2025-11-17T11:44:37-07:00 2024-12-31 990 2024-01-01 202749954 SMITH SHAVER LAW SCHOOL SCHOLARSHIP FUND INC SMIT 3364130695 c/o VAUGHAN 4440 BENT TREE FARM RD WINSTON SALEM NC 27106 William Edwards Director, Secretary, Treasurer 3363915264 2025-11-17 1 2024 2025-03-06 01:10:19Z Keith Vaughan 4440 Bent Tree Fartm Road Winston Salem NC 27106 2131335 0 X www.smithshaverscholarship.org X 2005 NC TO PROMOTE AND ENCOURAGE EDUCATIONAL OPPORTUNITY AND EXCELLENCE THROUGH SCHOLARSHIPS, BASED PRIMARILY ON NEED, FOR NORTH CAROLINA RESIDENTS ATTENDING SUPPORTED NORTH CAROLINA LAW SCHOOLS 7 7 0 7 0 0 0 0 0 0 371127 389382 0 0 371127 389382 300000 300000 0 0 0 0 0 0 0 31348 32704 331348 332704 39779 56678 6607489 6922674 300000 300000 6307489 6622674 X TO PROMOTE AND ENCOURAGE EDUCATIONAL OPPORTUNITY AND EXCELLENCE THROUGH SCHOLARSHIPS, BASED PRIMARILY ON NEED, TO NORTH CAROLINA RESIDENTS ATTENDING THE LAW SCHOOLS AT CAMPBELL UNIVERSITY, DUKE UNIVERSITY, NORTH CAROLINA CENTRAL UNIVERSITY, THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL, AND WAKE FOREST UNIVERSITY. 0 0 300000 300000 0 THE SMITH/SHAVER LAW SCHOOL SCHOLARSHIP FUND, INC., THROUGH ITS SUPPORTED ORGANIZATIONS, AWARDED NEW SCHOLARSHIPS TO NORTH CAROLINA RESIDENTS IN THE AMOUNT OF $300,000.00, PAYABLE OVER THREE (3) YEARS OF LAW SCHOOL ($100,000.00 PER ACADEMIC YEAR). DURING 2024, THE SCHOLARSHIP FUND PAID $300,000.00 TOTAL FOR OVER FIFTY (50) STUDENTS ATTENDING THE SUPPORTED LAW SCHOOLS. FOR THE PERIOD 2006-2024, THE SCHOLARSHIP FUND HAS PAID $5,400,000.00 FOR SCHOLARSHIPS TO THE SUPPORTED LAW SCHOOLS. 0 0 0 300000 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 X X W David Edwards 3363915264 5131 Laurel View Dr Winston Salem NC 27104 X KEITH W VAUGHAN DIRECTOR, PRESIDENT/BOARD CHAIR 0.50 0 X X 0 0 0 G EUGENE BOYCE DIRECTOR, VICE PRESIDENT/BOARD VICE CHAIR 1.5 0 X X 0 0 0 W DAVID EDWARDS DIRECTOR, SECRETARY, TREASURER 2.5 0 X X 0 0 0 ARCH T ALLEN DIRECTOR 0.5 0 X 0 0 0 WANDA G BRYANT DIRECTOR 0.5 0 X 0 0 0 C COLON WILLOUGHBY JR DIRECTOR 0.5 0 X 0 0 0 JOHN C MARTIN DIRECTOR 0.50 0 X 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 172064 0 0 172064 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1959271 0 1741953 0 217318 0 217318 0 0 217318 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 389382 0 0 389382 0 0 300000 300000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32618 0 32618 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 E-FILING FEES FORM 990 86 0 86 0 0 0 0 0 332704 300000 32704 0 619 533 203514 293303 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6403356 6628838 0 0 0 0 0 0 0 0 6607489 6922674 0 0 300000 300000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 300000 300000 X 0 0 0 0 6307489 6622674 6307489 6622674 6607489 6922674 X 56678 258507 0 0 0 0 X 0 0 0 X X 5 CAMPBELL UNIVERSITY INC 560529940 2 1 60000 0 DUKE UNIVERSITY 560532129 2 1 60000 0 NORTH CAROLINA CENTRAL UNIVERSITY 566000730 2 1 60000 0 UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL 566001393 2 1 60000 0 WAKE FOREST UNIVERSITY 560532138 2 1 60000 0 5 300000 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 Schedule A, Part I, Line 12a The June 3, 2004, IRS Letter Ruling provides the Scholarship Fund with Public Charity status pursuant to Internal Revenue Code Section 509(a)(3) but does not specify the type. The Scholarship Fund's Form 1023 specified that five (5) of the seven (7) Board members would be appointed by the Deans of the supported Law Schools. The Scholarship Fund's Form 1023 and the IRS Letter Ruling are posted on the Scholarship Fund's website at www.smithshaverscholarship.org. Schedule A, Part IV, Section A, Line 2 The Supported Organizations are Educational Institutions. Three (3) of the Universities are tax-exempt Section 501(c)(3) educational organizations classified by the IRS as public charities. All three (3) are Section 170(b)(1)(A)(ii) organizations. The remaining Supported Organizations are State Universities. It is noted that the University of North Carolina at Chapel Hill, although a Government entity, has an IRS Letter stating that IRS records indicate that it is not a private foundation because it is described in Sections 509(a)(1) and 170(b)(1)(A)(ii). The IRS, however, does not list the fifth Supported Organization, North Carolina Central University, as a public charity. Irrespective of whether the IRS Letter applicable to the University of North Carolina at Chapel Hill includes other members of the University of North Carolina System, North Carolina Central University itself is an exempt State University. 6607489 0 648189 300000 0 32704 6922974 6157025 0 781812 300000 0 31348 6607489 7448879 0 -959937 300000 0 31917 6157025 7017678 0 765203 300000 0 34002 7448879 6614493 0 734495 300000 0 31310 7017678 1 0 0 0 0 Schedule D, Part V, Line 4 The Scholarship Fund was established, and has been used exclusively, to support the Law Schools at Campbell University, Duke University, North Carolina Central University, the University of North Carolina at Chapel Hill, and Wake Forest University, pursuant to the June 3, 2004 Order of the Honorable Howard E. Manning, Jr., North Carolina Superior Court Judge, in the consolidated class action known as Donald L. Smith v. State of North Carolina and Manila G. Shaver v. State of North Carolina. The primary intended use of the endowment is to provide scholarships, based primarily on need, to North Carolina residents who attend the supported Law Schools. 1 Scholarships to Supported Law Schools 54 300000 0 Not Applicable Not Applicable (cash payments only) Schedule I, Part I, Line 2 The Scholarship Fund maintains records of transfers of funds as directed by the five (5) supported Law Schools, including wire and automated clearing house transfers. The Fund also maintains financial records as well as the Fund's financial institution's monthly and annual statements. All statements and records are available to Board Members. The Fund works with the admissions office of each supported Law School, which recommends scholarship candidates based on the criteria provided by the Fund in accordance with the Order of North Carolina Superior Court Judge Howard E. Manning, Jr. The financial information provided by scholar candidates is maintained by the Law Schools. Board Members correspond or meet with Smith/Shaver Scholars from time to time and in most cases are provided updates by the Law Schools regarding the scholars. Each Law School receives the same amount of scholarship funds. Individual scholarships have ranged from $5,000.00 per year to $20,000.00 per year. Awards are based primarily on need. There are no restrictions or limitations based upon race or employment status. Each Law School maintains records on each recipient at that Law School and updates the Scholarship Fund with respect to a recipient's status change. Individual scholarships are provided through the Law Schools. Schedule I, Part III There were over 50 Smith/Shaver Scholars in 2024. Some Scholars graduated during 2024 and some became students during 2024. Form 990, Part III, Line 1 The Smith/Shaver Law School Scholarship Fund, Inc., was established by Order of the Honorable Howard E. Manning, Jr., through a grant from the settlement fund created in the class actions known as Donald L. Smith v. State of North Carolina and Manila G. Shaver v. State of North Carolina. The initial Scholarship Fund consisted of the $6,000,000.00 remaining in the class actions settlement fund after payments to class members in full and for the costs of settlement administration. The Court directed that the Scholarship Fund be used to provide scholarships to North Carolina residents who attend the Law School at one of the following Universities: Campbell University, Duke University, North Carolina Central University, the University of North Carolina at Chapel Hill, and Wake Forest University. Smith/Shaver scholarships are based primarily on need. Form 990, Part VI, Section A, Line 1b Five (5) Board members are appointed by the Deans of the supported Law Schools to represent their respective Law School. The remaining two (2) Board members serve on the Board as directed by the North Carolina Superior Court Order noted in Schedule O with respect to Form 990, Part III, Line 1. Form 990, Part VI, Section A, Line 7a Five (5) Board members are appointed by the Deans of the supported Law Schools to represent their respective Law School. The remaining two (2) Board members serve on the Board as directed by the North Carolina Superior Court Order noted in Schedule O with respect to Form 990, Part III, Line 1. Form 990, Part VI, Section B, Line 11b Each Scholarship Fund Board member received a copy of Form 990 and related Schedules prior to filing and was provided an opportunity to comment. Each Board member received financial updates, including an annual income statement, for the year 2024 prior to the 2025 annual Board meeting. The Fund's investment manager bank appeared at the Board meeting and was consulted as needed during 2024. Form 990, Part VI, Section B, Line 12c Board members abide by the Conflicts Policy set out in the by-laws, which requires a Board member, among other things, to disclose a direct or indirect material financial interest concerning any transaction. During 2024 the Scholarship Fund engaged in no financial transactions other than choosing an investment advisor, setting investment policy, and making tuition payments as directed by the Law Schools. Names of scholarship candidates are submitted by the Law Schools for Board consideration and circulated among Board members to ensure no awards are made to potentially excluded persons and to minimize the possibility of conflicts arising in the selection process. Any Board discussion regarding a potential conflict is memorialized. Form 990, Part VI, Section B, Line 13 The Scholarship Fund has no employees. All officers are also Board members. For this reason, the Scholarship Fund does not need a formal whistleblower policy. Form 990, Part VI, Section B, Line 15 No Board member or officer receives compensation. The Scholarship Fund has no paid employees. As no compensation is paid, no process by which compensation is to be determined is needed. Form 990, Part VI, Section C, Line 19 The Scholarship Fund's website www.smithshaverscholarship.org sets out the Fund's articles of incorporation, by-laws, Form 1023, and the Fund's IRS and State of North Carolina Exemption Letters. The website contains Form 990s and related schedules for all tax years of the Fund's existence. The website provides a history of the Fund. The Fund's by-laws, including the conflict of interest policy and governance provisions, were adopted by the Board at its initial meeting. Form 990, Part XI, Line 5 The unrealized gain/loss is based on running totals. The figure provided matches the accurate balance sheet figures set out in Part X. CAMPBELL UNIVERSITY INC 143 MAIN ST BUIES CREEK NC 27506 560529940 EDUCATION NC 501(c)(3) 2 N/A 0 DUKE UNIVERSITY 324 BLACKWELL ST DURHAM NC 27701 560532129 EDUCATION NC 501(c)(3) 2 N/A 0 NORTH CAROLINA CENTRAL UNIVERSITY 1801 FAYETTEVILLE ST DURHAM NC 27707 566000730 EDUCATION NC GOVERNMENT ENTITY 2 N/A 0 UNIVERSITY OF NORTH CAROLINA CHAPEL HILL 103 SOUTH BUILDING BOX 9100 CHAPEL HILL NC 275999100 566001393 EDUCATION NC GOVERNMENT ENTITY 2 N/A 0 WAKE FOREST UNIVERSITY 1834 WAKE FOREST RD BOX 7201 WINSTON SALEM NC 27109 560532138 EDUCATION NC 501(c)(3) 2 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 CAMPBELL UNIVERSITY INC r 60000 See Part VII Supplemental Information DUKE UNIVERSITY p 60000 See Part VII Supplemental Information NORTH CAROLINA CENTRAL UNIVERSITY r 60000 See Part VII Supplemental Information UNIVERSITY OF NORTH CAROLINA CHAPEL HILL r 60000 See Part VII Supplemental Information WAKE FOREST UNIVERSITY r 60000 See Part VII Supplemental Information Schedule R, Part V, Line 1r Tuition payments are made at the direction of the supported Law Schools. In 2024, transfers relating to scholarship awards were made to each Law School in the amount of $60,000.00 for a total of $300,000.00 to all five (5) Law Schools. The Scholarship Fund Board of Directors determines the total amount of new scholarship money each year at its annual meeting. The total amount is divided evenly among the Law Schools so that each Law School is allocated one-fifth of the new award. This amount, combined with amounts previously committed by the Board from earlier years, is transferred at the direction of the Law Schools. Allocations to the Law Schools are equal in amount with the number of Smith/Shaver Scholars at each Law School, and the amounts of individual scholarships, varying by Law School. Payments are made twice a year, one transfer for the Fall Semester and one transfer for the Spring Semester. Each Law School allocates the transfer it receives with respect to the Smith/Shaver Scholars attending that Law School. Because transfers are made for the payment of Smith/Shaver Scholar tuition only, Part V, Line 1r, is checked in order that the procedure for paying the individual scholarships may be explained here.