The North Carolina Agricultural Foundation Inc

“The executive committee consists of the chairman and the immediate past chairman of the foundation, president of the north carolina farm bureau federation or the federation's representative, and sixteen members of the board of directors (four members elected to four year terms each year). The past chairman of the foundation shall be non-voting member of the executive committee and serve in an advisory capacity only, unless the past chairman is also a member of the board in which case that individual will be a voting member of the executive committee. The executive committee shall exercise all of the powers of the foundation in the interim between meetings of the board, including all of the powers that have been conferred upon it or upon the board, except that the executive committee shall have no power or authority to (a) authorize distributions; (b) approve dissolution, merger or sale, pledge or transfer of all or substantially all of the foundation's assets; (c) elect, appoint or remove directors, fill vacancies on the board or any of its committees; or (d) adopt, amend or repeal the articles of incorporation or bylaws.”

“The management of the corporation shall be vested in a board of directors including: seventeen (17) ex-officio members with voting power on the board. These shall include the governor of the state of north carolina, the north carolina commissioner of agriculture and consumer sciences, the master of the north carolina state grange or the grange's duly elected representative, the president of the north carolina farm bureau federation or the federation's duly elected representative, state director of vocational agriculture, state director of the farm service agency, state director of the natural resources conservation service, the president of the north carolina poultry federation, inc., the immediate past chairman of the north carolina agricultural foundation, inc., the current president, or their designee, of the nc 4-h development fund, the nc cooperative extension service foundation, the nc ffa foundation and the cals alumni society board of directors, one (i) representative named annually by the carolina feed industry association, one (1) representative named food association of north carolina, one (1) representative named annually by the nc dairy producers association and the treasurer of north carolina state university (also, "nc state"), a senior administrative officer of nc state and also ex-officio treasurer of the corporation.”

“The draft form 990 is distributed to board members for their review prior to filing.”

“Nc agricultural foundation will establish and maintain conflict of interest and ethics policies pertaining to its relationship with nc state, members of the governing board of nc agricultural foundation, and persons doing business with nc agricultural foundation and establishing required ethical standards for the members of the governing board of the nc agricultural foundation. Such policies shall provide that (a) all transactions (other than expense reimbursements) between nc agricultural foundation and an officer, director, or employee of nc agricultural foundation must be approved by the board of nc agricultural foundation; (b) no officer, director or employee of nc agricultural foundation having a private business interest in a nc agricultural foundation business transaction may be involved in the decision with respect to whether nc agricultural foundation should enter into such transaction; (c) no nc agricultural foundation scholarship or fellowship award may be made to an officer, director, or employee of nc agricultural foundation or to a family member of such person unless the recipient of the award is determined by an independent awards committee.”

“The board of directors and officers of the north carolina agricultural foundation that receive compensation are compensated by nc state university, a 115(1) organization related to the north carolina agricultural foundation. Nc state university sets the compensation of these employees by acquiring comparability data which is reviewed and approved by independent persons with contemporaneous substantiation of the decision.”

“The form 990 is listed on the website. The form 1023 (which was filed prior to july 15, 1987) is not publicly available.”

“The audited financial statements are available on the website: https://aeoperations.ofa.ncsu.edu/the-north-carolina-agricultural-foundation -inc/. Other governing documents are made available upon request.”

“Https://aeoperations.ofa.ncsu.edu/the-north-carolina-agricultural-founda tion-inc/”

“The number of employees reported on part v, line 2a, represents the number of employees of the filing organization during the tax year 2024 which were reported on form w-3 by north carolina state university, the common paymaster.”

“During the fiscal year ending 6/30/2025, the organization sold tangible personal property that had been received as a charitable contribution. The form 8282 was completed and mailed to the irs on 11/14/2025 to report the disposition of the property.”

“Change in value of split interest agreements -312,302.”