The UNC Chapel Hill Foundation, which manages $352 million of the university's funds, recently filed a Form 990 with the IRS for 2013-14 for the first time since 2007. The foundation had claimed exemption from the IRS' reporting requirements as a government affiliated entity. Chancellor Folt announced last fall that the foundation would return to the practice of filing disclosures.
For years the UNC Chapel Hill Foundation filed an IRS Form 990 disclosing its assets and expenditures. But after filing in 2007, the foundation halted the practice citing an IRS exemption for government affiliated non-profits. The foundation has also claimed exemption from the N.C. Public Records Law because it is a non-profit organization and not a government entity. That meant that little information about the organization’s financial activities has been available for public inspection.
UNC Chapel Hill Chancellor Carol Folt, who took office in 2013, announced last fall that the university’s foundation would once again begin filing the Form 990s.
The 990 for 2013 was recently filed, after getting an extension. It can be found here. It shows that the foundation’s assets have grown by nearly $100 million since it last reported.
The larger UNC Chapel Hill Investment Fund also stopped filling 990s in 2008. At that time it managed $2.2 billion in univesity money. As soon as we find out whether it has also filed a 990 for 2013, this post will be updated.