.0 X 0 0 0 RANDY ISENHOWER Director 3.0 0.0 X 0 0 0 DR JAMES H JOHNSON secretary 3.0 0.0 X X 1144 0 0 YVONNE J JOHNSON Director 3.0 0.0 X 0 0 0 REV LACY JOYNER Director 3.0 0.0 X 936 0 0 CAROLYN JUSTICE Director 3.0 0.0 X 0 0 0 JOHNATHAN RHYNE chair 15.0 0.0 X X 832 0 0 DAVID L ROSE Director 3.0 0.0 X 0 0 0 DAVID T STEPHENSON Director 3.0 0.0 X 0 0 0 RALPH STRAYHORN Director 3.0 0.0 X 0 0 0 TOM TAFT vice chair 3.0 0.0 X X 624 0 0 EDWIN J VICK Director 3.0 0.0 X 832 0 0 DANIEL J GERLACH President 40.0 0.0 X 189733 0 36308 MARK A SORRELLS senior vice president 40.0 0.0 X 164757 0 32322 PETER J CERA vp investments 40.0 0.0 X 148333 0 31987 PATRICIA CABE-CANTRELL vp programs/comm.asst. & outre 40.0 0.0 X 110619 0 24965 EDWARD P LORD vp programs/staff attorney 40.0 0.0 X 109316 0 28167 BETH A EDMONDSON controller 30.0 0.0 X 93059 0 22384 826841 0 176133 5 false true false Silchester International Investors 780 Third Ave 42nd Flr NEW YORK NY 10017 Investment Mngmt 429169 DRZ 250 Park Ave South Suite 250 WINTER PARK FL 32789 Investment Mngmt 414695 Artisan Partners 5 Concourse Parkway Suite 2120 ATLANTA GA 30328 Investment Mngmt 356698 The Bank of New York Mellon Corpora One Wall Street NEW YORK NY 10286 Investment Custodian 309457 Prime Buchholz Associates Inc 25 Chestnut Street PORTSMOUTH NH 03801 Investmnt Consulting 254643 10 0 0 9538121 33814 9504307 0 0 0 0 0 183867150 1146 150843290 33023860 1146 33025006 33025006 0 0 0 OTHER INCOME 900099 4498 4498 4498 42567625 4498 33814 42529313 32162211 32162211 0 0 0 1064026 560278 503748 0 532848 434244 98604 50520 40654 9866 110538 83356 27182 100043 65599 34444 0 166396 166396 60000 60000 0 0 2642131 2642131 300 300 8474 8474 40351 40351 37156 37156 0 62455 62455 43413 43413 0 240 240 0 0 0 21725 21725 PAYMENT TO STATE OF NC 24639357 24639357 BOARD OF DIRECTORS EXPENSES 37646 37646 CAPITAL OUTLAYS 22251 22251 DUES AND MEMBERSHIPS 11313 11313 2257 2257 61815651 33346342 28469309 0 327381 636364 0 0 0 0 1695 325 0 0 0 0 167179 227568 0 0 89791 89554 0 396264222 395849553 500194249 560045710 0 0 0 0 0 0 897044517 956849074 144623 134569 87523092 74896696 0 0 0 0 0 0 0 0 0 0 0 0 0 0 87667715 75031265 X 0 0 0 0 809376802 881817809 809376802 881817809 897044517 956849074 X -19248026 84814497 6874536 X X false true X true false X 73179244 69128105 70489443 105581136 0 318377928 0 0 73179244 69128105 70489443 105581136 0 318377928 0 318377928 5237547 8247547 8888370 11250562 9504307 43128333 -705680 87492 -1083463 74693 33814 -1593144 5040 8686 6569 5202 4498 29995 359943112 0.88452 0.91450 X false true false false false false true 1227 false false 1227 false Lobbying Activity - Form 990, Schedule C, Part II-B, LIne 1G These expenses represent salary and benefit costs for our president's time spent lobbying members of the NC general assemply related to legislation affecting Golden Leaf funding and educating legislators and their staff on the mission of the foundation and its work. AG REALTY FND VII(TE)&FND VIII 11689705 F ARCHSTONE OFFSHORE FUND, LTD 25007328 F AURORA VENTURES IV & V 7037996 F AXIOM INTL EQUITY FUND II 14828763 F BEACON CPTL STRTEGIC PTRS V&VI 5638468 F SWIFTCURRENT OFFSHORE, LTS 22064744 F CANTILLON GLOBAL VALUE FUND 38377757 F CARLYLE VENTURE PARTNERS II,LP 3181497 F CAROUSEL CAPITAL PTRS III IV 5473557 F COLONY INVESTORS VIII, L.P 2617000 F DENHAM COMMODITY PTRS FND V&VI 3712800 F DIVERSIFIED PNRS OFFSHORE FUND 973855 F ENCAP ENERGY CPTL FND/FLATROCK 6393675 F FARALLON CAPITAL INSTITUTIONAL 18678013 F FPA HAWKEYE FUND, LLC 22642606 F HATTERAS VENTURE PTRS II, LP 2035600 F HIGHLINE CAPITAL INTL, LTD 25917345 F KING STREET CAPITAL, LTD 22310382 F LEXINGTON CAPITAL PTRS V & LCP 7347010 F LONE CASCADE, L.P 23956336 F MATLIN PATTERSON GLOBAL OPP 5026343 F OZ OVERSEAS FUND II, LTD 22209182 F Q-BLK PRIVATE CAPITAL II, L.P 8975655 F SHEPHERD INVESTMENTS INTL, LTD 2381190 F SHERIDAN PRODUCTION PTRS I-B 11794000 F SILCHESTER INTL VALUE EQUITY 65940557 F SILVERPOINT CPTL OFFSHORE FUND 834155 F SYNERGY LIFE SCIENCE PTRS, L.P 2895596 F REALTY ASSOC. FND VIII,IX & X 18717059 F TACONIC OPP. OFFSHORE FUND,LTD 23448803 F THOMAS H LEE EQUITY FUND VI,LP 6238428 F VARDE FUND IX, X & XI 23446174 F WARBURG PINCUS X 13966025 F WELLINGTON ARCHIPELAGO 37876346 F WELLINGTON BAY POND 30981811 F WELLINGTON CTF COMMODITIES II 15429949 F 560045710 124706177 84814497 84814497 39891680 2642131 33814 2675945 42567625 52265170 52265170 2642131 6908350 9550481 61815651 FORM 990, SCHEDULE D, PART XI, LINE 4B PASS-THROUGH UBI INCOME FROM K-1S 33,814 FORM 990, SCHEDULE D, PART XII, LINE 4B CANCELLED GRANTS 6,908,350 true North America Investments 37876346 North America Investments 30981811 Central America and the Caribbean Investments 25917345 Central America and the Caribbean Investments 22310382 Central America and the Caribbean Investments 2381190 Central America and the Caribbean Investments 25007328 Central America and the Caribbean Investments 23448803 Central America and the Caribbean Investments 22209182 Central America and the Caribbean Investments 22064744 Central America and the Caribbean Investments 7595891 Central America and the Caribbean Investments 973855 Central America and the Caribbean Investments 834155 Europe (Including Iceland and Greenland) Investments 38377757 259978789 259978789 true false false false false false true Alamance County Cattlemen's Association Inc PO Box 2932 Burlington NC 27216 561912926 501(c)3 167500 Alamance County Cattlemen's Association Livestock Asheville-Buncombe Technical Community College 340 Victoria Rd Asheville NC 28801 560792170 Education 200000 Composite Materials Training Center of Excellence 2014-2015 Blue Ridge Community Health Services Inc PO Box 5151 Hendersonville NC 28793 560794933 501(c)3 100000 Rutherford Health Center Initiative: Educating for the 21st Century Cabarrus County Schools 4401 Old Airport Rd Concord NC 28025 566000997 Gov't Entity 110000 INSPIRE Locally Grown Globally Ready Center for Creative Leadership PO Box 26300 Greensboro NC 27438 237079591 Gov't Entity 1750000 Golden LEAF Scholars Leadership Program 2014-2015 Central Carolina Community College 1105 Kelly Dr Sanford NC 27330 560794261 Gov't Entity 100000 Chatham, Harnett, and Lee Workforce Preparedness I Cherokee County Board of Education 911 Andrews Rd Murphy NC 28906 566000211 Gov't Entity 1000000 Cherokee County Schools 1:1 Steam-E Initiative * L Project Citizens Economic Development Inc PO Box 66 Wentworth NC 27375 581745911 501(c)3 2000000 Project Special K Ennis-Flint City of Rocky Mount PO Box 1180 Rocky Mount NC 27802 566001323 Gov't Entity 355000 Project Yum City of Sanford PO Box 3729 Sanford NC 27331 566001328 Gov't Entity 200000 VA Community-Based Out Clinic Sewer Extension Proj City of Trinity PO Box 50 Trinity NC 27370 562042582 Gov't Entity 140000 Turnpike Industrial Park - Sewer Service to Ennis- County of Hyde PO Box 188 Swan Quarter NC 27885 566000308 Gov't Entity 500000 Revolving Loan Fund Researchers Davie County 123 South Main St Mocksville NC 27028 566000295 Gov't Entity 1000000 Project East East Carolina University 300 E First St Greenville NC 27858 566000403 Gov't Entity 1250000 Advanced Manufacturing and Innovation Academy Program Technology Upgrade East Carolina University 600 Moye Blvd Greenville NC 27834 566000403 Education 200000 Expanding the Next Generation of Biomedical Resear Expansion Edgecombe County PO Box 10 Tarboro NC 27886 566000298 Gov't Entity 1500000 BioTech and Medical Simulation Lab Halifax Community College PO Drawer 809 Weldon NC 27890 560896018 Education 450000 Halifax Community College - Industrial Training Pr WWPS Improvement Project Haywood Advancement Foundation Inc 144 Industrial Pk Dr Waynesville NC 28786 561702956 501(c)(3) 60000 Sunburst Trout Farms Municipal Aquaculture Expansi J Arthur Dosher Memorial Hospital Foundation Inc 924 North Howe St Southport NC 28461 272041641 501(c)(3) 50000 Dosher ER - Save a Life Johnston County PO Box 1049 Smithfield NC 27577 566000311 Gov't Entity 150000 Johnston County Novo Nordisk Expansion - ECIA WWPS Lincoln County Schools PO Box 400 Lincolnton NC 28093 566001066 Gov't Entity 200000 Manufacturing a Future that Works Interactive and Accessible Instructional Technology Martin Community College 1161 Kehukee Park Rd Williamston NC 27892 560895914 Education 661904 Building Better Allied Health Futures Initiative Martin County Schools 300 N Watts St Williamston NC 27892 566000652 Gov't Entity 300000 Martin County STEM Expansion (2014-15) Nash Community College PO Box 7488 Rocky Mount NC 27804 560895794 Gov't Entity 190000 Biomanufacturing and Logistics Training through In Nash County 120 W Washington St Ste 3072 Nashville NC 27856 566000323 Gov't Entity 1500000 Hwy 97 Sewer North Carolina Community College System 5016 Mail Service Center Raleigh NC 27699 561288079 Education 750000 Golden LEAF Scholars Program - Two-Year Colleges ( North Carolina State Education Assistance Authorit PO Box 14103 Research Triangle Park NC 27709 900145439 Gov't Entity 2452000 Golden LEAF Scholars Program 2014-2015 Initiatives North Carolina State University 2701 Sullivan Dr Suite 240 Raleigh NC 27695 566000756 Education 125611 Golden LEAF Mid-Skills Evaluation Necrosis in Sweet Potatoes North Carolina State University - Friday Institute 2701 Sullivan Dr Raleigh NC 27695 566000756 Education 175000 Growing a Profitable Niche Meat Industry Leadership in Agriculture North Carolina State University 1890 Main Campus Dr Raleigh NC 27606 566000756 Education 188939 Leadership Support for Digital Learning Initiative Vehicle Systems for Precision Agriculture North Carolina State University - Research 2701 Sullivan Dr Suite 240 Raleigh NC 27695 566000756 Gov't Entity 127931 Determining the Cause and Control of Internal Necr North Carolina State University - Research 600 Laureate Way Kannapolis NC 28081 566000756 Gov't Entity 188268 Building Pathways for Access, Mentoring, and Leade Agriscience Workforce North Carolina State University - Research 600 Laureate Way Kannapolis NC 28081 566000756 Gov't Entity 61460 Evaluating the Use of Lower-Cost Unmanned Aerial V Infrastructure Project Northeast Regional School of Biotechnology and Agr 600 Laureate Way Kannapolis NC 28081 566000756 Gov't Entity 90000 North Carolina Farm Management Training Schools Pender County 207 Research Station Rd Plymouth NC 27962 455630019 Gov't Entity 175000 Producing Scholars for the Biotechnology and Agris Perquimans County Schools PO Box 5 Burgaw NC 28425 566000329 Education 400000 Pender Business Park/Project Casper Infrastructure Perquimans County PO Box 337 Hertford NC 27944 566001094 Gov't Entity 864000 1:1 Computing-Access4PQ Person County PO Box 45 Hertford NC 27944 566000330 Gov't Entity 308762 Perquimans Marine Industrial Park Boat Ramp Care Pitt County Government 304 S Morgan St Rm 211 Roxboro NC 27573 566000331 Gov't Entity 195000 1:1 Laptop Program for Person County Schools Competitive Manufacturing Technology Randolph Community College PO Box 1009 Asheboro NC 27204 560793680 Gov't Entity 240000 CNC Technology Equipment Randolph Hospital Inc 364 White Oak St Asheboro NC 27203 560530234 501(c)(3) 75000 Randolph Hospital PACE Center, StayWell Senior Car Richmond Community College Foundation PO Box 1189 Hamlet NC 28345 561364070 501(c)3 474000 Automation and Systems Integration: Globally Compe Development (HIAMS) River City Community Development Corporation 501 East Main St Elizabeth City NC 27909 561709321 501(c)3 100000 Renaissance Square Rutherford County Government 289 North Main St Rutherfordton NC 28139 566000337 Gov't Entity 200000 Project VSC Sandhills Community College Foundation Inc 3395 Airport Rd Pinehurst NC 28374 560946799 501(c)3 442242 Hoke Initiative for Advanced Manufacturing Skills Southeastern Partnership II Inc PO Box 2556 Elizabethtown NC 28337 561974942 501(c)3 800000 Port Cold Storage Faciltiy Project Southwestern Community College 447 College Dr Sylva NC 28779 560894556 Education 859780 A High Tech Training Center for Swain County Southwestern Community College 447 College Dr Sylva NC 28779 560894556 Education 470000 The Balsam Advanced Manufacturing Network Stanly Community College Foundation Inc 141 College Dr Albemarle NC 28001 581360598 501(c)(3) 273385 Training for Tomorrow's Workforce The Support Center 3120 Highwoods Blvd Ste B25350 Raleigh NC 27604 581903219 501(c)3 200000 The Support Center USDA IRP Fund Surry County 118 Hamby Rd Dobson NC 27017 566000341 Gov't Entity 200000 Project Press Swain County Schools PO Box 2340 Bryson City NC 28713 566001118 Gov't Entity 827000 Destination Graduation Town of Andrews PO Box 1210 Andrews NC 28901 566001164 Gov't Entity 122800 West End Sewer Service Project Town of Bryson City PO Box 726 Bryson City NC 28713 566001187 Gov't Entity 300000 Downtown Block Infrastructure Replacement Town of Edenton PO Box 300 Edenton NC 27932 566001216 Gov't Entity 120000 Town of Edenton Project SMA Town of Murphy PO Box 130 Murphy NC 28906 566001299 Gov't Entity 250000 Water & Sewer Expansion along Hwy 19/74 Corridor Town of North Wilkesboro PO Box 218 North Wilkesboro NC 28659 566001302 Gov't Entity 200000 Wilkes Industrial Park Infrastructure Project Hospitality Education Initiative Town of Roper PO Box 217 Roper NC 27970 560776305 Gov't Entity 200000 The Gateway Project Town of Wilkesboro PO Box 1056 Wilkesboro NC 28697 566020162 Gov't Entity 200000 InterFlex Water System Expansion Learners: 1:1 Laptops for CECHS Students Tri-County Community College 21 Campus Circle Murphy NC 28906 560896010 Gov't Entity 600000 Tri-County Community College Culinary and Hospital Tyrrell County 108 S Water St Columbia NC 27925 566000344 Gov't Entity 1000000 Tyrrell County Sanitary Sewer Improvements Tyrrell County Schools PO Box 328 Columbia NC 27925 566001122 Education 196629 Equalizing Access to Technology for 21st Century L Value-Added Enterprise (CAVE) Vance-Granville Community College PO Box 917 Henderson NC 27537 560937968 Education 460000 Manufacturing Skills Training Alliance Veterans Leadership Council of North Carolina-Care PO Box 37087 Raleigh NC 27627 271696736 501(c)(3) 200000 Veterans Life Center Engineers: A University, Community Colleges, & Industry Collaborative Initiative Warren County PO Box 619 Warrenton NC 27589 566000348 Gov't Entity 50000 Warren County Center for Agricultural & Value-Adde Warren County Free Clinic Inc 546 W Ridgeway St Warrenton NC 27589 204307481 501(c)3 45000 Medical Equipment Upgrade Project Western Carolina University 1 University Way Cullowhee NC 28723 566001440 Education 500000 Fostering Tomorrow's Advanced Manufacturing Engine Wilkes Economic Development Corporation 213 Ninth St North Wilkesboro NC 28659 561957642 501(c)3 45000 Wilkes Cattle Quality Improvement Program Wilson Community College PO Box 4305 Wilson NC 27893 566052568 Education 500000 The Industrial Engineering Training Center Wilson County Schools PO Box 2048 Wilson NC 27893 566001134 Education 750000 Wilson Academy of Applied Technology Wireless Research Center of North Carolina 3331 Heritage Trade Wake Forest NC 27587 273397703 501(c)3 750000 Portable Wireless Network Test Capabilities Facility WNC Communities 594 Brevard Rd Asheville NC 28806 560797766 501(c)3 100000 Expanding the Livestock Economy in WNC Excellence Yadkin County Schools 121 Washington St Yadkinville NC 27055 566001137 Education 175000 Learners Engaged and Future-Ready Part II 73 GRANTS MONITORING - FORM 990, SCHEDULE I, LINE 2 Applicants that receive awards from the board are required to sign a grantee acknowledgement & agreement, which states guidelines and conditions for the grant. Grantees must also attend a grants management session. The grantee acknowledgement & agreement may contain conditions that must be satisfied before funds will be released. These conditions along with requirements for interim and final reports are entered in a database. Once the foundation receives the signed grantee acknowledgement & agreement, evidence that preconditions have been met, and a written request for payment, the applicant is eligible to receive an initial disbursement of up to 80% of the grant award. A sum equal to the 20% of the total amount of the grant is generally retained by the foundation until completion of the grantee's obligations under the grant, including the submission to the foundation of a final report on the funded project and satisfaction of any remaining conditions to release of funds. Grantees may use funds only for items identified in the project's approved budget. Should the grantee seek to spend funds on an item not included in the budget or in an amount in excess of the approved budget amount, the grantee must receive approval of a budget modification. In no event may a grantee spend Golden Leaf funds in excess of the amount awarded by the Golden Leaf board. Grantees must submit interim reports in six month increments beginning six months after the award date and a final report within 60 days after completion of the project. The reports include information regarding the work accomplished, compared to an approved scope of work, reported outcomes of the project, and expenditure reports with supporting documentation. X true true X X X X false false false false false false false false false DANIEL J GERLACH President 189733 0 0 0 0 0 19419 0 16889 0 226041 0 MARK A SORRELLS senior vice president 164757 0 0 0 0 0 17067 0 15255 0 197079 0 PETER J CERA vp investments 148333 0 0 0 0 0 15225 0 16762 0 180320 0 OTHER COMPENSATION - FORM 990, SCHEDULE J, PART I, LINE 1A Rotary Club Dues. WRITTEN POLICY - FORM 990, SCHEDULE J, PART I, LINE 1B Payment of dues approved by board APPROVAL OF GOVERNING BODY DECiSIONS - FORM 990, PART VI, LINE 7A The foundation is governed by a board of directions comprised of fifteen directors. Five directors are appointed by the governor of the state of north carolina. Five directors are appointed by the president pro tempore of the north carolina senate. five directors are appointed by the speaker of the north carolina house of representatives. FORM 990 REVIEW PROCESS - FORM 990, PART VI, LINE 11B A copy of Form 990 was provided to each member of the foundation's board of directors. The audit committee of the board reviewed the Form 990 and, prior to its filing, recommended approval to the full board. CONFLICTS OF INTEREST - FORM 990, PART VI, LINE 12C The foundation'S board of directors and committees meet approximately six times per year. At each such meeting, or group of meetings, directors are asked to confirm their disclosure or make any new disclosures. When a director discloses an interest in a proposed transaction, the director does not participate in the discussion concerning, or the vote upon, the proposed transaction. DETERMINING COMPENSATION - FORM 990, PART VI, LINE 15 The personnel committee of the board of directors reviewed salary and benefit information for positions comparable to the president at other North Carolina foundations and endowments and North Carolina state agencies prior to making a recommendation to the board regarding the president's salary and benefits. The board approved the salary and benefits of the president. AVAILABILITY OF OTHER DOCUMENTS - FORM 990, PART VI, LINE 19 The organization makes its governing documents and conflict of interest policy available upon request. The financial statements are made available on the organization's website and upon request. CHANGES IN NET ASSETS - FORM 990, PART XI, LINE 9 CANCELLED GRANTS 6,908,350 PASS-THROUGH UBI INCOME FROM K-1'S (33,814) ----------------- TOTAL 6,874,536 DISPOSAL OF ASSETS - FORM 990, PART VI, LINE 7B THE FOUNDATION MAY NOT DISPOSE OF ASSETS PURSUANT TO THE PROVISIONS OF SECTION 55A-12-02 OF THE NORTH CAROLINA GENERAL STATUTES WITHOUT THE APPROVAL OF THE NORTH CAROLINA GENERAL ASSEMBLY. THE FOUNDATION MAY NOT AMEND ITS ARTICLES OF INCORPORATION WITHOUT THE APPROVAL OF THE NORTH CAROLINA GENERAL ASSEMBLY. OVERSIGHT/SELECTION PROCESS - FORM 990, PART XII, LINE 2C The process has not changed from the prior year.