2025-11-13T14:37:56-06:00 2024-12-31 991856619 GRANT THORNTON ADVISORS LLC 1415 VANTAGE PARK DRIVE SUITE 500 CHARLOTTE NC 28203 990 2024-01-01 136113895 ANGIER B DUKE MEMORIAL INC ANGI 7043760291 800 EAST MOREHEAD STREET CHARLOTTE NC 28202 KAREN H ROGERS CFO & TREASURER 7043760291 2025-11-13 1 1 MICHELE MELCHIOR P00488037 7046323500 2024 2025-03-06 01:10:19Z KAREN H ROGERS 800 EAST MOREHEAD STREET CHARLOTTE NC 28202 1985881 0 X N/A X 1925 NC TO DEVELOP SCHOLARSHIPS AND TO PROMOTE AND FURTHER THE ARTS, SCIENCES, AND (SEE SCHEDULE O)PROFESSIONS AT DUKE UNIVERSITY AND FOR THAT PURPOSE TO ESTABLISH SCHOLARSHIPS AND TO ASSIST WORTHY STUDENTS AT THE UNIVERSITY. 15 15 0 0 -88 0 0 0 0 0 1516394 1985881 0 0 1516394 1985881 1500000 1500000 0 0 0 0 0 0 0 66890 65859 1566890 1565859 -50496 420022 41154055 41932115 0 0 41154055 41932115 TO DEVELOP SCHOLARSHIPS AND TO PROMOTE AND FURTHER THE ARTS, SCIENCES, AND PROFESSIONS AT DUKE UNIVERSITY AND FOR THAT PURPOSE TO ESTABLISH SCHOLARSHIPS AND TO ASSIST WORTHY STUDENTS AT THE UNIVERSITY. 0 0 1500000 1500000 THE ANGIER B. DUKE MEMORIAL, INC. IS A NONPROFIT MEMBERSHIP CORPORATION ESTABLISHED IN 1925 TO DEVELOP SCHOLARSHIPS AND TO PROMOTE AND FURTHER THE ARTS, SCIENCES, AND PROFESSIONS AND TO ASSIST WORTHY STUDENTS. THE MEMORIAL LIMITS ITS ASSISTANCE FOR THESE PURPOSES TO DUKE UNIVERSITY. AT DUKE, THE MEMORIAL CONTRIBUTES TO THE ANGIER B. DUKE MEMORIAL SCHOLARSHIP PROGRAM OF DUKE UNIVERSITY WHICH AWARDS SCHOLARSHIPS TO INDIVIDUALS WITH DEMONSTRATED ACADEMIC AND PERSONAL ACHIEVEMENT AND OUTSTANDING PROMISE OF SUCCESS IN THEIR CHOSEN FIELDS. AWARDS CONSIST OF FULL TUITION; SIX WEEKS OF SUMMER STUDY AT NEW COLLEGE, OXFORD; THE OPTION OF TWO SEMESTERS OF STUDY ABROAD OR ELSEWHERE IN THE U.S.; AND IN SOME CASES ADDITIONAL FINANCIAL ASSISTANCE, IF THERE IS DEMONSTRATED NEED. 1500000 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 15 15 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X KAREN H ROGERS 7043760291 800 EAST MOREHEAD STREET CHARLOTTE NC 28202 CHARLES C LUCAS III CHAIR 0.50 10.50 X X 0 195732 5725 PAMELA L DAVIES TRUSTEE 0.50 6.00 X 0 195732 5724 JUDY WOODRUFF TRUSTEE 0.50 6.00 X 0 195732 5725 CLARENCE G NEWSOME TRUSTEE 0.50 6.00 X 0 195732 5725 J TRENT JONES TRUSTEE 0.50 6.00 X 0 195732 5724 CONSTANCE F GRAY TRUSTEE (RETIRED ON 12/31/2024) 0.50 6.00 X 0 195732 5724 JOHN FAV CECIL TRUSTEE 0.50 6.00 X 0 195732 5724 RAVENEL B CURRY III TRUSTEE 0.50 6.00 X 0 195732 5724 HARRIS E DELOACH JR TRUSTEE 0.50 6.00 X 0 195732 5724 MINOR M SHAW TRUSTEE 0.50 6.00 X 0 195732 5725 WILLIAM BARNET III TRUSTEE 0.50 6.00 X 0 195732 5724 ALLYSON K DUNCAN TRUSTEE 0.50 6.00 X 0 195732 5724 CAMMIE R HAUPTFUHRER TRUSTEE (ELECTED ON 10/8/2024) 0.50 6.00 X 0 48933 0 KENNETH D WEEKS JR TRUSTEE (RETIRED ON 5/31/2024) 0.50 6.00 X 0 81555 5725 JEAN G SPAULDING VICE CHAIR 0.50 6.00 X X 0 195732 5725 DENNIS M CAMPBELL VICE CHAIR 0.50 6.00 X X 0 195732 5724 KAREN H ROGERS CFO, TREASURER & SECRETARY 0.25 40.25 X 0 417566 100740 RHETT N MABRY PRESIDENT 0.25 40.25 X 0 731244 401136 SUSAN L MCCONNELL VP & DIR. OF HR 0.50 40.25 X 0 414011 80842 WILLIAM F BACON VP & DIRECTOR OF EVALUATION 0.25 40.25 X 0 408781 88714 PHILLIP REDMOND JR DIR. OF CHILD & FAMILY WELL-BEING 0.25 40.25 X 0 349531 59252 LINWOOD HOLLOWELL DIRECTOR OF HEALTH CARE 0.25 40.50 X 0 347353 76823 K TODD WALKER DIRECTOR OF INVESTMENTS 0.50 40.50 X 0 409260 92366 ROBERT WEBB DIRECTOR OF RURAL CHURCH 0.25 40.25 X 0 346086 63327 MEKA S SALES DIRECTOR OF SI 0.25 40.25 X 0 333477 81321 0 6628045 1130387 0 0 1 0 0 1966047 -88 1966135 19834 0 19834 19834 19834 1985881 0 -88 1985969 1500000 1500000 21400 21400 44459 44459 1565859 1500000 65859 0 1283133 703156 39870922 41228959 41154055 41932115 0 0 X 41154055 41932115 41154055 41932115 41154055 41932115 420022 358038 0 X 0 1 X 1 0 X X 1 DUKE UNIVERSITY 560532129 2 1 1500000 0 1 1500000 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1796638 1966047 1796638 1966047 0 0 61367 59190 0 0 1735271 1906857 40498694 40682554 1208391 1564580 0 0 41707085 42247134 0 0 0 41707085 42247134 625606 633707 41081479 41613427 1437852 1456470 0 0 1437852 1456470 1735271 1474980 1437852 1474980 0 1474980 1500000 0 0 0 0 0 1500000 1500000 1474980 100.000000000000 1474980 0 0 0 0 0 942179 942179 0 942179 0 0 1500000 0 532801 967199 0 0 967199 0 0 0 0 967199 SCHEDULE A, PART IV, SECTION D, LINE 2, CLOSE AND CONTINUOUS WORKING RELATIONSHIP THIS IS EVIDENCED BY THE FACT THE ANGIER B. DUKE MEMORIAL HAS PROVIDED SUPPORT TO DUKE UNIVERSITY FOR MANY YEARS AND THE STAFF, OFFICERS AND TRUSTEES OF BOTH ORGANIZATIONS HAVE MAINTAINED A CLOSE WORKING RELATIONSHIP TO DETERMINE THE BEST NEEDS FOR DUKE UNIVERSITY BY HOLDING REGULAR PERIODIC FACE TO FACE AND TELEPHONIC MEETINGS TO DISCUSS THE MONETARY AND TIMING NEEDS FOR THE SCHOLARSHIP FUNDS PROVIDED AND REQUIREMENTS FOR SELECTION OF GRANT RECIPIENTS WHICH DUKE UNIVERSITY FOLLOWS IN ADMINISTERING THOSE SCHOLARSHIPS. SCHEDULE A, PART IV, SECTION D, LINE 3, SIGNIFICANT VOICE AS DESCRIBED PREVIOUSLY, ANGIER B. DUKE MEMORIAL HAS PROVIDED SUPPORT TO DUKE UNIVERSITY FOR MANY YEARS AND THE STAFF, OFFICERS AND TRUSTEES OF BOTH ORGANIZATIONS HAVE MAINTAINED A CLOSE WORKING RELATIONSHIP WHICH INCLUDES DISCUSSION OF THE APPROPRIATE INVESTMENT STRATEGY OF ASSETS AND USE OF THE ASSETS. ANGIER B. DUKE MEMORIAL'S ASSETS ARE INVESTED IN THE SAME POOL OF FUNDS AND IN THE SAME MANNER IN WHICH DUKE UNIVERSITY INVESTS ITS OWN ASSETS. SCHEDULE A, PART V, SECTION D, LINE 8, DISTRIBUTED ASSETS TO ATTENTIVE ORGANIZATIONS ALL OF ANGIER B. DUKE MEMORIAL'S DISTRIBUTIONS ARE EARMARKED TO PROVIDE THE MAJORITY OF THE SUPPORT FOR THE ANGIER B. DUKE MEMORIAL SCHOLARSHIP PROGRAM. THIS PROGRAM IS A SUBSTANTIAL ACTIVITY WHICH PROVIDES SCHOLARSHIPS TO INDIVIDUALS WITH DEMONSTRATED ACADEMIC AND PERSONAL ACHIEVEMENT. IF FUNDING WAS NOT PROVIDED BY THE SUPPORTING ORGANIZATION, THE ACTIVITY WOULD NOT BE ABLE TO BE OTHERWISE FUNDED AT DUKE UNIVERSITY. SCHEDULE A, PART V, SECTION E, LINE 3 SECTION E LINES 3A-3E WERE UPDATED TO CORRECT A ROLLFORWARD ERROR DISCOVERED ON THE 2022 AND 2023 RETURNS. 41154055 2343918 1500000 65859 41932114 42735438 -14493 1500000 66890 41154055 45912726 -2124646 1000000 52642 42735438 32849007 14129144 1000000 65425 45912726 30832439 2544642 465000 63074 32849007 1.00000 0 0 0 INVESTMENT IN LONG TERM POOL 41110934 F PRIVATE EQUITIES 118025 F 41228959 2343919 358038 358038 1985881 0 1985881 1565859 0 1565859 0 1565859 INTENDED USES OF THE ORGANIZATION'S ENDOWMENT FUNDS SCHEDULE D, PART V, LINE 4 TO DEVELOP SCHOLARSHIPS AND TO PROMOTE AND FURTHER THE ARTS, SCIENCES, AND PROFESSIONS AT DUKE UNIVERSITY AND FOR THAT PURPOSE TO ESTABLISH SCHOLARSHIPS AND TO ASSIST WORTHY STUDENTS AT THE UNIVERSITY. ASC 740 (FIN 48) FOOTNOTE SCHEDULE D, PART X, LINE 2 THE ORGANIZATION ADOPTED FIN 48 IN AN EARLIER YEAR. THE CURRENT YEAR FINANCIAL STATEMENTS DO NOT INCLUDE A FIN 48 FOOTNOTE AS THE ORGANIZATION DID NOT HAVE ANY UNCERTAIN POSITIONS TO DISCLOSE. 1 DUKE UNIVERSITY 201 ALLEN BUILDING DURHAM NC 27708 560532129 501(C)(3) 1500000 0 SEE PART IV 1 0 SCHEDULE I, PART I, LINE 2 ORGANIZATION'S PROCEDURES FOR MONITORING THE GRANT FUNDS IN THE U.S. DUKE UNIVERSITY SENDS IN A REPORT DETAILING THEIR REQUEST OF FUNDS. THE REQUEST IS THEN TAKEN TO THE TRUSTEES FOR APPROVAL. WHEN THE GRANT IS APPROVED A GRANT AGREEMENT IS SIGNED BY BOTH STAFF AND DUKE UNIVERSITY. DUKE UNIVERSITY SENDS PROGRESS REPORTS DURING THE GRANT YEAR. IN ADDITION, SITE VISITS ARE MADE ON AN ANNUAL BASIS. SCHEDULE I, PART II, COLUMN (H) TO SUPPORT THE ANGIER B. DUKE SCHOLARSHIP PROGRAM. 0 1 0 0 1 0 0 0 0 RHETT N MABRY PRESIDENT 0 715599 0 0 0 15645 0 347314 0 53822 0 1132380 0 0 KAREN H ROGERS CFO, TREASURER & SECRETARY 0 410374 0 0 0 7192 0 51215 0 49525 0 518306 0 0 K TODD WALKER DIRECTOR OF INVESTMENTS 0 401470 0 0 0 7790 0 40052 0 52314 0 501626 0 0 WILLIAM F BACON VP & DIRECTOR OF EVALUATION 0 398458 0 0 0 10323 0 47646 0 41068 0 497495 0 0 SUSAN L MCCONNELL VP & DIR. OF HR 0 401741 0 0 0 12270 0 53168 0 27674 0 494853 0 0 LINWOOD HOLLOWELL DIRECTOR OF HEALTH CARE 0 335862 0 0 0 11491 0 25756 0 51067 0 424176 0 0 MEKA S SALES DIRECTOR OF SI 0 323870 0 0 0 9607 0 24529 0 56792 0 414798 0 0 ROBERT WEBB DIRECTOR OF RURAL CHURCH 0 340749 0 0 0 5337 0 26231 0 37096 0 409413 0 0 PHILLIP REDMOND JR DIR. OF CHILD & FAMILY WELL-BEING 0 339969 0 0 0 9562 0 21465 0 37787 0 408783 0 0 CHARLES C LUCAS III CHAIR 0 195732 0 0 0 0 0 0 0 5725 0 201457 0 0 JUDY WOODRUFF TRUSTEE 0 195732 0 0 0 0 0 0 0 5725 0 201457 0 0 CLARENCE G NEWSOME TRUSTEE 0 195732 0 0 0 0 0 0 0 5725 0 201457 0 0 MINOR M SHAW TRUSTEE 0 195732 0 0 0 0 0 0 0 5725 0 201457 0 0 JEAN G SPAULDING VICE CHAIR 0 195732 0 0 0 0 0 0 0 5725 0 201457 0 0 PAMELA L DAVIES TRUSTEE 0 195732 0 0 0 0 0 0 0 5724 0 201456 0 0 J TRENT JONES TRUSTEE 0 195732 0 0 0 0 0 0 0 5724 0 201456 0 0 CONSTANCE F GRAY TRUSTEE (RETIRED ON 12/31/2024) 0 195732 0 0 0 0 0 0 0 5724 0 201456 0 0 JOHN FAV CECIL TRUSTEE 0 195732 0 0 0 0 0 0 0 5724 0 201456 0 0 RAVENEL B CURRY III TRUSTEE 0 195732 0 0 0 0 0 0 0 5724 0 201456 0 0 HARRIS E DELOACH JR TRUSTEE 0 195732 0 0 0 0 0 0 0 5724 0 201456 0 0 WILLIAM BARNET III TRUSTEE 0 195732 0 0 0 0 0 0 0 5724 0 201456 0 0 ALLYSON K DUNCAN TRUSTEE 0 195732 0 0 0 0 0 0 0 5724 0 201456 0 0 DENNIS M CAMPBELL VICE CHAIR 0 195732 0 0 0 0 0 0 0 5724 0 201456 0 0 PART I, LINE 4B THE DUKE ENDOWMENT, A RELATED ORGANIZATION, OFFERED A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN TO CERTAIN EXECUTIVE OFFICERS OF THAT ORGANIZATION. THE FOLLOWING PERSONS PARTICIPATED IN THE PLAN DURING 2024: RHETT N. MABRY, KAREN H. ROGERS, K. TODD WALKER, SUSAN L. MCCONNELL, LINWOOD HOLLOWELL, PHILLIP REDMOND, MEKA S. SALES, ROBERT WEBB AND WILLIAM F. BACON. NO DISTRIBUTIONS WERE MADE OUT OF THE PLAN DURING 2024. PART I, LINE 5 A RELATED ORGANIZATION, FUND ESTABLISHED BY WILL OF NANALINE H. DUKE, COMPENSATES TRUSTEES IN ACCORDANCE WITH THE TERMS OF THE DUKE ENDOWMENT IN AN INDENTURE DATED DECEMBER 11, 1924. ALL TRUSTEES LISTED IN SCHEDULE J PART II AND IN FORM 990 PART VII-A RECEIVED COMPENSATION DURING TAX YEAR UNDER THE TERMS OF THE INDENTURE. FORM 990, PART VI, SECTION A, LINE 2 TRUSTEES CHARLES C. LUCAS, III AND J. TRENT JONES HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B AN EXTERNAL TAX FIRM PREPARES A DRAFT OF THE ANNUAL FORM 990 WITH ASSISTANCE FROM MEMORIAL'S FINANCE STAFF. THE CFO REVIEWS THE FORM 990 AND THEN IT IS DISTRIBUTED TO THE FULL BOARD OF TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE MEMORIAL DOES HAVE A CONFLICT OF INTEREST POLICY. FOLLOWING AN ANNUAL REVIEW OF THE CONFLICT OF INTEREST POLICY BY THE BOARD'S COMMITTEE ON TRUSTEES AND GOVERNANCE, EACH TRUSTEE AND OFFICER ACKNOWLEDGES REVIEW AND COMPLIANCE WITH THE POLICY. THE SECRETARY OF THE MEMORIAL, DISTRIBUTES THE POLICY TO EACH TRUSTEE AND OFFICER FOR UPDATING DISCLOSURE STATEMENTS. THE SECRETARY REVIEWS ALL UPDATED DISCLOSURE STATEMENTS, AND THE STATEMENTS ARE CIRCULATED TO THE CHAIRMAN OF THE BOARD OF TRUSTEES, THE CHAIRMAN OF EACH BOARD COMMITTEE AND TO THE OFFICERS. THE SECRETARY IS RESPONSIBLE FOR MONITORING AND ENFORCING COMPLIANCE WITH THE POLICY THROUGHOUT THE YEAR. A COPY OF EACH RESPONSE IS KEPT ON FILE IN THE OFFICE OF THE SECRETARY FOR THE MEMORIAL. FORM 990, PART VI, SECTION B, LINE 15 TRUSTEES AND OFFICERS OF THE DUKE ENDOWMENT (THE "ENDOWMENT") SERVE AS TRUSTEES AND OFFICERS OF THE MEMORIAL. THEREFORE, THE MEMORIAL DOES NOT HAVE SEPARATE PAID EMPLOYEES. HOWEVER, THE ENDOWMENT HAS A COMMITTEE ON HUMAN RESOURCES THAT REVIEWS AND APPROVES ALL COMPENSATION OF THE ENDOWMENT'S EMPLOYEES. THE ENDOWMENT'S COMMITTEE ON HUMAN RESOURCES CONDUCTS AN IN-DEPTH COMPENSATION ANALYSIS EVERY 3-4 YEARS, WHICH INCLUDES, BUT IS NOT LIMITED TO, HIRING AN INDEPENDENT COMPENSATION CONSULTANT TO BENCHMARK STAFF POSITIONS AGAINST MARKET DATA OF PEER GROUP NONPROFIT ORGANIZATIONS AND COMPARABLE POSITIONS WITHIN FOR-PROFIT ORGANIZATIONS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS OF ANGIER B. DUKE MEMORIAL INC. ARE AVAILABLE UPON REQUEST. FORM 990, PART VII, COLUMN B - TRUSTEE HOURS TRUSTEE COMPENSATION WAS SET FORTH IN THE SECOND DIVISION OF MR. DUKE'S INDENTURE OF TRUST DATED DECEMBER 11, 1924, AS AMENDED. TRUSTEES DO NOT RECEIVE REIMBURSEMENT FOR TRAVEL-RELATED EXPENSES. THE MINIMUM HOURS FOR TRUSTEES IS BASED UPON 10 BOARD MEETINGS, RELATED COMMITTEE MEETINGS, TRAVEL AND PREPARATION TIME. TRUSTEES ARE ALSO FREQUENTLY CONSULTED BETWEEN MEETINGS AND ASKED TO REVIEW AND COMMENT ON E-MAILS, REPORTS AND PAPERS PREPARED BY STAFF AND ASSIST ON OTHER ENDOWMENT RELATED MATTERS. BROKEN DOWN ON A WEEKLY BASIS, THE MINIMUM TIME IS APPROXIMATELY 4 TO 7 HOURS PER WEEK PER TRUSTEE. THE DUKE ENDOWMENT 800 EAST MOREHEAD STREET CHARLOTTE NC 28202 560529965 PRIVATE FOUNDATION NC 501(C)(3) PF N/A 1 FUND ESTABLISHED BY WILL OF NANALINE H DUKE 800 EAST MOREHEAD STREET CHARLOTTE NC 28202 237270511 SUPPORTING ORGANIZATION NY 501(C)(3) LINE 12D, III-NFI N/A 1 DUKE UNIVERSITY 201 ALLEN BUILDING DURHAM NC 27708 560532129 UNIVERSITY NC 501(C)(3) LINE 2 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 SCHEDULE R, PART V, LINE 1(B) AS A SUPPORTING ORGANIZATION TO DUKE UNIVERSITY, THE MEMORIAL MADE A GRANT TO DUKE UNIVERSITY (SEE SCHEDULE I, PART II FOR GRANTS PAID DURING THE YEAR). SCHEDULE R, PART V, LINE 1(M, N, O AND P) THE MEMORIAL'S OFFICE IS LOCATED IN THE OFFICE OF THE DUKE ENDOWMENT. ALTHOUGH TRUSTEES AND OFFICERS OF THE MEMORIAL HOLD LIKE POSITIONS WITH THE ENDOWMENT, AND OTHER PERSONNEL OF THE ENDOWMENT MAY PERFORM DUTIES FOR THE MEMORIAL, THE ADMINISTRATIVE, INVESTMENT AND ACCOUNTING FUNCTIONS REMAIN SEPARATE. THE MEMORIAL PAYS FOR MANY OF ITS DIRECT EXPENSES SUCH AS AUDIT AND TAX FEES, LEGAL FEES, CUSTODY SERVICES AND OTHER ADMINISTRATIVE EXPENSES. PART VII SECTION A, COLUMN (B) REPRESENTS AGGREGATE HOURS WORKED PER WEEK ON THIS ORGANIZATION, THE DUKE ENDOWMENT AND THE FUND ESTABLISHED UNDER THE WILL OF NANALINE H. DUKE. BECAUSE THE MEMORIAL SHARES PERSONNEL AND OFFICE FACILITIES WITH THE ENDOWMENT, THE MEMORIAL REIMBURSES THE ENDOWMENT FOR ITS PORTION OF SUCH SHARED EXPENSES. PURSUANT TO EACH ENTITY'S RESPECTIVE AUDIT CHARTER, THE REIMBURSEMENT PROCEDURES ARE REVIEWED AND APPROVED ANNUALLY BY THE RESPECTIVE COMMITTEES ON AUDIT. IN ADDITION, DURING THE ANNUAL AUDIT FOR EACH ENTITY, THE AMOUNT REIMBURSED BY THE MEMORIAL TO THE ENDOWMENT IS RECALCULATED FOR ACCURACY AND REVIEWED FOR REASONABLENESS.