Charles A Cannon Charitable Trust No 3
- Assets
- $26.8m
- Revenue
- $1.8m
- Investments
- $26.7m
- Employees
- 0
- Location
- Concord, NC
- Founding
- 05/1979
- Data as of
- 12/2023
- EIN
- 58-1360259
Organization Overview
Charles A Cannon Charitable Trust No 3 is located in Concord, NC. The organization was established in 1979. According to its NTEE Classification (T90) the organization is classified as: Named Trusts N.E.C., 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. Charles A Cannon Charitable Trust No 3 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 12/2023, Charles A Cannon Charitable Trust No 3 generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.3% each year . All expenses for the organization totaled $1.4m during the year ending 12/2023. While expenses have increased by 6.4% per year over the past 7 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 2015, Charles A Cannon Charitable Trust No 3 has awarded 30 individual grants totaling $5,732,312. 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 Trustee, President | 3 | $16,731 | |
Edwin S Outen Trustee, Vice-President | 3 | $16,731 | |
Joseph C Hunter Trustee, Secretary | 3 | $16,731 | |
Britt Leatherman Trustee | 1 | $15,471 | |
Pinnacle Financial Partners Trustee | 1 | $14,798 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $347,126 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,498,257 |
| Capital Gain Net Income | $1,498,257 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,845,383 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $80,462 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $58,043 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $21,947 |
| Total operating and administrative expenses | $264,272 |
| Contributions, gifts, grants paid | $1,129,785 |
| Total expenses and disbursements | $1,394,057 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1 |
| Savings and temporary cash investments | $117,729 |
| Net Accounts receivable | $0 |
| 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 | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $26,841,211 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Charles A Cannon Charitable Trust No 3 has awarded $1,129,785 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
CONVERSE UNIVERSITY PURPOSE: PHIFER SCIENCE HALL CAPITAL PROJECT (PHASE I) | $280,285 |
DAVIDSON COLLEGE PURPOSE: CAREER PATHWAY PROGRAMS | $220,000 |
QUEENS UNIVERSITY OF CHARLOTTE PURPOSE: MARIAM CANNON HAYES EDUCATIONAL ENDOWMENT | $100,000 |
LEES-MCRAE COLLEGE PURPOSE: HISTORIC COMMONS RENOVATIOON PROJECT | $77,500 |
DUKE UNIVERSITY PURPOSE: REQUIRED 40% DISTRIBUTION | $452,000 |