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Nonprofiteer
← NORTH CAROLINA BANKERS ASSOCIATION FOUNDATION

Form 990 for tax year 2023

Filed by NORTH CAROLINA BANKERS ASSOCIATION FOUNDATION.

Totals

Total revenue
$274,020
Total expenses
$117,851
Contributions and grants received
$125,000
Grants paid
$61,250
Program service revenue
$0
Investment income
$149,020
Other revenue
$0
Total assets, end of year
$5,146,034
Total liabilities, end of year
$4,950
Net assets or fund balances, end of year
$5,141,084
Program services expenses (Part IX)
$117,851
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$117,851

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

    $125,000

  • 3 · Investment income

    total $149,020 · excluded $149,020

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $29,250 · program services $29,250

  • 2 · Grants to domestic individuals

    total $32,000 · program services $32,000

  • 13 · Office expenses

    total $23 · program services $23

  • 19 · Conferences, conventions and meetings

    total $56,578 · program services $56,578

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,049,483 · end of year $1,331,343

  • 2 · Savings and temporary cash investments

    beginning of year $1,640,061 · end of year $2,422,310

  • 4 · Accounts receivable

    beginning of year $7,396 · end of year $58,545

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,000

  • 11 · Investments: publicly traded securities

    beginning of year $1,154,965 · end of year $1,333,836

  • 17 · Accounts payable and accrued expenses

    end of year $4,950

  • 27 · Net assets without donor restrictions

    beginning of year $315,872 · end of year $494,719

  • 28 · Net assets with donor restrictions

    beginning of year $4,542,033 · end of year $4,646,365

Mission and programs · 2023

Mission

THE CORPORATION'S PRIMARY PURPOSES INCLUDE: (1) MAKING SCHOLARSHIP GRANTS TO QUALIFIED RESIDENTS OF NORTH CAROLINA; (2) MAKING FUNDS AVAILABLE TO ANY PERSON OR ENTITY IN ORDER TO EDUCATE THE PUBLIC REGARDING FINANCIAL LITERACY, BANKING AND FINANCE LAWS, OR CONSUMER PROTECTION; AND (3) DISTRIBUTING FUNDS TO FULL OR PART-TIME BANK EMPLOYEES WITH IMMEDIATE NEEDS WHO LIVE IN AN AREA WHERE A CURRENT OR FUTURE DISASTER HAS BEEN DESIGNATED AND WHO HAVE SUSTAINED SIGNFICANT PROPERTY DAMAGE OR EXPENSES AS A RESULT OF THE DISASTER.

Activities or mission (Part I)

FOCUSED ON AND COMMITTED TO THE PERSONAL, PROFESSIONAL AND FINANCIAL SUCCESS OF NORTH CAROLINA'S NEXT GENERATION.

  • THE NC BANKERS BANKERS ASSOICATION FOUNDATION HAS PARTNERED WITH HISTORICALLY BLACK COLLEGES & UNIVERSITIES AND NORTH CAROLINA BANKS ON THE FUTURE BANK LEADERS PROGRAM. THE GOAL OF THIS PROGRAM IS TO ATTRACT UNDERGRADUATES TO THE DYNAMIC, FAST-CHANGING WORLD OF MODERN BANKING, WHILE SUPPORT NORTH CAROLINA BANKS BY DEVELOPING THE NEXT GENERATION OF HGH-QUALITY TALENT.

    Expenses $56,601

  • THE NC BANKERS ASSOCIATION FOUNDATION AWARDS FINANCIAL STIPENDS FOR COLLEGE TUITION TO THE CHILDREN OF THE EMPLOYEES OF FINANCIAL INSTITUTIONS IN NORTH CAROLINA.

    Expenses $32,000 · Grants $32,000

  • THE FOUNDATION FUNDS CAMP CHALLENGE, A CAMP FOR HIGH-ACHIEVING, AT-RISK MIDDLE SCHOOL STUDENTS WITH A HEAVY EMPHASIS ON FINANCIAL LITERACY.

    Expenses $29,250 · Grants $29,250

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

Listed in Part VII

  • PETER GWALTNEY

    PRESIDENT & CEO

    Total calculated
    $664,342
    From this org
    $0
    From related orgs
    $611,181
    Other
    $53,161
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $500,000 related
    Bonus
    $0 + $110,000 related
    Other
    $0 + $1,181 related
    Deferred
    $0 + $36,300 related
    Nontaxable benefits
    $0 + $16,861 related
    Filer's total
    $0 + $664,342 related

  • JIM HANSEN

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • BOB WASHBURN

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JIM SILLS

    IMMEDIATE PAST CHAIRMAN (TO JUN '23)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • MARY WILLIS

    IMMEDIATE PAST CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • DAVID ALLEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JUAN AUSTIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • MIKE ATKINSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • DAVID BARKSDALE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • KYLE CHAVIS

    DIRECTOR (TO JUN '23)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • STEPHEN COLLIE

    DIRECTOR (TO JUN '23)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • DREW COVERT

    DIRECTOR (FROM JUN '23)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • ROBIN HAGER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • AMANDA LLOYD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JIM MARSHALL

    DIRECTOR (FROM JUN '23)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JIM ROSE

    DIRECTOR (FROM JUN '23)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • CAROLINE TAYLOR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • DAVID WEAVER

    DIRECTOR (FROM JUN '23)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JEFF WHITTINGTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • NATHAN BATTS

    COUNSEL/SVP

    Total calculated
    $252,518
    From this org
    $0
    From related orgs
    $214,365
    Other
    $38,153
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $194,250 related
    Bonus
    $0 + $19,425 related
    Other
    $0 + $690 related
    Deferred
    $0 + $23,504 related
    Nontaxable benefits
    $0 + $14,649 related
    Filer's total
    $0 + $252,518 related

  • STEPHANIE TUCKER

    CFO/SVP

    Total calculated
    $236,541
    From this org
    $0
    From related orgs
    $211,899
    Other
    $24,642
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $189,000 related
    Bonus
    $0 + $15,120 related
    Other
    $0 + $7,779 related
    Deferred
    $0 + $23,226 related
    Nontaxable benefits
    $0 + $1,416 related
    Filer's total
    $0 + $236,541 related

  • LYNN JOHNSON

    COO/EVP

    Total calculated
    $367,003
    From this org
    $0
    From related orgs
    $316,003
    Other
    $51,000
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $262,500 related
    Bonus
    $0 + $52,500 related
    Other
    $0 + $1,003 related
    Deferred
    $0 + $34,650 related
    Nontaxable benefits
    $0 + $16,350 related
    Filer's total
    $0 + $367,003 related

  • BLAIR JERNIGAN

    EVENT MGMT/SVP

    Total calculated
    $147,941
    From this org
    $0
    From related orgs
    $120,721
    Other
    $27,220
    Hours/week
    10 + 40 related

  • DIANE BALDWIN

    VICE PRESIDENT, CONTROLLER

    Total calculated
    $143,294
    From this org
    $0
    From related orgs
    $120,140
    Other
    $23,154
    Hours/week
    10 + 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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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)

PART I, LINE 4B
PETER GWALTNEY, PRESIDENT, PARTICIPATED IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN WITH RESPECT TO THE ASSOCIATION (A RELATED ORGANIZATION) DURING THE YEAR. THE ASSOCIATION MAKES ANNUAL CONTRIBUTIONS TO A LIFE INSURANCE POLICY WHICH IT OWNS AND IS THE BENEFICIARY OF. IF MR. GWALTNEY REMAINS IN THE SERVICE OF THE ASSOCIATION THROUGH AN AGREED-UPO N RETIREMENT DATE, OWNERSHIP OF THE POLICY, SUBJECT TO A PARTIAL ASSIGNMENT OF THE DEATH BENEFIT TO THE ASSOCIATION (TO PAY BACK POLICY PREMIUMS MADE BY THE ASSOCIATION), WILL BE TRANSFERRED TO MR. GWALTNEY ON THE RETIREMENT DATE.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
19 June 2024
IRS schema version
2023v5.1
Source object
202431779349301523

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