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Nonprofiteer
← KENAN-FLAGLER BUSINESS SCHOOL FOUNDATION

Form 990 for tax year 2023

Filed by KENAN-FLAGLER BUSINESS SCHOOL FOUNDATION.

Totals

Total revenue
$48,037,588
Total expenses
$36,915,574
Contributions and grants received
$22,818,652
Grants paid
$36,913,363
Program service revenue
$15,814,000
Investment income
$9,290,813
Other revenue
$114,123
Total assets, end of year
$287,274,033
Total liabilities, end of year
$5,371,958
Net assets or fund balances, end of year
$281,902,075
Program services expenses (Part IX)
$36,913,363
Management and general expenses
$2,211
Fundraising expenses
$0
Program service expenses (Part III)
$36,913,363

Program services were 100.0% 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

    $22,818,652

  • 1g · Noncash contributions included above

    $3,715,640

  • 2a · Program service revenue: EXECUTIVE EDUCATION PROGRAM

    total $15,800,000 · related or exempt $15,800,000

  • 2b · Program service revenue: GLOBAL IMMERSION ELECTIVE

    total $14,000 · related or exempt $14,000

  • 3 · Investment income

    total $9,153,013 · excluded $9,153,013

  • 6b · Less rental expenses

    real property $1,065

  • 6c · Rental income or loss

    real property -$1,065

  • 6d · Net rental income or loss

    total -$1,065 · excluded -$1,065

  • 7a · Gross sales of assets other than inventory

    securities $149,547

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

    securities $11,747

  • 7c · Gain or loss

    securities $137,800

  • 7d · Net gain or loss

    total $137,800 · excluded $137,800

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $116,771 · excluded $116,771

  • 11b · Other revenue: PASS-THROUGH INCOME

    total -$1,583 · excluded -$1,583

  • 11e · Other revenue, total

    $115,188

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $36,913,363 · program services $36,913,363

  • 24a · Other expenses: FISCAL AGENT COMMISSION

    total $2,211 · management and general $2,211

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $409,084 · end of year $289,587

  • 2 · Savings and temporary cash investments

    beginning of year $68,010,179 · end of year $80,440,727

  • 3 · Pledges and grants receivable

    beginning of year $35,347,081 · end of year $25,194,677

  • 4 · Accounts receivable

    beginning of year $48,229 · end of year $49,522

  • 10a · Land, buildings and equipment: cost or other basis

    $82,043

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $82,043

  • 11 · Investments: publicly traded securities

    beginning of year $152,437,571 · end of year $171,893,798

  • 15 · Other assets

    beginning of year $12,376,149 · end of year $9,323,679

  • 17 · Accounts payable and accrued expenses

    beginning of year $904,734 · end of year $412,353

  • 19 · Deferred revenue

    beginning of year $0 · end of year $486,500

  • 25 · Other liabilities

    beginning of year $7,684,492 · end of year $4,473,105

  • 27 · Net assets without donor restrictions

    beginning of year $2,386,076 · end of year $1,914,937

  • 28 · Net assets with donor restrictions

    beginning of year $257,652,991 · end of year $279,987,138

Mission and programs · 2023

Mission

PROVIDED FUNDS FOR TEACHING SALARIES, RESEARCH PLANNING & ADMINISTRATION, PLACEMENT OF TEACHERS, AND STUDENT FINANCIAL ASSISTANCE TO SUPPLEMENT THE OPERATIONS OF THE UNC SCHOOL OF BUSINESS.

  • PROVIDED FUNDS FOR TEACHING SALARIES, RESEARCH PLANNING & ADMINISTRATION, PLACEMENT OF TEACHERS, AND STUDENT FINANCIAL ASSISTANCE TO SUPPLEMENT THE OPERATIONS OF THE UNC SCHOOL OF BUSINESS.

    Expenses $36,913,363 · Grants $36,913,363 · Revenue $15,814,000

As filed on the 2023 return.

Listed in Part VII

  • Francie Keenan

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.1

  • Jana Raedy

    TREASURER

    Total calculated
    $597,986
    From this org
    $0
    From related orgs
    $532,476
    Other
    $65,510
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $454,247 related
    Bonus
    $0 + $78,229 related
    Other
    $0
    Deferred
    $0 + $45,639 related
    Nontaxable benefits
    $0 + $19,871 related
    Filer's total
    $0 + $597,986 related

  • Betsy Battle

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Darius L Davis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Shontel Grumhaus

    DIRECTOR

    Total calculated
    $333,756
    From this org
    $0
    From related orgs
    $282,164
    Other
    $51,592
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $281,884 related
    Bonus
    $0
    Other
    $0 + $280 related
    Deferred
    $0 + $40,153 related
    Nontaxable benefits
    $0 + $11,439 related
    Filer's total
    $0 + $333,756 related

  • Brian Hogan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Jennifer Conrad

    DIRECTOR

    Total calculated
    $696,566
    From this org
    $0
    From related orgs
    $621,090
    Other
    $75,476
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $590,140 related
    Bonus
    $0 + $3,125 related
    Other
    $0 + $27,825 related
    Deferred
    $0 + $67,767 related
    Nontaxable benefits
    $0 + $7,709 related
    Filer's total
    $0 + $696,566 related

  • Christian Lundblad

    DIRECTOR

    Total calculated
    $775,438
    From this org
    $0
    From related orgs
    $709,038
    Other
    $66,400
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $613,763 related
    Bonus
    $0 + $95,275 related
    Other
    $0
    Deferred
    $0 + $45,639 related
    Nontaxable benefits
    $0 + $20,761 related
    Filer's total
    $0 + $775,438 related

  • Mary Margaret Frank

    DIRECTOR

    Total calculated
    $271,449
    From this org
    $0
    From related orgs
    $233,792
    Other
    $37,657
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $208,792 related
    Bonus
    $0 + $25,000 related
    Other
    $0
    Deferred
    $0 + $30,107 related
    Nontaxable benefits
    $0 + $7,550 related
    Filer's total
    $0 + $271,449 related

  • Bill Hackney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Natasha Austin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Mary Margaret Carroll

    DIRECTOR

    Total calculated
    $239,845
    From this org
    $0
    From related orgs
    $196,146
    Other
    $43,699
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $196,146 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $28,691 related
    Nontaxable benefits
    $0 + $15,008 related
    Filer's total
    $0 + $239,845 related

  • Brett Kenefick

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Tom Cawley

    SECRETARY

    Total calculated
    $172,465
    From this org
    $0
    From related orgs
    $129,142
    Other
    $43,323
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $129,142 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $33,083 related
    Nontaxable benefits
    $0 + $10,240 related
    Filer's total
    $0 + $172,465 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

None.

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

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • EXECUTIVE EDUCATION LLC

    EDUCATION · NC · income $15,800,000

    Directly controlled by THE KENAN-FLAGLER BUSINESS SCHOOL FOUNDATION

Provenance

Return type
form_990
Tax year
2023
Filed
16 April 2025
IRS schema version
2023v6.0
Source object
202511079349301011

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