Associated Entities

Donald R. Watson Foundation

The Donald R. Watson Foundation, Inc.(the "Foundation" ) was organized on February 23, 1994 as a North Carolina non-profit corporation whose purpose is to support charitable, religious, scientific, and educational institutions which are approved Section 501(c)(3) tax-exempt organizations located in the State of North Carolina. The Foundation is entirely funded by the original gift and the earnings on the endowment funds that were donated by the benefactor at the inception of the Foundation. In recognition of his philanthropy the Watson College of Education was named in his honor to perpetuate his vision.

Although legally separate, the Foundation is considered a component unit of the University, and is reported as if was part of the University. The Foundation is governed by a five - member board of which three are appointed by the Board of Trustees and two are appointed by the benefactor. Because a majority of the elected directors are appointed by the members of the University's Board of Trustees and the Foundation's primary purpose is to benefit the University by supporting scholarships, its financial statements have been blended with those of the University.

The organizations supported by the Foundation are the University of North Carolina Wilmington (the "University"), Duke University, and St. John's Episcopal Church in Wilmington, N. C.

The relationship with the University can be found in Note 1 Blended Component Units on pdf page 24 of the University financial statement.