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← EDUCATION FOUNDATION SCHOLARSHIP ENDOWMENT TRUST

Form 990 for tax year 2023

Filed by EDUCATION FOUNDATION SCHOLARSHIP ENDOWMENT TRUST.

Totals

Total revenue
$23,391,900
Total expenses
$15,179,740
Contributions and grants received
$6,801,297
Grants paid
$15,351,880
Program service revenue
$0
Investment income
$16,590,603
Other revenue
$0
Total assets, end of year
$423,089,958
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$423,089,958
Program services expenses (Part IX)
$15,351,880
Management and general expenses
-$172,140
Fundraising expenses
$0
Program service expenses (Part III)
$15,351,880

Program services were 101.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $6,801,297

  • 1g · Noncash contributions included above

    $1,738,501

  • 3 · Investment income

    total $2,192 · excluded $2,192

  • 7a · Gross sales of assets other than inventory

    securities $16,664,486

  • 7b · Less cost or other basis and sales expenses

    securities $76,075

  • 7c · Gain or loss

    securities $16,588,411

  • 7d · Net gain or loss

    total $16,588,411 · excluded $16,588,411

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $15,351,880 · program services $15,351,880

  • 24a · Other expenses: ANNUITY PAYMENTS

    total $2,243 · management and general $2,243

  • 24b · Other expenses: ADMIN EXPENSE

    total $617 · management and general $617

  • 24c · Other expenses: BAD DEBT EXPENSE

    total -$175,000 · management and general -$175,000

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $16,711,321 · end of year $17,991,183

  • 3 · Pledges and grants receivable

    beginning of year $14,090,590 · end of year $11,342,788

  • 4 · Accounts receivable

    beginning of year $13,424 · end of year $160,727

  • 11 · Investments: publicly traded securities

    beginning of year $64,766

  • 12 · Investments: other securities

    beginning of year $353,493,286 · end of year $386,262,912

  • 15 · Other assets

    beginning of year $6,557,842 · end of year $7,332,348

  • 25 · Other liabilities

    beginning of year $16,001 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $390,915,228 · end of year $423,089,958

Mission and programs · 2023

Mission

SEE SCHEDULE O

  • DISTRIBUTIONS FROM THE SCHOLARSHIP TRUST ARE FORWARDED TO THE EDUCATIONAL FOUNDATION, INC. IN ITS CAPACITY AS AGENT FOR THE TRUST. THE FOUNDATION THEN FORWARDS THESE DISTRIBUTIONS DIRECTLY TO THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL TO PROVIDE FINANCIAL ASSISTANCE TO OVER 550 STUDENT-ATHLETES AT THE UNIVERSITY.

    Expenses $15,351,880 · Grants $15,351,880

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Ken Williams

    INVESTMENT COMMITTEE MEMBE

    Total calculated
    $0
    Hours/week
    0

  • Tom Chewning

    INVESTMENT COMMITTEE MEMBE

    Total calculated
    $0
    Hours/week
    0

  • Lowry Caudill

    INVESTMENT COMMITTEE MEMBE

    Total calculated
    $0
    Hours/week
    0

  • Dwight Stone

    INVESTMENT COMMITTEE MEMBE

    Total calculated
    $0
    Hours/week
    0

  • Frank Brenner

    INVESTMENT COMMITTEE MEMBE

    Total calculated
    $0
    Hours/week
    0

  • John Montgomery

    EXECUTIVE DIRECTOR

    Total calculated
    $685,351
    From this org
    $0
    From related orgs
    $649,327
    Other
    $36,024
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $543,002 related
    Bonus
    $0 + $86,800 related
    Other
    $0 + $19,525 related
    Deferred
    $0 + $19,800 related
    Nontaxable benefits
    $0 + $16,224 related
    Filer's total
    $0 + $685,351 related

  • Ken Mack

    SENIOR ASSSOCIATE EXECUTIV

    Total calculated
    $357,624
    From this org
    $0
    From related orgs
    $322,280
    Other
    $35,344
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $275,062 related
    Bonus
    $0 + $41,396 related
    Other
    $0 + $5,822 related
    Deferred
    $0 + $19,120 related
    Nontaxable benefits
    $0 + $16,224 related
    Filer's total
    $0 + $357,624 related

  • Diane Aldridge

    CFO & GENERAL COUNSEL

    Total calculated
    $294,917
    From this org
    $0
    From related orgs
    $263,040
    Other
    $31,877
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $221,942 related
    Bonus
    $0 + $30,162 related
    Other
    $0 + $10,936 related
    Deferred
    $0 + $15,684 related
    Nontaxable benefits
    $0 + $16,193 related
    Filer's total
    $0 + $294,917 related

  • Matt Terrell

    CHIEF STRATEGY & COMMUNICA

    Total calculated
    $270,171
    From this org
    $0
    From related orgs
    $240,279
    Other
    $29,892
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $205,952 related
    Bonus
    $0 + $27,830 related
    Other
    $0 + $6,497 related
    Deferred
    $0 + $17,032 related
    Nontaxable benefits
    $0 + $12,860 related
    Filer's total
    $0 + $270,171 related

  • Emily Coble

    SENIOR DIRECTOR OF FINANCE

    Total calculated
    $140,726
    From this org
    $0
    From related orgs
    $118,205
    Other
    $22,521
    Hours/week
    0 + 40 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART II
THE COMPENSATION REPORTED ON SCHEDULE J, PART II (AND FORM 990, PART VII, SECTION A) FROM RELATED ORGANIZATIONS IS ALL SALARY PAID BY THE EDUCATIONAL FOUNDATION, INC. EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT TRUST DOES NOT EMPLOY PERSONNEL; THEREFORE, A PORTION OF THE SALARIES AND BENEFITS OF THE EDUCATIONAL FOUNDATION, INC. PERSONNEL HAVE BEEN ALLOCATED TO THE EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT TRUST.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CHARITABLE REMAINDER UNITRUSTS (6)

    T · CHARITABLE TRUST · NC

Provenance

Return type
form_990
Tax year
2023
Filed
8 May 2025
IRS schema version
2023v6.0
Source object
202511329349301551

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