2012-05-11T08:02:48-05:00 2011-06-30 KPMG LLP 300 North Greene Street Suite 400 Greensboro NC 27401 990 2010-07-01 566058412 THE EDUCATIONAL FOUNDATION INC EDUC 9198432000 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 DIANE S ALDRIDGE 2012-05-08 3362753394 2010 2016-02-24 21:20:13Z DIANE S ALDRIDGE 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 43293019 false X www.ramsclub.org X 1938 NC THE CORPORATION OPERATES SOLELY TO ASSIST THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL IN PROVIDING FINANCIAL ASSISTANCE TO STUDENTS AND PROGRAMS AT THE UNIVERSITY. 21 21 30 200 0 0 27145697 41532452 0 0 1855708 1524956 -8942 -5540 28992463 43051868 8563646 33412089 0 0 2438453 2262313 0 274 1973940 5694896 7033287 16696995 42707963 12295468 343905 87823652 129409607 42314524 81385986 45509128 48023621 "THE EDUCATIONAL FOUNDATION, INC. WAS CHARTERED DECEMBER 7, 1938 TO PROVIDE ASSISTANCE TO THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL FOR THE FOLLOWING: TO OFFER FINANCIAL AID TO WORTHY YOUNG MEN AND WOMEN SEEKING AN EDUCATION AT THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL, TO SUPPORT UNIVERSITY PROGRAMS BY PROVIDING SERVICES AND FUNDS FOR THE CONSTRUCTION OF FACILITIES OR PURCHASE OF EQUIPMENT, AND TO OPERATE AND CARRY OUT ALL OTHER PROGRAMS, ACTIVITIES AND ENDEAVORS FOR CHARITABLE, EDUCATIONAL, LITERARY, RELIGIOUS AND SCIENTIFIC PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1954 AS AMENDED." false false 10568330 5758988 CONSTRUCTION/RENOVATION OF ATHLETIC FACILITIES: RENOVATION OF $8.5M BASKETBALL OFFICES AT THE DEAN E. SMITH CENTER. COMPLETION OF $25M RENOVATION TO BASEBALL STADIUM. CONSTRUCTION OF $3M CLUBHOUSE AT FINLEY GOLF COURSE. 27653101 27653101 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, CONSTRUCTION OF A SPORTS MEDICINE FACILITY, AND OTHER VARIOUS FINANCIAL OBLIGATIONS OF THE UNIVERSITY. 38221431 true true false false false false false false true true true false false true false true false false false false false false false true false false true false true false false false false false false false false true false false false false true true true false false true 55 0 true 30 true false false false false false true true false false false false X 21 21 true false false false true false false true true false false true true true true true true true true false X DIANE S ALDRIDGE 9198432000 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 EDDIE SMITH 0.0 X 0 0 0 BOB EUBANKS 0.0 X 0 0 0 BRAD BURRIS 0.0 X 0 0 0 TOM CHEWNING 0.0 X 0 0 0 ALLEN WILSON 0.0 X 0 0 0 KEN WILLIAMS 0.0 X X 0 0 0 MARVIN CARVER 0.0 X X 0 0 0 MILTOM PETTY 0.0 X X 0 0 0 JAY KLOMPMAKER 0.0 X X 0 0 0 DWIGHT STONE 0.0 X X 0 0 0 WILLIAM FULLER 0.0 X 0 0 0 DAVID CARROLL 0.0 X 0 0 0 JOHN D BLACK 0.0 X 0 0 0 W LOWRY CAUDILL 0.0 X 0 0 0 MUNROE G COBEY 0.0 X 0 0 0 RANDY MYER 0.0 X 0 0 0 ANN B PETERSEN 0.0 X 0 0 0 DON HOLZWORTH 0.0 X 0 0 0 GREG SANCHEZ 0.0 X 0 0 0 LORI IRELAND 0.0 X 0 0 0 ROGER PERRY 0.0 X 0 0 0 JOHN MONTGOMERY 40.0 X 246836 0 20054 DIANE ALDRIDGE 40.0 X 102894 0 11378 DAWN MCPHERSON 40.0 X 109339 0 17600 NEAL HARRELL 40.0 X 167696 0 39370 KEN MACK 40.0 X 122417 0 12387 MATT TERRELL 40.0 X 103541 0 11344 SUE W STANKAVAGE 40.0 X 99344 0 16503 KARLTON CREECH 40.0 X 106032 0 12893 JOHN D CHERRY 0.0 X 13252 0 0 MOYER G SMITH 0.0 X 20272 0 0 1091623 0 141529 7 true true true TA LOVING POST OFFICE DRAWER 919 GOLDSBORO NC 27533 GENERAL CONTRACTOR 14440737 FRANK L BLUM CONSTRUCTION 830 25TH STREET NE WINSTON SALEM NC 27115 GENERAL CONTRACTOR 5613021 CORLEY REDFOOT ZACK PO BOX 2368 CHAPEL HILL NC 27515 ARCHITECTURAL DESIGN 3246154 CLANCY THEYS PO BOX 27608 RALEIGH NC 27611 GENERAL CONTRACTOR 858980 KOURY AVIATION SERVICES PO BOX 850 BURLINGTON NC 27216 AIRLINE SERVICES 383006 11 19270 41513182 3291769 41532452 0 219956 0 0 219956 0 0 1528596 223596 1305000 1305000 0 0 1305000 12015 19270 17555 -5540 0 -5540 0 0 0 43051868 0 0 1519416 33412089 33412089 0 0 0 420680 239788 180892 0 0 1412630 805199 607431 0 0 386960 220568 166392 0 42043 24124 17919 0 0 4299 0 4299 0 144630 0 144630 0 0 274 274 292321 0 292321 0 5246 0 5246 0 498635 0 0 498635 261919 26192 235727 0 81054 8105 72949 0 0 246700 0 27359 219341 394806 0 43784 351022 0 98702 0 10946 87756 22923 22923 0 0 0 53174 47857 5317 0 78975 0 78975 0 SCHOLARSHIPS/CAPITAL PROJECTS 2231000 2231000 0 0 GAME DAY EXPENSES 808112 404056 0 404056 BAD DEBT EXPENSE 651264 651264 0 0 OTHER TAXES 585750 0 585750 0 COMPLIMENTARY TICKETS 356087 0 0 356087 217690 128266 32655 56769 42707963 38221431 2512592 1973940 20826094 29202547 14511929 25254717 271219 429570 43999224 365383 24788109 43633841 23437972 26311812 3988329 4577120 87823652 129409607 14052994 36479503 1159141 539041 26146692 43361783 955697 1005659 42314524 81385986 X 17673317 12030545 11321775 17751665 16514036 18241411 45509128 48023621 87823652 129409607 X 343905 2170588 X false true true X false X 37682683 24807678 17713556 27145697 41532452 148882066 37682683 24807678 17713556 27145697 41532452 148882066 454856 148427210 1161636 1327383 1166846 271704 219956 4147525 153029591 0.96993 0.95740 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 15745011 564929 16309940 15084521 660490 15745011 14142113 942408 15084521 0.00000 1.00000 0.00000 false false 599273 365383 233890 43399951 43399951 43633841 CERTIFICATE OF DEPOSIT 261009 F UNC CH FDN INV. FUND, INC. 25666494 F OTHER EQUITY INVESTMENTS 384309 F 26311812 0 RETIREMENT AND OTHER BENEFITS PAYABLE 1005659 1005659 43051868 42707963 343905 2170588 2170588 2514493 45240011 2170588 17555 2188143 43051868 43051868 42725518 17555 17555 42707963 42707963 INTENDED USES OF THE ENDOWMENT FUNDS FORM 990, SCHEDULE D, PART V, LINE 4 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. SPECIAL EVENT EXPENSE RECLASS FORM 990, SCHEDULE D, PARTS XII AND XIII, LINES 2D- OTHER SPECIAL EVENT EXPENSE RECLASS 17,555. FIN 48 DISCLOSURE FORM 990, SCHEDULE D, PART X THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME UNDER INTERNAL REVENUE CODE 501(A) AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3). ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE. MANAGEMENT OF THE FOUNDATION DOES NOT BELIEVE THE FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS. TAX YEARS ENDED JUNE 30, 2008 THROUGH JUNE 30, 2011 REMAIN OPEN FOR EXAMINATION BY TAXING AUTHORITIES AS OF THE DATE OF THIS REPORT. FIRST PITCH 31285 19270 12015 15841 1714 0 31285 19270 12015 15841 1714 17555 -5540 true UNC - CHAPEL HILL 104 Airport Dr CHAPEL HILL NC 27599 566001393 GOVT 33412089 N/A N/A SEE PART IV 1 0 MONITORING THE USE OF GRANT FUNDS FORM 990, SCHEDULE I,PART I, QUESTION 2 THE GRANT MADE BY THE ORGANIZATION WAS 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. PURPOSE OF GRANT OR ASSISTANCE SCHEDULE I, PART II, LINE I, COLUMN H SCHOLARSHIPS, CONSTRUCTION, AND OTHER FINANCIAL ASSISTANCE. X X X true true X X X false true false true true false false false false JOHN MONTGOMERY 202467 0 26828 0 17541 0 15292 0 4762 0 266890 0 0 0 NEAL HARRELL 130484 0 16546 0 20666 0 34608 0 4762 0 207066 0 0 0 JOHN D CHERRY 13252 0 0 0 0 0 0 0 0 0 13252 0 0 0 MOYER G SMITH 20272 0 0 0 0 0 0 0 0 0 20272 0 0 0 WRITTEN POLICY FOR COMPENSATION FORM 990, SCHEDULE J, PART I, QUESTION 1A Charter Travel, Travel for Companions, and Club Dues were 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 purposes. Any individual listed on Form 990, Part VII may have received charter travel or travel for companions. John Montgomery and Neal Harrell received club dues. All such travel was associated with the organization's charitable mission and was not treated as taxable compensation to the recipients. A portion of the club dues were treated as taxable compensation to the recipients. SUPPLEMENTAL NONQUALIFIED RETIREMENT PLANS FORM 990, SCHEDULE J, PART I, QUESTION 4B THE EDUCATIONAL FOUNDATION, INC. MAINTAINS A NONQUALIFIED RETIREMENT PLAN TO PROVIDE SUPPLEMENTAL RETIREMENT BENEFITS FOR CERTAIN EMPLOYEES. THE FOLLOWING INDIVIDUALS PARTICIPATED IN OR RECEIVED PAYMENT FROM A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: DAWN MCPHERSON 3,990 (PARTICIPATION) NEAL HARRELL 21,643 (PARTICIPATION) SUSAN STANKAVAGE 5,366 (PARTICIPATION) MOYER SMITH 20,272 (PAYMENT) JOHN CHERRY 13,252 (PAYMENT) INCENTIVE COMPENSATION PLAN FORM 990, SCHEDULE J, PART I, QUESTIONS 5A & 5B Senior Staff of the organization ARE eligible to participate in the INCENTIVE COMPENSATION PLAN. The purpose of the Plan is to align senior staff performance measures with overall Foundation goals and clearly communicate to senior staff the criteria for exceptional performance which could merit INCENTIVE COMPENSATION. This plan is drafted and approved each year by the Personnel & Compensation Committee with final awarding of INCENTIVE COMPENSATION approved by the Executive Board. ACCRUED COMPENSATION FORM 990, PART VII, LINE 5 AND SCHEDULE J PART II THE ORGANIZATION EMPLOYEES RECEIVE COMPENSATION AND BENEFITS FROM THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL (THE UNIVERSITY), AN UNRELATED ORGANIZATION PER FORM 990 INSTRUCTIONS. SUCH COMPENSATION AND BENEFITS ARE INCLUDED IN THE RETURN. COMPENSATION AND BENEFITS PAID BY THE UNIVERSITY TO EMPLOYEES OF THE ORGANIZATION ARE REIMBURSED BY THE ORGANIZATION TO THE UNIVERSITY. X 181 2507989 fmv X CAR DEALER CREDITS 49 641000 FMV X MISCELLANEOUS 6 142780 FMV false true true USE OF THIRD PARTIES FORM 990, SCHEDULE M, QUESTION 32A THE EDUCATIONAL FOUNDATION, INC. USES THIRD PARTY STOCK BROKERS TO PROCESS NON-CASH CONTRIBUTIONS. BUSINESS/FAMILY RELATIONSHIPS FORM 990, PART VI, SECTION A, LINE 2 ROGER PERRY, GREG SANCHEZ, EDDIE SMITH, AND BOB EUBANKS, MEMBERS OF THE BOARD OF DIRECTORS, HAVE A BUSINESS RELATIONSHIP. MEMBERS OF THE ORGANIZATION FORM 990, PART VI, SECTION A, LINE 6 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. BOARD REVIEW OF FORM 990 FORM 990, PART VI, SECTION B, QUESTION 11 During May of 2012, management distributed a draft of the 2010 Form 990 to the AUDIT COMMITTEE and gave the members an opportunity to provide comments and ask questions with respect to the draft. Based on feedback provided from the AUDIT COMMITTEE, management updated the draft Form 990. Prior to finalization of the return, management provided a finalIZED draft, via e-mail, to all members of the Board of Directors PRIOR TO FILING WITH THE IRS. CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, QUESTION 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. COMPENSATION REVIEW FORM 990, PART VI, SECTION B, QUESTION 15 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 and key employees. The Board of Directors review and set forth the compensation for the CEO using the same process as the Compensation Committee. GOVERNING DOCUMENTS FORM 990, PART VI, SECTION C, QUESTION 19 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. OTHER CHANGES IN NET ASSETS 990, PART XI, LINE 5 UNREALIZED GAINS 2,170,588 THE EDUCATIONAL FOUNDATION SCHOLARSHIP 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 566094839 SUPPORTING OR NC 501(c)(3) 11 NA NORMAN M BLACK JR CRUT 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 000000000 CHARITABLE TR FL NA TRUST 0 202828 0.60420 SANFORD W THOMPSON CRUT 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 000000000 CHARITABLE TR NA TRUST 0 162071 0.58950 DONALD AND MARY W WADE CRUT 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 000000000 CHARITABLE TR NC NA TRUST 0 45122 0.65660 ROBERT L & ANNE S ZUCKER CRUT 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 000000000 CHARITABLE TR NC NA TRUST 0 43643 0.59400 false false true false false false false false false false false false true true false false false false EDUCATIONAL FND SCHOLARSHIP ENDOWMENT TRUST 1C 8492313