~ Ex~~~Sivn ~c~~` Return of Private Foundation

or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation Fo" 990-P F Department of tie lreesury Internal ReOenue Service 2002 G Check all that a Initial return Final return Amended rs

Name of organization

Use the IRS label THOMAS M GARROTT FOUNDATION 8033000165

Otherwise, Number and street (or P O box number if mail is not delivered to street address) pool

or type 1414 RALEIGH ROAD, STE 150 See SpecHlc

Instructions City or town, state, and ZIP code

ROOM/Suite B Telephone number (see page 10 of the instructions)

(901) 415-6441 C II ¢aempiion ap0lcatim o ,

pending check here " " " U

D 1 Foreign orpan¢almns cnsk nere , ~ L_f

Z Foreign orpanvalip,s meeting the BS% test check here and alish computation . . . .

, i exempt private foundation Other taxable private found

E If private foundation status ims terminated!

I

NON E

NON

Subtract line 26 from line 12 a E~xuoimenueerere~penaea~naalabuiamenu

b Net Investment income (if negative enter -0-) ti"1 -70 .905

e aio i 000 For Paperwork Reduction Act Notice, see the Instructions RD0840 5903 05/19/2003 10 53 10

Form 990-PF (2002) 5 - 8033000165

OMB No 1545-0052

range I I Name thane Employer identification number

CHAPEL HILL NC 27517 type of organization X Section 501

I Fair market value of all assets at end of year (from Part 11, col (c), line

Analysis of Revenue and Expenses (The total of amounts m columns (b), (c), and (d) may not necessarily equal the amounts in

1 Coniri0utana tU prams etc recene0(atixhxhe0ule)

Check 1 '1 the foundation is not required to attach son B

2 Distributions from split-interest trusts , ,

3 Interest on swops end temporary cash investments

4 Dividends and interest from securities , , 5a Gross rents . . . , , , , , , ,

d b (Net rental income or (loss) C 6 a Net gain or (loss) from sale of assets not on line 10

o Gross sales price for all 1 12,346 y assets on line 6a 7 Capital gain the me (from Part IV, line 2)

8 Net short-ter capil~F 9 Income mo icayCU,q

108 Gross sales I lams and allovra

6 Less Cos tg~ s'~~/~ /~

c Gross roht loss~(6~I1chedule~ ,

11 Othe com~lchschERlU111~r,,, /

13 Compensation of ,~ct~or~s~a to

y 14 Other employee salarie ~ C4~ges ~ . c 15 Pension plans, employee ben

~k 16a Legal fees (attach schedule) W b Accounting fees (attach schedWe)STM~~TT 2

c Other professional fees (attach sch~uro~ " m

17 Interest , , ~F~ ,~~,MOT , ~,

C 18 Taxes (attach schedule) (see page 13 0l tl~! CIKHS)

D 19 Depreciation (attach schedule) and depletion 54 20 Occupancy

21 Travel, conferences, and meetings , 22 Printing and publications . .

ff~~ 23 Other expenses (attach schedule) Sy 24 Total operating and administrative expenses ~O Add lines 13 Through 23 . . , , ,

25 Contributions, gifts, grants pad , , . . .

ngmethod Cash Accrual � naeF section 5o7(n)(1)(A)check nere . " L_J Other (specify) _ F II ine Foundation o in a 6Pmonln iemnnatian umn (d) must be on cash basis) � n ear s«vim sm(o)ro(e) check here

Revenue and (d) Disbursements a1 (b) Net investment (c) Adjusted net for charitable expenses per income income purposes books ,I -

16 .081 7.408

Fair

44

31 net assets or fund balances at beginning of year - Part II, column (a), line 30 (must agree with -of-year figure reported on pnor years return) , , , , , , , , , , , , , . , 'r amount from Part I, line 27a , , , . . . er increases not included in line 2 (itemize) t -SEE STATEMENT 7 lines 1, 2, and 3 , , , , , reasesnotincluded inline 2(itemize)--------

---------------------------------at net assets or fund balances at end of veer (line 4 minus line 5) - Part II . column (b) . line 30 Form 990-PF (zooz)

8033000165 6 - aD0840 5903 05119/2003 10 53 10

Attached Schedules end amounts in the Beginning of BBlance Sheets description column should be ...

end-ol- ar amounts on See instructions a Book Vela

Cash - non-interest-bearing , , , , , , . 12

Savings end temporary cash investments

Accounts receivable Ill'

Less allowance for doubtful accounts

Pledges receivable

Less allowance for doubtful accounts

Grants receivable

RecervaDles due from officers, directors, trustees, and other

disqualified persons (attach schedule) (see page 15 of the instructions)

Other notes end loans receivable (attach schedule) ~

Less allowance for doubtful accounts 1

Inventories for sale or use , , , , , , . , , ,

Prepaid expenses end deferred charges , , , , , , ,

a Investments-US and state government obligations (attach schedule)

b investments - corporate stock (attach schedule) STMT 5, 5,289

e Investments - corporate bonds (attach schedule) Investments - land buildings, and equipment bass ___________________ Less accumulated depreciation 1 (attach schedule) Investments - mortgage loans

Investments - other (attach scheduled , , , , STMT 6203 Land bwl0ings, end , equipment Oasis Lass accumulated depreciation 1, (attach schedule) Other assets (describe " --______)

Total assets (to be completed by all filers - see page 16 of

the instructions Also, see e 1nem 15,510

Accounts payable and accrued expenses , , , , , ,

Grants payable . . . . . . . . . . . . .

Deferred revenue , , , , , , , , , , .

Loans from officers directors trustees and other disqualified persons Mortgages and other notes payable (attach schedule) , ,

Other liabilities (describe ~ _ )

Organizations that follow SFAS 117, check here "" and complete lines 24 through 26 and lines 30 and 31

Unrestricted . , , , . . . . Temporarily restricted . . . . . . . . . . . . Permanently restricted Organizations that do not follow SFAS 117, check here and complete lines 27 through 31 . li~ F] Capital stock, trust principal, or current funds . . . . . . 5,510,504 5,439 Paid-in or capital surplus or land, bldg end equipment land Retained earnings accumulated income endomnent orother binds Total net assets or fund balances (see page 16 of the instructions), . , . . 5,510,504 5,439

Total liabilities and net assets/lund balances (see page 16 of the instructions ~ ~ ~ ~ ~ ~ ~ ~ " " 5,510,504 5,439

Analysis of Changes in Net Assets or Fund Balances

5 .510 .504

(e) List and describe the kind(s) of property sold (e g ,real estate, 2-story brick warehouse, or common stock, 200 she MLC Cc )

e SEE PART IV SCHEDULE b c d e

(e) Gross sales price (n Depreciation allowed (g) Cost or other basis (or allowable) plus e~ense of sale

Is foundation on 12/31/69 (k) Exess of col (i) over col 0), if any

ain in column in 0) Adjusted basis as of 12/31/69 (i) F M V as of 12/31/69

If section 4940(d)(2) applies, leave this part blank

Was the organization liable for the section 4942 tax on the distributable amount of any year in the base periods , F-]Yes F-A No If 'Yes,' the organization does not qualify under section 4940(e) Do not complete this pan

1 Enter the appropriate amount in each column for each year, see page 17 of the instructions before making any entries

0 23568791152

0 04713758230

5,410,377

255,032

1,419

256 .451

4 Enter the net value of noncharitable-use assets for 2002 from Part X, line 5

5 Multiply fine 4 by line 3 , , , , , . , , .

6 Enter 1 % of net investment income (1% of Part I, line 27b) . .

7 Add lines 5 and 6 . . . . . . . . . . .

8 Enter qualifying distributions from Part XII, line 4 . . . . ~ ~ 1 8 1 205,300

II line B is equal to or greater than line 7 check the box in Pert VI line 1b and complete that pert using a t% tea rate See the Pert VI instructions on page 17

la3p 1 000 Fog 990-PF (2oo2) RD0840 5903 05/19/2003 10 53 10 8033000165 7

62-6289645

assets

2 Capital gain net income or (net capital loss) , , If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7

T1 3

3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6) If gain, also enter in Part I, line 8, column (c) (see pages 72 and 17 of the instructions) If (loss) . enter -0- in Part I, line B _ . . . . . . . . . . . . . . .

Dualification Under Section 4940(e) for rteaucea sax on net invesimeni income

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income )

3

'~' ~' vam d) Date sold acquired f

(m o mo, day, yr ) daY. Y~ )

(h) Gan or (loss) (e) plus (f) minus (g)

(I) Gams (Col (h) gam minus col (k), but not less than -0-) or

Losses (from col (h))

Base period years Calendar year (or tax ear beginning in Adjusted qualifying distributions Net value of nonchantablPUSe assets

2oo1 254,000 ~ 5,570,843 2000 267,000 5,259,649 lass 189,627 I 3 .923,217

1997

2 Total of line 1 , column (d) . . . . . . . 3 Average distribution ratio for the 5-year base period - divide the total on line 2 by 5, or by

the number of years the foundation has been in existence A less than 5 years , , , , r33

Distribution ratio

Excise Tax Based on Investment Income (Section 4940 a), 4940(b), 4940 e), or 4948 - see pa 1 e Exempt operating foundations described in section 49400(2), check here " and enter'N/A' on line 1

Date of iulinp lever _ _ _ -- _ _ _ _ (attach copy of ruling letter H necessary - sae Instructions) , , ,

b Domestic or anizanons that meet the section 4940(e) requirements in Part V, check

here " ~ end enter 1 % of Pan I, line 27b , , , , , , , , , , , , c All other domestic organizations enter 2% of line 27b Exempt foreign organizations enter 4% of Pen I, line 12, col (b)

2 Tax under section 511 (domestic section 4947(e)(1) trusts and ramble foundations only Others enter -0-) , , 3 Addlines l and 2 , , , , , , , , , , , , , , , 4 Subtitle A (income) tax (domestic section 4947(e)(1) trusts end taxable foundations only Others enter-0-), , , , 5 7a: based on Investment Income Subtract line 4 from line 3 If zero or less, enter -0- 8 Credits/Payments e 2002 estimated tax payments end 2001 overpayment credited to 2002 6e 5,356 e Exempt foreign organizations - tax withheld at source , , ~ , , 6b NON[ c Tax paid with application for extension of time to file (Form 8868) 6c NONE d Backup withholding erroneously withheld , , , , , , , 6d

7 Total credits end payments Add lines 6e through 6d , . , , , . . , , . , . , , , 8 Enter any penalty for underpayment of estimated tac Check here ~ if Form 2220 is attached , , , , , , , 9 Tax due If the total of lines 5 end B is more then line 7, enter amount owed , , , , , , , , , , , , , , , , ,

10 Overpayment It line 7 is more then the total of lines 5 and 8, enter the amount overpaid .

17 0l the

5,356

1 a During the tax year, did the organization attempt to influence any national, state, or local legislation or did Yes No it participate or intervene in any political campaign? , , , , , , , , , , , , , . . 1 a X

b Did it spend more than E100 during the year (either directly or indirectly) for political purposes (see page 18 of the instructions for definition)? , , , , , , , , , , , , , , . , . 1 b

It the answer is 'Yes' to f e or 76, attach a detailed description of the activities and copes of any materials published or distributed by the organization in connection with the activities

e Did the organization file Form 1120-POL for this years , , , , , , , . . , 7 c d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year

(t) On the organization ji~ E (Z) On organization managers " $ r E111 .1 Me ieimoursement pr any) pate by the organization during the year for political expenditure tax imposed

on organization managers 1 5 2 Has the organization engaged in any activities that have not previously been reported to the IRS , , p

If 'Yes,' attach a detailed description of the activities 3 Has the organization made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation . or bylaws, or other similar instruments' If 'Yes,'attach a conformed copy of the changes , , , , , , , , 3 4 a Did the organization have unrelated business gross income of $7,000 or more during the year? , , , , 4a b 11 'Yes,' has it tiled a tax return on Form 990-T for this year? , , , , , , , , , , , , , , , , , , , , , . qb N I A

5 Was there e liquidation, termination, dissolution, or substantial contraction during the year? , , , , , , , , , . . . , 5 M 'Yes ' attach the statement required by General instruction T

6 Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied ether By language in the governing instrument or

" By state legislation that effectively emends the governing instrument so that no mandatory directions that conflict with the slate few remain in the governing instruments 6 K

7 Did the organization have et least $5,000 in assets at any time during the year? if 'Yes,' complete Part 11, croJ (c), end Part XV 7 X 8 e Enter the states to which the foundation reports or with which it is registered (see page 19 0l the

instructions) 1, TENNESSEE b If the answer is 'Yes' to line 7, has the organization furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General InsWCLOn G1 If 'NO,"attach explanation , , , Bb X g Is the organization claiming status as a private operating foundation within the meaning of section 49420)(3)

or 49420(5) for calendar year 2002 or the taxable year beginning in 2002 (see instructions for Part XIV m papa 25)7 II'Yes,'complete Part XIV , , , , . . , , 9

10 Did arty persons become substantial contributors during the tax years H Yes,' attach a schedule listing their names and addresses 10 11 Did the organization comply with the public inspection requirements for its annual returns and exemption application' X

web site address " N / A t2 7nebooksereincareof "_NATIONAL_BANK _OF COMMERCE

---- --------- Telephone no " (904)415-6441

Located at X850 RIDGELAKE RD ,_ STE 101 MEMPHIS_ TN_-_-___-____- ZJP+4 __ 38120 13 Section 4947(e)(1) nonexempt charitable trusts tiling Form 990-PF in lieu of Form 1041 - Check here , , , "II

and enter the amount of tax-exempt interest received or accrued donna the veer . 11`1 13 I

JSA Form 990-PF(2002) 2E 144D , oao

RD0840 5903 05/19/2003 10 53 10 8033000165 8 -

5

File Form 4>2011 any Item Is ehackeA In the "Yes" column, unless en exception applies Yes N 1 e During the year did the organization (either directly or indirectly)

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? . . E] Yes EZNo (2) Borrow money from, lend money lo, or otherwise extend credit to (or accept it from)

e disqualified person? . . . . . . . . . . . . . . Yes x No (3) Furnish goods, services, or facilities to (or accept them from) e disqualified person? . . . . ~ Yes No (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified persons . . . Yes X No (5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person) . . . . . . . . . . . Yes O No (6) Agree to pay money or property to a government official? (Exception Check 'No'

if the organization agreed to make a grant to or to employ the official for e penod after termination of government service, if terminating within 90 days ) . . . . . . . . Yes EZ No

b II any answer is 'Yes" to 7e(7)-(6), did any of the acts fail to qualify under the exceptions described in Regulations section 53 4941(d)-3 or in a current notice regarding disaster assistance (see page 19 of the instruchons)7 . . . . .~ . . , 1 b N Q Organizations relying on e current notice regarding disaster assistance check here . . . . . . .

c Did the organization engage in e prior year in any of the acts described in 1 e other then excepted acts, that were not corrected before the first day of the tax year beginning in 20027 . . . . . . . . . . . . .

2 Taxes on failure to distribute income (section 4942) (does not apply for years the organization was a private operating foundation defined in section 49420(3) or 49420(5))

e At the end of tax year 2002, did the organization have any undistributed income (lines 6d end 6e, Part XIII) for tax years) beginning before 2002 . . . . . . . . . . . . . . . . . Yea a No If 'Yes: list the years " __________ . _________ . ________ . _ _

b Are there any years listed in 2a for which the organization is not applying the provisions of section 4942(a)(2) (relating to incorrect valuation of assets) to the year's undistnbuted incomes (If applying section 4942(a)(2) to all years listed, answer 'No* and attach statement-see page 19 of the instructions ) . . . . . . . . . . . . . 2b N A

c II the provisions of section 4942(e)(2) are being applied to any of the years listed in 2a, list the years here

3 e Did the organization hold more than a 2% direct or indirect interest in any business ~ enterprise et any time during the year? , , , , , _ _ _ Yea I n~ No

b If 'Vas,' did it have excess business holdings in 2002 as a result of (1) any purchase by the organization or disqualified persons after May 26, 1969, (2) the lapse of the 5-year period (or longer penod approved by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest or (J) the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine i! Me organization had excess business holdings in 2002) . . . . . . . . . . . . . . . . 3 b N A

4 a Did the organization invest during the year any amount in a manner that would jeopardize its charitable purposes . . . . . . <a K b Did the organization make any investment in a prior year (but after December 31, 1969) that could jeopardize its charitable

purpose that had not been removed from jeopardy before the first day of we tax year beginning in 2002 . . . . . . . . db 5 e During the year did the organization pay or incur any amount to

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? , O Yes F--x]No (2) Influence the outcome of any specific public election (see section 4955), or to tarry

on, directly or indirectly, any voter registration dnve7 , , , , , , , , , , , , , , , , : B Yes No (3) Provide a grant to an individual for travel, study, or other similar purposes , , , , Yes X No (4) Provide e grant to an organization other than a charitable, etc , organization described

in section 509(a)(1) (2), or (3) or section 49a0(d)(2)7 , , , , , , , , , , Yes EZ No (5) Provide for any purpose other then religious, charitable, scientific . literary, or

educational purposes, or for the prevention of cruelty to children or animals? , , , , , , O Yea F--x]No b II any answer is 'Yes' to Sa(1)-(5), did any of the transactions tail to qualify under the exceptions described in

Regulations section 53 4945 or in e current notice regarding disaster assistance (see gape 20 of the instructions)? 5b N A Organizations relying on e current notice regarding disaster assistance check here . . . . . .

e II the answer is 'Yes' to question Se(4), does the organization dam exemption from the tax because it maintained expenditure responsibility for the grants . . . N l AE] Yes E] No If 'Yes,' attach the statement required by Regulations section 53 4945-5(d)

6 a Did the organization, during the year, receive any funds, directly or indirectly, to pay premiums on e personal benefit contract' , , , , , ,N,/ A E] Yes F-XJ No

b Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? , , , 6b N Q It you answered 'Yes' to 66. also rile Form 8&70

JSA 7E1450 f Opp

R00840 5903 05/19/2003 10 53 10 8033000165 9 -

Form 990-PF (2002)

62-6289645 Form 990-PF

1 List'ell magera, Highly Paid Employees, and Contractors ensetlon see ca bl e 20 of the Instructloru

NONE ----------------------------------------------------

----------------------------------------------------

----------------------------------------------------

---------------------------------------------------- Total number of others receiving over $50,000 for profess

Summary of Direct Charitable Activities

List the foundation s lour largest direct charitable activities during the tax year Include relevant statistical informabon such as the number of organizations and other beneficiaries served conferences convened research papers produced, EIC E)Wses

1 ----------------------------------------------------------------------------

----------------------------------------------------------------------------NONE

z

----------------------------- ----------------------------------------------------

3

--------------------------------- -------------------- --------------------

4

------------------------------------ ------------------- -------------------

JSn YEt~Ep t 000

RD0840 5903 05/19/2003 10 53 10 8033000165 10 -

(D)� Iie g and average 1.1COmpenaeUOn (e) COmnouumsb (a) Name end address per vweek (II not pall, enter employ" Weld plane (e) Eqoense eorount

devoted to positan -0, and aelmeC compensation other allonrancee

-------------------------------------- SEE STATEMENT 8 -0- -0- -0---------------------------------------

--------------------------------------

-------------------------------------

2 Compensation of flue highest-paid employees (other than those Included on line 1 - see page 20 0l the Instructions). If none, enter "NONE "

a Name era address of each emp loy" (e) rTitle and average (G) ConIriEUUms m

paid more than $50 000 hours per veek (c) Compensation employee Denelu plane (e) E~ense account, devoted to Position and deterred canpenaaipn other ellovienCas

NONE

--------------------------------------------------------------------------------------------------------------------------------------------------------Total number of other emp loyees aid over $50,000 . . " NONI 3 Five highest-paid Independent contractors for professional services - (see page 20 of the Instructions) if none, enter

Form 990-PF(2002)

All other program related iMPSimCntS 500 page Z1 (

NONE ---------------------------------------------------------------------------

~tal Add lin es 1 throw h 3 , H&Minimum Investment Return (All domestic foundations must complete this part Fo

see page 21 of the instructions ) Fair market value of assets not used (or held for use) directly in carrying owl charitable, etc , purposes

a Average monthly fair market value of securities , . , , . . , . . , b Average of monthly cash balances . . . . , . . . , , , , c Fair market value of all other assets (see page 22 of the instructions) , , , , , , , , , , , , d Total (add lines 1a, b, and c), , , , , , . , . , . . . , e Reduction claimed for blockage or other factors reported on lines to and

1c (attach detailed explanation) . , . . . . . . to Acquisition indebtedness applicable to line 1 assets Subtract line 2 from line td Cash deemed held for charitable activities Enter 1 1/2 /, of line 3 (for greater amount, see page 22 of the instructions) Net value of nonchantable-use assets Subtract line 4 from line 3 Enter here and on Part V, line 4 Minimum Investment return Enter 5% of line 5

Dlstributable Amount (see page 23 of the instructions) (Section 4942) (3) and 0)(5) foundations and certain foreign organizations check here ~ and do not complete

Minimum investment return from Part X, line 6 , , , , . . a Tax on investment income for 2002 from Pan VI, line 5 2a 2~ 8~7 b Income tax for 2002 (This does not include the tax from Part VI 2b c Add lines 2a and 2b . . . . . . . . . . . .

Distributable amount before adjustments Subtract line 2c from line 1 a Recoveries of amounts treated as qualifying distnbutions . . . . . . . 4a NON b Income distributions from section 4947(a)(2) trusts . . . . . 4b c Add lines 4a and 4b

Add lines 3 and 4c . . . . . . . . . . . . . . . Deduction from distributable amount (see page 23 of the instructions) . . . . . . . . . . . .

1 a 1 b 1 c

-id-

2

W

3

6 private this par

1

2c 2 .837

Qualifying Distributions (see page 23 of the instructions) Amounts paid (including administrative expenses) to accomplish chantable, etc , purposes Expenses, contributions, gifts, etc - total from Part I, column (d), line 26 , , , . . . 1 e Program-related investments - Total from Part IX-B 1 b Amounts paid to acquire assets used (or held for use) duectly in carrying out charitable, etc , purposes 2 Amounts set aside for specific charitable projects that satisfy the Suitability test (prior IRS approval required) .

~ , . . , . . . . . . . . . . . . . . 3a

Cash distribution test (attach the required schedule) . .

3b Qualifying distributions Add lines 1 a through 3b Enter here and on Part V, line 8, and Part 7(111, line 4 4 Organizations that quality under section 4940(e) for the reduced rate of tax on net investment income Enter t% of Part I, line 27b (see page 24 of the instructions) 5 N/A Adjusted qualifying distributions Subtract line 5 from line 4 6 Note The amount online 6 will be used m Part V, column (b), m subsequent years when calculating whether the foundation

qualifies for the section 4940(e) reduction of fax in those years

NONE

E7H0 t ODO

RD0840 5903 05/19/2003 10 53 10 8033000165 11 -

--------------------------------------------

---------------------- -----------------------

------------------------------------------- -------------------------------------------

---------------------------------------- ----------------------------------------

702

Form 990-VF (2002)

Form BBO-PF (2002) pie $

Undistributed Income (see page 24 of the instructions)

JSA 3E~480 1000

RD0840 5903 05/19/2003 10 53 10 8033000165 12 -

62-6289645

(e) 1 Distributable amount for 2002 from Pan XI, Corpus

dine ? . . . . . . . . 2 Undistributed Income, it any as of the end 012001 a Enter amount for 2007 only , ,

b Total lorprior years 2000 3 Excess distributions car ver, if any to 2002

e From 7997 , , , , NON b From 1998 , , NON e From 7999 NON d From 2000 , , , NON e From 2007 , , NON 1 Total of lines 3a through a , , , ,

4 Qualifying distributions for 2002 from Pen XI 1, line 4 " $ 205,300

a Applied to 2001, but not mare than line 2a , ,

b Applied to undistributed income of prior years (Election required - sea page 24 of the instructions)

c Treated as distributions out of corpus (Election required - see papa 24 of the instructions)

d Applied to 2002 distributable amount . . , e Remaining amount distributed out of corpus , ,

5 Excess distributions carryover applied to 2002 (R an amount appears in column (d), the same amount must be shown in column (a) )

6 Enter the net total 01 each column as Indicated below :

a Corpus Add lines 3f, 4c, end 4e Subtract line 5

b Prior years' undistributed income Subtract line 4b from line 2b

c Enter the amount of prior years' undistributed income for which a nonce of deficiency has been issued, or on which the section 4942(e) tax ties been previously assessed

d Subtract line 6c from line 6b Taxable amount - see page 24 0l the instructions

e Undistributed Income for 2001 Subtract line be from line 2e Taxable emwni -see page 24 of the Instructions

f Undistributed income for 2002 Subtract lines 4d end 5 from line 1 This amount must be distributed in 2003

7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(E) or 4942(p)(3) (see page 24 0l the instructions) , . .

8 Excess distributions carryover from 1997 not applied on line 5 or line 7 (see pope 25 of the instructions)

9 Excess distributions carryover to 2DG3 Subtract lines 7 and 8 from line 6a

10 Analysis 0/ line 9 a Excess from 1698 NON b Excess from 1999 NON c excess from 2000 NON d Excess from 2001 NON B EY[P57 ffMll' )51 . NON

(b) (c) (d) Years prior to 2001 2001 2002

267,682

2,425 NON

2,425

NON

202,875

NONE

NON

NON

NON

64,807

Form 990-PF (zooz)

1 e N the foundation has received a ruling or determination lever that it is a private operating

foundation, and the ruling is effective for 2002, enter the date of the ruling

b Check box to indicate whether the organization is a private operating foundation descnbed in section 4942(j)(3) or

2 a Enter me lesser of one Tax year Prior 3 years

adjusted net income from (a) 2002 (D) 2001 (c) 2000 (c) 1999 Pen I or tie minimum investment return from Part X for each year listed

b BS I of line 2e . .

Total

C Qualifying d*tnbut=s from PM

%i1 iinealorexhyrarlui(re

d Amounts inclpaM m line 2C not uses directly for active condud of exempt actmlues

Qualifying dslnmLansmade

directly for active conduCt Of exempt activities &btrxl line 20 from line 2c . .

3 Complete 3a 0 aclplhe alternative test nihexI up.

B '&sets alternative test enter

(1) vaueaaiavrs (2) Value Of mew quWitpng

under section a9,2U)1311B " UI

b 'Endowment allemaNet'st Enter 1/J of minimum investment return shown in Part % line 61or exJi year listed . . . . . . .

C Support fifternative feet enter

(1) Total Support other Mrm gross investment income (interest dividends rents payments on Securities loans (seclim 512(a)15)1 or royalties)

(Z) Supporlhere Qeneral "mi ., -sue. ..� .. exempt organizations as proHdeO in secpm 49d201(3)(B)pn)

(3) _, rpest amount M support lrourn an exempt orGaniratim . . .

Any restrictions or limitations on awards, such as by geographical areas, chantaMe fields, kinds of institutions, or other factors NONE

A 1490 1 000

R00840 5903 05/19/2003 10 53 10 8033000165 Form 990-PF (2002)

13 -

Supplementary Information (Complete this part only ii the organization had 55,000 or more in assets at any time during the year - see page 25 of the instructions )

1 Information Regarding Foundation Managers a List any managers of the foundation who have contributed more than 2Y of the total contributions received by the foundation

before the close of any tax year (but only if they have contributed more than $5,000) (See section 507(d)(2) )

NONE

b List any managers of the foundation who own 10% or more of the stock of a Corporation (or an equally large portion of the ownership of a partnership or other entity) of which the foundation has a 10% or greater interest

NONE

2 Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc , Programs .

Check here lll~ E-1 if the organization only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds

if the organization makes 9iRs grants etc (see papa 25 0f the insUUClions) to individuals a organizations under other conditions complete items 2e b, c era a

a The name, address, and telephone number o1 the person to whom applications should 6e addressed

SEE STATEMENT 9 b The form in which applications should be submitted and information and materials they should include

LETTER STATING REQUEST

C Any submission deadlines NONE

3 DfIS Paid During the Year or Approved for f It recipient v en indrvquel FounEatron Show any relationship to Statu9 0l

or business) any foundation manager recipient or substentlal contnbutor

Purpose W q~ent a conuibutbn

t b Approved for future payment .

" 3b

8033000165

JSA

2E1491 1 ppp

RD0840 5903 05/19/2003 10 53 10 14

Recipie nt

Name and address (hon e Paid dunng the year SEE ATTACHED LIST

62-6289645

Amount

205,300

Fam 990-PF (zaoz)

62-6289645 ii

OWN-3M, - Analysis of Income-Enter prdss amounts unless otherwise indicated or 514

i

Form 990-PF (zooz) JsA 2E1492 1 000

R00840 5903 05/19/2003 10 53'10 8033000165 15 -

Form 990-PF

tat (p) (c) (d) function income Business Eulubion 'See page 26 of

1 Program service revenue code Amount code Amount the instructions )

e

c a e

g Fees end contrevis from govemment agencies 2 Membership dues end assessments 3 Interest on savings and temporary rash investments

4 Dividends and interest trap securities 14 1 198,534

5 Net rental income or (loss) from rear estate e Debt-financed property b Not debt-financed prop"

6 Nat rental income or (loss) train personal property

7 Other investment income , . ,

B Gain or (loss) tram sagas W assets other roan inventory 1$ -48,058

9 Net income or (loss) from special events 10 Gross profit or (loss) tram sales of inventory . . 11 Other revenue a

b t d ~-~ e I I

7 2 Subtotal Add columns (6), (d), and (e) , ~ 150,476

13 Total Add line 12, columns (b), (d), end (e) , , , , , , , , 13 150 .476 .

See worksheet m line 13 instructions on page 26 to verity calculations " . Relationship of Activities to the Accomplishment of Exempt Purposes

~ Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to Line No the accomplishment of the organization's exempt purposes (other than by providing funds for such purposes) (See

page 26 of the instructions )

rth To and

(3) Rental of facilities, equipment, or other assets , , , , , , , , , , , , , , , , , , (4) Reimbursement arrangements , , , , , , , , , , , , , , , , , , , , , , , , , , , , , (5) Loans or loan guarantees , , , , , , , , , , , , , , , , , , , , , , , , , , , , (6) Performance of services or membership or fundraising solicitations , , , , , , , , , , , ,

c Sharing of facilities, equipment, mailing lists, other assets, or pad employees , , , , , , , , , , , , , , , , , ,

d If the answer to any of the above is 'Vas,' complete the following schedule Column (b) should always show the fair market value of the goods, other assets, or services given by the reporting organization If the organization received less then lair market value in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or seances

Line no I (b) Amount involved I (c) Name of of transfers transactions end sharing

2 e IS the organization directly or indirectly affiliated with, or related to, one or more tax-exempt organizations

described in section 501(c) of the Code (other than section 501(c)(3)) or in section 5277 , , , , , , , , , , E] Yes FXI No

(c) Description of (a) Name of organization (b) Type of organization

Under penalties of ballet, it is true co

I declare that 1 have examined this return including accompanying schedules and statements and to the best of my knowledge and complete Declaration of preparer (other than taxpayer or fiducary) is based on all information of which preparer has any knowledge

use , o00 RD0840 5903 05/19/2003 10 53 10

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political orgainizations9

a Transfers from the reporting organization to a noncharitable exempt organization of (7) Cash . . . (2) Other assets , , ,

b Other Transactions (1) Sales of assets to a noncharitable exempt organization (2) Purchases of assets from a noncharitable exempt organization , , , , , , ,

N ' Signature of oNicar or bust d x

of ~ Preparer's ' p signature

a o m Firm's name (or yours d ~ self-employed, address,

and ZIP code

Description

FMV Add basis 6xess o as of as of FMV over

Kind of Property

sale Depreciation Cost or less allowed/ other

10/29/1999 06!14/2002

-7,243

11/02/1999 03/21/2002

-2,547

07/18/2001 12/06/2002

-7,227

05/26/2000 03121/2002

-614

2313 03 CCMI EQUITY FUND PROPERTY TYPE SECURITIES

30,000 37,243

621 .118 MSIF INTERNATIONAL EQUITY FUND PROPERTY TYPE SECURITIES

10,000 12,547,

9765 625 NICHOLAS APPLEGATE HIGH YIELD B PROPERTY TYPE SECURITIES

u, 11,3 1oo,ooo

249 501 TORRAY FUND PROPERTY TYPE SECURITIES

10,000 10,614

2e i X30 , o00 RD0840 5903 0511912003 10 53 10 8033000165 17 -

FORM 990-PF - PART IV

TOTAL SHORT-TERM CAPITAL GAIN DIVIDENDS

TOTAL SHORT-TERM COMMON TRUST FUND AND PARTNERSHIP, S CORPORATION, AND OTHER ESTATES OR TRUST GAIN OR LOSS

TOTAL LONG-TERM CAPITAL GAIN DIVIDENDS

TOTAL LONG-TERM COMMON TRUST FUND AND PARTNERSHIP, S CORPORATION, AND OTHER ESTATES OR TRUST GAIN OR LOSS

Dale Date sold squired wn or

1,213

1,563

11,643

-44,846

TAL GAIN(LOSS) . . . . I --=48=058,

URBAN ART COMMISSION ST MARY'S EPISCOPAL SCHOOL VICKI FISHER SCHOLARSHIP FUND SECOND PRESBYTERIAN CHURCH SECOND PRESBYTERIAN CHURCH LEMOYNE-OWEN COLLEGE DIXON GALLERY AND GARDENS CHURCH HEALTH CENTER DUKE UNIVERSITY SECOND PRESBYTERIAN CHURCH SECOND PRESBYTERIAN CHURCH EMMANUEL EPISCOPAL CENTER NEIGHBORHOOD CHRISTIAN CENTER DIXON GALLERY AND GARDENS DUKE UNIVERSITY CHILDREN'S MUSEUM OF MEMPHIS VERO BEACH MUSEUM OF ART ST MARY'S SCHOOL MAPA THE TENNESSEE GOLF FOUNDATION

Page 1 :)f 2

THOMAS M GARROTT FOUNDATION EIN# 62-6289645 FORM 990-PF PART XV 3(a)

RECIPIENT

SLEDGE UNITED METHODIST CHURCH UNITED WAY OF THE MID-SOUTH CHURCH HEALTH CENTER DIXON GALLERY AND GARDENS FRIENDS OF JUDGE JERRY TURNER THE COMMUNITY FUND FOR THE ARTS BRIDGES HYDE SCHOOL FOR THE FAMILY RENEWAL IDLEWILD PRESBYTERIAN CHURCH DURHAM ACADEMY THE UNIVERSITY OF MEMPHIS FOUNDATION PRESBYTERIAN DAY SCHOOL GRANDPARENTS LAKE GROVE BAPTIST CHURCH

RECIPIENT FOUNDATION STATUS OF PURPOSE OF GRANT OR AMOUNT RELATIONSHIP RECIPIENT CONTRIBUTION

N/A 501 (C) (3) GENERAL CONTRIBUTION 7,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 25,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 25,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 5,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 1,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 2,500 N/A 501 (C) (3) GENERAL CONTRIBUTION 5,000 NIA 501 (C) (3) GENERAL CONTRIBUTION 1,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 1,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 1,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 1,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 1,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 5,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 2,500 N/A 501 (C) (3) GENERAL CONTRIBUTION 1,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 1,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 20,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 1,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 5,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 5,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 3,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 1,500 N/A 501 (C) (3) GENERAL CONTRIBUTION 250 N/A 501 (C) (3) GENERAL CONTRIBUTION 100 N/A 501 (C) (3) GENERAL CONTRIBUTION 250 N/A 501 (C) (3) GENERAL CONTRIBUTION 200 NIA 501 (C) (3) GENERAL CONTRIBUTION 10,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 1,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 5,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 1,200 N/A 501 (C) (3) GENERAL CONTRIBUTION 1,000 N/A 501 (C) (3) GENERAL CONTRIBUTION 200 N/A 501 (C) (3) GENERAL CONTRIBUTION 100

ST MARY'S EPISCOPAL SCHOOL N/A 501 (C) (3) GENERAL CONTRIBUTION 1,000 RHODES COLLEGE-DEVELOPMENT NIA 501 (C) (3) GENERAL CONTRIBUTION 25,000 MIDSOUTH ARC N/A 501 (C) (3) GENERAL CONTRIBUTION 2,500 DUCKS UNLIMITED INC N/A 501 (C) (3) GENERAL CONTRIBUTION 5,000 SECOND PRESBYTERIAN CHURCH N/A 501 (C) (3) GENERAL CONTRIBUTION 10,000 UNIVERSITY OF PENNSYLVANIA N/A 501 (C) (3) GENERAL CONTRIBUTION 20,000 THE PETTIGREW BOYS N/A 501 (C) (3) GENERAL CONTRIBUTION 2,000

205,300 TOTAL CONTRIBUTIONS PAID DURING 2002

Page 2 :)f 2

THOMAS M GARROTT FOUNDATION EIN# 62289645 FORM 990-PF PART XV 3(a)

RECIPIENT RECIPIENT FOUNDATION STATUS OF PURPOSE OF GRANT OR AMOUNT RELATIONSHIP RECIPIENT CONTRIBUTION

FORM 990PF, PART I - DIVIDENDS AND INTEREST FROM SECURITIES

NET INVESTMENT

INCOME

XD577 2000

- RD0840 5903 05/19/2003 10 53 10 8033000165 18 STATEMENT 1

DESCRIPTION

CCMI EQUITY FUND EQUITY INNS INC MID-AMERICA APARTMENT COMMUNITIES, INC FEDERATED GOVT OBLIG TAX MANAGED - SS MORGAN KEEGAN HIGH INCOME FUND MSIF INTERNATIONAL EQUITY FUND NATL COMMERCE FINANCIAL CORP COM NICHOLAS APPLEGATE HIGH YIELD BOND FUND RFS HOTEL INVESTORS, INC REGIONS MORGAN KEEGAN SELECT HIGH INCOME TORRAY FUND COMMON TRUST EQUITY FUND KNIGHTBRIDGE TANKERS LTD COM

TOTAL

REVENUE AND

EXPENSES PER BOOKS

8,770 15,947 37,901

423 . 15,271 14,621 31,000 7,739

34,166 . 11,086

783 2,727 18,100,

-- -----------198,534

8,770 . 15,486 . 18,711

423 . 15,271 . 14,621 31,000 7,739 4,558 11,086

783 2,727 18,100 .

--------------149,275

VL V<VOVlv

FORM 990PF . PART I - ACCOUNTING FEES

REVENUE AND

EXPENSES PER BOOKS

ADJUSTED NET INCOME

NET INVESTMENT

INCOME CHARITABLE PURPOSES

800 800 -------------- -------------- -------------- --------------

800 . 800 NONE NONE

xosn z ooa - RD0840 5903 0511912003 10 53 10 8033000165 19 STATEMENT 2

DESCRIPTION

TAX PREPARATION FEE (NON-ALLOC

TOTALS

VL VLVUVYv

FORM 990PF, PART I - OTHER PROFESSIONAL FEES

xDS77 z 000

- RD0840 5903 05/19/2003 10 .53 10 8033000165

DESCRIPTION

TRUSTEE/EXECUTOR FEES-PRINCIPA

TOTALS

REVENUE AND NET

EXPENSES INVESTMENT PER BOOKS INCOME --------- ------

4,948 4,948 -------------- --------------

4,948 . 4,948 .

20 STATEMENT 3

1,660 . 3,317 5,356

--------------10,333

--------------1,660

xosn e 000 - RD0840 5903 05/19/2003 10 53 10 STATEMENT 4 8033000165 21

FORM 990PF, PART I - TAXES

DESCRIPTION

FOREIGN TAXES FEDERAL TAX PAYMENT - PRIOR YE FEDERAL ESTIMATES - PRINCIPAL

TOTALS

REVENUE AND

EXPENSES PER BOOKS

NET INVESTMENT

INCOME

1,660

zosn s 000 - RD0840 5903 05/19/2003 10 53 .10 8033000165 22 STATEMENT 5

FORM 990PF, PART II - CORPORATE STOCK

ENDING DESCRIPTION BOOK VALUE ----------- ----------

EQUITY INNS INC 360,271 . MID-AMERICA APARTMENT COMMUNIT 353,830 . NATIONAL COMMERCE FINANCIAL CO 1,142,969 RFS HOTEL INVESTORS, INC 344,654 MSDW INSTITUTIONAL INTERNATION 792,837 TORBAY FUND 250,617 CCMI EQUIT FUND 1,413,562 . U S AIR GROUP INC 43,118 KNIGHTBRIDGE TANKERS LTD COM 197,100 MORGAN KEEGAN HIGH INCOME FUND 292,773 NICHOLAS APPLEGATE HIGH YIELD

--------------- TOTALS 5,191,731 .

ENDING FMV

252,641 396,017 .

1,192,500 . 371,043 609,902 192,152

1,284,887 714

149,700 . 286,411

---------------4,735,967,

DESCRIPTION

6,962 196,875 .

--------------- TOTALS 203,837 .

THE TIGER FUND MOVIE INVESTORS I, LP

FORM 990PF, PART II - OTHER INVESTMENTS

ENDING BOOK VALUE

xos» z oao - RD0840 5903 05/19/2003 10 53 10 8033000165

ENDING FMV

3,630 . 259,500 .

---------------263,130

23 STATEMENT 6

THOMAS M GARROTT FOUNDATION 8033000165 62-6289645

FORM 990PF, PART III - OTHER INCREASES IN NET WORTH OR FUND BALANCES

BOOK VAL - FMV ON CONTRIBUTION 2 --------------

TOTAL 2

Ko57e20W RD0840 5903 05/19/2003 10 53 10 8033000165 24 -

DESCRIPTION AMOUNT

STATEMENT 7

THOMAS M GARROTT FOUNDATION 8033000165 62-6289645

%D577 2 000

- RD0840 5903 05/19/2003 10 .53 10 8033000165 25 STATEMENT 8

FORM 990PF, PART VIII - LIST OF OFFICERS, DIRECTORS, AND TRUSTEES

TITLE AND TIME NAME AND ADDRESS DEVOTED TO POSITION ---------------- -------------------

NATIONAL BANK OF COMMERCE TRUSTEE 850 RIDGELAKE BLVD, STE 101 MEMPHIS, TN 38120

GRAND TOTALS

KEN CAIN, NATIONAL BANK OF COMMERCE, TRUST DIVIDSION, 850 RIDGELAKE BLVD STE 101, MEMPHIS, TN 38120 (901) 415-6441

STATEMENT 9 xo5762=

RD0840 5903 05/19/2003 10 53 10 8033000165 -26

THOMAS M GARROTT FOUNDATION 8033000165

FORM 990PF, PART XV - NAME, ADDRESS AND PHONE FOR APPLICATIONS

62-6289645

100 shares 7 % . ec urted (c) Date sold I (s) Cost or other basis I (Q Gain or (LOU) I Q . I ~ ... . . ,~ . . . . ~ I (d) Sales pnCe

(n Gain or (Lou) -

- or (Low) :ol d less cd ( 0)) ( See Inin, be

11643 -17,,631

-AA AAR 7 Long-term capital gain or (loss) from Forms 2439, 4684, 6252, 6781, and 8824 8 Net long-term gain or (loss) from partnerships, S corporations, and other estates or trusts 9 Capital gain distributions , , , , , , ,

10 Gain from Form 4797, Part I 11 Long-term capital loss carryover Enter in both columns (1) and (g) the amount,

d any, from line 14, of the 2001 Capital Loss Carryover Worksheet , , 12 Combine lines 6 through 11 in column (g) , , , , , 13 Net long-term gain or (loss) Combine lines 6 through 11 in column (1) Enter

"28% rate gain or loss includes all collectibles gains and losses' (as defined on page 31 of the instructions) and up to 50°h of the eligible gain on qualified small business stock (see page 30 of the instructions)

Beneficiaries' I (2) Estate's I (3) Total ee page 32) or trusts Summary of Parts I end II

14 Net short-term gain or (loss) (from line 5 above), , 15 Net long-term gain or (loss) :

a Total for year (from line 13 above) , , , , , , b 28% rate gain or (loss) (from line 12 above) c Qualified 5 - year gain , , , d Unrecaptured section 1250 gain (see line 77 of the

worksheet on page 33) 16 Total net gain or (loss) Combine lines 14 and 15a . . . ""

Note It line 16, column (3), is a net gam enter the gam on Foam 7047, line 4 I! hoes 75a and 16, column (2), are net gams go to Part V, and dD rot rnmplele Part IV If line 16, column (3), is a net loss, complete Part IV and the Capfdl Lass Carryawr Worlwfueet, as necessary For Paperwork Reduction Act Notice, see the Instructions for Form 1041 Schedule D (Form 1047) 2002 JSA 2F1210 z coo

RD0840 5903 05/19/2003 10 53 10 8033000165 27 -

SCHEDULED Ca v ital Gains and Losses OMB No 1545 0019

(Form 1041) f" oapertmentpitnerreasury " Attach to Form 1041 (or Form 5227) See the separate Instructions for

2002 ~n,ernal aevenuaservice Form 1041 or Form 5227 Name of estate or trust Employer Identification number

THOMAS M GARROTT FOUNDATION 8033000165 62-6289645 Note. Form 5227 filers need to complete only Parts / and

Short-Term Capital Gains end Losses - Assets Held One Year or Less

2 Short-term capital gain or (loss) from Forms 4684, 6252, 6781, and 8824 2 3 Net short-term gain or (loss) from partnerships, S corporations, and other

estates or trusts 3 4 Short-term capital loss carryover Enter the amount, d any, from line 9 of the

2001 Capital Loss Carryover Worksheet 4 5 Net short-term gain or (loss). Combine lines 1 through 4 in column (f) Enter

here and on line 14 below " " Ill 5

Long-Term Capital Gains and Losses - Assets Held More Than One Year

(a) Description of pioperry (b) Dale (E~mmple, 100 shares 7 % acquired (~) Date solo Sales (a) Cost or other bas's

olelerred ol'Z' Co 1 Imo day K 1 (mo day, 1T 1 (~ p rice, (see page 31)

T 1 I I I 1d2 77A

let here and enter as a (loss) on Form 1041, line 4, the smaller of e loss on line 16, column (3) or ,ooo

.

. . . . , . � � . 17 3,00 ass on line 16, column (3), is more than $3,000, w if Form 7041, page 7, line 22, is a lass, complete the Capital Loss " r Worksheet on page 34 0f the instructions to determine your capita l loss carryover

Tax Computation Using Maximum Capital Gains Rates (Complete this part only if both lines 15a and 16 in column (2) are gains, and Form 1041, line 22 is more than zero )

If tine 156, column (2) or line 15d, column (2) is more than zero, complete the worksheet on page 35 0l the instructions lure the amount to enter on lines 20 and 38 below and skip all other bites below Otherwise, go to line 18

ter taxable income from Form 1041, line 22 .

, , . . , 18

ter the smaller of line 15a or 16 in column (2) 1 9 he estate or trust is filing Form 4952, enter s amount from line 4e, otherwise, enter-0- " 20 blract line 20 from line 19 If zero or less, enter -0- . . 21

btract line 21 from line 18 If zero or less, enter -0. 22 lure the tax on the amount on line 22 Use the 2002 Tax Rate .Schedule on page 21 of the ,truchons . . . . . . . . . . . . . . . . . . . . 23 ter the smaller of the amount on line 18 or $1,850 . , , . , , , , 24

line 24 Is greater then tine 22, go to line 25. Otherwise, skip tines 25 ough 31 and go to line 32

Aer the amount from line 22 . . . . . . . . . . . . . . . . . . ZS

btract line 25 from line 24 If zero or less, enter -0- and go to line 32 . . 26

ter the estate's or trust's allocable portion of allied 5-year gain, if any, from line 15c, lumn (2) . . . . . . . . . . . . . . 27

. .~ . .. ___~~_. ..~ . . .. ., ~c . . . . ... ., o, 28

. . . . . . 29 iltiply line 28 by 8% ( 08) . . . . . . . . . . . . . . . . . i ii ibtract line 28 from line 26 , , , , , , , . . , , , . . 30

iltiply line 30 by 10% ( 10) , . . . , , , , . . . . . . , , , , , 31

Id lines 23, 29, 31, and 35 , , , , , , lure the tax on the amount on line 18 Use the 2002 Tax Rate Schedule on page 21 of the ;iructions x on all taxable income (Including capital gales) Enter the smaller of line 36 or line 37 here d on line 1 a of Schedule G, Forth 1041 . . . . . . . .

RD0840 5903 05/19/2003 10 53 .10 8033000165 28 -

1047)2002 Papa 2

the amounts on lines 21 and 26 ere the same, skip lines 32 through 35 and go to line 36

iter the smaller of line 18 or line 21 , . . . . . . . , . , , , 32

iter the amount, d any, from line 26 . . . . . . . . . . . . . . . . 33

ibtract line 33 from line 32 . . . . . . . . . . . . . . . . 34

iltiply line 34 by 20% ( 20) . . . . . . . . . . . . . . . . . . . . .

Schedule D (Form 7041) 2002

THOMAS M GARROTT FOUNDATION 8033000165 62-6289645 Schedule D Detail of Long-term Capital Gains and Losses

yFp970 t 000

RD0840 5903 05/19/2003 10 53 10 8033000165 29 STATEMENT

use

------------11,643

STATEMENT 2

30 E °°° RD0840 5903 05/19/2003 10 53 10 8033000165

XMAS M GARROTT FOUNDATION 8033000165

aAL CAPITAL GAIN DIVIDENDS

RT-TERM CAPITAL GAIN DIVIDENDS ------------------------------

EDERATED GOVT OBLIG TAX MANAGED - SS SIF INTERNATIONAL EQUITY FUND

AL SHORT-TERM CAPITAL GAIN DIVIDENDS

G-TERM CAPITAL GAIN DIVIDENDS -----------------------------

0% MAX RATE CAPITAL GAIN DIVIDENDS

CCMI EQUITY FUND TORRAY FUND

OTAL 20% MAX RATE CAPITAL GAIN DIVIDENDS

UALIFIED 5 YEAR CAPITAL GAIN DIVIDENDS

TORRAY FUND

OTAL QUALIFIED 5 YEAR CAPITAL GAIN DIVIDENDS

AL LONG-TERM CAPITAL GAIN DIVIDENDS

62-6289645

3 1,210

------------ 1,213

10,415 . 919

------------ 11,334 .

309 ------------

Application for Extension of Time To File an Exempt Organization Return OMB No ,s4s-,7o9

" File a separate application for each return Department of the Treasury

2 If this tax year is for less than 12 months, check reason 0 Initial return D Final return O Change in accounting period

3a It this application is for Form 990-BL, 990-PF, 990-T, 4720, or 6069, enter the tentative tax less any nonrefundable credits See instructions

b It this application is for Form 990-PF or 990-T, enter any refundable credits and estimated tax payments made Include any prior year overpayment allowed as a credit

e Balance Due Subtract line 3b from line 3a Include your payment with this form, or, *d reqwred, deposit with FM coupon or, d required, by using EFIPS (Electronic Federal Tax Payment System) See instructions . . . . . .

Signature and Verification Under penalties o1 penury, I declare that I have examined this form . including accompanying schedules end statements and to the best of my knowledge end belies it is true correct, end complete no that I em aulhorrzed to prepare this form

8868 b12 2000> For Paperwork Reduction Act

RD0840 5903 05/14/2003 10 00 30 8033000165

Forth ' 8868

(December 2000)

It you are filing for an Automatic 3-Month Extension, complete only Part I and check this box 0- LX] If you are fling for an Additional (not automatic) 3-Month Extension, complete only Part 11 (on page 2 of this corm)

Note Do not complete Part 11 unless you have already been granted an automatic 3-month extension on a previously fled Form 8868

Automatic 3-Month Extension of Time - Only submit original (no copies needed) Note Form 990~T corporations requesting an automatic 6-month extension - check this box and complete Part I only All other corporations (including Form 990-C filers) must use Form 7004 to request an extension of time to file income tax returns Partnerships, REMICs and trusts must use Form 8736 to request an extension of time to ale Form 1065, 7066, or 1041 Type Of Name of Exempt Organization Employer identification number pant THOMAS M GARROTT FOUNDATION 8033000165 62-6289645 File by the due Number, street, and room or suite no If e P 0 box, see instructions

date torfiling 1414 RALEIGH ROAD, STE 150 no V

your return See City, town or post office, state, and ZIP code For a foreign address, se lions instructions CHAPEL HILL, NC 27517

Cheek type of return to be fled (file a se crate application for each return) Form 990 Form 990-T (corporation) Form 4720 Forth 99o-BL Form 990-T(sec 401(a) or 408(a) trust) Form 5227 Form 990-EZ Form 990-T (trust other than above) Form 6069

X Forth 990-PF Form 1041-A H Form 8870,

" If the organization does not have an office or place of business in the United States, check this box If this is for a Group Return, enter the organization's four digit Group Exemption Number (GEN) If this is

for the whole group, check this box " El If it is for part of the group, check this box " and attach a list with the names and EINS of all members the extension will cover 1 I request an automatic 3-month (6-month, for 990-T corporation) extension of time until 061 15 2003

to tale the exempt organization return for the organization named above The extension is for the organization's return for

11~ F_V_1 calendar year 2002 or tax year beginning , and ending

$ 2,846

$ 5,356

15A ?FB05a 1 ODD

STATEMENT 2 xo57e2 000

RD0840 5903 05/19/2003 10 .53 .10 8033000165 30 E

THOMAS M GARROTT FOUNDATION 8033000165

FEDERAL CAPITAL GAIN DIVIDENDS

SHORT-TERM CAPITAL GAIN DIVIDENDS ---------------------------------

FEDERATED GOVT OBLIG TAX MANAGED - SS MSIF INTERNATIONAL EQUITY FUND

TOTAL SHORT-TERM CAPITAL GAIN DIVIDENDS

LONG-TERM CAPITAL GAIN DIVIDENDS --------------------------------

20% MAX RATE CAPITAL GAIN DIVIDENDS

CCMI EQUITY FUND TORRAY FUND

TOTAL 20% MAX RATE CAPITAL GAIN DIVIDENDS

QUALIFIED 5 YEAR CAPITAL GAIN DIVIDENDS

TORBAY FUND

TOTAL QUALIFIED 5 YEAR CAPITAL GAIN DIVIDENDS

TOTAL LONG-TERM CAPITAL GAIN DIVIDENDS

62-6289645

3 . 1,210 .

------------ 1,213 .

10,415 . 919

------------ 11,334 .

309 . ------------

------------11,643 .