OTHA E HERRING SCHOLARSHIP FUND I: Form 990, tax year 2012

View the entire original 990 at ProPublica ↗

Organization: OTHA E HERRING SCHOLARSHIP FUND I (EIN 75-6690165)
Tax period: 2012-07-01 to 2013-06-30
Filed: 2013-07-26
IRS object ID: 201322079349300217
Schema version: 2012v2.1
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule A
Schedule D
Schedule I
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Timestamp	2013-07-26T10:45:54-06:00	Timestamp
Tax Period End Date	2013-06-30	TaxPeriodEndDate
Return Type	990	ReturnType
Tax Period Begin Date	2012-07-01	TaxPeriodBeginDate

Filer Filer

Field	Value	IRS element (for citing)
EIN	756690165	EIN

Name Name

Field	Value	IRS element (for citing)
Business Name Line1	OTHA E HERRING SCHOLARSHIP FUND I	BusinessNameLine1

Field	Value	IRS element (for citing)
Name Control	HERR	NameControl
Phone	2522464027	Phone

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	PO BOX 2907 - TRUST TAX DEPT	AddressLine1
City	WILSON	City
State	NC	State
ZIP Code	278942907	ZIPCode

Officer Officer

Field	Value	IRS element (for citing)
Name	BRANCH BANKING TRUST CO TRUSTEE	Name
Title	Vice President	Title
Phone	2522464027	Phone
Date Signed	2013-07-12	DateSigned

Field	Value	IRS element (for citing)
Tax Year	2012	TaxYear
Build TS	2016-02-24 21:20:13Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Gross Receipts	858859	GrossReceipts
Group Return For Affiliates	false	GroupReturnForAffiliates
Organization501c3	X	Organization501c3
Web Site	N/A	WebSite
Type Of Organization Trust	X	TypeOfOrganizationTrust
Year Formation	2003	YearFormation
State Legal Domicile	NC	StateLegalDomicile
Activity Or Mission Description	PROVIDE SCHOLARSHIPS FOR RESIDENTS OF DUPLIN COUNTY AND THE TOWN OF MOUNT OLIVE, NC WHO ARE FULL OR PART-TIME STUDENTS OF MOUNT OLIVE COLLEGE	ActivityOrMissionDescription
Nbr Voting Members Governing Body	0	NbrVotingMembersGoverningBody
Nbr Independent Voting Members	0	NbrIndependentVotingMembers
Total Nbr Employees	0	TotalNbrEmployees
Total Gross UBI	23416	TotalGrossUBI
Net Unrelated Business Txbl Income	22416	NetUnrelatedBusinessTxblIncome
Contributions Grants Current Year	0	ContributionsGrantsCurrentYear
Program Service Revenue CY	0	ProgramServiceRevenueCY
Investment Income Prior Year	162190	InvestmentIncomePriorYear
Investment Income Current Year	207321	InvestmentIncomeCurrentYear
Other Revenue Prior Year	10760	OtherRevenuePriorYear
Other Revenue Current Year	0	OtherRevenueCurrentYear
Total Revenue Prior Year	172950	TotalRevenuePriorYear
Total Revenue Current Year	207321	TotalRevenueCurrentYear
Grants And Similar Amnts Prior Year	200000	GrantsAndSimilarAmntsPriorYear
Grants And Similar Amnts CY	200000	GrantsAndSimilarAmntsCY
Benefits Paid To Members CY	0	BenefitsPaidToMembersCY
Salaries Etc Prior Year	45779	SalariesEtcPriorYear
Salaries Etc Current Year	47700	SalariesEtcCurrentYear
Total Prof Fundrsng Exp CY	0	TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year	0	TotalFundrsngExpCurrentYear
Other Expense Prior Year	7827	OtherExpensePriorYear
Other Expenses Current Year	8884	OtherExpensesCurrentYear
Total Expenses Prior Year	253606	TotalExpensesPriorYear
Total Expenses Current Year	256584	TotalExpensesCurrentYear
Revenues Less Expenses Prior Year	-80656	RevenuesLessExpensesPriorYear
Revenues Less Expenses CY	-49263	RevenuesLessExpensesCY
Total Assets BOY	3332587	TotalAssetsBOY
Total Assets EOY	3729713	TotalAssetsEOY
Total Liabilities BOY	0	TotalLiabilitiesBOY
Total Liabilities EOY	446250	TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY	3332587	NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY	3283463	NetAssetsOrFundBalancesEOY
Mission Description	PROVIDE SCHOLARSHIPS FOR RESIDENTS OF DUPLIN COUNTY AND THE TOWN OF MOUNT OLIVE, NC WHO ARE FULL OR PART-TIME STUDENTS OF MOUNT OLIVE COLLEGE	MissionDescription
Significant New Program Services	false	SignificantNewProgramServices
Significant Change	false	SignificantChange
Expense	200000	Expense
Grants	200000	Grants
Description	PROVIDE SCHOLARSHIPS TO STUDENTS WHO ATTEND MT. OLIVE COLLEGE	Description
Total Program Service Expense	200000	TotalProgramServiceExpense
Described In501 C3	true	DescribedIn501C3
Schedule B Required	false	ScheduleBRequired
Political Activities	false	PoliticalActivities
Lobbying Activities	false	LobbyingActivities
Donor Advised Funds	false	DonorAdvisedFunds
Conservation Easements	false	ConservationEasements
Collections Of Art	false	CollectionsOfArt
Credit Counseling	false	CreditCounseling
Term Or Permanent Endowments	false	TermOrPermanentEndowments
Report Land Bldg Equip	true	ReportLandBldgEquip
Report Invest Oth Securities	false	ReportInvestOthSecurities
Report Prog Rel Invest	false	ReportProgRelInvest
Report Other Assets	true	ReportOtherAssets
Report Other Liabilities	false	ReportOtherLiabilities
Report Fin48 Footnote	false	ReportFin48Footnote
Independent Audit Financial Stmt	false	IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt	false	ConsolidatedAuditFinancialStmt
School	false	School
Foreign Office	false	ForeignOffice
Foreign Activities	false	ForeignActivities
More Than5000 K To Organizations	false	MoreThan5000KToOrganizations
More Than5000 K To Individuals	false	MoreThan5000KToIndividuals
Professional Fundraising	false	ProfessionalFundraising
Fundraising Activities	false	FundraisingActivities
Gaming	false	Gaming
Hospital	false	Hospital
Grants To Organizations	true	GrantsToOrganizations
Grants To Individuals	false	GrantsToIndividuals
Schedule J Required	false	ScheduleJRequired
Tax Exempt Bonds	false	TaxExemptBonds
Excess Benefit Transaction	false	ExcessBenefitTransaction
Prior Excess Benefit Transaction	false	PriorExcessBenefitTransaction
Loan To Officer Or DQP	false	LoanToOfficerOrDQP
Grant To Related Person	false	GrantToRelatedPerson
Bsnss Rltnshp With Organization	false	BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member	false	BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp	false	OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions	false	DeductibleNonCashContributions
Deductible Contributions Of Art	false	DeductibleContributionsOfArt
Terminated	false	Terminated
Partial Liquidation	false	PartialLiquidation
Disregarded Entity	false	DisregardedEntity
Related Entity	false	RelatedEntity
Related Org Controlled Entity	false	RelatedOrgControlledEntity
Transfers To Exempt Non Chrtbl Org	false	TransfersToExemptNonChrtblOrg
Activities Conducted Partnership	false	ActivitiesConductedPartnership
Schedule O Required	true	ScheduleORequired
Number Forms Transmitted With1096	0	NumberFormsTransmittedWith1096
Number W2 G Included	0	NumberW2GIncluded
Number Of Employees	0	NumberOfEmployees
Unrelated Business Income	true	UnrelatedBusinessIncome
Form990-T Filed	true	Form990-TFiled
Foreign Financial Account	false	ForeignFinancialAccount
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTrans
Taxable Party Notification	false	TaxablePartyNotification
Non Deductible Contributions	false	NonDeductibleContributions
Indoor Tanning Services	false	IndoorTanningServices
Info In Schedule O Part VI	X	InfoInScheduleOPartVI
Nbr Voting Governing Body Members	0	NbrVotingGoverningBodyMembers
Number Independent Voting Members	0	NumberIndependentVotingMembers
Family Or Business Relationship	false	FamilyOrBusinessRelationship
Delegation Of Management Duties	false	DelegationOfManagementDuties
Changes To Organizing Docs	false	ChangesToOrganizingDocs
Material Diversion Or Misuse	false	MaterialDiversionOrMisuse
Members Or Stockholders	false	MembersOrStockholders
Election Of Board Members	false	ElectionOfBoardMembers
Decisions Subject To Approval	false	DecisionsSubjectToApproval
Minutes Of Governing Body	false	MinutesOfGoverningBody
Minutes Of Committees	false	MinutesOfCommittees
Officer Mailing Address	true	OfficerMailingAddress
Local Chapters	false	LocalChapters
Form990 Provided To Governing Body	false	Form990ProvidedToGoverningBody
Conflict Of Interest Policy	false	ConflictOfInterestPolicy
Whistleblower Policy	false	WhistleblowerPolicy
Document Retention Policy	false	DocumentRetentionPolicy
Compensation Process CEO	false	CompensationProcessCEO
Compensation Process Other	false	CompensationProcessOther
Investment In Joint Venture	false	InvestmentInJointVenture
Upon Request	X	UponRequest

The Books Are In Care Of TheBooksAreInCareOf

Name Business NameBusiness

Field	Value	IRS element (for citing)
Business Name Line1	BRANCH BANKING & TRUST COMPANY	BusinessNameLine1

Field	Value	IRS element (for citing)
Telephone Number	2522464027	TelephoneNumber

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	PO BOX 2907 MC100-01-02-10	AddressLine1
City	WILSON	City
State	NC	State
ZIP Code	278942907	ZIPCode

Form990 Part VII Section A Form990PartVIISectionA

Name Business NameBusiness

Field	Value	IRS element (for citing)
Business Name Line1	BRANCH BANKING AND TRUST COMPANY	BusinessNameLine1

Field	Value	IRS element (for citing)
Title	TRUSTEE	Title
Average Hours Per Week	1.00	AverageHoursPerWeek
Institutional Trustee	X	InstitutionalTrustee
Reportable Comp From Organization	47700	ReportableCompFromOrganization
Reportable Comp From Related Orgs	0	ReportableCompFromRelatedOrgs
Other Compensation	0	OtherCompensation

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	47700	TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs	0	TotalReportableCompFrmRltdOrgs
Total Other Compensation	0	TotalOtherCompensation
Formers Listed	false	FormersListed
Total Comp GT150 K	false	TotalCompGT150K
Compensation From Other Sources	false	CompensationFromOtherSources

Investment Income InvestmentIncome

Field	Value	IRS element (for citing)
Total Revenue Column	126900	TotalRevenueColumn
Unrelated Business Revenue	23416	UnrelatedBusinessRevenue
Exclusion	$103,484	ExclusionAmount

Gross Amount Sales Assets GrossAmountSalesAssets

Field	Value	IRS element (for citing)
Securities	731959	Securities

Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses

Field	Value	IRS element (for citing)
Securities	651538	Securities

Gain Or Loss GainOrLoss

Field	Value	IRS element (for citing)
Securities	80421	Securities

Net Gain Or Loss Investments NetGainOrLossInvestments

Field	Value	IRS element (for citing)
Total Revenue Column	80421	TotalRevenueColumn
Related Or Exempt Function Income	80421	RelatedOrExemptFunctionIncome

Total Revenue TotalRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	207321	TotalRevenueColumn
Related Or Exempt Function Income	80421	RelatedOrExemptFunctionIncome
Unrelated Business Revenue	23416	UnrelatedBusinessRevenue
Exclusion	$103,484	ExclusionAmount

Grants To Domestic Orgs GrantsToDomesticOrgs

Field	Value	IRS element (for citing)
Total	200000	Total
Program Services	200000	ProgramServices

Comp Current Officers Directors CompCurrentOfficersDirectors

Field	Value	IRS element (for citing)
Total	47700	Total
Management And General	47700	ManagementAndGeneral

Fees For Services Other FeesForServicesOther

Field	Value	IRS element (for citing)
Total	139	Total
Management And General	139	ManagementAndGeneral

All Other Expenses AllOtherExpenses

Field	Value	IRS element (for citing)
Total	8745	Total
Management And General	8745	ManagementAndGeneral

Total Functional Expenses TotalFunctionalExpenses

Field	Value	IRS element (for citing)
Total	256584	Total
Program Services	200000	ProgramServices
Management And General	56584	ManagementAndGeneral
Fundraising	0	Fundraising

Savings And Temp Cash Investments SavingsAndTempCashInvestments

Field	Value	IRS element (for citing)
BOY	64818	BOY
EOY	198775	EOY

Field	Value	IRS element (for citing)
Land Buildings Equipment Basis	11445	LandBuildingsEquipmentBasis

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Field	Value	IRS element (for citing)
BOY	11445	BOY
EOY	11445	EOY

Investments Pub Traded Securities InvestmentsPubTradedSecurities

Field	Value	IRS element (for citing)
BOY	3026516	BOY
EOY	3259399	EOY

Other Assets Total OtherAssetsTotal

Field	Value	IRS element (for citing)
BOY	229808	BOY
EOY	260094	EOY

Total Assets TotalAssets

Field	Value	IRS element (for citing)
BOY	3332587	BOY
EOY	3729713	EOY

Deferred Revenue DeferredRevenue

Field	Value	IRS element (for citing)
EOY	446250	EOY

Total Liabilities TotalLiabilities

Field	Value	IRS element (for citing)
BOY	0	BOY
EOY	446250	EOY

Field	Value	IRS element (for citing)
Do Not Follow SFAS117	X	DoNotFollowSFAS117

Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc

Field	Value	IRS element (for citing)
BOY	3332587	BOY
EOY	3283463	EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	3332587	BOY
EOY	3283463	EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	3332587	BOY
EOY	3729713	EOY

Field	Value	IRS element (for citing)
Info In Schedule O Part XI	X	InfoInScheduleOPartXI
Reconcilation Revenue Expenses	-49263	ReconcilationRevenueExpenses
Reconcilation Prior Adjustment	-629	ReconcilationPriorAdjustment
Reconcilation Other Changes	768	ReconcilationOtherChanges
Method Of Accounting Cash	X	MethodOfAccountingCash
Accountant Compile Or Review	false	AccountantCompileOrReview
Accountant Compile Or Review Basis		AccountantCompileOrReviewBasis
FS Audited	false	FSAudited
FS Audited Basis		FSAuditedBasis
Federal Grant Audit Required	false	FederalGrantAuditRequired

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
Supporting Organization509a3	X	SupportingOrganization509a3
Supporting Org509a3 Type1	X	SupportingOrg509a3Type1
Contrib By Controlling Individual	false	ContribByControllingIndividual
Contribution By Related Party	false	ContributionByRelatedParty
Contrib By35 Controlled Entity	false	ContribBy35ControlledEntity

Supported Org Information SupportedOrgInformation

Name Name

Field	Value	IRS element (for citing)
Business Name Line1	MOUNT OLIVE COLLEGE	BusinessNameLine1

Field	Value	IRS element (for citing)
EIN	560623936	EIN
Type Of Organization	2	TypeOfOrganization
Listed In Governing Doc	true	ListedInGoverningDoc
Supported Organization Notified	true	SupportedOrganizationNotified
Organized In US	true	OrganizedInUS
Amount	$200,000	Amount

Field	Value	IRS element (for citing)
Total Number Of Supported Orgs	1	TotalNumberOfSupportedOrgs
Sum Of Amounts	200000	SumOfAmounts

Schedule D IRS990ScheduleD

Land Land

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	11445	OtherCostOrOtherBasis
Book Value	11445	BookValue

Field	Value	IRS element (for citing)
Total Of Book Value Land Buildings	11445	TotalOfBookValueLandBuildings

Other Assets OtherAssets

Field	Value	IRS element (for citing)
Description	12.75% YORKTOWNE GREENSBORO APT LLC	Description
Book Value	260094	BookValue

Field	Value	IRS element (for citing)
Total Book Value Other Assets	260094	TotalBookValueOtherAssets

Schedule I IRS990ScheduleI

Field	Value	IRS element (for citing)
Records Maintained	false	RecordsMaintained

Recipient Table RecipientTable

Recipient Name Business RecipientNameBusiness

Field	Value	IRS element (for citing)
Business Name Line1	MOUNT OLIVE COLLEGE	BusinessNameLine1

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	634 HENDERSON STREET	AddressLine1
City	MOUNT OLIVE	City
State	NC	State
ZIP Code	28365	ZIPCode

Field	Value	IRS element (for citing)
EIN Of Recipient	560623936	EINOfRecipient
Amount Of Cash Grant	200000	AmountOfCashGrant
Purpose Of Grant	PROVIDE SCHOLARSHIPS FOR RESIDENTS OF DUPLIN COUNTY AND THE TOWN OF MOUNT OLIVE, NC WHO ARE FULL OR PART-TIME STUDENTS OF MOUNT OLIVE COLLEGE	PurposeOfGrant

Field	Value	IRS element (for citing)
Total Nbr Of501 C3 And Govt Grants	1	TotalNbrOf501C3AndGovtGrants

Form990 Schedule I Part IV Form990ScheduleIPartIV

Field	Value	IRS element (for citing)
Identifier	910	Identifier
Return Reference	EXPLANATION FOR FORM 990, SCHEDULE I, PART 1, LINE 2	ReturnReference
Explanation	ALL OF THE FUNDS ARE DISBURSED TO MOUNT OLIVE COLLEGE AND SENT TO THE COLLEGE CASHIER TO BE APPLIED DIRECTLY TO STUDENTS' ACCOUNTS AS SCHOLARSHIP AWARDS.	Explanation

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (19 entries)

IdentifierIdentifier	ExplanationExplanation	Return ReferenceReturnReference
EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 1a	NO DIFFERENCES
DESCRIPTION OF REASONABLE EFFORTS UNDERTAKEN	NONE	FORM 990, PAGE 6, PART VI, LINE 2
EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 3	N/A
EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 4	NONE
EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 5	N/A
EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 6	NONE
EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 7a	NONE
EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 7b	NO
EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 8a	N/A
EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 8b	N/A
FORM 990, PAGE 6, PART VI, LINE 11-DESCRIPTION OF PROCESS FOR REVIEW	REVIEWED BY TRUSTEE
EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 9	MARY H DRUMMOND - 607 COLONIAL DR, HIGH POINT, NC 27262 MOUNT OLIVE COLLEGE - 634 HENDERSON ST, MOUNT OLIVE, NC 28365
EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 12c	NONE
DESCRIPTION OF PROCESS FOR DETERMINING COMPENSATION	NONE	FORM 990, PAGE 6, PART VI, LINE 15a
DESCRIPTION OF PROCESS FOR DETERMINING COMPENSATION	NONE	FORM 990, PAGE 6, PART VI, LINE 15b
DESCRIPTION FOR MAKING DOCUMENTS PUBLIC	WE MAKE OUR FORM 1023 AND FORMS 990 AVAILABLE TO THE PUBLIC UPON REQUEST	FORM 990, PAGE 6, PART VI, LINE 18
DESCRIPTION FOR MAKING DOCUMENTS PUBLIC	WE MAKE OUR GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST	FORM 990, PAGE 6, PART VI, LINE 19
ESTIMATE OF AVERAGE HOURS PER WEEK DEVOTED TO RELATED ORGANIZATIONS	BRANCH BANKING & TRUST COMPANY, 1 HOUR	FORM 990, PAGE 7, PART VII, SECTION A
EXPLANATION FOR FORM 990, PART XI, LINE 9	DIFFERENCE IN MUTUAL FUNDS RECEIVED/REPORTED