2026-05-12T13:56:09-05:00 2025-06-30 135565207 KPMG LLP 500 W 5TH ST STE 800 WINSTONSALEM NC 27101 990 2024-07-01 566094839 EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT TRUST EDUC 9198432000 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 DIANE S ALDRIDGE CFO & GENERAL COUNSEL 9198432000 2026-05-12 1 0 ISAAC IRBY P02444754 3362753394 2024 2025-03-06 01:10:19Z JOHN MONTGOMERY 450 SKIPPER BOWLES D CHAPEL HILL NC 27599 19702991 0 X WWW.RAMSCLUB.COM X 1968 NC SEE SCHEDULE O 5 5 0 200 0 0 6801297 2161096 0 0 16590603 17541895 0 0 23391900 19702991 15351880 16596503 0 0 0 0 0 0 0 -172140 251830 15179740 16848333 8212160 2854658 423089958 448727300 0 0 423089958 448727300 X SEE SCHEDULE O 0 0 16596503 16596503 DISTRIBUTIONS FROM THE SCHOLARSHIP TRUST ARE FORWARDED TO THE EDUCATIONAL FOUNDATION, INC. IN ITS CAPACITY AS AGENT FOR THE TRUST. THE FOUNDATION THEN FORWARDS THESE DISTRIBUTIONS DIRECTLY TO THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL TO PROVIDE FINANCIAL ASSISTANCE TO OVER 550 STUDENT-ATHLETES AT THE UNIVERSITY. 16596503 1 1 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 1 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 X 5 5 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X DIANE S ALDRIDGE 9198432000 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 TOM CHEWNING INVESTMENT COMMITTEE MEMBER 0.00 0.00 X 0 0 0 LOWRY CAUDILL INVESTMENT COMMITTEE MEMBER 0.00 0.00 X 0 0 0 DWIGHT STONE INVESTMENT COMMITTEE MEMBER 0.00 0.00 X 0 0 0 FRANK BRENNER INVESTMENT COMMITTEE MEMBER 0.00 0.00 X 0 0 0 VAUGHN MOORE INVESTMENT COMMITTEE MEMBER 0.00 0.00 X 0 0 0 JOHN MONTGOMERY EXECUTIVE DIRECTOR 0.00 40.00 X 0 553703 36958 DIANE ALDRIDGE CFO & GENERAL COUNSEL 0.00 40.00 X 0 267750 30566 EMILY COBLE SENIOR DIRECTOR OF FINANCE 0.00 40.00 X 0 119935 21468 KEN MACK SENIOR ASSOCIATE EXECUTIVE 0.00 40.00 X 0 273217 36278 MATT TERRELL CHIEF STRATEGY & COMMUNICATIONS 0.00 40.00 X 0 213319 31060 0 1427924 156330 0 0 1 0 0 2161096 2087814 2161096 115717 115717 17426178 0 17426178 17426178 17426178 19702991 0 0 17541895 16596503 16596503 BAD DEBT EXPENSE 251830 251830 16848333 16596503 251830 0 17991183 19491140 11342788 6563670 160727 108913 386262912 414919574 7332348 7644003 423089958 448727300 0 0 X 423089958 448727300 423089958 448727300 423089958 448727300 2854658 22782684 0 X 0 1 X 1 0 X X 1 THE EDUCATIONAL FOUNDATION INC 566058412 5 1 16596503 0 1 16596503 0 12595018 11055709 10038228 6801297 2161096 42651348 12595018 11055709 10038228 6801297 2161096 42651348 4344730 38306618 9519 7540 38706 2192 115717 173674 42825022 0.89450 0.89490 X 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 FORM 990, SCHEDULE A, PART I ON AN ANNUAL BASIS, THE BOARD OF TRUSTEES OF THE EDUCATIONAL FOUNDATION SCHOLARSHIP TRUST ("TRUST") APPROPRIATES A PORTION OF THE NET APPRECIATION OF ITS ASSETS TO THE EDUCATIONAL FOUNDATION, INC. ("FOUNDATION") IN ITS CAPACITY AS AGENT FOR THE TRUST. THE DISTRIBUTIONS FROM THE TRUST TO THE FOUNDATION WERE $16,596,503 IN 2025 AND $15,351,880 IN 2024. THE FOUNDATION THEN FORWARDS THESE FUNDS TO THE UNIVERSITY TO PROVIDE FINANCIAL ASSISTANCE TO STUDENTS AT THE UNIVERSITY. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 423089958 2161096 40324579 16596503 251830 448727300 390915228 6801297 40552556 15354123 -175000 423089958 400351626 10038228 -5422357 13977269 75000 390915228 389884980 11055709 12404147 12764210 229000 400351626 284218738 12595018 105412598 12241374 100000 389884980 0.43677 0.56323 1 0 0 UNC - CH FDN INVEST. FUND 414919574 F 414919574 X 42946043 22782684 460368 23243052 19702991 0 19702991 17308701 460368 460368 16848333 0 16848333 FORM 990, SCHEDULE D, PART V, LINE 4 INTENDED USES OF ENDOWMENT FUNDS ENDOWMENTS ARE INVESTED IN PERPETUITY AND THE INCOME FROM THOSE INVESTMENTS IS EXPENDABLE IN ACCORDANCE WITH THE TRUST'S ENDOWMENT SPENDING POLICY TO SUPPORT SCHOLARSHIPS. FORM 990, SCHEDULE D, PART X, LINE 2 THE TRUST IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES ON RELATED INCOME UNDER INTERNAL REVENUE CODE 501(A) AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) AND APPLICABLE STATE STATUS. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE. 1 THE EDUCATIONAL FOUNDATION INC 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 566058412 501(C)(3) 16596503 0 N/A N/A SCHOLARSHIPS 1 FORM 990, SCHEDULE I, PART I, QUESTION 2 MONITORING THE USE OF GRANT FUNDS 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. X X X X 0 0 0 0 0 0 0 0 0 JOHN MONTGOMERY EXECUTIVE DIRECTOR 0 452606 0 90260 0 10837 0 19800 0 17158 0 590661 0 0 KEN MACK SENIOR ASSOCIATE EXECUTIVE 0 236009 0 34442 0 2766 0 19120 0 17158 0 309495 0 0 DIANE ALDRIDGE CFO & GENERAL COUNSEL 0 224876 0 33178 0 9696 0 15684 0 14882 0 298316 0 0 MATT TERRELL CHIEF STRATEGY & COMMUNICATIONS 0 177879 0 28943 0 6497 0 17032 0 14028 0 244379 0 0 FORM 990, SCHEDULE J, PART II THE COMPENSATION REPORTED ON SCHEDULE J, PART II (AND FORM 990, PART VII, SECTION A) FROM RELATED ORGANIZATIONS IS ALL SALARY PAID BY THE ENDOWMENT TRUST DOES NOT EMPLOY PERSONNEL; THEREFORE, A PORTION OF THE HAVE BEEN ALLOCATED TO THE EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT EDUCATIONAL FOUNDATION, INC. EDUCATIONAL FOUNDATION SCHOLARSHIP SALARIES AND BENEFITS OF THE EDUCATIONAL FOUNDATION, INC. PERSONNEL TRUST. X 26 2087814 FMV 0 1 1 PART I, LINE 32B: USE OF THIRD PARTIES EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT TRUST USES THIRD PARTY STOCK BROKERS TO PROCESS NON-CASH CONTRIBUTIONS. ADDITIONALLY, THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL PROCESSES GIFTS OF REAL PROPERTY AND GIFTS OF COMPLEX BUSINESS INTERESTS DESIGNATED FOR THE EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT TRUST. FORM 990, PART I, LINE I: THE TRUST OPERATES SOLELY TO ASSIST THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL IN PROVIDING FINANCIAL ASSISTANCE TO STUDENTS AT THE UNIVERSITY. FORM 990, PART III, LINE I: THE TRUST WAS ORGANIZED AND AT ALL TIMES HAS AND SHALL CONTINUE TO BE OPERATED EXCLUSIVELY FOR THE PURPOSE OF MAKING DISTRIBUTIONS TO THE EDUCATIONAL FOUNDATION, INC. (THE "FOUNDATION") FOR USE BY THE FOUNDATION IN AWARDING SCHOLARSHIPS TO STUDENT-ATHLETES ATTENDING THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL. FORM 990, PART VI, SECTION B, LINE 11B BOARD REVIEW OF FORM 990 DURING MAY OF 2026, MANAGEMENT DISTRIBUTED A DRAFT OF THE 2024 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 EXECUTIVE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT TRUST 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. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT TRUST DOES NOT EMPLOY PERSONNEL; THEREFORE, A PORTION OF THE SALARIES AND BENEFITS OF THE EDUCATIONAL FOUNDATION, INC. PERSONNEL HAVE BEEN ALLOCATED TO THE EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT TRUST. THE EDUCATIONAL 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. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS EDUCATIONAL FOUNDATION SCHOLARSHIP ENDOWMENT TRUST 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. THE EDUCATIONAL FOUNDATION INC 450 SKIPPER BOWLES DR CHAPEL HILL NC 27599 566058412 BENEFIT UNC NC 501(C)(3) LINE 5 N/A 0 CHARITABLE REMAINDER UNITRUSTS (5) 450 SKIPPER BOWLES DRIVE CHAPEL HILL NC 27599 CHARITABLE TRUST NC N/A T 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0