2025-03-24T12:11:35-05:00 2024-05-31 991856619 GRANT THORNTON ADVISORS LLC 1415 VANTAGE PARK DRIVE SUITE 500 CHARLOTTE NC 28203 990PF 2023-06-01 270237197 THE BELK FOUNDATION BELK 7045445444 6832 CARNEGIE BLVD STE 100 CHARLOTTE NC 28211 JEVELYN BONNER-REED EXECUTIVE DIRECTOR 7044612792 2025-03-24 1 0 MICHELE N MELCHIOR P00488037 7046323500 2023 2025-03-06 01:10:19Z X 52108551 X X 7529 7529 495140 881612 -3134232 1990073 0 0 -5222 -2631563 883919 0 176340 35268 0 141072 92057 9206 0 82852 28183 5000 0 23183 28060 19923 0 8138 172690 141224 0 31410 45448 20000 31789 0 0 55731 11146 0 44585 21662 1419 0 20243 26059 58017 0 22523 620782 358440 0 374006 1936493 1957923 2557275 358440 0 2331929 -5188838 525479 0 252294 135893 135893 76509 52487 52487 47754389 42726606 51920171 48083192 42914986 52108551 1109 92 37 131 1146 223 X 0 0 0 0 48082046 42914763 48082046 42914763 48083192 42914986 48082046 -5188838 25217 42918425 3662 42914763 TOTAL FROM PASS THROUGH INVESTMENTS P 153893 -153893 -153893 CAPITAL GAIN DISTRIBUTIONS P 1865768 1865768 1865768 DISTRIBUTIONS IN EXCESS OF BASIS / SUSPENDED LOSS ADJ P 124305 124305 124305 DISPOSAL OF ALTERNATIVE INVESTMENTS P 5156408 -5156408 -5156408 -3320228 0 7304 0 7304 0 7304 43510 0 20000 0 63510 X 0 56206 56206 0 0 0 0 0 0 0 0 0 1 1 0 1 1 NC 1 0 0 0 0 1 HTTP://WWW.BELKFOUNDATION.ORG JEVELYN BONNER-REED 7045445444 6832 CARNEGIE BLVD STE 100 CHARLOTTE NC 28211 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 JEVELYN D BONNER-REED 6832 CARNEGIE BLVD STE 100 CHARLOTTE NC 28211 EXECUTIVE DIRECTOR 40.00 171204 5136 0 JOHN R BELK 6832 CARNEGIE BLVD STE 100 CHARLOTTE NC 28211 CHAIR, BOARD OF DIRECTORS 10.00 0 0 0 THOMAS M BELK JR 6832 CARNEGIE BLVD STE 100 CHARLOTTE NC 28211 VICE CHAIR, TREASURER 1.00 0 0 0 JAMES WILLIAMS 6832 CARNEGIE BLVD STE 100 CHARLOTTE NC 28211 SECRETARY, BOARD OF DIRECTORS 1.00 0 0 0 ROBERT BELK 6832 CARNEGIE BLVD STE 100 CHARLOTTE NC 28211 MEMBER, BOARD OF DIRECTORS 1.00 0 0 0 MARY CLAUDIA BELK PILON 6832 CARNEGIE BLVD STE 100 CHARLOTTE NC 28211 MEMBER, BOARD OF DIRECTORS 1.00 0 0 0 ANN CLARK 6832 CARNEGIE BLVD STE 100 CHARLOTTE NC 28211 MEMBER, BOARD OF DIRECTORS 1.00 0 0 0 KATHERINE B MORRIS 6832 CARNEGIE BLVD STE 100 CHARLOTTE NC 28211 MEMBER, BOARD OF DIRECTORS 1.00 0 0 0 ALISON WELCHER 6832 CARNEGIE BLVD STE 100 CHARLOTTE NC 28211 MEMBER, BOARD OF DIRECTORS 1.00 0 0 0 BRANDY NELSON 6832 CARNEGIE BLVD STE 100 CHARLOTTE NC 28211 MEMBER, BOARD OF DIRECTORS 1.00 0 0 0 KATHRYN JAMES 6832 CARNEGIE BLVD STE 100 CHARLOTTE NC 28211 GRANTS MANAGER 40.00 66206 1986 0 0 PRIME BUCHHOLZ 273 CORPORATE DRIVE STE 250 PORTSMOUTH NH 03801 INVESTMENT MGR. 135235 0 NONE 0 0 0 18830073 403815 31668712 50902600 238036 0 50902600 763539 50139061 2506953 2506953 7304 7304 2499649 21431 2521080 0 2521080 2331929 0 2331929 2521080 2174709 2021 2020 2019 0 0 2331929 2174709 0 0 157220 0 0 0 0 0 0 0 0 2363860 0 0 0 X AUGUSTINE LITERACY PROJECT - CHARLOTTE 115 W 7TH ST CHARLOTTE NC 28202 N/A PC GENERAL OPERATING SUPPORT TO PROVIDE INTENSIVE TUTORING TO ASPIRING 1ST - 3RD GRADE READERS WHO ARE BEHIND IN READING. ALSO ADDITIONAL FUNDING AWARDED TO LAUNCH A TECHNOLOGY SOLUTION TO SUPPORT CONTINUED GROWTH OF THEIR TUTORING PROGRAM. 100000 CENTER FOR RACIAL EQUITY IN EDUCATION 3424 ASHLEY VIEW DRIVE CHARLOTTE NC 28213 N/A PC PROGRAM SUPPORT FOR PROFESSIONAL DEVELOPMENT PROGRAMS THAT BUILD CAPACITY AND KNOWLEDGE FOR TEACHERS TO INCREASE TEACHER RETENTION. 25000 CHARLOTTE SPEECH AND HEARING CENTER INC 817 E MOREHEAD ST 100 CHARLOTTE NC 28202 N/A PC PROGRAM SUPPORT FOR CLINICIANS TO PROVIDE INDIVIDUALIZED SUPPORT TO EMERGING READERS IN K-3RD GRADES TO BUILD VOCABULARY AND LANGUAGE EXPRESSION. 17500 CMS FOUNDATION (TEACHER INNOVATION) 4421 STUART ANDREW BLVD STE 100 CHARLOTTE NC 282172556 N/A PC PROGRAM SUPPORT FOR COACHING AND PROJECT PLANNING FOR SCHOOLS AND TEACHER-LED TEAMS PARTICIPATING IN THE CMS FOUNDATION INNOVATION CENTER. 50000 CMS FOUNDATION (TEACHER RESIDENCY) 4421 STUART ANDREW BLVD STE 100 CHARLOTTE NC 282172556 N/A PC PROGRAM SUPPORT FOR THE CMS TEACHING RESIDENCY, WITH A GOAL OF INCREASING THE LICENSING OF NON-TRADITIONAL TEACHERS. 50000 COMMUNITIES IN SCHOOLS OF CHARLOTTE MECKLENBURG INC 601 E 5TH ST STE 300 CHARLOTTE NC 282023094 N/A PC PROGRAM SUPPORT TO REMOVE BARRIERS TO EDUCATIONAL EQUITY AND INCREASE ATTENDANCE FOR ELEMENTARY STUDENTS. 40000 EDUCATIONNC PO BOX 1636 RALEIGH NC 27602 N/A PC GENERAL OPERATING SUPPORT TO EDNC'S WORK TO REPORT ON POLICY MAKERS AND LEVERS INFLUENCING SYSTEMS CHANGE IN EDUCATION. 30000 FOUNDATION FOR THE CAROLINAS 220 N TRYON ST CHARLOTTE NC 28202 N/A PC GENERAL OPERATING SUPPORT FOR READ CHARLOTTE, A COLLABORATIVE, COMMUNITY-WIDE MOVEMENT DEDICATED TO INCREASING THE % OF THIRD GRADERS READING ON GRADE LEVEL. 150000 FOUNDATION FOR THE CAROLINAS (SUMMER PROGRAM) 220 N TRYON ST CHARLOTTE NC 28202 N/A PC GENERAL OPERATING SUPPORT FOR A COLLECTIVE OF 6 LOCAL NON-PROFIT PARTNERS WORKING COLLABORATIVELY TO EXPAND THE NUMBER OF SCHOOLS AND STUDENTS WHO HAVE ACCESS TO SUMMER PROGRAMS ACROSS CHARLOTTE-MECKLENBURG SCHOOLS. 50000 FOUNDATION FOR THE UNIVERSITY OF NORTH CAROLINA AT CHARLOTTE INC (TUTORING) 9201 UNIVERSITY CITY BLVD REESE 412 CHARLOTTE NC 28223 N/A PC PROGRAM SUPPORT FOR TEACHER CANDIDATES TO HAVE A HIGH-QUALITY CLINICAL EXPERIENCE BY TUTORING K-5 GRADE CMS STUDENTS IN FOUNDATIONAL READING. 166192 FREEDOM SCHOOL PARTNERS INC 1030 AROSA AVE CHARLOTTE NC 28203 N/A PC PROGRAM SUPPORT FOR SUMMER PROGRAM TO STOP SUMMER LEARNING LOSS AND CREATE PASSIONATE READERS AND LEARNERS. 50000 HEART MATH TUTORING INC 1100 S MINT ST 107 CHARLOTTE NC 28203 N/A PC GENERAL OPERATING SUPPORT FOR A MATH INTERVENTION PROGRAM THAT PROVIDES CURRICULUM AND ON-SITE SUPPORT FOR VOLUNTEER TUTORS IN TITLE I CMS ELEMENTARY SCHOOLS. 75000 INTERNATIONAL HOUSE OF METROLINA INC 1817 CENTRAL AVENUE SUITE 215 CHARLOTTE NC 28205 N/A PC PROGRAM SUPPORT FOR MULTI-LANGUAGE LEARNERS TO RECEIVE LITERACY TUTORING AFTER SCHOOL AND DURING THE SUMMER MONTHS. 80000 LATINX EDUCATION CENTER 205 PEABODY HALL CB 3500 CHAPEL HILL NC 275990001 N/A PC GENERAL OPERATING SUPPORT FOR THE LATINX LEADERSHIP PIPELINES PRACTICES INITIATIVE TO SUPPORT SCHOOL LEADERS. 50000 NATIONAL BLACK CHILD DEVELOPMENT INSTITUTE - CHARLOTTE 7209 EAST WT HARRIS BLVD SUITE J 276 CHARLOTTE NC 28227 N/A PC PROGRAM SUPPORT TO THE FAMILY EMPOWERMENT PROGRAM (FEP) TO BUILD THE CAPACITY OF PARENTS AND CAREGIVERS AS LEADERS AND ADVOCATES OF THEIR FAMILIES. 68000 NATIONAL COUNCIL ON TEACHER QUALITY 1032 15TH STREET NW 242 WASHINGTON DC 20005 N/A PC PROGRAM SUPPORT TO ENGAGE WITH STAKEHOLDERS IN NORTH CAROLINA TO ADVANCE POLICIES AND PRACTICES THAT PROMOTE BOTH STRONG ELEMENTARY LITERACY INSTRUCTION AND A DIVERSE TEACHER WORKFORCE IN ORDER TO IMPROVE STUDENT OUTCOMES. 25000 NC ALLIANCE FOR SCHOOL LEADERSHIP DEVELOPMENT PO BOX 28148 RALEIGH NC 27611 N/A PC PROGRAM SUPPORT FOR THE ASSISTANT PRINCIPAL LEADERSHIP ACCELERATOR PROGRAM. 20000 NC ALLIANCE FOR SCHOOL LEADERSHIP DEVELOPMENT PO BOX 28148 RALEIGH NC 27611 N/A PC PROGRAM SUPPORT TO CREATE AND IMPLEMENT THE EARLY CAREER PRINCIPALS ACADEMY, A STATEWIDE LEADERSHIP DEVELOPMENT INITIATIVE FOR EARLY-CAREER PUBLIC SCHOOL PRINCIPALS. 35000 NORTH CAROLINA BUSINESS LEADERS FOR EDUCATION BEST NC 940 NW CARY PARKWAY SUITE 121 CARY NC 27513 N/A PC GENERAL OPERATING SUPPORT FOR BEST NC, A NONPROFIT, NON-PARTISAN COALITION OF BUSINESS LEADERS COMMITTED TO TRANSFORMING NORTH CAROLINA EDUCATION THROUGH STATE POLICY AND ADVOCACY. 45000 NORTH CAROLINA BUSINESS LEADERS FOR EDUCATION BEST NC 940 NW CARY PARKWAY SUITE 121 CARY NC 27513 N/A PC PROGRAM SUPPORT FOR THE CONTINUED ADVOCACY FOR REFORM OF TEACHER COMPENSATION, LICENSURE, AND DEVELOPMENT. 50000 NORTH CAROLINA STATE UNIVERSITY (PRINCIPAL STUDY) ADMIN SERVICES III SUITE 240 2601 WOLF VILLAGE WAY RALEIGH NC 276957514 N/A GOV PROGRAM SUPPORT TO DEVELOP AND PILOT A TRANSFORMATIONAL PRINCIPAL LEARNING MODEL FOR EARLY GRADES LEADERSHIP IN NORTH CAROLINA. 70000 NORTH CAROLINA STATE UNIVERSITY (TURNAROUND) ADMIN SERVICES III SUITE 240 2601 WOLF VILLAGE WAY RALEIGH NC 276957514 N/A GOV PROGRAM SUPPORT FOR ADVANCING EDUCATIONAL OPPORTUNITY IN CHARLOTTE-MECKLENBURGS LOWEST-PERFORMING SCHOOLS THROUGH TEACHER RECRUITMENT, DEVELOPMENT, AND RETENTION. 87168 OURBRIDGE INC 3925 WILLARD FARROW DRIVE CHARLOTTE NC 28215 N/A PC GENERAL OPERATING SUPPORT FOR AN AFTERSCHOOL PROGRAM WITH A FOCUS ON LITERACY FOR CHILDREN FROM TITLE I CMS SCHOOLS. 50000 PROFOUND LADIES INC 5821 WYNMORE ROAD RALEIGH NC 27610 N/A PC GENERAL OPERATING SUPPORT TO MITIGATE TEACHER ATTRITION, HOLISTIC TRAINING, AND SUPPORT FOR NORTH CAROLINA-BASED TEACHERS. 25000 QUEENS UNIVERSITY 1900 SELWYN AVENUE CHARLOTTE NC 28274 N/A PC PROGRAM SUPPORT FOR QUEENS SCHOOL EXECUTIVE LEADERSHIP ACADEMY (SELA), A PROGRAM THAT PREPARES NEW SCHOOL LEADERS AND PRINCIPALS THROUGH A PARTNERSHIP WITH QUEENS MCCOLL SCHOOL OF BUSINESS, CATO SCHOOL OF EDUCATION, AND CMS. 35000 TEACH FOR AMERICA INC PO BOX 11649 CHARLOTTE NC 28220 N/A PC PROGRAM SUPPORT FOR RECRUITING, TRAINING, AND DEVELOPING IMPACT-DRIVEN TEACHERS AND LEADERS. TEACH FOR AMERICA SUPPORTS FIRST-AND SECOND-YEAR TEACHERS WHO TEACH SOME OF THE MOST VULNERABLE STUDENTS IN HIGHEST NEED CLASSROOMS. 100000 THE INNOVATION PROJECT (TIP) PO BOX 99109 RALEIGH NC 27264 N/A PC PROGRAM SUPPORT TO SUPPORT RURAL NC DISTRICT SUPERINTENDENTS TO IMPROVE STUDENT LEARNING EXPERIENCE AND ACADEMIC OUTCOMES THROUGH INNOVATIVE STRATEGIES. 45000 THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL CB 1350 104 AIRPORT DRIVE SUITE 2200 CHAPEL HILL NC 275991350 N/A GOV PROGRAM SUPPORT FOR COMPARATIVE RESEARCH OF THE CMS AND NC TEACHER WORKFORCES, INCLUDING PREPARATION, EFFECTIVENESS AND RETENTION OF EXCELLENT TEACHERS. 35633 THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL (EQUITABLE ROSTERING) CB 1350 104 AIRPORT DRIVE SUITE 2200 CHAPEL HILL NC 275991350 N/A GOV PROGRAM SUPPORT TO PILOT A SYSTEM FOR STUDENT ROSTERING PRACTICES. 82000 THE UNIVERSITY OF NORTH CAROLINA AT CHARLOTTE (STUDENT TEACHERS) 9201 UNIVERSITY CITY BLVD CHARLOTTE NC 282230001 N/A GOV PROGRAM SUPPORT FOR PROFESSIONAL DEVELOPMENT AND NETWORKING SUPPORT FOR PRESERVICE TEACHERS. 15000 URBANPROMISE CHARLOTTE 6210 OLD PINEVILLE RD CHARLOTTE NC 28217 N/A PC GENERAL OPERATING SUPPORT FOR A YEAR-ROUND PROGRAM FOR LOW-INCOME STUDENTS THAT PROVIDES OUT-OF-SCHOOL TIME ACADEMIC AND SPIRITUAL DEVELOPMENT. 65000 YMCA OF GREATER CHARLOTTE 400 E MOREHEAD ST CHARLOTTE NC 28202 N/A PC PROGRAM SUPPORT FOR Y READERS YEAR-ROUND PROGRAMMING TO ACCELERATE LITERACY GROWTH FOR KINDERGARTEN THROUGH THIRD GRADE STUDENTS IN CMS. 75000 1861493 AUGUSTINE LITERACY PROJECT - CHARLOTTE 115 W 7TH ST CHARLOTTE NC 28202 N/A PC GENERAL OPERATING SUPPORT TO PROVIDE INTENSIVE TUTORING TO ASPIRING 1ST - 3RD GRADE READERS WHO ARE BEHIND IN READING. ALSO ADDITIONAL FUNDING AWARDED TO LAUNCH A TECHNOLOGY SOLUTION TO SUPPORT CONTINUED GROWTH OF THEIR TUTORING PROGRAM. 50000 CMS FOUNDATION (TEACHER INNOVATION) 4421 STUART ANDREW BLVD STE 100 CHARLOTTE NC 282172556 N/A PC PROGRAM SUPPORT FOR COACHING AND PROJECT PLANNING FOR SCHOOLS AND TEACHER-LED TEAMS PARTICIPATING IN THE CMS FOUNDATION INNOVATION CENTER. 50000 CMS FOUNDATION (TEACHER RESIDENCY) 4421 STUART ANDREW BLVD STE 100 CHARLOTTE NC 282172556 N/A PC PROGRAM SUPPORT FOR THE CMS TEACHING RESIDENCY, WITH A GOAL OF INCREASING THE LICENSING OF NON-TRADITIONAL TEACHERS. 50000 EDUCATIONNC PO BOX 1636 RALEIGH NC 27602 N/A PC GENERAL OPERATING SUPPORT TO EDNC'S WORK TO REPORT ON POLICY MAKERS AND LEVERS INFLUENCING SYSTEMS CHANGE IN EDUCATION. 30000 INTERNATIONAL HOUSE OF METROLINA INC 1817 CENTRAL AVENUE SUITE 215 CHARLOTTE NC 28205 N/A PC PROGRAM SUPPORT FOR MULTI-LANGUAGE LEARNERS TO RECEIVE LITERACY TUTORING AFTER SCHOOL AND DURING THE SUMMER MONTHS. 80000 NC ALLIANCE FOR SCHOOL LEADERSHIP DEVELOPMENT PO BOX 28148 RALEIGH NC 27611 N/A PC PROGRAM SUPPORT FOR THE ASSISTANT PRINCIPAL LEADERSHIP ACCELERATOR PROGRAM. 20000 NC ALLIANCE FOR SCHOOL LEADERSHIP DEVELOPMENT PO BOX 28148 RALEIGH NC 27611 N/A PC PROGRAM SUPPORT TO CREATE AND IMPLEMENT THE EARLY CAREER PRINCIPALS ACADEMY, A STATEWIDE LEADERSHIP DEVELOPMENT INITIATIVE FOR EARLY-CAREER PUBLIC SCHOOL PRINCIPALS. 35000 NORTH CAROLINA BUSINESS LEADERS FOR EDUCATION BEST NC 940 NW CARY PARKWAY SUITE 121 CARY NC 27513 N/A PC PROGRAM SUPPORT FOR THE CONTINUED ADVOCACY FOR REFORM OF TEACHER COMPENSATION, LICENSURE, AND DEVELOPMENT. 100000 OURBRIDGE INC 3925 WILLARD FARROW DRIVE CHARLOTTE NC 28215 N/A PC GENERAL OPERATING SUPPORT FOR AN AFTERSCHOOL PROGRAM WITH A FOCUS ON LITERACY FOR CHILDREN FROM TITLE I CMS SCHOOLS. 50000 TEACH FOR AMERICA INC PO BOX 11649 CHARLOTTE NC 28220 N/A PC PROGRAM SUPPORT FOR RECRUITING, TRAINING, AND DEVELOPING IMPACT-DRIVEN TEACHERS AND LEADERS. TEACH FOR AMERICA SUPPORTS FIRST-AND SECOND-YEAR TEACHERS WHO TEACH SOME OF THE MOST VULNERABLE STUDENTS IN HIGHEST NEED CLASSROOMS. 100000 YMCA OF GREATER CHARLOTTE 400 E MOREHEAD ST CHARLOTTE NC 28202 N/A PC PROGRAM SUPPORT FOR Y READERS YEAR-ROUND PROGRAMMING TO ACCELERATE LITERACY GROWTH FOR KINDERGARTEN THROUGH THIRD GRADE STUDENTS IN CMS. 75000 640000 14 7529 14 495140 18 -3134232 PARTNERHSIP INVESTMENT LOSS 523000 -3875 14 3875 -3875 -2627688 0 -2631563 0 0 0 0 0 0 0 0 0 0 ACCOUNTING FEES 28060 19923 0 8138 NONE 0 MUTUAL FUNDS AT COST 16812765 20251460 SSGA REAL ASSET NL CTF AT COST 3849574 5164263 WELLINGTON - GLOBAL RESEARCH AT COST 3000000 3818772 EMINENCE FUND OFFSHORE AT COST 3000000 3163445 BAXTER STREET OFFSHORE FUND LTD AT COST 2800000 3577309 LONE CASCADE LP AT COST 2000000 2450152 LOGAN LENDER, LP AT COST 1665629 952143 PALESTRA CAPITAL OFFSHORE FUND LTD AT COST 1610631 1754544 VARDE CREDIT PARTNERS OFFSHORE AT COST 1250000 1723249 NUT TREE AT COST 1116349 1731719 IFP GLOBAL AT COST 1070830 1794931 SOUTHPOINT QUALIFIED OFFSHORE FD AT COST 1000000 1794165 SILVERPOINT OFFSHORE FUND AT COST 1000000 1000000 POLUNIN AT COST 995840 1125221 ETF VENTURE FUND II, LP AT COST 847258 65639 SEG PARTNERS OFFSHORE LTD AT COST 707730 1553159 CHANGE IN VALUE OF INVESTMENTS 3662 OTHER EXPENSES 6300 1260 0 5040 OFFICE SUPPLIES 5344 1069 0 4275 GRANTS MGMT SYSTEM SUPPORT 4887 0 0 4887 INFORMATION TECHNOLOGY 4079 816 0 3263 MEMBERSHIP FEES 3210 0 0 3210 PAYROLL SERVICE FEES 1399 280 0 1119 INSURANCE 556 111 0 445 BOOKS, SUBSCRIPTIONS, REFERENCE 284 0 0 284 PARTNERSHIP EXPENSES 0 54481 0 0 PARTNERHSIP INVESTMENT LOSS 0 -5222 0 0 0 0 ACCRUED INTEREST 3787 GRANTS REFUND 21430 OTHER LIABILITIES 37 131 CONTRACTED SERVICES 37455 5989 0 31410 INVESTMENT FEES 135235 135235 0 0 1) THE DESCRIPTION OF ASSETS: 7.2 PERCENT LIMITED PARTNERSHIP INTEREST IN LOGAN LENDER LP2) THE FAIR MARKET VALUE OF THE SECURITIES PRIOR TO THE VALUATION DISCOUNT: $1,190,179.3) PERCENTAGE OF THE TOTAL ISSUED AND OUTSTANDING SECURITIES OF THE SAME CLASS REPRESENTED BY THE FOUNDATION'S HOLDINGS: NOT APPLICABLE4) AMOUNT OF DISCOUNT CLAIMED: $238,0365) EXPLANATION OF WHY THE CLAIMED DISCOUNT IS APPROPRIATE IN VALUING THE SECURITIES:DUE TO THE PRIVATELY HELD NATURE OF THE LIMITED PARTNERSHIP INVESTMENT, THE NON-MARKETABLE MINORITY DISCOUNT IS NECESSARY DUE TO THE RELATIVE LACK OF CONTROL AND RELATIVE LACK OF MARKETABILITY. THE DISCOUNTED FMV IS SUPPORTED BY AN INDEPENDENT VALUATION OF THE UNDERLYING ASSETS AND APPRAISAL REVIEW OF THE DISCOUNT FOR REASONABLENESS. FEDERAL EXCISE/UBI TAXES 20000 0 0 0 FOREIGN TAXES 0 31789 0 0