Cannon Foundation Inc
- Assets
- $297.5m
- Revenue
- $30.5m
- Investments
- $287.4m
- Employees
- 0
- Location
- Concord, NC
- Founding
- 01/1948
- Data as of
- 09/2021
- EIN
- 56-6042532
Organization Overview
Cannon Foundation Inc is located in Concord, NC. The organization was established in 1948. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cannon Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2021, Cannon Foundation Inc generated $30.5m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $14.4m during the year ending 09/2021. While expenses have increased by 5.6% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Cannon Foundation Inc has awarded 746 individual grants totaling $48,934,634. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
M Tina Markanda Executive Director (thru 04/09/21) | 40 | $198,185 | |
Eugene W Cochrane Jr Director, Interim Exec. Dir. (from 04/ | 12 | $70,322 | |
William C Cannon Jr Director, President | 20 | $15,000 | |
Elizabeth L Quick Director | 2 | $15,000 | |
Thomas M Grady Director, Vice President | 5 | $15,000 | |
Winslow H Galloway Director | 2 | $15,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Boston Company Asset Mgmt Llc | 9/29/21 | $137,926 |
Wells Fargo Bank Na | 9/29/21 | $219,169 |
Silvercrest Asset Management Group | 9/29/21 | $248,487 |
Raymond James & Associates Inc | 9/29/21 | $72,557 |
Mill Capital Mangement Llc | 9/29/21 | $113,581 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $4,832,304 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $25,639,126 |
| Capital Gain Net Income | $25,639,126 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $30,471,430 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $358,507 |
| Other employee salaries and wages | $275,417 |
| Pension plans, employee benefits | $89,947 |
| Interest | $0 |
| Taxes | $991,393 |
| Depreciation | $79,405 |
| Occupancy | $29,013 |
| Travel, conferences, and meetings | $24,265 |
| Printing and publications | $0 |
| Other expenses | $135,369 |
| Total operating and administrative expenses | $2,953,710 |
| Contributions, gifts, grants paid | $11,425,996 |
| Total expenses and disbursements | $14,379,706 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $502,918 |
| Savings and temporary cash investments | $7,190,250 |
| Net Accounts receivable | $94,278 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $19,400 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $1,969,533 |
| Other assets | $306,582 |
| Total assets | $297,494,035 |
| Accounts payable and accrued expenses | $246,826 |
| Grants payable | $185,000 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $1,438,362 |
| Total liabilities | $1,870,188 |
Grants Awarded
Over the last fiscal year, Cannon Foundation Inc has awarded $12,125,996 in support to 206 organizations.
| Grant Recipient | Amount |
|---|---|
THE SALVATION ARMY PURPOSE: CONCORD - CENTER OF HOPE SHELTER CONSTRUCTION | $250,000 |
Sanford, NC PURPOSE: TRANSPORTATION REGIONAL CAREER KICKSTART (TRUCK) | $250,000 |
THREE RIVERS LAND TRUST INC PURPOSE: TUCKERTOWN CONSERVATION PROJECT | $200,000 |
Concord, NC PURPOSE: CAPITAL CAMPAIGN | $200,000 |
PEACEHAVEN COMMUNITY FARM PURPOSE: THE COMMUNITY CENTER AT PEACEHAVEN FARM | $200,000 |
Winstonsalem, NC PURPOSE: TECHNOLOGY INFRASTRUCTURE UPGRADE | $200,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Cannon Foundation Inc has recieved totaling $798.
| Awarding Organization | Amount |
|---|---|
Laraine Cohen Levy Fam Foundation Tr Weston, MA PURPOSE: PUBLIC SUPPORT | $798 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Claws Foundation Reston, VA | $37,055,234 | $1,734,426 |
Dogwood Health Trust Asheville, NC | $1,386,374,836 | $630,200,598 |
Jack Kent Cooke Foundation Lansdowne, VA | $883,502,508 | $42,942,790 |
O Wayne Rollins Foundation Atlanta, GA | $468,654,801 | $21,609,282 |
Goizueta Foundation Inc Atlanta, GA | $444,757,286 | $34,966,270 |
The Leon Levine Foundation Charlotte, NC | $654,368,860 | $94,686,429 |
Maclellan Foundation Inc Chattanooga, TN | $225,301,353 | $34,552,415 |
We Are Sharing Hope Sc Charleston, SC | $50,025,063 | $34,221,211 |
The Frist Foundation Nashville, TN | $198,128,014 | $36,312,656 |
Danville Regional Foundation Danville, VA | $280,479,931 | $21,605,962 |
The Duke Energy Foundation Charlotte, NC | $4,461,931 | $408,995 |
Smith Richardson Foundation Inc Greensboro, NC | $606,694,904 | $88,589,213 |