Cannon Foundation Inc
- Assets
- $273.3m
- Revenue
- $9.1m
- Investments
- $266.2m
- Employees
- 0
- Location
- Concord, NC
- Founding
- 01/1948
- Data as of
- 09/2023
- 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 09/2023, Cannon Foundation Inc generated $9.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (12.8%) each year. All expenses for the organization totaled $13.7m during the year ending 09/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Cannon Foundation Inc has awarded 946 individual grants totaling $59,534,410. 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 |
|---|---|---|---|
William C Cannon Jr Director/president | 20 | $15,000 | |
Edward K Prewitt Jr Director/vice President | 5 | $15,000 | |
William M Connolly Director/treasurer | 5 | $15,000 | |
George W Liles Jr Director/secretary | 2 | $15,000 | |
Eugene W Cochrane Jr Director | 12 | $15,000 | |
Winslow H Galloway Director | 2 | $15,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mill Capital Management | 9/29/23 | $317,047 |
Bny Mellon Investments | 9/29/23 | $284,400 |
Silvercrest Asset Management Group | 9/29/23 | $277,730 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $4,582,675 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $4,503,193 |
| Capital Gain Net Income | $4,503,193 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $9,085,868 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $309,280 |
| Other employee salaries and wages | $260,407 |
| Pension plans, employee benefits | $109,432 |
| Interest | $0 |
| Taxes | $560,140 |
| Depreciation | $80,046 |
| Occupancy | $32,371 |
| Travel, conferences, and meetings | $75,348 |
| Printing and publications | $0 |
| Other expenses | $166,155 |
| Total operating and administrative expenses | $2,606,227 |
| Contributions, gifts, grants paid | $11,077,001 |
| Total expenses and disbursements | $13,683,228 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $917,624 |
| Savings and temporary cash investments | $3,619,602 |
| Net Accounts receivable | $154,323 |
| 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 | $29,367 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $1,905,811 |
| Other assets | $382,693 |
| Total assets | $273,257,280 |
| Accounts payable and accrued expenses | $149,461 |
| Grants payable | $143,756 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $1,018,792 |
| Total liabilities | $1,312,009 |
Grants Awarded
Over the last fiscal year, Cannon Foundation Inc has awarded $11,483,245 in support to 189 organizations.
| Grant Recipient | Amount |
|---|---|
ALL SOULS COUNSELING CENTER PURPOSE: VITAL RENOVATIONS AND IMPROVEMENTS TO ALL SOULS COUNSELING CENTER'S BUILDING | $15,000 |
A STOREHOUSE FOR JESUS PURPOSE: CONSTRUCTION OF A CLIMATE CONTROLLED AREA WITHIN OUR WAREHOUSE | $54,000 |
ALLEN VOLUNTEER FIRE DEPARTMENT INCORPORATED PURPOSE: EQUIPPING NEW FIRE APPARATUS WITH ALL NEEDED EQUIPMENT | $25,000 |
ANSON COUNTY HOMES OF HOPE PURPOSE: HOPE VIEW APARTMENTS & COMMUNITY CENTER | $125,000 |
APPALACHIAN MOUNTAIN COMMUNITY HEALTH CENTERS PURPOSE: AMCHC CHEROKEE COUNTY ORAL HEALTH PROJECT | $50,000 |
ASSOCIATION FOR THE TEACHING OF BIBLE IN KANNAPOLIS PUBLIC SCHOOLS PURPOSE: SUPPORT FOR KANNAPOLIS CITY BIBLE TEACHERS | $15,000 |