Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
For calendar year 2023, or tax year beginning 04-01-2023 , and ending 03-31-2024
Name of foundation
CHARLES A CANNON 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 right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$393,117,716J 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 right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 4,550,418 4,548,536  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 15,449,212
b Gross sales price for all assets on line 6a 51,923,313
7 Capital gain net income (from Part IV, line 2)... 15,449,212
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........ 19,999,630 19,997,748  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,078,904 107,890   971,014
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
17,969 1,797   16,172
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
4,250 2,125   2,125
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
1,220,374 1,220,374   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
356,767 0   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
List of Attached Documents:
// Content
348,476 0   348,476
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 3,026,740 1,332,186   1,337,787
25 Contributions, gifts, grants paid....... 14,773,362 14,773,362
26 Total expenses and disbursements. Add lines 24 and 25 17,800,102 1,332,186   16,111,149
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 2,199,528
b Net investment income (if negative, enter -0-) 18,665,562
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2023)
Form 990-PF (2023)
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............. 1,266,229 2,705,003 2,705,003
2 Savings and temporary cash investments.........      
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
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) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 16,035,746 Click to see attachment
List of Attached Documents:
// Content
15,088,380 		14,609,743
b Investments—corporate stock (attach schedule)....... 111,021,449 Click to see attachment
List of Attached Documents:
// Content
111,387,855 		364,147,416
c Investments—corporate bonds (attach schedule)....... 10,896,958 Click to see attachment
List of Attached Documents:
// Content
12,433,955 		11,655,554
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 139,220,382 141,615,193 393,117,716
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 right arrow)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
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 right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 139,220,382 141,615,193
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)..... 139,220,382 141,615,193
30 Total liabilities and net assets/fund balances (see instructions). 139,220,382 141,615,193
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
139,220,382
2
Enter amount from Part I, line 27a .....................
2
2,199,528
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
195,283
4
Add lines 1, 2, and 3 ..........................
4
141,615,193
5
Decreases not included in line 2 (itemize) right arrow
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
141,615,193
Form 990-PF (2023)
Form 990-PF (2023)
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 PUBLICLY TRADED INVESTMENTS      
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 51,923,313   36,474,101 15,449,212
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       15,449,212
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 15,449,212
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  
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 right arrow 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) 1 259,451
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........................... 3 259,451
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- ..... 5 259,451
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 208,968
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.............. 7 208,968
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 140
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9 50,623
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10  
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow   Refundedright arrow 11  
Form 990-PF (2023)
Form 990-PF (2023)
Page 4
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. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 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:
round bullet By language in the governing instrument, or
round bullet 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)
right arrowNC
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 2023 or the taxable year beginning in 2023? 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
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 addressright arrowCANNONFOUNDATION.ORG/CANNON-CHARITABLE-TRUSTS/
14
The books are in care ofright arrowTHE ORGANIZATION Telephone no.right arrow (704) 786-8216

Located atright arrow52 SPRING STREET NWCONCORDNC ZIP+4right arrow28025
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, 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 right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
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
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
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 2023? .............
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 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 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.
right arrow20, 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 2023 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 2023.) .....................
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 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
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
Organizations relying on a current notice regarding disaster assistance check .........right arrow
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 		219,144 0 0
PO BOX 548
CONCORD,NC28026
EDWIN S OUTEN TRUSTEE/VICE-PRESIDENT
3.00 		219,144 0 0
PO BOX 548
CONCORD,NC28026
JOSEPH C HUNTER TRUSTEE/SECRETARY
3.00 		219,144 0 0
PO BOX 548
CONCORD,NC28026
BRITT LEATHERMAN TRUSTEE
1.00 		219,145 0 0
PO BOX 548
CONCORD,NC28026
PINNACLE FINANCIAL PARTNERS TRUSTEE
1.00 		202,327 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...................right arrow 0
Form 990-PF (2023)
Form 990-PF (2023)
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
MILL CAPITAL MANAGEMENT INVESTMENT ADVISORY & MANAGEMENT 1,143,392
845 CHURCH STREET
CONCORD,NC28025
INSIGHT NORTH AMERICA LLC (BNY MELLON) INVESTMENT ADVISORY SERVICES 76,982
PO BOX
CONCORDE,NC28026
Total number of others receiving over $50,000 for professional services.............right arrow0
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.........................right arrow0
Form 990-PF (2023)
Form 990-PF (2023)
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
353,801,272
b
Average of monthly cash balances.......................
1b
2,564,895
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
356,366,167
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
356,366,167
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
5,345,493
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
351,020,674
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
17,551,034
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
17,551,034
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
259,451
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
259,451
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
17,291,583
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
17,291,583
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
17,291,583
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
16,111,149
b
Program-related investments—total from Part VIII-B..................
1b
0
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
16,111,149
Form 990-PF (2023)
Form 990-PF (2023)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2022 		(c)
2022 		(d)
2023
1 Distributable amount for 2023 from Part X, line 7 17,291,583
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 14,404,070
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019......  
c From 2020......  
d From 2021......  
e From 2022......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 16,111,149
a Applied to 2022, but not more than line 2a 14,404,070
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 2023 distributable amount..... 1,707,079
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2023. 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 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		15,584,504
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 2018 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2019....  
b Excess from 2020....  
c Excess from 2021....  
d Excess from 2022....  
e Excess from 2023....  
Form 990-PF (2023)
Form 990-PF (2023)
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 2023, enter the date of the ruling ...... right arrow
 
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 IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
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 right arrow
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 (2023)
Form 990-PF (2023)
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 WELDING FILTRATION AND VENTILATION SYSTEM 280,000

ALBEMARLE FIRST ASSEMBLY

PO BOX 516
ALBEMARLE,NC28002 		NONE PC HVAC REPLACEMENT 50,000

ALL SAINTS EPISCOPAL CHURCH

525 LAKE CONCORD RD NE
CONCORD,NC28025 		NONE PC TRUSTEE DISCRETIONARY GRANT 5,000

ALL SAINTS EPISCOPAL CHURCH

525 LAKE CONCORD RD NE
CONCORD,NC28025 		NONE PC TRUSTEE DISCRETIONARY - GENERAL OPERATING 5,000

ALLISON CREEK PRESBYTERIAN CHURCH

5780 ALLISON CREEK ROAD
YORK,SC29745 		NONE PC WATERTIGHT GYM/FAMILY LIFE CENTER & HANDICAP RAMP RENOVATION 40,000

APPALACHIAN REGIONAL HEALTHCARE SYSTEM INC

POST OFFICE BOX 2600
BOONE,NC28607 		NONE PC REIMBURSEMENT: MAMMOGRAPHY IN THE HIGH COUNTRY 400,000

BETHEL AME ZION CHURCH

2219 DALE EARNHARDT BLVD
KANNAPOLIS,NC28083 		NONE PC SECURITY ALARM, VIDEO, AND ENTRANCE SYSTEM 3,700

BETHEL BAPTIST CHURCH

2474 DALE EARNHARDT BOULEVARD
KANNAPOLIS,NC28083 		NONE PC LIGHTING AND CARPET IMPROVEMENTS 50,000

BETHEL UNITED METHODIST CHURCH INC OF ROCK HILL

1232 CURTIS STREET
ROCK HILL,SC29730 		NONE PC REIMBURSEMENT: BACK WALL AND OFFICE RENOVATION 22,000

BETHEL UNITED METHODIST CHURCH INC OF ROCK HILL

1232 CURTIS STREET
ROCK HILL,SC29730 		NONE PC TRUSTEE DISCRETIONARY - MEN'S SHELTER/SOUP KITCHEN 10,000

BETHLEHEM BAPTIST CHURCH OF CONCORD INC

42 LISKE AVENUE
CONCORD,NC28027 		NONE PC CARPET REPLACEMENT: PHASE 1 18,147

BETHPAGE UNITED PRESBYTERIAN CHURCH

8701 MOORESVILLE ROAD
CONCORD,NC28027 		NONE PC HVAC REPLACEMENT 40,000

BLACKWELDER PARK BAPTIST CHURCH

2204 SUMMIT AVE
KANNAPOLIS,NC28081 		NONE PC HVAC FOR PRESCHOOL BUILDING 40,000

BOYS AND GIRLS CLUB OF CABARRUS COUNTY INC

POST OFFICE BOX 1405
CONCORD,NC28026 		NONE PC 2023-24 OPERATING SUPPORT 350,000

BOYS AND GIRLS CLUB OF CABARRUS COUNTY INC

POST OFFICE BOX 1405
CONCORD,NC28026 		NONE PC STAFF DISCRETIONARY GRANT 5,000

BOYS AND GIRLS CLUB OF CABARRUS COUNTY INC

POST OFFICE BOX 1405
CONCORD,NC28026 		NONE PC STAFF DISCRETIONARY GRANT 2,500

BREVARD COLLEGE CORPORATION

1 BREVARD COLLEGE DR
BREVARD,NC28712 		NONE PC RENOVATION OF COLTRANE (STUDENT SUCCESS CENTER) 300,000

BROOKDALE BAPTIST CHURCH

2511 SOUTH RIDGE AVENUE
KANNAPOLIS,NC28083 		NONE PC RENOVATIONS & DEFERRED MAINTENANCE 20,962

CABARRUS COOPERATIVE CHRISTIAN MINISTRY INC

POST OFFICE BOX 1717
CONCORD,NC28026 		NONE PC THE REBUILDER'S CAMPUS - PHASE 1 500,000

CABARRUS COOPERATIVE CHRISTIAN MINISTRY INC

POST OFFICE BOX 1717
CONCORD,NC28026 		NONE PC TRUSTEE DISCRETIONARY - WINDOWS OF OPPORTUNITY CAPITAL CAMPAIGN 10,000

CABARRUS COUNTY - LIBRARY

27 UNION STREET NORTH
CONCORD,NC28025 		NONE PC CONNECTING IN AND OUT OF THE LIBRARY 58,000

CABARRUS VICTIMS ASSISTANCE NETWORK

PO BOX 1749
CONCORD,NC28026 		NONE PC STAFF DISCRETIONARY GRANT 5,000

CAROLINAS MEDICAL CENTER-NORTHEAST

920 CHURCH STREET NORTH
CONCORD,NC28025 		NONE PC REQUIRED 40% DISTRIBUTION 5,907,698

CAROLINAS MEDICAL CENTER-NORTHEAST

920 CHURCH STREET NORTH
CONCORD,NC28025 		NONE PC 2024 FAITH COMMUNITY NURSES 489,000

CATAWBA COLLEGE

2300 WEST INNES STREET
SALISBURY,NC28144 		NONE PC REPAIRS TO THE ABERNETHY PHYSICAL EDUCATION CENTER 300,000

CEDAR GROVE AME ZION CHURCH

POST OFFICE BOX 180
CLEVELAND,NC27013 		NONE PC ROOF REPLACEMENT 24,635

CENTER GROVE LUTHERAN CHURCH

PO BOX 934
KANNAPOLIS,NC28082 		NONE PC PARTIAL REIMBURSEMENT FOR HVAC REPLACEMENT 19,000

CENTRAL UNITED METHODIST CHURCH

30 UNION STREET NORTH
CONCORD,NC28025 		NONE PC REIMBURSEMENT: ELEVATOR REPLACEMENT 25,000

CENTRAL UNITED METHODIST CHURCH

30 UNION STREET NORTH
CONCORD,NC28025 		NONE PC STAFF DISCRETIONARY GRANT 5,000

CENTRAL UNITED METHODIST CHURCH

30 UNION STREET NORTH
CONCORD,NC28025 		NONE PC HVAC REPLACEMENT FOR FELLOWSHIP HALL - REIMBURSEMENT 13,550

CHINA GROVE CHURCH OF GOD

413 NORTH FRANKLIN STREET
CHINA GROVE,NC28023 		NONE PC SANCTUARY RENOVATION 62,180

CHRIST EPISCOPAL CHURCH

POST OFFICE BOX 37
CLEVELAND,NC27013 		NONE PC PARISH HALL RESTORATION 75,000

CHURCH OF GOD CHILDREN'S HOME OF NORTH CAROLINA INC

3485 ORPHANAGE CIRCLE
CONCORD,NC28027 		NONE PC PURCHASE TWO HONDA CR-V VEHICLES FOR CHILD TRANSPORTATION 35,000

CLEVELAND COMMUNITY COLLEGE FOUNDATION INC

137 SOUTH POST ROAD
SHELBY,NC28152 		NONE PC CAPITAL NEEDS-BAILEY ALLIED HEALTH AND SCIENCE CENTER 100,000

CLOVER PRESBYTERIAN CHURCH

202 KINGS MOUNTAIN STREET
CLOVER,SC29710 		NONE PC RESTORE AND PRESERVE HISTORIC STAINED GLASS WINDOWS AND FIRE ALARM SYSTEM 68,768

CONVERSE UNIVERSITY

580 EAST MAIN STREET
SPARTANBURG,SC29302 		NONE PC TRUSTEE DISCRETIONARY - LIBRARY TECHNOLOGY & ACADEMIC SUCCESS SUPPLY CLOSET 10,000

CORNERSTONE BAPTIST CHURCH

200 CLEARVIEW DR
CLEVELAND,NC27013 		NONE PC FOOD PANTRY AND COUNSELING CENTER 50,000

CROSSPOINTE BAPTIST CHURCH

1175 CROSSPOINTE DRIVE
CONCORD,NC28025 		NONE PC HVAC REPLACEMENT 30,000

CROWN IN GLORY LUTHERAN CHURCH

POST OFFICE BOX 1384
SALISBURY,NC28145 		NONE PC ROOF REPLACEMENT 30,000

EAST PICKENS BAPTIST CHURCH

2244 GENTRY MEMORIAL HWY
PICKENS,SC296710454 		NONE PC OFFICE PARKING LOT 40,000

EBENEZER AME ZION CHURCH

PO BOX 166
MIDLAND,NC28107 		NONE PC PARKING LOT RESURFACING AND DRIVEWAY EXPANSION 47,225

EPISCOPAL CHURCH OF THE GOOD SHEPHERD

PO BOX 437
YORK,SC29745 		NONE PC PARTIAL REIMBURSEMENT: THREE BUILDING REPAIRS 8,000

EPISCOPAL CHURCH OF OUR SAVIOUR

144 CALDWELL ST
ROCK HILL,SC29730 		NONE PC ORGAN RENOVATION 50,000

FAIRVIEW HEIGHTS MISSIONARY BAPTIST CHURCH

PO BOX 1196
SALISBURY,NC28145 		NONE PC WINDOWS & GUTTER SYSTEM 11,692

FAYETTEVILLE TECHNICAL COMMUNITY COLLEGE FOUNDATION INC

PO BOX 35236
FAYETTEVILLE,NC28303 		NONE PC FTCC REGIONAL TRUCK DRIVER TRAINING CENTER TRACTOR TRAILERS 300,000

FIRST MISSIONARY BAPTIST CHURCH

POST OFFICE BOX 1322
CONCORD,NC28026 		NONE PC 2023 EGGS SUMMER ENRICHMENT PROGRAM 25,000

FIRST PRESBYTERIAN CHURCH

PO BOX 789
CONCORD,NC28026 		NONE PC STAFF DISCRETIONARY GRANT 2,500

FIRST PRESBYTERIAN CHURCH

PO BOX 789
CONCORD,NC28026 		NONE PC EXTERIOR RESURFACING AND PAINTING 100,000

FIRST PRESBYTERIAN CHURCH OF BURLINGTON NORTH CAROLINA INC

508 WEST DAVIS STREET
BURLINGTON,NC27215 		NONE PC CHILD DEVELOPMENT CENTER EXPANSION (PHASE 1) 87,000

FOREST HILL UNITED METHODIST CHURCH

265 UNION ST N
CONCORD,NC28025 		NONE PC REPAVING PARKING LOTS ON UNION STREET, ADDRESSING SINK HOLE, AND TREE REMOVAL 80,000

GETHSEMANE MISSIONARY BAPTIST CHURCH

719 S CALDWELL STREET
SALISBURY,NC28144 		NONE PC DEBT REDUCTION 26,000

GETHSEMANE MISSIONARY BAPTIST CHURCH

719 S CALDWELL STREET
SALISBURY,NC28144 		NONE PC STAFF DISCRETIONARY - LAPTOPS FOR PRE-K AND KINDERGARTEN STUDENTS 5,000

GILMORE CHAPEL AME ZION CHURCH

762 CENTRAL DRIVE NW
CONCORD,NC28027 		NONE PC FELLOWSHIP HALL WINDOW REPLACEMENT 15,000

GLORIETA BAPTIST CHURCH

4912 HWY 73 EAST
CONCORD,NC28025 		NONE PC PARSONAGE RENOVATION, DEBT REDUCTION, AND TREE REMOVAL/TRIMMING 40,000

HOPE CHAPEL

PO BOX 3374
CONCORD,NC28025 		NONE PC COMPLETE PARKING LOT PAVING, HVAC ECONOMIZERS, & SANDFILTER FOR THE POND 75,000

HOPE CHAPEL

PO BOX 3374
CONCORD,NC28025 		NONE PC COMPLETE SANDFILTER FOR THE POND 58,268

JACKSON PARK PENTECOSTAL HOLINESS CHURCH

1008 MOOSE RD
KANNAPOLIS,NC28083 		NONE PC PARSONAGE REPAIRS AND MOLD REMEDIATION 31,000

KIMBALL MEMORIAL EVANGELICAL LUTHERAN CHURCH

101 VANCE STREET
KANNAPOLIS,NC28081 		NONE PC BUILD OUT OF INTERIOR COLUMBARIUM 25,000

LEES-MCRAE COLLEGE INCORPORATED

POST OFFICE BOX 128
BANNER ELK,NC286040128 		NONE PC HISTORIC COMMONS RENOVATION PROJECT 200,000

LIFE CHURCH SALISBURY

708 JAKE ALEXANDER BLVD W
SALISBURY,NC28147 		NONE PC ARCHITECTURAL, LIGHTING & AUDIO VISUAL UPDATES 50,000

LIVINGSTONE COLLEGE

701 WEST MONROE STREET
SALISBURY,NC28144 		NONE PC DEFERRED MAINTENANCE: ROOFING & HVAC PROJECTS 300,000

MAYLAND COMMUNITY COLLEGE FOUNDATION

PO BOX 547
SPRUCE PINE,NC28777 		NONE PC EARTH TO SKY PARK PARKING LOT EXPANSION 100,000

MEMORIAL BAPTIST CHURCH

1785 DALE EARNHARDT BLVD
KANNAPOLIS,NC28083 		NONE PC MY FATHER'S HOUSE RENOVATION 30,000

MOORE'S CHAPEL AME ZION CHURCH

P O BOX 218
CLEVELAND,NC27013 		NONE PC PARKING LOT 25,000

MOUNT ZION UNITED CHURCH OF CHRIST

PO BOX 1298
CHINA GROVE,NC28023 		NONE PC BOILER REPLACEMENT 87,379

MT CALVARY EVANGELICAL LUTHERAN CHURCH

POST OFFICE BOX 250
KANNAPOLIS NC,NC280820250 		NONE PC ROOF REPLACEMENT, CEILING REPAIR & STEEPLE REPAIR 50,000

MT ZION UNITED METHODIST CHURCH OF CENTRAL

PO BOX 186
CENTRAL,SC29630 		NONE PC ACCESSIBILITY PROJECTS: LIFT & RAMP 32,000

MULTIPLY CHURCH GLOBAL

150 WARREN C COLEMAN BLVD NE
CONCORD,NC28027 		NONE PC GENERATOR FOR THE DREAM CENTER FOOD PANTRY 30,281

NEW RESTORATION CHURCH

PO BOX 255
KANNAPOLIS,NC28082 		NONE PC REPAIRS AND RENOVATIONS 35,000

NORTH CAROLINA DEPARTMENT OF NATURAL AND CULTURAL RESOURCES

4601 MAIL SERVICE CODE
RALEIGH,NC276994601 		NONE PC STAFF DISCRETIONARY GRANT - HARRIET JACOBS PROJECT EDENTON 5,000

NORTH CAROLINA DEPARTMENT OF NATURAL AND CULTURAL RESOURCES

4601 MAIL SERVICE CODE
RALEIGH,NC276994601 		NONE PC THE HARRIET JACOBS PROJECT 97,180

NORTH CAROLINA DEPARTMENT OF NATURAL AND CULTURAL RESOURCES

4601 MAIL SERVICE CODE
RALEIGH,NC276994601 		NONE PC A250: HISTORIC HALIFAX 146,500

ODELL BAPTIST CHURCH OF CONCORD NORTH CAROLINA INC

6320 DAVIDSON HWY
CONCORD,NC28027 		NONE PC SANCTUARY & VESTIBULE HVAC REPLACEMENTS 25,000

PARKWOOD BAPTIST CHURCH

1069 CENTRAL DRIVE NORTHWEST
CONCORD,NC28027 		NONE PC PHASE 2 RENOVATION PROJECT - MAIN CHURCH BUILDING 60,000

PFEIFFER UNIVERSITY

POST OFFICE BOX 960
MISENHEIMER,NC28109 		NONE PC PHYSICIAN ASSISTANT STUDIES REVENUE SHORTFALL 300,000

PIEDMONT COMMUNITY COLLEGE FOUNDATION INC

PO BOX 1101
ROXBORO,NC275731101 		NONE PC MULTI HEALTHCARE EDUCATION CLASSROOM 150,000

PRICE MEMORIAL AME ZION CHURCH

POST OFFICE BOX 692
CONCORD,NC280260692 		NONE PC PLUMBING SERVICE CALL & REPLACEMENT OF EIGHT TOILETS 5,500

RED CROSS BAPTIST CHURCH

112 WEST RED CROSS ROAD
OAKBORO,NC28129 		NONE PC PLAYGROUND, LIGHTING, FLOORING, NURSERY UPGRADES, & SCUTTLE HOLE DOOR 66,909

REVOLUTION CHURCH OF NC INC

310 BROOKDALE ST
KANNAPOLIS,NC280832786 		NONE PC BATHROOM REMODEL 27,000

REVOLUTION CHURCH OF NC INC

310 BROOKDALE ST
KANNAPOLIS,NC280832786 		NONE PC TECHNOLOGY UPGRADES & EQUIPMENT REPLACEMENTS 12,500

ROBESON COMMUNITY COLLEGE FOUNDATION INC

P O BOX 1420
LUMBERTON,NC28359 		NONE PC ROBESON COMMUNITY COLLEGE BUILDING 5 TOILET ROOM ADA PROJECT 120,000

ROCK GROVE AME ZION CHURCH

1460 MARGARET ST
ROCK HILL,SC29730 		NONE PC DEBT REDUCTION 23,500

ROCK HILL TRINITY CHURCH OF THE NAZARENE

436 TAYLORS CREEK RD
ROCK HILL,SC29730 		NONE PC DEBT REDUCTION 30,000

ROCKWELL CHURCH OF GOD

POST OFFICE BOX 999
ROCKWELL,NC28138 		NONE PC SANCTUARY ROOF REPLACEMENT & REIMBURSEMENT FOR COOLER UNIT 16,500

RODGERS PARK BAPTIST CHURCH

309 EAST 24TH ST
KANNAPOLIS,NC28083 		NONE PC HVAC & SANCTUARY REMODEL 45,000

ROWAN REGIONAL MEDICAL CENTER FOUNDATION INC

130 MOCKSVILLE AVENUE
SALISBURY,NC28144 		NONE PC ICU HEADWALL RENOVATION 400,000

ROWAN-CABARRUS COMMUNITY COLLEGE FOUNDATION INC

PO BOX 1595
SALISBURY,NC28145 		NONE PC PHASE 2: AUDITORIUM RENOVATION 250,000

ROWAN-CABARRUS COMMUNITY COLLEGE FOUNDATION INC

PO BOX 1595
SALISBURY,NC28145 		NONE PC TRUSTEE DISCRETIONARY GRANT 10,000

ROWAN-CABARRUS YOUNG MEN'S CHRISTIAN ASSOCIATION

PO BOX 1575
SALISBURY,NC28145 		NONE PC NEW HARRISBURG YMCA (CAPITAL PROJECT) 300,000

ROYAL OAKS BAPIST CHURCH

904 TEXAS STEEET
KANNAPOLIS,NC28083 		NONE PC PARTIAL REIMBURSEMENT FOR FOUNDATION CONSTRUCTION 18,000

SECOND PRESBYTERIAN CHURCH

1578 DALE EARNHARDT BOULEVARD
KANNAPOLIS,NC28083 		NONE PC SANCTUARY HVAC REPLACEMENT 27,000

SECOND PRESBYTERIAN CHURCH

1578 DALE EARNHARDT BOULEVARD
KANNAPOLIS,NC28083 		NONE PC HVAC AND WINDOWS IN EDUCATION BUILDING (1ST FLOOR) & DRAINAGE IMPROVEMENTS 43,000

SOLDIERS MEMORIAL AME ZION CHURCH

306 N CHURCH STREET
SALISBURY,NC28144 		NONE PC ENRICHMENT CENTER RESTORATION PHASE ONE 34,015

SOUTH PIEDMONT COMMUNITY COLLEGE FOUNDATION INC

POST OFFICE BOX 126
POLKTON,NC281350126 		NONE PC PHASE 1: GARIBALDI RENOVATION - HVAC/ELECTRICAL 100,000

SOUTHERN CITY AME ZION CHURCH

P O BOX 547 EAST SPENCER
EAST SPENCER,NC28039 		NONE PC HVAC REPLACEMENT 35,000

SOUTHSIDE BAPTIST CHURCH-CONCORD

561 UNION CEMETERY RD SW
CONCORD,NC28027 		NONE PC EDUCATIONAL BUILDING ROOF 30,000

ST JAMES EVANGELICAL LUTHERAN CHURCH

POST OFFICE BOX 684
CONCORD,NC28026 		NONE PC BELL TOWER ROOF REPLACEMENT 35,000

ST JOHN'S LUTHERAN CHURCH

100 ST JOHNS CHURCH ROAD
CONCORD,NC28025 		NONE PC PLAYGROUND & CHAIRS FOR FELLOWSHIP BUILDING 25,000

ST LUKE'S EPISCOPAL CHURCH

131 WEST COUNCIL STREET
SALISBURY,NC28144 		NONE PC CHAPEL ENTRANCE AND ACCESSIBILITY PROJECT 20,000

ST MATTHEW AME ZION CHURCH

539 LIGE ST
ROCK HILL,SC29730 		NONE PC REPLACE FELLOWSHIP HALL HVAC UNIT 14,373

ST STEPHENS WESLEYAN CHURCH

7601 BRUSHARBOR ROAD
CONCORD,NC28025 		NONE PC PLAYGROUND INSTALLATION IN COMMUNITY AREA 35,721

STANLY COUNTY FAMILY YMCA

427 NORTH FIRST ST
ALBEMARLE,NC280013906 		NONE PC MAINTENANCE PROJECTS & YOUTH/GAME ROOM RENOVATION 100,000

THE FOUNDATION OF WAYNE COMMUNITY COLLEGE

P O BOX 8002 GOLDSBORO NC
GOLDSBORO,NC27533 		NONE PC WAYNE COMMUNITY COLLEGE AG BUILDING 125,000

THE RIVER CHURCH OF GOD

121 CAROLINA BLVD
SALISBURY,NC28146 		NONE PC EDUCATION DEPARTMENT REMODEL 25,000

TRINITY REFORMED UNITED CHURCH OF CHRIST

38 CHURCH STREET NE
CONCORD,NC28025 		NONE PC PARKING LOT, STAINED GLASS WINDOW COVERING REPAIR, & DEBT REDUCTION 59,679

UNITED AME ZION CHURCH

POB 1271
FORT MILL,SC29715 		NONE PC ROOF & GUTTER REPLACEMENT 39,000

UNIVERSITY OF MOUNT OLIVE INC

634 HENDERSON STREET
MOUNT OLIVE,NC28365 		NONE PC HVAC REPLACEMENT IN KORNEGAY ARENA 225,000

WEST POINT BAPTIST CHURCH

1100 PINE STREET
KANNAPOLIS,NC28081 		NONE PC HVAC, SIDEWALK/CURBING, DRIVEWAY REPAIR, AND FOOD PANTRY FLOORING 34,500

WHITE ROCK AME ZION CHURCH

PO BOX 384
GRANITE QUARRY,NC28072 		NONE PC REIMBURSEMENT: MOLD REMEDIATION IN BASEMENT 25,000

WILKES COMMUNITY COLLEGE FOUNDATION

POST OFFICE BOX 120
WILKESBORO,NC28697 		NONE PC UPGRADE OF CYBERSECURITY PHYSICAL LAB 121,000

WINGATE UNIVERSITY

102 W WILSON ST
WINGATE,NC28174 		NONE PC STAFF DISCRETIONARY - RON & POLLY BOSTIC MUSIC SCHOLARSHIP FUND 10,000

WOODLAND UNITED METHODIST CHURCH

801 CHERRY ROAD
ROCK HILL,SC29732 		NONE PC SANCTUARY RENOVATION 25,000

WOODLAWN PRESBYTERIAN CHURCH

P O BOX 189
SHARON,SC29742 		NONE PC ROOF REPLACEMENT 50,000
Total .................................right arrow 3a 14,773,362
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2023)
Form 990-PF (2023)
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 ....     14 4,550,418  
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 15,449,212  
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) .. 0 19,999,630 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
19,999,630
(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 (2023)
Form 990-PF (2023)
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.
right arrow right arrow
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 Check if self-
employed right arrow		 PTIN
Firm's name SmallBullet
 Firm's EIN SmallBullet
Firm's address SmallBullet


 Phone no.
Form 990-PF (2023)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2023 AccountingFeesSchedule
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING 4,250 2,125   2,125

TY 2023 InvestmentsCorpBondsSchedule
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
Name of Bond End of Year Book Value End of Year Fair Market Value
CORPORATE BONDS 10,074,471 9,551,420
CMO & ASSET BACKED SECURITIES 2,359,484 2,104,134

TY 2023 InvestmentsCorpStockSchedule
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
Name of Stock End of Year Book Value End of Year Fair Market Value
EQUITIES & ADRS 110,092,771 356,243,816
REIT FUNDS 1,295,084 7,903,600

TY 2023 InvestmentsGovtObligationsSch
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
US Government Securities - End of Year Book Value:

14,005,100
US Government Securities - End of Year Fair Market Value:

13,562,494
State & Local Government Securities - End of Year Book Value:


1,083,280
State & Local Government Securities - End of Year Fair Market Value:


1,047,249


TY 2023 LegalFeesSchedule
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL 17,969 1,797   16,172


TY 2023 OtherExpensesSchedule
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
SHARED SERVICES 345,034 0   345,034
MISCELLANEOUS 3,442 0   3,442


TY 2023 OtherIncreasesSchedule
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
Description Amount
OTHER COST BASIS CHANGES PER BROKERAGE CUSTODIAN 195,282
ROUNDING 1


TY 2023 OtherProfessionalFeesSchedule
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT 1,220,374 1,220,374   0


TY 2023 TaxesSchedule
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
NET INVESTMENT EXCISE TAX 356,767 0   0