2016-11-15T06:53:21-06:00 2016-06-30 BDO USA LLP 8401 GREENSBORO DRIVE 8TH FLOOR MCLEAN VA 22102 990 2015-07-01 522204473 The Golden LEAF Inc % BETH EDMONDSON GOLD 2524427474 301 N Winstead Avenue Rocky Mount NC 27804 DANIEL J GERLACH PRESIDENT 2016-11-11 true Marc Berger P01871563 7038930600 2016-11-14 2015 2017-02-10 21:41:12Z Daniel J Gerlach 301 N Winstead Ave Rocky Mount NC 27804 224982871 false X www.goldenleaf.org X 1999 NC SEE PART III, LINE 1 15 15 16 0 787375 513851 11212167 0 0 36798924 20066009 9280 3332 37322055 31281508 35362734 34160735 0 0 1912444 1943299 0 0 0 2853072 3000645 40128250 39104679 -2806195 -7823171 941156934 916425827 69494824 67996660 871662110 848429167 X GOLDEN LEAF'S MISSION IS TO PROMOTE THE SOCIAL WELFARE OF NORTH CAROLINA'S CITIZENS AND TO RECEIVE AND DISTRIBUTE FUNDS FOR ECONOMIC IMPACT ASSISTANCE TO ECONOMICALLY AFFECTED OR TOBACCO-DEPENDENT REGIONS OF NORTH CAROLINA. false false 35431307 34160735 0 The primary purpose for which this Corporation was formed is to promote the social welfare and lessen the burdens of government by receiving and distributing funds to be used to provide economic impact assistance to economically affected or tobacco-dependent regions of North Carolina. In accordance with the consent decree and final judgment in state of north Carolina V. Phillip Morris Incorporated, ET AL., 98 CVS 14377. Activities in which the corporation may engage in the state of North Carolina include, but are not limited to, the following: 1. Education Assistance- provision of funds for educational programs for tobacco farmers and other workers impacted or projected to be impacted by the decline in demand for and/or production of tobacco or tobacco products. 2.Job training and employment assistance - Provision of loans and grants, to be used for job training and other employment-related programs to organizations assisting tobacco farmers and other workers dependent on tobacco farming, production and sales to transition to other sources of income. 3.Scientific research - Provision of funding for scientific research to develop new uses for tobacco or for the development of alternative cash crops. 4.Economic hardship assistance - Provision of direct grants, loans and other assistance programs to alleviate economic hardship, poverty or need experienced by tobacco farmers, quota owners, their families and others as a result of decline in quota and/or production of tobacco or tobacco products. 5.Public works and industrial recruitment - Provision of grants and loans to local governments for upgrading utilities, transportation, and other public service infrastructure to attract new businesses or for more general economic development purposes. 6.Health and human services - Provision of funding for improved health care and other social services needed to maintain the stability of tobacco-dependent communities. 7.Community assistance - Provision of direct grants and loans to economically depressed and deteriorating tobacco-dependent communities to be used exclusively for public purposes. 35431307 true true false true false false false false false false false true false false false false true false false false true false false false false false false true false true false false false false false false false false false false false false false false false false false true 22 0 true 16 true true true true EI false false false false false false false false X 15 15 false false false false true true true true true false false true true true true true true true false false X BETH EDMONDSON 2524427474 301 N WINSTEAD AVE rocky mount NC 27804 Murchison Biggs Director 3.0 0.0 X 1352 0 0 Britt Cobb Director 3.0 0.0 X 1352 0 0 S Lawrence Davenport Director 3.0 0.0 X 1352 0 0 Barry Z Dodson Director-Board Chair 15.0 0.0 X X 624 0 0 Donald E Flow Director-Treasurer 3.0 0.0 X X 0 0 0 Claudine Gibson Director 3.0 0.0 X 0 0 0 Billy Ray Hall Director 3.0 0.0 X 1144 0 0 Thomas J Hester Jr Director-Secretary 3.0 0.0 X X 1040 0 0 Randy Isenhower Director- Vice Chair 3.0 0.0 X X 1352 0 0 Carolyn Justice Director 3.0 0.0 X 1144 0 0 Johnathan Rhyne Jr Director 3.0 0.0 X 1144 0 0 David L Rose Director 3.0 0.0 X 936 0 0 Ruth Samuelson Director 3.0 0.0 X 0 0 0 David M Stover Director-Assistant Secretary 3.0 0.0 X X 728 0 0 Ralph Strayhorn III Director 3.0 0.0 X 1144 0 0 Jerome Vick Director 3.0 0.0 X 1352 0 0 Daniel J Gerlach President 40.0 0.0 X 194169 0 40548 Mark A Sorrells Senior Vice President 40.0 0.0 X 179063 0 34613 Peter J Cera Vice President-Investments 40.0 0.0 X 162195 0 37309 Edward P Lord VP Programs/Staff Attorney 40.0 0.0 X 120374 0 32618 Patricia Cabe-Cantrell VP Prog/Community Assistance 40.0 0.0 X 106032 0 25708 Beth A Edmondson Controller 30.0 0.0 X 98339 0 24912 874836 0 195708 5 false true false DRZ 250 Park Ave South suite 250 WINTER PARK FL 32789 Investment Mngmt 445865 Silchester International Investors 780 Third Ave 42nd floor NEW YORK NY 10017 Investment Mngmt 490666 Prime Buchholz Associates Inc 25 Chestnut Street PORTSMOUTH NH 03801 Invest. consulting 310214 Stralem Company Inc 645 madison ave 13th floor NEW YORK NY 10022 Investment Mngmt 237254 BNY Mellon Asset Servicing BNY Mellon Center PITTSBURGH PA 15258 Investment Custodial 305694 9 10000000 1212167 11212167 0 8964605 787375 8177230 0 0 0 0 0 204802767 193701363 11101404 11101404 11101404 0 0 0 OTHER INCOME 900099 3332 3332 3332 31281508 787375 19281966 34160735 34160735 0 0 0 990718 533217 457501 0 0 0 647632 481983 165649 0 64576 47922 16654 0 138668 85717 52951 0 101705 65692 36013 0 0 0 129255 129255 0 63265 63265 0 0 0 0 0 2442970 2442970 0 0 3548 3548 0 37220 37220 0 58722 58722 0 0 0 76505 76505 0 41569 37406 4163 0 0 0 18635 18635 0 0 0 0 0 0 0 18746 18746 0 BOARD OF DIRECTORS EXPENSES 48577 48577 CAPITAL OUTLAYS 28807 28807 UNRELATED BUSINESS INCOME TAX 19953 19953 DUES AND MEMBERSHIPS 10036 10036 2837 2837 39104679 35431307 3673372 0 423895 869099 0 0 0 0 5110 130 0 0 0 0 203318 174211 0 0 100582 99548 0 284367133 272293598 656056896 642989241 0 0 0 0 0 0 941156934 916425827 135239 159307 69359585 67837353 0 0 0 0 0 0 0 0 0 0 0 0 0 0 69494824 67996660 X 0 0 0 0 871662110 848429167 871662110 848429167 941156934 916425827 X -7823171 -21830949 0 6421177 X X false true X true false X 70489443 105581136 0 513851 11212167 187796597 0 0 70489443 105581136 0 513851 11212167 187796597 0 187796597 8888370 11250562 9504307 8759107 8177230 46579576 0 6569 5202 4498 9280 3332 28881 234405054 0.80116 0.84110 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 1367 false false 1367 false Lobbying Activity - Form 990, Schedule C, Part II-B, LIne 1G These expenses represent salary and benefit costs for our president's time spent lobbying members of the NC general assemply related to legislation affecting Golden Leaf funding and educating legislators and their staff on the mission of the foundation and its work. ACADIAN GLOBAL MANAGED 51951775 F AG REALTY FND VII(TE)&FND VIII 7897416 F ARCHSTONE OFFSHORE FUND, LTD 23234961 F AURORA VENTURES IV & V 5818796 F BEACON CPTL STRTEGIC PTRS V&VI 2594769 F SWIFTCURRENT OFFSHORE, LTD. 23786807 F CANTILLON GLOBAL VALUE FUND 42559609 F CARLYLE VENTURE PARTNERS II,LP 2125645 F CAROUSEL CAPITAL PTRS III&IV 11056722 F CBRE CLARION GLOBAL REAL 42772904 F COLONY INVESTORS VIII, L.P 1380900 F DENHAM COMMODITY PTRS FND V&VI 3278373 F DIVERSIFIED PNRS OFFSHORE FUND 383055 F ENCAP ENERGY CPTL FND/FLATROCK 13060989 F FARALLON CAPITAL INSTITUTIONAL 19066348 F FPA HAWKEYE FUND, LLC 21596761 F HARVEST MLP INCOME FUND II LLC 20958607 F HIGHLINE CAPITAL INTL, LTD 26770464 F KING STREET CAPITAL, LTD 21762693 F LEXINGTON CAPITAL PTRS V & LCP 3492107 F LONE CASCADE, L.P 24133538 F MATLIN PATTERSON GLOBAL OPP 4720073 F OCH-ZIFF REAL ESTATE FUND III 1948862 F OZ OVERSEAS FUND II, LTD 22478825 F Q-BLK PRIVATE CAPITAL II, L.P 6138325 F SHEPHERD INVESTMENTS INTL, LTD 753526 F SHERIDAN PRODUCTION PTRS I-B 8365000 F SILCHESTER INTL VALUE EQUITY 60684972 F SILVERPOINT CPTL OFFSHORE FUND 538933 F SYNERGY LIFE SCIENCE PTRS, L.P 1878916 F REALTY ASSOC. FND VIII,IX & X 18757565 F TACONIC OPP. OFFSHORE FUND,LTD 22588513 F THOMAS H LEE EQUITY FUND VI,LP 4560686 F VARDE CREDIT PARTNERS 19570773 F VARDE FUND IX, X & XI 23296975 F WARBURG PINCUS X 7626064 F WELLINGTON ARCHIPELAGO 26959156 F WELLINGTON BAY POND 17805451 F WELLINGTON CTF EMERGING MARKET 24633387 F 642989241 7007589 -21830949 -21830949 28838538 2442970 2442970 31281508 30240532 30240532 2442970 6421177 8864147 39104679 FORM 990, SCHEDULE D, PART XII, LINE 4B CANCELLED GRANTS $6,241,177 Central America and the Caribbean Investments 186957419 Europe (Including Iceland and Greenland) Investments 42559608 North America Investments 44764606 274281633 274281633 true false false false false false true Alamance Community College PO Box 8000 Graham NC 27253 566052379 Education 200000 SEE PART IV Alamance-Burlington Sch Sys 1712 Vaughn Rd Burlington NC 27217 561957903 Gov't Entity 196396 SEE PART IV Asheville-Buncombe Tech CC 340 Victoria Rd Asheville NC 28801 560792170 Education 410000 SEE PART IV Blue Ridge Community College 180 West Campus Dr Flat Rock NC 28731 560941830 Education 1087500 SEE PART IV Blue Ridge Community College 180 West Campus Dr Flat Rock NC 28731 560941830 Education 550000 SEE PART IV Brevard College One Brevard College Dr Brevard NC 28712 560532297 501(c)(3) 75000 SEE PART IV BRITE at NC Central Univ BRITE Bldg Durham NC 27707 566000730 Gov't Entity 185000 SEE PART IV Brunswick County PO Box 249 Bolivia NC 28422 566000278 Gov't Entity 500000 SEE PART IV Camden County Government PO Box 190 Camden NC 27921 566000282 Gov't Entity 200000 SEE PART IV Carteret CC Foundation Inc 3505 Arendell St Morehead City NC 28557 516089453 501(c)(3) 140000 SEE PART IV Carteret Co Public School Sys 107 Safrit Dr Beaufort NC 28516 566001001 Gov't Entity 377800 SEE PART IV Catawba Valley CC 2550 US Hwy 70E Hickory NC 28602 560792028 Education 200000 SEE PART IV Ctr for Creative Leadership PO Box 26300 Greensboro NC 27438 237079591 Gov't Entity 1810797 SEE PART IV City of Belmont PO Box 431 Belmont NC 28012 560856848 Gov't Entity 1098000 SEE PART IV City of Monroe 300 West Crowell St Monroe NC 28110 566001289 Gov't Entity 280000 SEE PART IV City of New Bern PO Box 1129 New Bern NC 28563 565000235 Gov't Entity 549000 SEE PART IV Columbus County 111 Washington St Whiteville NC 28472 566000289 Gov't Entity 65234 SEE PART IV County of Duplin PO Box 929 Kenansville NC 28349 566000296 Gov't Entity 325000 SEE PART IV Craven County Schools 3600 Trent Rd New Bern NC 28562 561286861 Gov't Entity 520000 SEE PART IV Duplin County Schools PO Box 128 Kenansville NC 28349 566001020 Gov't Entity 530000 SEE PART IV Pasquotank Public Schools 1004 Parkview Dr Elizabeth City NC 27909 560891512 Gov't Entity 200000 SEE PART IV Greene County Schools 301 Kingold Blvd Snow Hill NC 28580 566001039 Education 350000 SEE PART IV Halifax County PO Box 38 Halifax NC 27839 566001836 Gov't Entity 150000 SEE PART IV Henderson County Public Sch 414 4th Ave West Hendersonville NC 28739 561821543 Gov't Entity 200000 SEE PART IV Hyde County Schools PO Box 217 Swan Quarter NC 27885 566001052 Gov't Entity 200000 SEE PART IV Isothermal Community College PO Box 804 Spindale NC 28160 560841505 501(c)(3) 717884 SEE PART IV Jackson County Public Schools 398 Hospital Rd Sylva NC 28779 566001054 Gov't Entity 850000 SEE PART IV Jones County Government PO Box 340 Trenton NC 28585 566000312 Gov't Entity 1500000 SEE PART IV Junaluska Sanitary District PO Box 35 Lake Junaluska NC 28745 560848592 Gov't Entity 1000000 SEE PART IV Lenoir Community College PO Box 188 Kinston NC 28502 560753025 Gov't Entity 180000 SEE PART IV Lenoir County Public Schools PO Box 729 Kinston NC 28502 566001063 Gov't Entity 515000 SEE PART IV Macon County Schools 1202 Old Murphy Rd Franklin NC 28734 566001069 Gov't Entity 550000 SEE PART IV Madison County Public Schools 5740 US Hwy 25-70 Marshall NC 28753 566001070 Education 500000 SEE PART IV Murphy Medical Center 3990 E Hwy 64 Alt Murphy NC 28906 561844262 501(c)(3) 375000 SEE PART IV NC Business Cmte for Educ 20301 Mail Service Center Raleigh NC 27699 561513432 501(c)(3) 163118 SEE PART IV NC Community College System 5016 Mail Service Center Raleigh NC 27699 561288079 Gov't Entity 750000 SEE PART IV NC Global Transpark Authority PO Box 1476 Kinston NC 28503 561767291 Gov't entity 251800 SEE PART IV NC School of Science and Math 22203 Sp Meadow Dr Chapel Hill NC 27517 561425643 EDUCATION 115000 SEE PART IV NC State Education Asst Auth PO Box 13663 Research Trngl Pk NC 27709 566172047 Gov't entity 2356000 SEE PART IV NC State University 2701 Sullivan Dr Ste 240 Raleigh NC 27695 566000756 EDUCATION 200000 SEE PART IV NC State University 3110 Faucette DrBox7625 Raleigh NC 27695 566000756 EDUCATION 200000 SEE PART IV NC State Univ-Friday Inst 1890 Main Campus DrBox7249 Raleigh NC 27606 566000756 EDUCATION 199873 SEE PART IV Nussbaum Ctr Entrepreneurship PO Box 35 Greensboro NC 27406 561577495 501(c)(3) 67517 SEE PART IV Onslow County Schools 200 Broadhurst Rd Jacksonville NC 28540 566001089 Gov't Entity 332500 SEE PART IV Pamlico County PO Box 776 Bayboro NC 28515 566000949 Gov't entity 1200000 SEE PART IV Richmond County Government PO Box 504 Rockingham NC 28380 566000334 Gov't entity 475000 SEE PART IV Roanoke Chowan Com Health Ctr 120 Health Center Dr Ahoskie NC 27910 421638714 501(c)(3) 200000 SEE PART IV Rutherford County Government 289 N Main St Rutherfordton NC 28139 566000337 Gov't entity 415000 SEE PART IV Southwestern Comm College 447 College Dr Sylva NC 28779 560894556 EDUCATION 370000 SEE PART IV Springboard NC Inc 427 Falls Rd Rocky Mount NC 27804 455487451 501(C)(3) 150000 SEE PART IV Stokes County Schools PO Box 50 Danbury NC 27016 566001116 Gov't Entity 200000 SEE PART IV Surry CC FouNdation Inc 630 S Main St Dobson NC 27017 566094116 501(C)(3) 200000 SEE PART IV Teach for America 324 Blackwell St Bay 11 Durham NC 27701 133541913 501(c)(3) 200000 SEE PART IV The Ocracoke Foundation Inc PO Box 1689 Ocracoke NC 27960 562602254 501(C)(3) 137000 SEE PART IV The Univ of NC at Chapel Hill 104 Airpt DrSte 2200 Chapel Hill NC 27599 566001393 EDUCATION 120000 SEE PART IV Town of Clayton PO Box 879 Clayton NC 27528 566001203 Gov't entity 4000000 SEE PART IV Town of Mars Hill PO Box 368 Mars Hill NC 28754 566001281 Gov't entity 487650 SEE PART IV Town of Spindale PO Box 186 Spindale NC 28160 566001340 Gov't entity 727116 SEE PART IV Transylvania County 101 S Broad St Brevard NC 28712 566000343 Gov't entity 1100000 SEE PART IV Tri-County Community College 21 Campus Circle Murphy NC 28906 560896010 Gov't Entity 1200000 SEE PART IV Tuckaseigee Water & Sewer 1246 W Main St Sylva NC 28779 561771768 Gov't entity 460800 SEE PART IV Wayne Community College PO Box 8002 Goldsboro NC 27533 560792849 Gov't Entity 500000 SEE PART IV Weldon City Schools 4489 US 301 Halifax NC 27839 566001132 Gov't Entity 175000 SEE PART IV Yadkin Co Econ Dev Ptrshp PO Box 1840 Yadkinville NC 27055 262134343 501(c)(3) 199750 SEE PART IV Yancey County 110 Town Square Rm 11 Burnsville NC 28714 566000453 Gov't Entity 300000 SEE PART IV City of Lumberton PO Box 1388 Lumberton NC 28359 566001274 Gov't Entity 120000 SEE PART IV 66 GRANTS MONITORING - FORM 990, SCHEDULE I, LINE 2 Applicants that receive awards from the board are required to sign a grantee acknowledgment & agreement, which states guidelines and conditions for the grant. Grantees must also attend a grants management session. The grantee acknowledgment & agreement may contain conditions that must be satisfied before funds will be released. These conditions along with requirements for interim and final reports are entered in a database. Once the foundation receives the signed grantee acknowledgment & agreement, evidence that preconditions have been met, and a written request for payment, the applicant is eligible to receive an initial disbursement of the grant award. Twenty percent of the funds may be paid in advance, with three additional installments of 20% paid once prior advances have been substantially expended. Alternatively, the grantee may be reimbursed for expenses up to 80% of the grant at any time. A sum equal to the 20% of the total amount of the grant is generally retained by the foundation until completion of the grantee's obligations under the grant, including the submission to the foundation of a final report on the funded project and satisfaction of any remaining conditions to release of funds. Grantees may use funds only for items identified in the project's approved budget. Should the grantee seek to spend funds on an item not included in the budget or in an amount in excess of the approved budget amount, the grantee must receive approval of a budget modification. In no event may a grantee spend Golden Leaf funds in excess of the amount awarded by the Golden Leaf board. Grantees must submit interim reports in six month increments beginning six months after the award date and a final report within 60 days after completion of the project. The reports include information regarding the work accomplished, compared to an approved scope of work, reported outcomes of the project, and expenditure reports with supporting documentation. Schedule I, Part II, Column h, Purpose of grant or assistance: 1. Filling the Advanced Manufacturing Skills Gap in Alamance County 2. ABSS Educators Are Becoming Tech Masters 3. Western NC Foundry Technology Training Academy (Project Swiss) 4. Health Sciences Center-Clinical Simulation Laboratory (Simlab) 5. Southeastern Advanced Molding Technology Education Center 6. Developing Agriculture Education in Western NC 7. Building and Sustaining a STEM Identity in Rural NC (NC STEM ID) 8. US 74/76 500,000 Square Foot Industrial Warehouse Fire Protection Project 9. Courthouse Wastewater Treatment Plant 10. Automotive Technology Program 11. Regional STEM Career Pathways 12. Equipment Purchases for BioTextiles Launch 13. Golden LEAF Scholars Leadership Program 2016-2017 14. Infrastructure to Serve Project Y2-Elevated Storage Tank 15. Project PIPE-(ATI Specialty Materials) 16. City Market-Workforce Development Training Center 17. Project Alexander 18. Project Sam 19. Regional STEM Career Pathways 20. Regional STEM Career Pathways 21. ECPPS: ECMS Model Digital Learning School 22. Regional STEM Career Pathways 23. Project Chips Sewer Relocation & Replacement 24. Project Empower: Building Teacher Capacity 25. 1:1 Chromebook Initiative 26. The Advanced Industrial Technologies and Agribusiness Workforce Development Project 27. Ascent to College and Career Readiness through STEM and Digital Learning 28. Jones County Middle and High School 29. Highway 209 & I-40 Riverbend School Sewer Service 30. Aerospace Advanced Manufacturing Center 31. Regional STEM Career Pathways 32. Smoky Mountains Region Ascent to Careers: Linking Pathways to Reach Hot Jobs 33. Out of the Box: Designing Our Future 34. Murphy Group Practice-Hayesville 35. 2016-2018 NCBCE Teachers@Work-STEM East Expansion 36. Golden LEAF Scholarship Program-Two Year Colleges 2016-2017 37. Project Hometown 38. ENC STEM Year-Round Programming 39. Golden LEAF Scholars Program FY2016-17 40. Greenhouse Production of Certified Sweet Potato Plants for North Carolina Growers 41. Meeting NC's Food Safety Regulatory Training and Outreach Needs under FSMA 42. Phase II: Leadership Support for Digital Learning Initiatives 43. Steelhouse 44. Regional STEM Career Pathways 45. Pamlico STEM Pathways to Jobs Initiative 46. Sandhills AGInnovation Center 47. Creswell Clinic-Washington County 48. Speedy 49. Smokey Mountains Region Ascent to Careers: Linking Pathways to Reach Hot Jobs 50. Project SpringBoard 51. Charting the Course for Engaged, Literate and Future Ready Students - Phase 2 52. Industrial Training Center-Yadkin County Campus 53. ENC Residency: Transforming Teacher Preparation in Eastern NC 54. Community Square Revitalizaiton-Wastewater Improvements 55. NC Growth-Sandhills 56. Project Bright Sky 57. Wastewater Treatment Plant Improvements and Sewer Line Extension 58. US 74/221 Infrastructure and Rural Economic Catalyst Project 59. Growing Transylvania County with STEM 60. TCCC Allied Health Training Program 61. Horsepasture River Wastewater Treatment Plant & Collection System Improvements 62. Wayne Advance Manufacturing Center-Phase I (Welding) 63. One to One Personalized Initiative "Charging Chargers" 64. Lydall Metals Expansion 65. East Yancey Wastewater Treatment Plant and Collection System 66. Sanderson Farms Hatchery Sewer Project X true true X X X X false false false false false false false false false Daniel J Gerlach President 194169 0 0 0 0 0 19998 0 20550 0 234717 0 0 0 Mark A Sorrells Senior Vice President 179063 0 0 0 0 0 18242 0 16371 0 213676 0 0 0 Peter J Cera Vice President-Investments 162195 0 0 0 0 0 16877 0 20432 0 199504 0 0 0 Edward P Lord VP Programs/Staff Attorney 120374 0 0 0 0 0 12517 0 20101 0 152992 0 0 0 OTHER COMPENSATION - FORM 990, SCHEDULE J, PART I, LINE 1A Rotary Club Dues paid for president WRITTEN POLICY - FORM 990, SCHEDULE J, PART I, LINE 1B Payment of dues approved by board of directors APPROVAL OF GOVERNING BODY DECiSIONS - FORM 990, PART VI, LINE 6,7A and 7b The foundation is governed by a board of directions comprised of fifteen directors. Five directors are appointed by the governor of the state of north carolina. Five directors are appointed by the president pro tempore of the north carolina senate. five directors are appointed by the speaker of the north carolina house of representatives. FORM 990 REVIEW PROCESS - FORM 990, PART VI, LINE 11B A copy of Form 990 was provided to each member of the foundation's board of directors. The audit committee of the board reviewed the Form 990 and, prior to its filing, recommended approval to the full board. CONFLICTS OF INTEREST - FORM 990, PART VI, LINE 12C The foundation'S board of directors and committees meet approximately six times per year. At each such meeting, or group of meetings, directors are asked to confirm their disclosure or make any new disclosures. When a director discloses an interest in a proposed transaction, the director does not participate in the discussion concerning, or the vote upon, the proposed transaction. DETERMINING COMPENSATION - FORM 990, PART VI, LINE 15 THE PERSONNEL COMMITTEE OF THE BOARD OF DIRECTORS REVIEWED SALARY AND BENEFIT INFORMATION FOR POSITIONS COMPARABLE TO THE PRESIDENT AT OTHER NORTH CAROLINA FOUNDATIONS AND ENDOWMENTS AND REVIEWED THE RESULTS OF A SALARY STUDY OF NONPROFIT SALARIES PRIOR TO MAKING A RECOMMENDATION TO THE BOARD REGARDING THE PRESIDENT'S SALARY AND BENEFITS. THE BOARD APPROVED THE SALARY AND BENEFITS OF THE PRESIDENT. AVAILABILITY OF OTHER DOCUMENTS - FORM 990, PART VI, LINE 19 The organization makes its governing documents and conflict of interest policy available upon request. The financial statements are made available on the organization's website and upon request. CHANGES IN NET ASSETS - FORM 990, PART XI, LINE 9 CANCELLED GRANTS 6,421,177 DISPOSAL OF ASSETS - FORM 990, PART VI, LINE 7B THE FOUNDATION MAY NOT DISPOSE OF ASSETS PURSUANT TO THE PROVISIONS OF SECTION 55A-12-02 OF THE NORTH CAROLINA GENERAL STATUTES WITHOUT THE APPROVAL OF THE NORTH CAROLINA GENERAL ASSEMBLY. THE FOUNDATION MAY NOT AMEND ITS ARTICLES OF INCORPORATION WITHOUT THE APPROVAL OF THE NORTH CAROLINA GENERAL ASSEMBLY. OVERSIGHT/SELECTION PROCESS - FORM 990, PART XII, LINE 2C The process has not changed from the prior year.