2015-10-09T11:36:46-05:00 2015-06-30 BDO USA LLP 8401 GREENSBORO DRIVE 8TH FLOOR MCLEAN VA 22102 990 2014-07-01 522204473 The Golden LEAF Inc % BETH EDMONDSON GOLD 2524427474 301 N Winstead Avenue Rocky Mount NC 27804 DANIEL J GERLACH PRESIDENT 7038930600 2015-10-06 true Mike Sorrells P00001737 7038930600 2014 2016-02-25 16:41:14Z Daniel J Gerlach 301 N Winstead Ave Rocky Mount NC 27804 223824116 false X www.goldenleaf.org X 1999 NC SEE PART III, LINE 1 15 15 17 0 663276 0 513851 0 0 42563127 36798924 4498 9280 42567625 37322055 32162211 35362734 0 0 1857975 1912444 0 0 0 27795465 2853072 61815651 40128250 -19248026 -2806195 956849074 941156934 75031265 69494824 881817809 871662110 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 36610528 35362734 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. 36610528 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 18 0 true 17 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 0 0 0 BRITT COBB DIRECTOR 3.0 0.0 X 1352 0 0 S LAWRENCE DAVENPORT TREASURER 3.0 0.0 X X 1040 0 0 BARRY Z DODSON VICE CHAIR 3.0 0.0 X X 1352 0 0 DON FLOW DIRECTOR 3.0 0.0 X 0 0 0 CLAUDINE GIBSON DIRECTOR 3.0 0.0 X 0 0 0 BILLY RAY HALL ASST SECRETARY 3.0 0.0 X X 936 0 0 TOMMY HESTER DIRECTOR 3.0 0.0 X 0 0 0 RANDY ISENHOWER SECRETARY 3.0 0.0 X X 1144 0 0 DR JAMES H JOHNSON DIRECTOR 3.0 0.0 X 728 0 0 CAROLYN JUSTICE DIRECTOR 3.0 0.0 X 728 0 0 JOHNATHAN RHYNE CHAIR 15.0 0.0 X X 936 0 0 DAVID L ROSE DIRECTOR 3.0 0.0 X 936 0 0 DAVID M STOVER DIRECTOR 3.0 0.0 X 0 0 0 RALPH STRAYHORN DIRECTOR 3.0 0.0 X 1248 0 0 TOM TAFT DIRECTOR 3.0 0.0 X 0 0 0 JEROME VICK DIRECTOR 3.0 0.0 X 832 0 0 DANIEL J GERLACH PRESIDENT 40.0 0.0 X 192284 0 39302 MARK A SORRELLS SENIOR VICE PRESIDENT 40.0 0.0 X 172178 0 33682 PETER J CERA VP INVESTMENTS 40.0 0.0 X 172974 0 37193 PATRICIA CABE-CANTRELL VP PROGRAMS/COMM. ASST. & OUTR 40.0 0.0 X 114183 0 26782 EDWARD P LORD VP PROGRAMS/STAFF ATTORNEY 40.0 0.0 X 113053 0 30842 BETH A EDMONDSON CONTROLLER 30.0 0.0 X 95775 0 23636 871679 0 191437 5 false true false DRZ 250 Park Ave South suite 250 WINTER PARK FL 32789 Investment Mngmt 500048 Silchester INternational INvestors 780 Third Ave 42nd floor NEW YORK NY 10017 Investment Mngmt 478825 Artisan Partners 5 Concourse Parkway Suite 2120 ATLANTA GA 30328 Investment Mngmt 289928 Prime Buchholz Associates Inc 25 Chestnut Street PORTSMOUTH NH 03801 Invest. consulting 279847 Stralem Company Inc 645 madison ave 13th floor NEW YORK NY 10022 Invest. mgmt. 241926 10 513851 513851 0 8759107 663276 8095831 0 0 0 0 214541878 186502061 28039817 28039817 28039817 0 0 0 OTHER INCOME 900099 9280 9280 9280 37322055 663276 36144928 35362734 35362734 0 0 0 1081745 595993 485752 0 550815 419042 131773 53715 40780 12935 126792 92788 34004 99377 65481 33896 0 170747 170747 39423 39423 0 0 2301995 2301995 1500 1500 7199 7199 39526 39526 48558 48558 0 76536 76536 42540 33320 9220 0 390 390 0 0 0 21660 21660 UNRELATED BUSINESS INC TAX 21086 21086 0 BOARD OF DIRECTORS EXPENSES 45825 45825 CAPITAL OUTLAYS 24251 24251 DUES AND MEMBERSHIPS 9229 9229 2607 2607 40128250 36610528 3517722 0 636364 423895 0 0 0 0 325 5110 0 0 0 0 227568 203318 0 0 89554 100582 0 395849553 284367133 560045710 656056896 0 0 0 0 0 0 956849074 941156934 134569 135239 74896696 69359585 0 0 0 0 0 0 0 0 0 0 0 0 0 0 75031265 69494824 X 0 0 0 0 881817809 871662110 881817809 871662110 956849074 941156934 X -2806195 -13337491 5987987 X X false true X true false X 69128105 70489443 105581136 0 513851 245712535 0 0 69128105 70489443 105581136 0 513851 245712535 0 245712535 8247547 8888370 11250562 9504307 8759107 46649893 87492 -1083463 74693 33814 624409 -263055 8686 6569 5202 4498 9280 34235 292133608 0.84110 0.88452 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 2179 false false 2179 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 47084038 F AG REALTY FND VII(TE)&FND VIII 11629180 F ARCHSTONE OFFSHORE FUND, LTD 25598980 F AURORA VENTURES IV & V 6116138 F BEACON CPTL STRTEGIC PTRS V&VI 5037843 F SWIFTCURRENT OFFSHORE, LTS 23250017 F CANTILLON GLOBAL VALUE FUND 42892017 F CARLYLE VENTURE PARTNERS II,LP 2873168 F CAROUSEL CAPITAL PTRS III IV 8450532 F CBRE CLARION GLOBAL REAL 39364197 F COLONY INVESTORS VIII, L.P 1880800 F DENHAM COMMODITY PTRS FND V&VI 3347765 F DIVERSIFIED PNRS OFFSHORE FUND 608789 F ENCAP ENERGY CPTL FND/FLATROCK 8728345 F FARALLON CAPITAL INSTITUTIONAL 19532164 F FPA HAWKEYE FUND, LLC 23269966 F HIGHLINE CAPITAL INTL, LTD 27426793 F KING STREET CAPITAL, LTD 21823798 F LEXINGTON CAPITAL PTRS V & LCP 5097871 F LONE CASCADE, L.P 26817989 F MATLIN PATTERSON GLOBAL OPP 5020407 F OCH-ZIFF REAL ESTATE FUND III 930217 F OZ OVERSEAS FUND II, LTD 23858962 F Q-BLK PRIVATE CAPITAL II, L.P 7878608 F SHEPHERD INVESTMENTS INTL, LTD 757031 F SHERIDAN PRODUCTION PTRS I-B 8441000 F SILCHESTER INTL VALUE EQUITY 66042174 F SILVERPOINT CPTL OFFSHORE FUND 601342 F SYNERGY LIFE SCIENCE PTRS, L.P 2756024 F REALTY ASSOC. FND VIII,IX & X 21213214 F TACONIC OPP. OFFSHORE FUND,LTD 22958607 F THOMAS H LEE EQUITY FUND VI,LP 4669272 F VARDE CREDIT PARTNERS 14081344 F VARDE FUND IX, X & XI 22490491 F WARBURG PINCUS X 11474381 F WELLINGTON ARCHIPELAGO 28753089 F WELLINGTON BAY POND 34138628 F WELLINGTON CTF EMERGING MARKET 17098934 F WELLINGTON CTF COMMODITIES II 12062781 F 656056896 21682569 -13337491 -13337491 35020060 2301995 2301995 37322055 31838268 31838268 2301995 5987987 8289982 40128250 FORM 990, SCHEDULE D, PART XII, LINE 4B CANCELLED GRANTS 5,987,987 North America Investments 34138628 North America Investments 28753089 Central America and the Caribbean Investments 27426793 Central America and the Caribbean Investments 21823798 Central America and the Caribbean Investments 757031 Central America and the Caribbean Investments 25598980 Central America and the Caribbean Investments 23858962 Central America and the Caribbean Investments 23250017 Central America and the Caribbean Investments 22958607 Central America and the Caribbean Investments 14081344 Central America and the Caribbean Investments 4009405 Central America and the Caribbean Investments 608789 Central America and the Caribbean Investments 601342 Europe (Including Iceland and Greenland) Investments 42892017 270758802 270758802 true false false false false false true Alexander County Government 621 Liledoun Rd Taylorsville NC 28681 566000272 Gov't Entity 930560 Shurtape Wastewater Extension Alleghany County Library PO Box 656 Sparta NC 28675 566021060 501(c)(3) 330000 Alleghany County Library Facility Expansion 2014-2015 Appalachian State University PO Box 32174 Boone NC 286082174 561176030 Education 175000 College of Health Sciences Rural Health Outreach C Initiative: Educating for the 21st Century Appalachian Sustainable Agri 306 W Haywood St Asheville NC 28801 061642769 501(c)(3) 95000 Using Appalachian Grown Branding to Connect Farmer Locally Grown Globally Ready Ashe Memorial Hospital 200 Hospital Ave Jefferson NC 28640 560603900 501(c)(3) 946152 Increasing Access and Quality of Care in the ED Avery County Schools 775 Cranberry St Newland NC 28657 566000990 Gov't Entity 750000 BUILD: Building a Unified Innovative Learning Dist Beaufort Co Comm College PO Box 1069 Washington NC 27889 560894923 Education 97075 Agribusiness Program Implementation & Support Project Bladen Community College PO Box 266 Dublin NC 283320266 560894927 Education 500000 STEM and Advanced Manufacturing Technology Trainin Ennis-Flint Bladen County Schools PO Box 37 Elizabethtown NC 28337 566000992 Education 300656 Bladen STEM Academy Blue Ridge Comm Health Svcs 2579 Chimney Rock Rd Hendersonville NC 28704 560794933 501(c)(3) 400000 BRCHS and Wingate University Rural Healthcare Educ Burke County PO Box 219 Morganton NC 286800219 566000280 Gov't Entity 100000 Broughton Hospital Facilities Use Study Caldwell Community College 2855 Hickory Blvd Hudson NC 28638 560817481 Education 400000 Technology, Engineering, and Advanced Manufacturin Researchers Cane Creek Water & Sewer Dist 100 N King St Hendersonville NC 28792 566000307 Gov't Entity 200000 Sewer Expansion Project to Serve Tri-Hishtil Caswell County Schools PO Box 160 Yanceyville NC 27379 566001002 Education 200000 1:1 Caswell Flow Program Technology Upgrade Catawba Valley Comm College 2550 US Hwy 70E Hickory NC 286028302 560792028 Education 750000 Innovate Catawba Expansion Catawba Valley Comm College 2550 US Hwy 70E Hickory NC 286028302 560792028 Education 200000 Knitting Equipment for Training and New Business S Catawba Valley Comm College 2550 US Hwy 70E Hickory NC 286028302 560792028 Education 250000 Project Pegasus WWPS Improvement Project Catawba Valley Comm College 2550 US Hwy 70E Hickory NC 286028302 560792028 Education 275000 Catawba Valley Furniture Academy Ctr For Creative Leadership PO Box 26300 Greensboro NC 274386300 237079591 Gov't Entity 2000000 Golden LEAF Scholars Leadership Program 2015-2016 City of Graham PO Drawer 357 Graham NC 27253 566001234 Gov't Entity 250000 Melville Commerce Parkway Extension/Project Quarte City of Greenville PO Box 7207 Greenville NC 278357207 566000229 Gov't Entity 539445 Project Revere Interactive and Accessible Instructional Technology City of Kannapolis PO Box 1199 Kannapolis NC 280821199 561452469 Gov't Entity 453300 Project Jordan The City of Kings Mountain PO Box 429 Kings Mountain NC 28086 566001258 Gov't Entity 300000 Turbo & Bulldog Metals (2014-15) City of Lumberton PO Box 1388 Lumberton NC 28359 566001274 Gov't Entity 300000 Sanderson Farms Hatchery Sewer Project East Carolina University 300 E First St Greenville NC 27858 566000403 Gov't Entity 1100000 Pharmaceutical Development and Manufacturing Cente Elizabeth City State Univ 1704 Weeksville Rd Elizabeth City NC 27909 561047680 Education 1100000 Strengthening Aviation Education and Workforce in Fayetteville Tech Comm Coll PO Box 35236 Fayetteville NC 28303 560791849 Gov't Entity 200000 Collision Auto Repair Training & Advancement Initiatives Goshen Medical Center Inc PO Box 187 Faison NC 283410187 561209062 501(c)(3) 200000 GMC Tabor City Healthcare Necrosis in Sweet Potatoes Greene County Schools 301 Kingold Blvd Snow Hill NC 28580 566001039 Education 75000 Project Greene STEM Leadership in Agriculture Hoke County Schools 310 Wooley St Raeford NC 28376 566001051 Education 1000000 Pathways to Health Careers Vehicle Systems for Precision Agriculture Hugh Chatham Memorial Hosp 180 Parkwood Dr Elkin NC 28621 560642846 501(c)(3) 200000 High Chatham Urgent Care and Corporate Care Buildi Laurinburg-Maxton Airport 16701 Airport Rd Maxton NC 28364 566018132 Gov't Entity 385900 Water & Waste Improvements for Project Smiley Agriscience Workforce Madison County Public Schools 5740 US Hwy 25-70 Marshall NC 28753 566001070 Education 134000 Machining in Madison Infrastructure Project Mars Hill University PO Box 370 Mars Hill NC 28754 560554207 Education 500000 Mars Hill University School of Nursing Martin Community College 1161 Kehukee Park Rd Williamston NC 28364 560895914 Education 300000 Industrial Systems Workforce Training Mitchell County Schools 72 Ledger School Rd Bakersville NC 28705 566001075 Education 150000 The Mitchell Community Health Education and Suppor Mitchell County Schools 72 Ledger School Rd Bakersville NC 28705 566001075 Education 350000 Innovative Discovery STEM Education Program Montgomery Community College 1011 Page St Troy NC 27371 560895349 Education 400000 Building and Program Expansion Care Montgomery County Schools 441 Page St Troy NC 27371 566001076 Gov't Entity 200000 ACCESS: A Culture Creating Effective Systems for S Competitive Manufacturing Technology Nash-Rocky Mount Public Sch 930 Eastern Ave Nashville NC 27856 561766036 Education 200000 Workforce Aligned STEM Centers NC Agricultural Foundation Campus Box 7645 Raleigh NC 276957645 566049304 501(c)(3) 3000000 Plant Sciences Initiative - Phase 2 NC Coastal Land Trust 131 Racine Dr Suite 202 Wilmington NC 28403 561791849 501(c)(3) 50000 Phase 4, Encroachment Partnership with the US Mari Development (HIAMS) NC Community College System 5016 Mail Service Center Raleigh NC 276995016 561288079 Education 750000 Golden LEAF Scholars Program - Two-Year Colleges ( NC New Schools Project Inc 4600 Marriott Dr Suite 510 Raleigh NC 276123307 204031703 501(c)(3) 200000 Innovative Rural Schools Project NC State Ed Assistance Auth PO Box 14103 RTP NC 277094103 900145439 Gov't Entity 2302000 Golden LEAF Scholars Program 2015-16 Oppor Indust Ctr (RMOIC) PO Box 2723 Rocky Mount NC 27802 560946196 501(c)(3) 134822 Integrated Medical Home Pamlico Community College PO Box 185 Grantsboro NC 28529 560894229 Education 103900 New Directions for Electrical Systems Technology i Pitt Community College PO Drawer 7007 Greenville NC 278357007 560793335 Gov't Entity 650000 Creating a Biopharmaceutical Work Force Developmen Richmond Community College PO Box 1189 Hamlet NC 28345 560818376 Gov't Entity 235343 Expanding the Healthcare Workforce in Scotland Cou Richmond Community College PO Box 1189 Hamlet NC 28345 560818376 Gov't Entity 750000 Richmond County STEM Transformation Rockingham County Government PO Box 66 Wentworth NC 27375 566001527 Gov't Entity 600000 Project Hawk Sampson County 406 County Complex Rd Bldg C Clinton NC 28328 566000338 Gov't Entity 554680 General Support Sampson Regional Medical Ctr 607 Beaman St Clinton NC 28328 560562304 501(c)(3) 352300 SRMC Family Medicine Residency Program Sandhills Community College 3395 Airport Rd Pinehurst NC 28374 560797051 Gov't Entity 750000 The Rural Triad Mechatronics Training Center Scotland Memorial Foundation 500 Lauchwood Dr Laurinburg NC 28352 581828201 501(c)(3) 841800 Scotland Memorial Access to Care Expansion Project Southeastern Regional Medical PO Box 1408 Lumberton NC 28358 560530233 501(c)(3) 500000 SEH Medical Residency School Stokes County Arts Council PO Box 66 Danbury NC 27016 510189471 501(c)(3) 100000 Dan River Arts & Visitors Center Hospitality Education Initiative Stokes County Schools PO Box 50 Danbury NC 27016 566001116 Gov't Entity 200000 Charting the Course for Engaged, Literate, Future- Town of Burnsville PO Box 97 Burnsville NC 28714 566001190 Gov't Entity 120000 Town of Burnsville/Yancey County Commercial Park I Learners: 1:1 Laptops for CECHS Students Town of Elizabethtown PO Box 716 Elizabethtown NC 28337 566001217 Gov't Entity 197000 Elizabethtown Airport/Industrial Park & Master Pla Town of Maysville PO Box 265 Maysville NC 285550265 560946816 Gov't Entity 200000 Green Recycling Solutions Sewer Improvements Town of Nashville PO Box 987 Nashville NC 27856 566001300 Gov't Entity 200000 SIFI Sewer Upgrade Value-Added Enterprise (CAVE) Town of Pollocksville PO Box 97 Pollocksville NC 285730097 561054547 Gov't Entity 29000 Town of Pollocksville Sewer Main Extension Town of Rutherfordton 129 N Main St Rutherfordton NC 28139 566001608 Gov't Entity 100000 Town of Rutherfordton's Tryon Equestrian Sewer Lin Engineers: A University, Community Colleges, & Industry Collaborative Initiative Town of St Pauls NC PO Box 364 St Pauls NC 28384 566001327 Gov't Entity 820000 St. Pauls Wastewater System Needs Associated with Town of Tarboro PO Box 220 Tarboro NC 27886 566001350 Gov't Entity 250000 General Foam Plastics Generator Project Union Square Campus Inc 230 N Elm St Suite 1900 Greensboro NC 27420 467453139 501(c)(3) 250000 Technology, Partnerships and Advanced Nurse Practi UNC-Chapel Hill PO Box 8001 Chapel Hill NC 275991350 566001393 Education 290000 Family Medicine Underserved Residency Track Wayne Health Fdn dba WATCH 2700 Wayne Memorial Dr Goldsboro NC 27534 581881912 501(c)(3) 321000 WATCH Clinical Training Program Western Carolina University 1 University Way Cullowhee NC 28723 566001440 Education 225000 INPUT: Instructing Nurse Practitioners in Under-se Western Governors University 4001 S 700 E Suite 700 Salt Lake City UT 84107 841383926 501(c)(3) 1000000 Western Governors University North Carolina Facility Western Piedmont Comm Coll 1001 Burkemont Ave Morganton NC 28655 560816544 Gov't Entity 750000 Mechatronics Educational Facility Need in Burke Co Excellence Wilkes Community College PO Box 120 Wilkesboro NC 286970120 560846669 Education 198802 Machining Equipment - Ashe Campus Wilkes County Schools 613 Cherry St North Wilkesboro NC 28659 566001133 Education 900000 Project ADMIT (Advancing Development of Manufactur Wilson County Schools PO Box 2048 Wilson NC 278932048 566001134 Education 200000 Wilson County Schools High School Chromebook Initi 75 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. X true true X X X X false false false false false false false false false DANIEL J GERLACH PRESIDENT 192284 0 0 0 0 0 19575 0 19727 0 231586 0 MARK A SORRELLS SENIOR VICE PRESIDENT 172178 0 0 0 0 0 17533 0 16149 0 205860 0 PETER J CERA VP INVESTMENTS 157474 0 15500 0 0 0 17640 0 19553 0 210167 0 OTHER COMPENSATION - FORM 990, SCHEDULE J, PART I, LINE 1A Rotary Club Dues. WRITTEN POLICY - FORM 990, SCHEDULE J, PART I, LINE 1B Payment of dues approved by board 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 North Carolina state agencies 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 5,987,987 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.