2026-05-12T13:56:25-05:00 2025-06-30 135565207 KPMG LLP 500 W 5TH STREET SUITE 800 WINSTONSALEM NC 27101 990 2024-07-01 566058412 THE EDUCATIONAL FOUNDATION INC EDUC 9198432000 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 DIANE ALDRIDGE CFO & GENERAL COUNSEL 9198432000 2026-05-12 1 0 ISAAC IRBY P02444754 3362753394 2024 2025-03-06 01:10:19Z JOHN MONTGOMERY 450 SKIPPER BOWLES D CHAPEL HILL NC 27599 99241416 0 X WWW.RAMSCLUB.COM X 1938 NC SEE SCHEDULE O 25 25 63 200 0 0 68943329 91303432 0 0 7517796 7937984 0 0 76461125 99241416 46347635 47698837 0 0 5595136 6058438 53744 35378 4399979 12650849 12648856 64647364 66441509 11813761 32799907 223104596 251317086 111199274 98570383 111905322 152746703 X SEE SCHEDULE O 0 0 26965497 16596503 CONTRIBUTIONS TO UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL: CONTRIBUTIONS TO UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL TO PROVIDE SCHOLARSHIP ASSISTANCE TO STUDENT ATHLETES. 21625588 21625588 CONTRIBUTIONS TO UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL:CONTRIBUTIONS TO UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL TO PROVIDE FINANCIAL ASSISTANCE TO OPERATING BUDGETS FOR 28 SPORTS, TO PROVIDE DEBT SERVICE FOR PREVIOUS RENOVATIONS OF ATHLETIC FACILITIES, TO PROVIDE ASSISTANCE WITH CONSTRUCTION OF PARKING FACILITIES ON CAMPUS, AND TO PROVIDE FINANCIAL ASSISTANCE TO VARIOUS OTHER ATHLETIC PROGRAMS AND PROJECTS. 9476746 9476746 CONVERSION OF PLAYING SURFACE IN KENAN STADIUM FROM TURF TO NATURAL GRASS. RENOVATIONS TO THE KENAN FOOTBALL CENTER, FINLEY GOLF COURSE, CHEWNING TENNIS COMPLEX, AND THE WOMEN'S BASKETBALL LOCKER ROOM AND OFFICE AREA. RENOVATIONS TO WOOLLEN GYM TO CREATE A PRACTICE FACILITY FOR WOMEN'S BASKETBALL. PLANNING COSTS FOR NEW GOLF TEAM BUILDING. UPDATES TO THE SOFTBALL STADIUM AND FINLEY CLUBHOUSE. RENOVATIONS TO BOSHAMER STADIUM. RENOVATIONS TO RESTROOMS AND ADA IMPROVEMENTS IN THE SMITH CENTER. REPAIR SMITH CENTER ROOF. IMPROVEMENTS TO LOCKER ROOM IN KOURY NATATORIUM. 58067831 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 36 0 1 63 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 X 25 25 0 0 0 0 1 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY X DIANE S ALDRIDGE 9198432000 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 ANNE LLOYD CHAIR 0.00 0.00 X X 0 0 0 TOM CHEWNING EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 TODD POPE EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 SUSAN GROSS EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 STEVE VETTER EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 ROB BIZZELL EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 RALPH MEEKINS EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 MILT PETTY TREASURER 0.00 0.00 X X 0 0 0 MICHAEL KENNEDY EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 MICHAEL ANDREASEN EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 LOWRY CAUDILL EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 KEITH STONEMAN EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 JIM SIGMAN VICE CHAIR 0.00 0.00 X X 0 0 0 TOM MANN SECRETARY 0.00 0.00 X X 0 0 0 IV CULP EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 VAUGHN MOORE EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 DONNA CURTIS MCCLATCHEY EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 AURELIA STAFFORD MONK EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 BRIAN GOLSON EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 DAVE BOLIEK EXECUTIVE BOARD MBR (1/2 YEAR) 0.00 0.00 X 0 0 0 EILEEN BRUMBACK EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 DEWEY BURKE EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 DWIGHT STONE EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 FRANK BRENNER EXECUTIVE BOARD MBR 0.00 0.00 X 0 0 0 DON WILLIAMS PAST CHAIR 0.00 0.00 X X 0 0 0 EMILY COBLE SENIOR DIRECTOR OF FINANCE 40.00 0.00 X 119935 0 21468 MATT TERRELL CHIEF STRATEGY & COMMS OFFICER 40.00 0.00 X 213319 0 31060 DIANE ALDRIDGE CFO & GENERAL COUNSEL 40.00 0.00 X 267750 0 30566 KEN MACK SR ASSOC EXEC DIR LEAD GIFTS 40.00 0.00 X 273217 0 36278 JOHN MONTGOMERY EXECUTIVE DIRECTOR 40.00 0.00 X 553703 0 36958 SETH REEVES CHIEF REVENUE OFFICER 40.00 0.00 X 243798 0 26913 BRIAN BERSTICKER DIRECTOR OF MEMBER SERVICES 40.00 0.00 X 127512 0 25270 JAMES RICHARDS SENIOR DIRECTOR OF MAJOR GIFTS 40.00 0.00 X 143459 0 19938 EMILY STEVENS MAJOR GIFTS DIRECTOR 40.00 0.00 X 170343 0 24951 GARY BURNS SENIOR ASSOCIATE OF MAJOR GIFTS 40.00 0.00 X 186017 0 30291 ELIZABETH MACKETHAN SENIOR PHILANTHROPY OFFICER 40.00 0.00 X 230444 0 22382 2529497 0 306075 17 0 1 0 FRANK L BLUM CONSTRUCTION PO BOX 4153 WINSTONSALEM NC 27115 GENERAL CONTRACTORS 6407372 VISION CONTRACTORS 2315 MYRON DRIVE RALEIGH NC 27607 GENERAL CONTRACTORS 1932798 TA LOVING COMPANY 400 PATETOWN ROAD GOLDSBORO NC 27530 GENERAL CONTRACTORS 958150 BEYNON SPORTS SURFACES 16 ALT ROAD COCKEYSVILLE MD 21030 TRACK REPAIRS 933788 KOURY AVIATION PO BOX 850 BURLINGTON NC 27216 PRIVATE AVIATION COMPANY 582523 19 18708145 16596503 55998784 8212219 91303432 1675763 1675763 6262221 0 6262221 6262221 6262221 99241416 0 0 7937984 47698837 47698837 1671722 847563 364435 459724 3710029 1880984 808787 1020258 349630 177262 76219 96149 327057 165818 71298 89941 50515 50515 154745 154745 35378 35378 545337 545337 223912 113157 110755 940116 292376 94305 553435 259506 101981 97389 60136 144864 92473 52391 628704 268631 17381 342692 115180 58396 25109 31675 3078666 3078666 31398 31398 197700 100234 43098 54368 GAME DAY EXPENSES 3307624 2315337 16537 975750 BAD DEBT 929916 929916 TRANSPORTATION 821684 821684 STEWARDSHIP 356709 41441 315268 862280 218621 441600 202059 66441509 58067831 3973699 4399979 37649661 45171889 44016142 50709059 2596948 3569622 699466 546144 175993 153322 125114801 139631430 13551051 12081764 223104596 251317086 4340384 2241814 856573 1005363 58947235 53027921 3543682 1466022 39091943 36022465 4419457 4806798 111199274 98570383 X -19593084 -5515741 131498406 158262444 111905322 152746703 223104596 251317086 X 32799907 8125343 -83869 X 0 1 X 1 0 X 59803980 77900350 76234150 68943330 91303432 374185242 59803980 77900350 76234150 68943330 91303432 374185242 13393666 360791576 35228 33753 655618 1942406 1675763 4342768 7150 3900 11050 378539060 0.95310 0.91020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 99072655 7685783 11409295 6512129 111655604 86573501 5995098 10487834 3983778 99072655 88686303 2441972 -1029723 3525051 86573501 74603748 14467669 2190915 2576029 88686303 46744080 10143581 19863668 2147581 74603748 0.57028 0.42972 1 0 699466 546144 153322 153322 UNC CH FDN INV. FUND 137280578 F OTHER EQUITY INVESTMENTS 196683 F CORPORATE BONDS 2154169 F 139631430 PAYABLES TO UNC CH 4433285 RETIREMENT AND OTHER BENEFITS 373513 4806798 X 91043661 8125343 357274 -83869 8398748 82644913 16596503 16596503 99241416 50202280 357274 357274 49845006 16596503 16596503 66441509 PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES ON RELATED INCOME UNDER INTERNAL REVENUE CODE 501(A) AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) AND APPLICABLE STATE STATUTES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP -1,717,908. SETTLEMENT PROCEEDS ON TRACK REPAIR 1,634,039. PART XI, LINE 4B - OTHER ADJUSTMENTS: SEE SCHEDULE O 16,596,503. PART XII, LINE 4B - OTHER ADJUSTMENTS: SEE SCHEDULE O 16,596,503. FORM 990, SCHEDULE D, PART V, LINE 4 INTENDED USES OF ENDOWMENT FUNDS PERMANENTLY RESTRICTED NET ASSETS ARE RESTRICTED TO INVESTMENT IN PERPETUITY. INCOME FROM THESE ASSETS IS EXPENDABLE TO PROVIDE OPERATIONAL SUPPORT FOR THE DESIGNATED SPORTS PROGRAMS OF THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL. X X X X X X 0 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY 1 UNC CHAPEL HILL 104 AIRPORT DRIVE CHAPEL HILL NC 27599 566001393 GOVT 47698837 0 BOOK N/A SCHOLARSHIPS, CONSTRUCTION, AND OTHER FINANCIAL ASSISTANCE. 1 PART I, LINE 2: GRANTS MADE BY THE ORGANIZATION WERE MADE TO A PUBLIC CHARITY FOR USE IN ITS EXEMPT MISSION. ACCORDINGLY, THE ORGANIZATION EXPECTS THE CHARITY TO USE THE FUNDS FOR PROPER PURPOSES, AND AS SUCH, DOES NOT SUBSEQUENTLY MONITOR THE GRANT. X X X 1 1 X X X X 0 0 0 1 0 0 0 0 0 JOHN MONTGOMERY EXECUTIVE DIRECTOR 452606 0 90260 0 10837 0 19800 0 17158 0 590661 0 0 0 KEN MACK SR ASSOC EXEC DIR LEAD GIFTS 236009 0 34442 0 2766 0 19120 0 17158 0 309495 0 0 0 DIANE ALDRIDGE CFO & GENERAL COUNSEL 224876 0 33178 0 9696 0 15684 0 14882 0 298316 0 0 0 SETH REEVES CHIEF REVENUE OFFICER 206853 0 30448 0 6497 0 17439 0 9474 0 270711 0 0 0 ELIZABETH MACKETHAN SENIOR PHILANTHROPY OFFICER 195243 0 28704 0 6497 0 11371 0 11011 0 252826 0 0 0 MATT TERRELL CHIEF STRATEGY & COMMS OFFICER 177879 0 28943 0 6497 0 17032 0 14028 0 244379 0 0 0 GARY BURNS SENIOR ASSOCIATE OF MAJOR GIFTS 155624 0 22624 0 7769 0 13313 0 16978 0 216308 0 0 0 EMILY STEVENS MAJOR GIFTS DIRECTOR 147177 0 21680 0 1486 0 12758 0 12193 0 195294 0 0 0 JAMES RICHARDS SENIOR DIRECTOR OF MAJOR GIFTS 123877 0 17657 0 1925 0 10247 0 9691 0 163397 0 0 0 BRIAN BERSTICKER DIRECTOR OF MEMBER SERVICES 104551 0 16464 0 6497 0 9688 0 15582 0 152782 0 0 0 FORM 990, SCH J, PART I, LINE 1A WRITTEN POLICY FOR COMPENSATION CHARTER TRAVEL, TRAVEL FOR COMPANIONS, AND CLUB DUES MAY BE PROVIDED BY THE ORGANIZATION TO CERTAIN MEMBERS OF ITS SENIOR STAFF. ALL TRAVEL PAID FOR BY THE ORGANIZATION OR REIMBURSED TO EMPLOYEES UNDER THE ACCOUNTABLE PLAN IS CONSIDERED TO HAVE A BUSINESS PURPOSE. ANY INDIVIDUAL LISTED ON FORM 990, PART VII MAY HAVE RECEIVED CHARTER TRAVEL OR TRAVEL FOR COMPANIONS. ALL SUCH TRAVEL WAS ASSOCIATED WITH THE ORGANIZATION'S CHARITABLE MISSION AND WAS NOT TREATED AS TAXABLE COMPENSATION TO THE RECIPIENTS. CERTAIN MEMBERS OF ITS SENIOR STAFF RECEIVED CLUB DUES. THE USE OF SOCIAL CLUB MEMBERSHIPS FOR BUSINESS PURPOSES ARE NOT TREATED AS TAXABLE COMPENSATION TO THE RECIPIENTS. HOWEVER, THE PORTION RELATED TO PERSONAL USE OF SOCIAL CLUB MEMBERSHIPS IS TREATED AS TAXABLE COMPENSATION TO THE RECIPIENTS. FORM 990, SCH J, PART I, LINE 5A INCENTIVE COMPENSATION PLAN THE EDUCATIONAL FOUNDATION, INC. MAINTAINS AN INCENTIVE COMPENSATION PLAN COVERING ELIGIBLE EMPLOYEES. THE PLAN IS FORMULA DRIVEN, TRIGGERED BY REACHING FUNDRAISING GOALS ON ANNUAL FUND REVENUES/MEMBERSHIP DUES. A PUBLIC FINANCE AUTHORITY SERIES 2019 273866124 2019-03-21 92000000 EDUCATIONAL FACILITIES REVENUE BOND 0 0 0 A 92000000 248280 77803706 13948014 2020 0 1 0 1 A 0 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 A 1 X 192 7233252 FMV X 4 5240 FMV X CAR DEALER CREDITS 37 791000 FMV X PURCHASE OF GOODS 6 174814 FMV X FLIGHTS 2 8613 FMV 0 1 1 PART I, LINE 32B: USE OF THIRD PARTIES THE EDUCATIONAL FOUNDATION, INC. USES THIRD PARTY STOCKBROKERS TO PROCESS NON-CASH PUBLICLY TRADED STOCK CONTRIBUTIONS. ADDITIONALLY, THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL PROCESSES GIFTS OF REAL PROPERTY AND GIFTS OF COMPLEX BUSINESS INTERESTS DESIGNATED FOR THE EDUCATIONAL FOUNDATION, INC. FORM 990, PART I, LINE 1 THE CORPORATION WAS FORMED TO PROVIDE EDUCATIONAL ASSISTANCE TO INDIVIDUALS ATTENDING THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL AND TO SUPPORT UNC FACILITIES & PROGRAMS. FORM 990, PART III, LINE I THE SPECIFIC OBJECTS FOR WHICH THIS CORPORATION ARE FORMED INCLUDE, WITHOUT LIMITATION, (A) PROVIDING ASSISTANCE TO WORTHY YOUNG MEN AND WOMEN SEEKING AN EDUCATION AT THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL (THE "UNIVERSITY") AND (B) SUPPORTING UNIVERSITY PROGRAMS BY PROVIDING FUNDS FOR THE CONSTRUCTION OF FACILITIES OR THE PURCHASE OF EQUIPMENT FOR SUCH PROGRAMS. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF THE ORGANIZATION MEMBERSHIP IN THE FOUNDATION SHALL CONSIST OF NATURAL PERSONS OR AUTHORIZED LEGAL ENTITIES WHO MAKE FINANCIAL CONTRIBUTIONS TO THE FOUNDATION AND SUBSCRIBE TO THE PURPOSES AND OBJECTIVES OF THE FOUNDATION. A CORPORATION, PARTNERSHIP OR AUTHORIZED LEGAL ENTITY OTHER THAN A NATURAL PERSON WHO MAKES FINANCIAL CONTRIBUTIONS TO THE FOUNDATION MUST DESIGNATE A NATURAL PERSON OR NATURAL PERSONS AS A MEMBER OR MEMBERS. CONTRIBUTIONS TO THE FOUNDATION SHALL BE OPEN TO ALL PERSONS INTERESTED IN THE AFFAIRS OF THE FOUNDATION REGARDLESS OF RACE, CREED, COLOR, OR RELIGIOUS BELIEFS. FORM 990, PART VI, SECTION B, LINE 11B BOARD REVIEW OF FORM 990 DURING MAY OF 2026, MANAGEMENT DISTRIBUTED A DRAFT OF THE 2024 FORM 990 TO THE AUDIT COMMITTEE AND GAVE THE MEMBERS AN OPPORTUNITY TO PROVIDE COMMENTS AND ASK QUESTIONS WITH RESPECT TO THE DRAFT. PRIOR TO FINALIZATION OF THE RETURN, MANAGEMENT PROVIDED A FINALIZED DRAFT, VIA E-MAIL, TO ALL MEMBERS OF THE EXECUTIVE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE EDUCATIONAL FOUNDATION, INC. HAS A CONFLICT OF INTEREST POLICY. IT IS THE RESPONSIBILITY OF EACH BOARD MEMBER TO ANNUALLY NOTIFY THE FOUNDATION OF ANY POTENTIAL CONFLICTS. THE ORGANIZATION'S ANNUAL NOTIFICATION PROCESS SERVES AS ITS PROCESS FOR MONITORING POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW THE EDUCATION FOUNDATION, INC.'S BOARD OF DIRECTORS DESIGNATED THE COMPENSATION COMMITTEE TO BE RESPONSIBLE FOR ESTABLISHING COMPENSATION PRACTICES WHICH ARE REASONABLE AND DO NOT VIOLATE THE PRIVATE INUREMENT PROHIBITION. THE PRACTICES AND PROCESSES ARE DESIGNED TO AVOID ANY CLAIM FOR INTERMEDIATE SANCTIONS AND TO SATISFY THE REQUIREMENTS TO OBTAIN THE REBUTTABLE PRESUMPTION. THE COMPENSATION COMMITTEE REVIEWS OUTSIDE, INDEPENDENT DATA TO ESTABLISH THE COMPENSATION OF OUR OFFICERS OTHER THAN THE CEO. THE BOARD OF DIRECTORS REVIEW AND SET FORTH THE COMPENSATION FOR THE CEO USING THE SAME PROCESS AS THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS THE EDUCATION FOUNDATION, INC. DOES NOT MAKE ITS GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, OR ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. THE ORGANIZATION'S FORM 990 IS PUBLICLY AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, QUESTION 17 STATES WHERE A COPY OF THE FORM 990 IS FILED. AN OUTSIDE LAW FIRM HANDLES OUR COMPLIANCE WITH CHARITABLE SOLICITATION LICENSING REQUIREMENTS NATIONWIDE & FILES A COPY OF THE ORGANIZATION'S FORM 990 WHERE REQUIRED. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP -1,717,908. SETTLEMENT PROCEEDS ON TRACK REPAIR 1,634,039. SCH D, PART XI, LINE 4B - OTHER ADJUSTMENTS: TRANSFER FROM THE EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT TRUST TO THE UNIVERSITY OF NORTH CAROLINA-CHAPEL HILL: 16,596,503 SCH D, PART XII, LINE 4B - OTHER ADJUSTMENTS: TRANSFER FROM THE EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT TRUST TO THE UNIVERSITY OF NORTH CAROLINA-CHAPEL HILL: 16,596,503 THE EDUCATIONAL FOUNDATION SCHOLARSHIP 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 566094839 SUPPORTING ORGANIZATION NC 501(C)(3) 12A EDU FDN 1 CHARITABLE REMAINDER UNITRUSTS (8) 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 CHARITABLE TRUST NC N/A T 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 THE EDU FDN SCHOLARSHIP END TRUST C 16596503 FMV