Form990-PF
Click to see attachment
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Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 04-01-2021 , and ending 03-31-2022
Name of foundation
CHARLES A CANNON CHARITABLE TRUST NO 1
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 548
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CONCORD, NC28026
A Employer identification number

56-6132354
B Telephone number (see instructions)

(704) 786-8216
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$377,910,262J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 4,571,122 4,532,284  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 4,981,416
b Gross sales price for all assets on line 6a 29,623,020
7 Capital gain net income (from Part IV, line 2)... 4,981,416
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 9,552,538 9,513,700  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 962,984 69,350   893,634
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 39,605 0   39,605
b Accounting fees (attach schedule)....... Click to see attachment 2,200 1,100   1,100
c Other professional fees (attach schedule).... Click to see attachment 1,128,991 1,128,991   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 80,727 18,445   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 291,469 0   291,469
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 2,505,976 1,217,886   1,225,808
25 Contributions, gifts, grants paid....... 13,613,615 13,670,615
26 Total expenses and disbursements. Add lines 24 and 25 16,119,591 1,217,886   14,896,423
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -6,567,053
b Net investment income (if negative, enter -0-) 8,295,814
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2021)
Form 990-PF (2021)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 6,882,827 4,295,544 4,295,544
2 Savings and temporary cash investments.........      
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 10,897,600 Click to see attachment14,483,203 14,553,898
b Investments—corporate stock (attach schedule)....... 105,821,997 Click to see attachment100,763,821 346,697,497
c Investments—corporate bonds (attach schedule)....... 13,648,519 Click to see attachment11,597,284 11,074,155
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 2,423,497 Click to see attachment1,289,168 1,289,168
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 139,674,440 132,429,020 377,910,262
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 139,674,440 132,429,020
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 0 0
29 Total net assets or fund balances (see instructions)..... 139,674,440 132,429,020
30 Total liabilities and net assets/fund balances (see instructions). 139,674,440 132,429,020
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
139,674,440
2
Enter amount from Part I, line 27a .....................
2
-6,567,053
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
133,107,387
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
678,367
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
132,429,020
Form 990-PF (2021)
Form 990-PF (2021)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a PORTFOLIO      
b
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 29,623,020   24,641,604 4,981,416
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       4,981,416
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 4,981,416
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 instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Form 990-PF (2021)
Form 990-PF (2021)
Page 4
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 115,312
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 115,312
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 62,282
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 62,282
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 53,030
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet   RefundedBullet 11  
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation 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
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletNC
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletCANNONFOUNDATION.ORG/CANNON-CHARITABLE-TRUSTS/
    14
    The books are in care ofbulletTHE ORGANIZATION Telephone no.bullet (704) 786-8216

    Located atbullet52 SPRING STREET NWCONCORDNC ZIP+4bullet28025
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
    Yes
     
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
    Yes
     
    (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)? ......................
    1a(5)
     
    No
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.) ...............
    1a(6)
     
    No
    b
    If any answer is "Yes" to 1a(1)–(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 instructions ..........
    1b
     
    No
    c
    ........bullet
    d
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
     
    No
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation 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 the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
     
    No
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
    5b
     
     
    c
    .........bullet
    d
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant? .................
    5d
     
     
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract? .............................
    6a
     
    No
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    7a
     
    No
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .........................
    8
     
    No
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    WILLIAM C CANNON JR TRUSTEE/PRESIDENT
    3.00     		231,167 0 0
    PO BOX 548
    CONCORD,NC28026
    EDWIN S OUTEN TRUSTEE/VICE-PRESIDENT
    3.00     		231,167 0 0
    PO BOX 548
    CONCORD,NC28026
    JOSEPH C HUNTER TRUSTEE/SECRETARY
    3.00     		231,167 0 0
    PO BOX 548
    CONCORD,NC28026
    PINNACLE FINANCIAL PARTNERS TRUSTEE (CAME ON JULY 2021)
    1.00     		49,861 0 0
    PO BOX 548
    CONCORD,NC28026
    WELLS FARGO TRUSTEE (RETIRED JULY 2021)
    1.00     		219,622 0 0
    PO BOX 548
    CONCORD,NC28026
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    PINNACLE FINANCIAL PARTNERS INVESTMENT MGMT 863,351
    5980 FAIRVIEW RD
    CHARLOTTE,NC28210
    WELLS FARGO BANK NA INVESTMENT MGMT 231,373
    1525 W WT HARRIS BLVD STE D114-044
    CHARLOTTE,NC28262
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part VIII-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part VIII-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    367,599,251
    b
    Average of monthly cash balances.......................
    1b
    5,625,201
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    373,224,452
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    373,224,452
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    5,598,367
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    367,626,085
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    18,381,304
    Part X
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part IX, line 6..................
    1
    18,381,304
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    115,312
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    115,312
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    18,265,992
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    57,000
    5
    Add lines 3 and 4............................
    5
    18,322,992
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
    7
    18,322,992
    Part XI
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
     
    b
    Program-related investments—total from Part VIII-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.
    4
     
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 9
    Part XII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2020     		(c)
    2020     		(d)
    2021
    1 Distributable amount for 2021 from Part X, line 7 18,322,992
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 13,609,615
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2021:
    a From 2016......  
    b From 2017......  
    c From 2018......  
    d From 2019......  
    e From 2020......  
    f Total of lines 3a through e ........ 0
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 14,896,423
    a Applied to 2020, but not more than line 2a 13,609,615
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2021 distributable amount..... 1,286,808
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2021. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		17,036,184
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2016 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2017....  
    b Excess from 2018....  
    c Excess from 2019....  
    d Excess from 2020....  
    e Excess from 2021....  
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 10
    Part XIII
    Private Operating Foundations (see instructions and Part VI-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2021, enter the date of the ruling ....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2021 (b) 2020 (c) 2019 (d) 2018
             
    b 85% (0.85) of line 2a .........          
    c Qualifying distributions from Part XI,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part IX, line 6 for each year listed ..     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XIV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% 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).)
    bList 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.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 11
    Part XIV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    ALAMANCE COMMUNITY COLLEGE FOUNDATION INC
    PO BOX 8000
    GRAHAM,NC27253     		NONE PC TRAINING EQUIPMENT FOR JOBS IN BIOTECHNOLOGY 100,000
    ALL SAINTS EPISCOPAL CHURCH
    525 LAKE CONCORD RD NE
    CONCORD,NC28025     		NONE PC TRUSTEE DISCRETIONARY - SPECIAL PROJECTS 5,000
    ALL SAINTS EPISCOPAL CHURCH
    525 LAKE CONCORD RD NE
    CONCORD,NC28025     		NONE PC TRUSTEE DISCRETIONARY - SPECIAL PROJECTS 5,000
    ALL SAINTS EPISCOPAL CHURCH
    525 LAKE CONCORD RD NE
    CONCORD,NC28025     		NONE PC RESURFACE PARKING AREAS 40,000
    ALLISON CREEK PRESBYTERIAN CHURCH
    5780 ALLISON CREEK ROAD
    YORK,SC29745     		NONE PC PHASE 2: SECURITY DOORS AND SYSTEM 27,000
    APPALACHIAN REGIONAL HEALTHCARE SYSTEM INC
    POST OFFICE BOX 2600
    BOONE,NC28607     		NONE PC RE-IMAGINED ARHS PAUL H. BROYHILL WELLNESS CENTER 250,000
    BENNETTSVILLE AME ZION CHURCH
    457 CARVER STREET
    NORWOOD,NC28128     		NONE PC ROOF REPLACEMENT AND DAMAGE REPAIR 85,000
    BETHLEHEM BAPTIST CHURCH OF CONCORD INC
    42 LISKE AVENUE
    CONCORD,NC28027     		NONE PC REPAIR WALL FELLOWSHIP BUILDING BASEMENT 23,000
    BETHPAGE UNITED PRESBYTERIAN CHURCH
    8701 MOORESVILLE ROAD
    CONCORD,NC28027     		NONE PC RENOVATION 45,000
    BETHPAGE UNITED PRESBYTERIAN CHURCH
    8701 MOORESVILLE ROAD
    CONCORD,NC28027     		NONE PC RENOVATION 110,000
    BLACKWELDER PARK BAPTIST CHURCH
    2204 SUMMIT AVE
    KANNAPOLIS,NC28081     		NONE PC ROOF REPLACEMENT & TREE REMOVAL 17,000
    BLESSED SACRAMENT CATHOLIC CHURCH
    408 W DAVIS ST
    BURLINGTON,NC27215     		NONE PC SOLAR POWER 50,000
    BOGERS CHAPEL UNITED METHODIST CHURCH
    1775 FLOWES STRORE RD EAST
    CONCORD,NC28025     		NONE PC RENOVATIONS: ROOFING, CEILING REPAIR, FLOORING & PAINTING 33,000
    BOYS AND GIRLS CLUB OF CABARRUS COUNTY INC
    POST OFFICE BOX 1405
    CONCORD,NC28026     		NONE PC OPERATIONAL, FACILITY, TRANSPORTATION SUPPORT AND BUS PURCHASES 350,000
    BREVARD COLLEGE CORPORATION
    1 BREVARD COLLEGE DR
    BREVARD,NC28712     		NONE PC SCHOLARSHIP IN HONOR OF DR. DAVID JOYCE AND MRS. LYNNE JOYCE 50,000
    BREVARD COLLEGE CORPORATION
    1 BREVARD COLLEGE DR
    BREVARD,NC28712     		NONE PC DUNHAM HALL & ALUMNI HOUSE 150,000
    BREVARD COLLEGE CORPORATION
    1 BREVARD COLLEGE DR
    BREVARD,NC28712     		NONE PC IMPROVING THE CAMPUS LIVING-LEARNING ENVIRONMENT 200,000
    BREVARD COLLEGE CORPORATION
    1 BREVARD COLLEGE DR
    BREVARD,NC28712     		NONE PC IMPROVING THE CAMPUS LIVING-LEARNING ENVIRONMENT 200,000
    CABARRUS COUNTY - LIBRARY
    27 UNION STREET NORTH
    CONCORD,NC28025     		NONE PC LIBRARY SYSTEM ENHANCEMENT PROJECTS 250,000
    CALVARY BAPTIST CHURCH
    703 BUICK AVE
    KANNAPOLIS,NC28083     		NONE PC WINDOW REPLACEMENT IN SANCTUARY 28,860
    CAROLINAS MEDICAL CENTER-NORTHEAST
    920 CHURCH STREET NORTH
    CONCORD,NC28025     		NONE PC FAITH COMMUNITY NURSES 255,643
    CAROLINAS MEDICAL CENTER-NORTHEAST
    920 CHURCH STREET NORTH
    CONCORD,NC28025     		NONE PC REQUIRED 40% DISTRIBUTION 5,445,000
    CATAWBA COLLEGE
    2300 WEST INNES STREET
    SALISBURY,NC28144     		NONE PC IT A/V & FIBER NETWORK UPGRADES 100,000
    CATAWBA COLLEGE
    2300 WEST INNES STREET
    SALISBURY,NC28144     		NONE PC IT A/V & FIBER NETWORK UPGRADES 200,000
    CENTRAL BAPTIST CHURCH
    POST OFFICE BOX 689
    YORK,SC29745     		NONE PC PARKING LOT REPAVEMENT & PAD ADDITION 40,000
    CHARITY BAPTIST CHURCH
    2420 BRANTLEY RD
    KANNAPOLIS,NC28083     		NONE PC HVAC REPLACEMENTS 10,000
    CHURCH OF GOD CHILDREN'S HOME OF NORTH CAROLINA INC
    3485 ORPHANAGE CIRCLE
    CONCORD,NC28027     		NONE PC UTILITY TERRAIN VEHICLE & ADDITIONAL LAWN MOWER 36,000
    CROSSPOINTE BAPTIST CHURCH
    1175 CROSSPOINTE DRIVE
    CONCORD,NC28025     		NONE PC HVAC REPLACEMENT & CAMERA SYSTEM 30,000
    EAST PICKENS BAPTIST CHURCH
    2244 GENTRY MEMORIAL HWY
    PICKENS,SC296710454     		NONE PC HVAC REPAIR & REPLACEMENT 60,000
    EPISCOPAL CHURCH OF OUR SAVIOUR
    144 CALDWELL ST
    ROCK HILL,SC29730     		NONE PC ROOF REPLACEMENT REIMBURSEMENT 35,000
    FIRST BAPTIST CHURCH
    586 VINCENT STREET
    NORWOOD,NC28128     		NONE PC ENGINEERING EXPENSE 2,000
    FIRST BAPTIST CHURCH OF YORK
    POST OFFICE BOX 236
    YORK,SC29745     		NONE PC HANDICAP RAMP 50,000
    FIRST CHURCH OF GOD
    PO BOX 2027
    CONCORD,NC28026     		NONE PC WINDOWS REPLACEMENT & SPECIAL ENGINEER/ARCHITECT STUDY 30,000
    FIRST MISSIONARY BAPTIST CHURCH
    POST OFFICE BOX 1322
    CONCORD,NC28026     		NONE PC 2021 EGGS SUMMER ENRICHMENT PROGRAM 20,000
    FIRST PRESBYTERIAN CHURCH
    PO BOX 789
    CONCORD,NC28026     		NONE PC RESERVE REPLENISHMENT FOR BOILER PROJECT 50,000
    FIRST PRESBYTERIAN CHURCH
    PO BOX 789
    CONCORD,NC28026     		NONE PC RESTORATION OF MEMORIAL GARDEN: THE SITE OF THE CHURCH'S ORIGINAL SANCTUARY 100,000
    FIRST PRESBYTERIAN CHURCH OF BURLINGTON NORTH CAROLINA INC
    508 WEST DAVIS STREET
    BURLINGTON,NC27215     		NONE PC EXPANSION OF COMMUNITY OUTREACH CENTER FOR MOW GROWTH 50,000
    FIRST UNITED METHODIST CHURCH CHINA GROVE
    110 W CHURCH ST
    CHINA GROVE,NC28023     		NONE PC SANCTUARY ACOUSTIC RENOVATION 28,000
    FOREST HILL UNITED METHODIST CHURCH
    265 UNION ST N
    CONCORD,NC28025     		NONE PC REPAIR AND RESTORATION OF MINISTRY CENTER 22,000
    FOREST HILL UNITED METHODIST CHURCH
    265 UNION ST N
    CONCORD,NC28025     		NONE PC REPAIR AND RESTORATION OF MAIN & HISTORIC SANCTUARIES 26,000
    FOUNDATION OF THE CALDWELL COMMUNITY COLLEGE AND TECHNICAL INSTITUTE
    PO BOX 600
    LENOIR,NC28645     		NONE PC ORGANIC/BIOCHEM/QC PHARMA LAB #2 100,000
    FRANKLIN HEIGHTS BAPTIST CHURCH
    2000 LANE ST KANNAPOLIS
    KANNAPOLIS,NC28083     		NONE PC WINDOW REPLACEMENT: FELLOWSHIP HALL & SANCTUARY 35,000
    FRIENDSHIP UMC
    1200 NEELY STORE
    ROCK HILL,SC29730     		NONE PC ADA RESTROOMS & GATHERING AREA RENOVATION 35,000
    GETHSEMANE MISSIONARY BAPTIST CHURCH
    719 S CALDWELL STREET
    SALISBURY,NC28144     		NONE PC ADDITIONAL AFTER-SCHOOL/SUMMER PROGRAM GRANT 25,000
    GETHSEMANE MISSIONARY BAPTIST CHURCH
    719 S CALDWELL STREET
    SALISBURY,NC28144     		NONE PC AFTER-SCHOOL/SUMMER PROGRAM & RENOVATIONS 55,000
    GLORIETA BAPTIST CHURCH
    4912 HWY 73 EAST
    CONCORD,NC28025     		NONE PC PARKING LOT REPLACEMENT 50,000
    HOLLY SPRINGS BAPTIST CHURCH
    3450 TABLE ROCK ROAD
    PICKENS,SC29671     		NONE PC RESTORATION OF IRON RAILING AND AWNINGS & UPGRADE A/V SYSTEM IN SANCTUARY 20,000
    HOPE CHAPEL
    PO BOX 3374
    CONCORD,NC28025     		NONE PC ROOF, WINDOWS, DOORS AND EXTERIOR WALLS 50,000
    HOPE CHAPEL
    PO BOX 3374
    CONCORD,NC28025     		NONE PC ROOF, WINDOWS, DOORS AND EXTERIOR WALLS 150,000
    KIMBALL MEMORIAL EVANGELICAL LUTHERAN CHURCH
    101 VANCE STREET
    KANNAPOLIS,NC28081     		NONE PC DEBT REDUCTION 65,000
    KINZA MEMORIAL BAPTIST CHURCH INCORPORATED
    4311 LOVE MILL ROAD
    STANFIELD,NC28163     		NONE PC CRITICAL REPAIRS/MAINTENANCE & A/V UPGRADES 30,000
    LAKEWOOD BAPTIST CHURCH
    806 KLUTTZ STREET
    KANNAPOLIS,NC28081     		NONE PC CHURCH DRAINAGE REPAIRS 54,000
    LEES-MCRAE COLLEGE INCORPORATED
    POST OFFICE BOX 128
    BANNER ELK,NC286040128     		NONE PC STAFF DISCRETIONARY - GENERAL PURPOSES 5,000
    LEES-MCRAE COLLEGE INCORPORATED
    POST OFFICE BOX 128
    BANNER ELK,NC286040128     		NONE PC TRUSTEE DISCRETIONARY - UNRESTRICTED 5,000
    LEES-MCRAE COLLEGE INCORPORATED
    POST OFFICE BOX 128
    BANNER ELK,NC286040128     		NONE PC INFRASTRUCTURE ENHANCEMENTS 200,000
    LEES-MCRAE COLLEGE INCORPORATED
    POST OFFICE BOX 128
    BANNER ELK,NC286040128     		NONE PC INFRASTRUCTURE ENHANCEMENTS 201,000
    LENOIR-RHYNE UNIVERSITY
    BOX 7546
    HICKORY,NC28603     		NONE PC TRUSTEE DISCRETIONARY - UNRESTRICTED 5,000
    LENOIR-RHYNE UNIVERSITY
    4201 N MAIN STREET
    COLUMBIA,SC29203     		NONE PC LTSS HVAC PROJECTS 50,000
    LENOIR-RHYNE UNIVERSITY
    BOX 7546
    HICKORY,NC28603     		NONE PC HVAC IN PE MONROE AUDITORIUM 150,000
    LENOIR-RHYNE UNIVERSITY
    BOX 7546
    HICKORY,NC28603     		NONE PC HVAC IN PE MONROE AUDITORIUM 300,000
    LIVINGSTONE COLLEGE
    701 WEST MONROE STREET
    SALISBURY,NC28144     		NONE PC UNRESTRICTED SUPPORT 100,000
    LIVINGSTONE COLLEGE
    701 WEST MONROE STREET
    SALISBURY,NC28144     		NONE PC DUNCAN SCIENCE BUILDING 150,000
    LIVINGSTONE COLLEGE
    701 WEST MONROE STREET
    SALISBURY,NC28144     		NONE PC DUNCAN SCIENCE BUILDING 200,000
    MAYLAND COMMUNITY COLLEGE FOUNDATION
    PO BOX 547
    SPRUCE PINE,NC28777     		NONE PC COMPLETION OF BLUE RIDGE BOUTIQUE HOTEL 100,000
    MULTIPLY CHURCH GLOBAL
    150 WARREN C COLEMAN BLVD NE
    CONCORD,NC28027     		NONE PC PHASE 2-5 CABARRUS DREAM CENTER 25,000
    NEW BIRTH BAPTIST CHURCH-ALAMANCE
    PO BOX 2625
    BURLINGTON,NC27216     		NONE PC TECHNOLOGY FOR OUTREACH CENTER 25,000
    NEW LIFE FELLOWSHIP CHURCH INC
    1337 SAMUEL ST
    CHARLOTTE,NC28206     		NONE PC PHASE 2: PARKING LOT 25,000
    NORTH KANNAPOLIS BAPTIST CHURCH
    312 LOCUST STREET
    KANNAPOLIS,NC28081     		NONE PC A/V EQUIPMENT 35,000
    PARKWOOD BAPTIST CHURCH
    1069 CENTRAL DRIVE NORTHWEST
    CONCORD,NC28027     		NONE PC STAFF DISCRETIONARY - SERVER REPLACEMENT 5,000
    PARKWOOD BAPTIST CHURCH
    1069 CENTRAL DRIVE NORTHWEST
    CONCORD,NC28027     		NONE PC STAFF DISCRETIONARY - WI-FI INFRASTRUCTURE 5,000
    PARKWOOD BAPTIST CHURCH
    1069 CENTRAL DRIVE NORTHWEST
    CONCORD,NC28027     		NONE PC RE-ROOFING & STEEPLE RESTORATION 25,000
    PFEIFFER UNIVERSITY
    POST OFFICE BOX 960
    MISENHEIMER,NC28109     		NONE PC TRUSTEE DISCRETIONARY - UNRESTRICTED 10,000
    PFEIFFER UNIVERSITY
    POST OFFICE BOX 960
    MISENHEIMER,NC28109     		NONE PC CAPITAL IMPROVEMENTS AND MARKETING CAMPAIGN SUPPORT 200,000
    PFEIFFER UNIVERSITY
    POST OFFICE BOX 960
    MISENHEIMER,NC28109     		NONE PC CAPITAL IMPROVEMENTS AND MARKETING CAMPAIGN SUPPORT 200,000
    PFEIFFER UNIVERSITY
    POST OFFICE BOX 960
    MISENHEIMER,NC28109     		NONE PC UNRESTRICTED SUPPORT 200,000
    REVOLUTION CHURCH OF NC INC
    310 BROOKDALE ST
    KANNAPOLIS,NC280832786     		NONE PC HVAC REPLACEMENT & ROOF REPAIR 10,000
    ROCK GROVE A M E ZION CHURCH
    1460 MARGARET ST
    ROCK HILL,SC29730     		NONE PC DEBT REDUCTION 30,000
    ROCK HILL AME ZION CHURCH
    3620 ROCK HILL CHURCH RD NW
    CONCORD,NC28027     		NONE PC TRUSTEE DISCRETIONARY - HVAC REPLACEMENT 10,000
    ROCK HILL AME ZION CHURCH
    3620 ROCK HILL CHURCH RD NW
    CONCORD,NC28027     		NONE PC HVAC REPLACEMENT & ROOF REPAIR 20,000
    ROWAN REGIONAL MEDICAL CENTER FOUNDATION INC
    130 MOCKSVILLE AVENUE
    SALISBURY,NC28144     		NONE PC MORGUE EXPANSION 150,000
    ROWAN REGIONAL MEDICAL CENTER FOUNDATION INC
    130 MOCKSVILLE AVENUE
    SALISBURY,NC28144     		NONE PC CAFE RENOVATIONS 200,000
    ROWAN-CABARRUS COMMUNITY COLLEGE FOUNDATION INC
    PO BOX 1595
    SALISBURY,NC28145     		NONE PC AUDITORIUM RENOVATION 200,000
    SECOND PRESBYTERIAN CHURCH
    1578 DALE EARNHARDT BOULEVARD
    KANNAPOLIS,NC28083     		NONE PC HVAC REPLACEMENT, WI-FI, AND SIGN REPAIR 20,000
    SECOND PRESBYTERIAN CHURCH
    1578 DALE EARNHARDT BOULEVARD
    KANNAPOLIS,NC28083     		NONE PC HVAC REPLACEMENT: 1ST FLOOR OF EDUCATION BUILDING 25,000
    SHILOH BAPTIST CHURCH
    255 LOGAN AVE SW
    CONCORD,NC28025     		NONE PC ENGINEERING STUDY/DRAWINGS & INVOICE FOR CARLOS MOORE ARCHITECT, PA 16,112
    SHILOH BAPTIST CHURCH
    255 LOGAN AVE SW
    CONCORD,NC28025     		NONE PC ENGINEERING STUDY/DRAWINGS & INVOICE FOR CARLOS MOORE ARCHITECT, PA 20,000
    SOLDIERS MEMORIAL AME ZION CHURCH
    306 N CHURCH STREET
    SALISBURY,NC28144     		NONE PC ADDITIONAL GRANT FOR GLEN MANSE PROJECT 25,000
    SOLDIERS MEMORIAL AME ZION CHURCH
    306 N CHURCH STREET
    SALISBURY,NC28144     		NONE PC RENOVATIONS TO THE GLEN MANSE 80,000
    SOUTHEASTERN BAPTIST THEOLOGICAL SEMINARY
    POST OFFICE BOX 1889
    WAKE FOREST,NC27588     		NONE PC BINKLEY CHAPEL INTERIOR RENOVATION 25,000
    SOUTHSIDE BAPTIST CHURCH-CONCORD
    561 UNION CEMETERY RD SW
    CONCORD,NC28027     		NONE PC EDUCATIONAL WING RENOVATIONS: WINDOWS 24,000
    ST JAMES EVANGELICAL LUTHERAN CHURCH
    POST OFFICE BOX 684
    CONCORD,NC28026     		NONE PC ROOF REPLACEMENT 40,000
    ST MATTHEW AME ZION CHURCH
    539 LIGE ST
    ROCK HILL,SC29730     		NONE PC ROOF REPLACEMENT 37,000
    ST MATTHEW AME ZION CHURCH
    539 LIGE ST
    ROCK HILL,SC29730     		NONE PC ROOF REPLACEMENT 40,000
    STANLY COMMUNITY COLLEGE FOUNDATION INC
    141 COLLEGE DRIVE
    ALBEMARLE,NC280017458     		NONE PC STAFF DISCRETIONARY - UNRESTRICTED 5,000
    STANLY COMMUNITY COLLEGE FOUNDATION INC
    141 COLLEGE DRIVE
    ALBEMARLE,NC280017458     		NONE PC CATERPILLAR 953 TRACK LOADER AND PERSONAL SAFETY/TRAINING EQUIPMENT 270,000
    TRI-COUNTY TECHNICAL COLLEGE FOUNDATION INC
    POST OFFICE BOX 587
    PENDLETON,SC29670     		NONE PC OCONEE HALL RENOVATION 110,000
    TRINITY CHURCH OF THE NAZARENE
    436 TAYLORS CREEK RD
    ROCK HILL,SC29730     		NONE PC DEBT REDUCTION 25,000
    TRINITY UNITED PRESBYTERIAN CHURCH OF SALISBURY NC
    POST OFFICE BOX 1046
    SALISBURY,NC28145     		NONE PC HVAC REPLACEMENTS & AIR FILTRATION 50,000
    TRYON PALACE FOUNDATION INC
    POST OFFICE BOX 1007
    NEW BERN,NC28563     		NONE PC OPERATING SUPPORT 50,000
    WEST END BAPTIST CHURCH
    PO BOX 36038
    ROCK HILL,SC29732     		NONE PC HVAC REPLACEMENT & DOOR REPLACEMENT 50,000
    WEST POINT BAPTIST CHURCH
    1100 PINE STREET
    KANNAPOLIS,NC28081     		NONE PC STEEPLE REPAIRS & PARKING LOT 13,000
    WHITE HILL AME ZION CHURCH
    PO BOX 1094
    YORK,SC29745     		NONE PC CARPET REPLACEMENT 12,000
    WINGATE UNIVERSITY
    102 W WILSON ST
    WINGATE,NC28174     		NONE PC STAFF DISCRETIONARY - RON & POLLY BOSTIC MUSIC SCHOLARSHIP FUND 5,000
    WINGATE UNIVERSITY
    102 W WILSON ST
    WINGATE,NC28174     		NONE PC MCGEE SCHOLARSHIP IN MEMORY OF MR. FRANK DAVIS 50,000
    WINGATE UNIVERSITY
    102 W WILSON ST
    WINGATE,NC28174     		NONE PC CAMPAIGN UNRESTRICTED SUPPORT 200,000
    WINGATE UNIVERSITY
    102 W WILSON ST
    WINGATE,NC28174     		NONE PC CAMPAIGN UNRESTRICTED SUPPORT 300,000
    YORK TECHNICAL COLLEGE FOUNDATION INC
    452 S ANDERSON ROAD
    ROCK HILL,SC29730     		NONE PC HVAC ACCESS PANELS 60,000
    Total .................................bullet 3a 13,670,615
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 4,981,416  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 4,571,122 4,981,416 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    9,552,538
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below?
    See instructions.
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2021)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2021 AccountingFeesSchedule
    Name:
    CHARLES A CANNON CHARITABLE TRUST NO 1
    EIN:
    56-6132354
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING 2,200 1,100   1,100

    TY 2021 GeneralExplanationAttachment
    Name:
    CHARLES A CANNON CHARITABLE TRUST NO 1
    EIN:
    56-6132354
    Identifier Return Reference Explanation
    DIFFERENCES: FORM 990-PF, PART I: PART I, COLUMN (B) NET INVESTMENT INCOME INCULDES K-1 PASS-THRU INCOME/(EXPENSE) VERSUS COLUMN (A) BOOK.PART I, COLUMN (A) BOOK INCLUDES GRANT RECOVERIES VERSUS COLUMN (D) CHARITABLE DISTRIBUTIONS.

    TY 2021 InvestmentsCorpBondsSchedule
    Name:
    CHARLES A CANNON CHARITABLE TRUST NO 1
    EIN:
    56-6132354
    Name of Bond End of Year Book Value End of Year Fair Market Value
    CORPORATE BONDS 10,765,552 10,369,429
    CMO & ASSET BACKED SECURITIES 831,732 704,726

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    CHARLES A CANNON CHARITABLE TRUST NO 1
    EIN:
    56-6132354
    Name of Stock End of Year Book Value End of Year Fair Market Value
    EQUITIES & ADRS 91,672,709 325,915,529
    EQUITY MUTUAL FUNDS 7,796,028 10,733,168
    REIT FUNDS 1,295,084 10,048,800

    TY 2021 InvestmentsGovtObligationsSch
    Name:
    CHARLES A CANNON CHARITABLE TRUST NO 1
    EIN:
    56-6132354
    US Government Securities - End of Year Book Value:

    13,363,203
    US Government Securities - End of Year Fair Market Value:

    13,457,906
    State & Local Government Securities - End of Year Book Value:


    1,120,000
    State & Local Government Securities - End of Year Fair Market Value:


    1,095,992


    TY 2021 InvestmentsOtherSchedule2
    Name:
    CHARLES A CANNON CHARITABLE TRUST NO 1
    EIN:
    56-6132354
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    ALTERNATIVE PARTNERSHIP INVESTMENTS AT COST 1,289,168 1,289,168

    TY 2021 LegalFeesSchedule
    Name:
    CHARLES A CANNON CHARITABLE TRUST NO 1
    EIN:
    56-6132354
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL 39,605 0   39,605


    TY 2021 OtherDecreasesSchedule
    Name:
    CHARLES A CANNON CHARITABLE TRUST NO 1
    EIN:
    56-6132354
    Description Amount
    OTHER COST BASIS CHANGES PER BROKERAGE CUSTODIAN 678,367


    TY 2021 OtherExpensesSchedule
    Name:
    CHARLES A CANNON CHARITABLE TRUST NO 1
    EIN:
    56-6132354
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MEMBERSHIPS 5,250 0   5,250
    SHARED SERVICES 286,119 0   286,119
    MISCELLANEOUS 100 0   100


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    CHARLES A CANNON CHARITABLE TRUST NO 1
    EIN:
    56-6132354
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT 1,127,123 1,127,123   0
    ADR FEES 1,868 1,868   0


    TY 2021 TaxesSchedule
    Name:
    CHARLES A CANNON CHARITABLE TRUST NO 1
    EIN:
    56-6132354
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    NET INVESTMENT EXCISE TAX 62,282 0   0
    FOREIGN TAX 18,445 18,445   0