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            <City>RALEIGH</City>
            <State>NC</State>
            <ZIPCode>27607</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>N/A</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTEDCHARITABLE GIFT</GrantOrContributionPurposeTxt>
          <Amt>3000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>POLICE PROTECTIVE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>RALEIGH NC</AddressLine1>
            <City>RALEIGH</City>
            <State>NC</State>
            <ZIPCode>27607</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>N/A</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTEDCHARITABLE GIFT</GrantOrContributionPurposeTxt>
          <Amt>0</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>HOPE ELEMENTARY CHARTER SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1116 NORTH BLOUNT ST</AddressLine1>
            <City>RALEIGH</City>
            <State>NC</State>
            <ZIPCode>27604</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>N/A</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CHARITABLEUNRESTRICTEDGIFT</GrantOrContributionPurposeTxt>
          <Amt>5311</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>HAYES PLACE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>6225 BRIDGEMONT LANE</AddressLine1>
            <City>WILLOW SPRINGS</City>
            <State>NC</State>
            <ZIPCode>27592</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>N/A</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CHARITABLEUNRESTRICEDGIFT</GrantOrContributionPurposeTxt>
          <Amt>6000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>INTER-FAITH FOOD SHUTTLE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>P O BOX 14638</AddressLine1>
            <City>RALEIGH</City>
            <State>NC</State>
            <ZIPCode>27620</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>N/A</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CHARITABLEUNRESTRICTEDGIFT</GrantOrContributionPurposeTxt>
          <Amt>500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>REBOUND</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>811 NINETH ST 120-210</AddressLine1>
            <City>DURHAM</City>
            <State>NC</State>
            <ZIPCode>27705</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>N/A</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CHARITABLEUNRESTRICTEDGIFT</GrantOrContributionPurposeTxt>
          <Amt>2000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>59811</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <RelatedOrExemptFunctionIncmAmt>35626</RelatedOrExemptFunctionIncmAmt>
        </DivAndIntFromSecPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <RelatedOrExemptFunctionIncmAmt>32646</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <RelatedOrExemptFunctionIncmAmt>68272</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>68272</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>N/A</LineNumberTxt>
          <RelationshipStatementTxt>NOT APPLICABLE</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="00000003">
      <AccountingFeesDetail>
        <CategoryTxt>Accounting fees ACCTG &amp; TAX</CategoryTxt>
        <Amt>12100</Amt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="00000004">
      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE EQUIPMENT</PropertyDesc>
        <AcquiredDt>2007-06-30</AcquiredDt>
        <CostOrOtherBasisAmt>10149</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>10149</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.00</LifeRt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <GainLossSaleOtherAssetsSch documentId="00000005">
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>MARKETABLE SECURITIES</AssetDesc>
        <HowAcquiredTxt>Purchased</HowAcquiredTxt>
        <PurchaserNameGrp>
          <PersonNm>NA</PersonNm>
        </PurchaserNameGrp>
        <GrossSalesPriceAmt>3439961</GrossSalesPriceAmt>
        <BasisAmt>3407315</BasisAmt>
        <TotalNetAmt>32646</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpStockSchedule documentId="00000006">
      <InvestmentsCorporateStockGrp>
        <StockNm>Marketable Securities - At NBV</StockNm>
        <EOYBookValueAmt>1570650</EOYBookValueAmt>
        <EOYFMVAmt>1792950</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <LandEtcSchedule2 documentId="00000007">
      <LandEtcGrp>
        <CategoryOrItemTxt>Office Equipment</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>10149</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>10149</AccumulatedDepreciationAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <OtherDecreasesSchedule documentId="00000008">
      <OtherDecreasesDetail>
        <Description>ROUNDING</Description>
        <Amount>1</Amount>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="00000009">
      <OtherExpensesScheduleGrp>
        <Desc>Non-personnel expenses:Postage, shipping, delivery</Desc>
        <RevenueAndExpensesPerBooksAmt>9</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Non-personnel expenses:Supplies</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Bank Fees</Desc>
        <RevenueAndExpensesPerBooksAmt>11</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>11</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherLiabilitiesSchedule documentId="00000010">
      <OtherLiabilitiesDetail>
        <Desc>Unexpired call sales ( ..8036)</Desc>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherLiabilitiesSchedule documentId="00000011">
      <OtherLiabilitiesDetail>
        <Desc>Unexpired call sales ( ..8036)</Desc>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="00000012">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>BB&amp; T INVESTMENT FEES</CategoryTxt>
        <Amt>11587</Amt>
        <NetInvestmentIncomeAmt>11587</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="00000013">
      <TaxesDetail>
        <CategoryTxt>Business expenses:Federal Tax on Invest. Income</CategoryTxt>
        <Amt>6396</Amt>
        <NetInvestmentIncomeAmt>6396</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>Business expenses:Taxes - other</CategoryTxt>
        <Amt>36</Amt>
        <NetInvestmentIncomeAmt>36</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>