Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
Do not enter social security numbers on this form as it may be made public.
Go to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2025
Open to Public Inspection
For calendar year 2025, or tax year beginning 04 - 01 2025, and ending 03 - 31, 20 26
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
CONCORD
State or province
NC
Country  
ZIP or foreign postal code
28026
A Employer identification number

56-6132354
B Telephone number (see instructions)

7047868216
C
G Check all that apply:

D 1. Foreign organizations, check here.............
2. Foreign organizations meeting the 85%
test, check here and attach computation ...
E
H Check type of organization:
F
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$415,452,861J 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 .................
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 5,588,817 5,588,384  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 33,816,085
b Gross sales price for all assets on line 6a 66,735,675
7 Capital gain net income (from Part IV, line 2)... 33,816,085
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........ 39,404,902 39,404,469  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,268,326 126,834   1,141,492
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
16,002 1,600   14,402
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
14,000 7,000   7,000
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
1,433,052 1,433,052   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
414,751 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
491,423 0   491,423
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 3,637,554 1,568,486   1,654,317
25 Contributions, gifts, grants paid....... 16,882,015 16,812,015
26 Total expenses and disbursements. Add lines 24 and 25 ................ 20,519,569 1,568,486   18,466,332
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 18,885,333
b Net investment income (if negative, enter -0-) 37,835,983
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2025)
Form 990-PF (2025)
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............. 2,210,142 3,092,107 3,092,107
2 Savings and temporary cash investments.........      
3 Accounts receivable  
Less: allowance for doubtful accounts        
4 Pledges receivable  
Less: allowance for doubtful accounts        
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)  
Less: allowance for doubtful accounts        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 16,676,994 Click to see attachment
List of Attached Documents:
// Content
15,941,459 		15,941,459
b Investments—corporate stock (attach schedule)....... 371,641,882 Click to see attachment
List of Attached Documents:
// Content
383,285,629 		383,285,629
c Investments—corporate bonds (attach schedule)....... 10,941,258 Click to see attachment
List of Attached Documents:
// Content
13,133,666 		13,133,666
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
15 Other assets (describe )      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 401,470,276 415,452,861 415,452,861
Liabilities 17 Accounts payable and accrued expenses.......... 873  
18 Grants payable.................   70,000
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 )    
23 Total liabilities (add lines 17 through 22)......... 873 70,000
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here
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
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 401,469,403 415,382,861
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)..... 401,469,403 415,382,861
30 Total liabilities and net assets/fund balances (see instructions). 401,470,276 415,452,861
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
401,469,403
2
Enter amount from Part I, line 27a .....................
2
18,885,333
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3 ..........................
4
420,354,736
5
Decreases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
5
4,971,875
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
415,382,861
Form 990-PF (2025)
Form 990-PF (2025)
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 SECURITIES      
b PUBLICLY TRADED SECURITIES      
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 13,021,235   13,644,134 -622,899
b 53,714,440   19,275,456 34,438,984
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       -622,899
b       34,438,984
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 33,816,085
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 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) 1 525,920
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........................... 3 525,920
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- ..... 5 525,920
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 378,014
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.............. 7 378,014
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 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9 147,906
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid... 10  
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax   Refunded 11  
For Refunded amount, also complete and attach Form 8050. See instructions.
Form 990-PF (2025)
Form 990-PF (2025)
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. $ 0(2) On foundation managers.$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$ 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)
NC
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 2025 or the taxable year beginning in 2025? 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 addressCANNONFOUNDATION.ORG/CANNON-CHARITABLE-TRUSTS/
14
The books are in care ofTHE ORGANIZATION Telephone no. (704) 786-8216

Located at52 SPRING STREET NWCONCORDNC ZIP+428025
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........
and enter the amount of tax-exempt interest received or accrued during the year ........
15
 
16 At any time during calendar year 2025, 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
Form 990-PF (2025)
Form 990-PF (2025)
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)
 
No
(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 ........
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 2025? .............
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 2025, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2025?....................
2a
 
No
If "Yes," list the years 20, 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.
20, 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 2025 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 Form 4720, Schedule C, to determine
if the foundation had excess business holdings in 2025.).....................
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 2025? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
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 .........
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 		264,737 0 0
PO BOX 548
CONCORD,NC28026
EDWIN S OUTEN TRUSTEE/VICE-PRESIDENT
3.00 		264,736 0 0
PO BOX 548
CONCORD,NC28026
JOSEPH C HUNTER TRUSTEE/SECRETARY
3.00 		264,737 0 0
PO BOX 548
CONCORD,NC28026
BRITT LEATHERMAN TRUSTEE
1.00 		264,736 0 0
PO BOX 548
CONCORD,NC28026
PINNACLE FINANCIAL PARTNERS TRUSTEE
1.00 		209,380 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................... 0
Form 990-PF (2025)
Form 990-PF (2025)
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 1,375,368
845 CHURCH STREET
CONCORD,NC28025
INSIGHT NORTH AMERICA LLC (BNY MELLON) INVESTMENT ADVISORY SERVICES 57,684
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.........................0
Form 990-PF (2025)
Form 990-PF (2025)
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
420,887,530
b
Average of monthly cash balances.......................
1b
1,903,277
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
422,790,807
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
422,790,807
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
6,341,862
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
416,448,945
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
20,822,447
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
20,822,447
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
525,920
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
525,920
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
20,296,527
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
20,296,527
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
20,296,527
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, line 26, column (d) ..........
1a
18,466,332
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
18,466,332
Form 990-PF (2025)
Form 990-PF (2025)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2024 		(c)
2024 		(d)
2025
1 Distributable amount for 2025 from Part X, line 7 20,296,527
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 16,114,471
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2025:
a From 2020......  
b From 2021......  
c From 2022......  
d From 2023......  
e From 2024......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2025 from Part
XI, line 4: $ 18,466,332
a Applied to 2024, but not more than line 2a 16,114,471
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 2025 distributable amount..... 2,351,861
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2025. 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 2024. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2025. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2026 .......... 		17,944,666
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 2020 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2021 ....  
b Excess from 2022 ....  
c Excess from 2023 ....  
d Excess from 2024 ....  
e Excess from 2025 ....  
Form 990-PF (2025)
Form 990-PF (2025)
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 2025, enter the date of the ruling ......
 
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) 2025 (b) 2024 (c) 2023 (d) 2022
         
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, 3b, or 3c 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 if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
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 (2025)
Form 990-PF (2025)
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   REKEYING PROJECT 100,000

PUBLIC HEALTH AUTHORITY OF CABARRUS COUNTY

300 MOORESVILLE ROAD
KANNAPOLIS,NC28081 		NONE   BROWN MILL RENOVATION 300,000

PUBLIC HEALTH AUTHORITY OF CABARRUS COUNTY

300 MOORESVILLE ROAD
KANNAPOLIS,NC28081 		NONE   GENERAL CHARITABLE PURPOSES 5,000

PINEVILLE AME ZION CHURCH

PO BOX 12174
ROCK HILL,SC29731 		NONE   REPLACE ROOF AND RELOCATE STEEPLE 54,236

PIEDMONT COMMUNITY COLLEGE FOUNDATION INC

PO BOX 1101
ROXBORO,NC275731101 		NONE   PHONE SYSTEM UPGRADE & DOORS FOR ADMINISTRATION BUILDING 145,000

PHILADELPHIA UNITED METHODIST CHURCH

2764 PLEASANT ROAD STE A PMB 1180
FORT MILL,SC29708 		NONE   PARTIAL REIMBURSEMENT: ROOF REPLACEMENT 30,000

REEVES CHAPEL AME ZION CHURCH

P O BOX 1022
CONCORD,NC28026 		NONE   CHURCH BASEMENT MOLD REMEDIATION 24,100

ROWAN-CABARRUS COMMUNITY COLLEGE FOUNDATION INC

PO BOX 1595
SALISBURY,NC28145 		NONE   EXPANDING ADVANCED MANUFACTURING PATHWAYS - LEVERAGE GRANT WITH THE GOLDEN LEAF FOUNDATION 200,000

ROWAN REGIONAL MEDICAL CENTER FOUNDATION INC

130 MOCKSVILLE AVENUE
SALISBURY,NC28144 		NONE   ENHANCING PUBLIC SAFETY AT NOVANT HEALTH ROWAN MEDICAL CENTER 249,754

ROCK HILL TRINITY CHURCH OF THE NAZARENE

436 TAYLORS CREEK RD
ROCK HILL,SC29730 		NONE   MORTGAGE PAYOFF 70,000

ROCK HILL TRINITY CHURCH OF THE NAZARENE

436 TAYLORS CREEK RD
ROCK HILL,SC29730 		NONE   MORTGAGE REDUCTION FOR 2025 REFINANCE 50,000

ROCK GROVE AME ZION CHURCH

1460 MARGARET ST
ROCK HILL,SC29730 		NONE   MORTGAGE REDUCTION 30,000

ROWAN-CABARRUS YOUNG MEN'S CHRISTIAN ASSOCIATION

PO BOX 1575
SALISBURY,NC28145 		NONE   NEW HARRISBURG YMCA (CAPITAL PROJECT) 400,000

PARKWOOD BAPTIST CHURCH

1069 CENTRAL DRIVE NORTHWEST
CONCORD,NC28027 		NONE   SANCTUARY RENOVATION & AVL UPGRADE 80,000

OAK RIDGE MISSIONARY BAPTIST CHURCH

5340 FLOWES STORE ROAD
CONCORD,NC28025 		NONE   WINDOWS, ASBESTOS, AND SOUND SYSTEM 32,623

MONTGOMERY COMMUNITY COLLEGE FOUNDATION INC

1011 PAGE STREET
TROY,NC27371 		NONE   DENTAL HYGIENE CLASSROOM LAB UPFIT & SUPPLIES 250,000

METHODIST UNIVERSITY INC

5400 RAMSEY STREET
FAYETTEVILLE,NC283111498 		NONE   BERNS STUDENT CENTER HVAC REPLACEMENT 200,000

MAYLAND COMMUNITY COLLEGE FOUNDATION

PO BOX 547
SPRUCE PINE,NC28777 		NONE   HVAC AT HEALTH SCIENCES BUILDING & HURRICANE HELENE RELIEF 197,500

MARABLE MEMORIAL AME ZION CHURCH

400 HURON STREET
KANNAPOLIS,NC28083 		NONE   FELLOWSHIP HALL RESTORATION, PHASE 1: TRUSS AND ROOFING REMEDIATION 55,000

MACEDONIA MISSIONARY BAPTIST CHURCH

PO BOX 66
MIDLAND,NC28107 		NONE   ROOF REPLACEMENT 84,000

LUTHERAN CHURCH OF THE HOLY TRINITY

PO BOX 595
MOUNT PLEASANT,NC28124 		NONE   ROOF AND SIDING REPAIRS, HVAC, AND ELECTRICAL UPGRADES 50,000

LUTHERAN CHAPEL CHURCH

PO BOX 152
CHINA GROVE,NC28023 		NONE   CHURCH EXTERIOR PAINTING 20,000

MOORE'S CHAPEL AME ZION CHURCH

P O BOX 218
CLEVELAND,NC27013 		NONE   BUILDING AND RENOVATIONS 25,000

MORNINGSTAR BAPTIST CHURCH

419 CATES AVE
BURLINGTON,NC272157310 		NONE   WILDLIFE CONTROL & BUILDING SEAL-UP 11,000

MOUNT ZION UNITED CHURCH OF CHRIST

PO BOX 1298
CHINA GROVE,NC28023 		NONE   PLUMBING OVERHAUL: BATHROOMS, WATER HEATERS, AND WATER FOUNTAINS 40,000

NORTH CAROLINA DEPARTMENT OF NATURAL AND CULTURAL RESOURCES

4601 MAIL SERVICE CODE
RALEIGH,NC276994601 		NONE   GENERAL CHARITABLE PURPOSES 5,000

NEW MT OLIVET AME ZION CHURCH

PO BOX 10769
ROCK HILL,SC29731 		NONE   STORM DAMAGE RECOVERY: PAINTING AND CARPETING 31,000

MT ZION AME ZION CHURCH

2733 OLD NATION ROAD
FORT MILL,SC29715 		NONE   ROOFING REPAIRS & REPLACEMENT 8,900

MT CALVARY A M E ZION CHURCH

2000 NEELYS CREEK ROAD
ROCK HILL,SC29730 		NONE   STORAGE BUILDING, TREE REMOVAL, TOILETS, AND FLOORING 15,000

ROWAN-CABARRUS YOUNG MEN'S CHRISTIAN ASSOCIATION

PO BOX 1575
SALISBURY,NC28145 		NONE   GENERAL CHARITABLE PURPOSES 10,000

SAINT PAUL MISSIONARY BAPTIST CHURCH

PO BOX 114
MCCONNELLS,SC29726 		NONE   HISTORIC PRESERVATION - HVAC INSTALLATION 28,000

VILLAGE CHAPEL OF KANNAPOLIS

310 BROOKDALE ST
KANNAPOLIS,NC280832786 		NONE   FLOORING AND CHAIRS: PARTIAL REIMBURSEMENT 39,021

UNIVERSITY OF MOUNT OLIVE INC

634 HENDERSON STREET
MOUNT OLIVE,NC28365 		NONE   SAFETY PROJECT: KORNEGAY BLEACHERS 250,000

UNIVERSITY OF MOUNT OLIVE INC

634 HENDERSON STREET
MOUNT OLIVE,NC28365 		NONE   GENERAL CHARITABLE PURPOSES 5,000

TRINITY UNITED METHODIST CHURCH

416 MARTIN LUTHER KING JR AVE
KANNAPOLIS,NC28083 		NONE   PLAYGROUND RENOVATION 50,000

TRI-COUNTY TECHNICAL COLLEGE FOUNDATION INC

POST OFFICE BOX 587
PENDLETON,SC29670 		NONE   CENTRAL CORRIDOR PROJECT (PHASE 2) 150,000

THIRD CREEK AME ZION CHURCH

POST OFFICE BOX 298
CLEVELAND,NC27013 		NONE   ROOF REPLACEMENT 24,314

WEST CONCORD BAPTIST CHURCH INC

POST OFFICE BOX 626
CONCORD,NC28026 		NONE   MORTGAGE PAYOFF 50,000

WEST CORINTH BAPTIST CHURCH

120 CORINTH CHURCH ROAD
MOORESVILLE,NC28115 		NONE   CHURCH SIGN 11,081

ZION HILL AME ZION CHURCH INC

PO BOX 1076
CONCORD,NC28026 		NONE   INNOVATIVE COMMUNITY BUSINESS HUB PHASE 1 48,000

ZION WESLEY AME ZION CHURCH

POST OFFICE BOX 314
MOUNT PLEASANT,NC28124 		NONE   CHURCH AND PARSONAGE ROOFING 37,104

WINGATE UNIVERSITY

102 W WILSON ST
WINGATE,NC28174 		NONE   GENERAL CHARITABLE PURPOSES 10,000

WINGATE UNIVERSITY

102 W WILSON ST
WINGATE,NC28174 		NONE   HVAC CHILLER REPLACEMENT FOR BATTE CENTER 290,428

WHITE HILL AME ZION CHURCH

PO BOX 1094
YORK,SC29745 		NONE   REPLACE 4 HVAC UNITS 60,000

WESTERN PIEDMONT FOUNDATION INC

1001 BURKEMONT AVENUE
MORGANTON,NC28655 		NONE   FEDERAL PACIFIC ELECTRICAL PANEL REPLACEMENT 400,000

WEST END BAPTIST CHURCH

PO BOX 36038
ROCK HILL,SC29732 		NONE   FLOORING, CABLING, AND HVAC 40,000

THE CHARLOTTE-MECKLENBURG HOSPITAL AUTHORITY

920 CHURCH STREET NORTH
CONCORD,NC28025 		NONE   REQUIRED 40% DISTRIBUTION - ATRIUM CABARRUS 6,445,789

SOUTH PIEDMONT COMMUNITY COLLEGE FOUNDATION INC

POST OFFICE BOX 126
POLKTON,NC281350126 		NONE   MARTIN TECHNOLOGY CENTER ROOF REPLACEMENT 140,000

SECOND STREET PRESBYTERIAN CHURCH

325 S 2ND STREET
ALBEMARLE,NC28001 		NONE   BUILDING RESTORATION PHASE 2: DRAINAGE REMEDIATION, INSULATION, HVAC, DOORS, & PLUMBING 30,000

SG BAPTIST CHURCH INC

P O BOX 427
EAST SPENCER,NC28039 		NONE   PARTIAL REIMBURSEMENT: FELLOWSHIP HALL AND FLOORING RENOVATION 60,000

SECOND STREET PRESBYTERIAN CHURCH

325 S 2ND STREET
ALBEMARLE,NC28001 		NONE   BUILDING RESTORATION PHASE I: ROOF, GUTTERS, AND DOWNSPOUTS 59,000

SECOND PRESBYTERIAN CHURCH

1578 DALE EARNHARDT BOULEVARD
KANNAPOLIS,NC28083 		NONE   HVAC REPLACEMENT 48,000

SOUTH PIEDMONT COMMUNITY COLLEGE FOUNDATION INC

POST OFFICE BOX 126
POLKTON,NC281350126 		NONE   GENERAL CHARITABLE PURPOSES 10,000

SOUTHSIDE BAPTIST CHURCH-CONCORD

561 UNION CEMETERY RD SW
CONCORD,NC28027 		NONE   AWNINGS 9,000

SURRY COMMUNITY COLLEGE FOUNDATION

630 SOUTH MAIN STREET
DOBSON,NC27017 		NONE   AUTOMOTIVE CLASSROOM UPGRADES 150,000

STANLY COUNTY FAMILY YMCA

427 NORTH FIRST ST
ALBEMARLE,NC280013906 		NONE   ALBEMARLE RENOVATION ($300,000) & CAMPAIGN CONSULTING ($35,000) 335,000

ST STEPHENS WESLEYAN CHURCH

7601 BRUSHARBOR ROAD
CONCORD,NC28025 		NONE   PARTIAL REIMBURSEMENT: HANDICAP ACCESSIBLE/FAMILY RESTROOM 33,000

ST MATTHEW'S EPISCOPAL CHURCHSAN MATEO MINISTRY

4401 STATESVILLE BLVD
SALISBURY,NC28147 		NONE   PARSONAGE FLOORING, DOORS, AND WINDOWS 17,754

ST MATTHEW AME ZION CHURCH

539 LIGE ST
ROCK HILL,SC29730 		NONE   ROOF REPLACEMENT 33,000

ST LUKE'S EPISCOPAL CHURCH

131 WEST COUNCIL STREET
SALISBURY,NC28144 		NONE   LED LIGHTING UPGRADE 50,000

ST JAMES EVANGELICAL LUTHERAN CHURCH

POST OFFICE BOX 684
CONCORD,NC28026 		NONE   2025 BOILER REPLACEMENT PROJECT 70,000

ST JAMES EVANGELICAL LUTHERAN CHURCH

POST OFFICE BOX 684
CONCORD,NC28026 		NONE   GENERAL CHARITABLE PURPOSES 5,000

SOUTHWESTERN COMMUNITY COLLEGE FOUNDATION INC

447 COLLEGE DRIVE
SYLVA,NC28779 		NONE   DENTAL SIMULATION EQUIPMENT FOR NEW DENTAL HYGIENE PROGRAM 100,000

CENTER GROVE LUTHERAN CHURCH

PO BOX 934
KANNAPOLIS,NC28082 		NONE   PARTIAL REIMBURSEMENT: RESTROOM, DOOR, AND ORGAN REPAIRS & WINDOW PROTECTION 41,773

CENTER EMMANUEL AME ZION CHURCH

PO BOX 584
ROCK HILL,SC29731 		NONE   WINDOWS, LIGHTING, AND STORAGE BUILDING 15,000

CATAWBA COLLEGE

2300 WEST INNES STREET
SALISBURY,NC28144 		NONE   SHUFORD SCIENCE ELEVATOR (PARTIAL REIMBURSEMENT) AND HOKE HALL SERVER ROOM 150,000

CARTERET COMMUNITY COLLEGE FOUNDATION INC

3505 ARENDELL ST
MOREHEAD CITY,NC285572905 		NONE   ONE DOOR TO BETTER SERVE & EMPOWER OUR STUDENTS 100,000

CAROLINA PRESBYTERIAN CHURCH

406 RENEE FORD RD
LOCUST,NC280979684 		NONE   GYM DEBT REDUCTION 75,000

CABARRUS COOPERATIVE CHRISTIAN MINISTRY INC

POST OFFICE BOX 1717
CONCORD,NC28026 		NONE   GENERAL CHARITABLE PURPOSES 10,000

CENTRAL UNITED METHODIST CHURCH

30 UNION STREET NORTH
CONCORD,NC28025 		NONE   PARTIAL REIMBURSEMENT: SANCTUARY HVAC REPLACEMENT 25,000

CENTRAL UNITED METHODIST CHURCH

30 UNION STREET NORTH
CONCORD,NC28025 		NONE   SUMMER LITERACY INITIATIVE 40,000

COLTRANE LIFE CENTER INC

321 CORBAN AVE SE
CONCORD,NC28025 		NONE   GENERAL CHARITABLE PURPOSES 5,000

COLTRANE LIFE CENTER INC

321 CORBAN AVE SE
CONCORD,NC28025 		NONE   GENERAL CHARITABLE PURPOSES 5,000

CLOVER AME ZION CHURCH

POST OFFICE BOX 338
CLOVER,SC29710 		NONE   FELLOWSHIP HALL RESTORATION: CEILING REPAIRS, LIGHTING, PAINTING, HVAC, AND WINDOWS 23,000

CHURCH OF GOD CHILDREN'S HOME OF NORTH CAROLINA INC

3485 ORPHANAGE CIRCLE
CONCORD,NC28027 		NONE   ROOF AND GUTTER REPLACEMENTS 50,000

CHRIST UNITED METHODIST CHURCH

3401 MOORESVILLE ROAD
SALISBURY,NC281478828 		NONE   SUMMER LITERACY INITIATIVE 35,000

CHRIST EPISCOPAL CHURCH

POST OFFICE BOX 37
CLEVELAND,NC27013 		NONE   TECHNOLOGY UPGRADES & MOISTURE REMEDIATION 43,576

CENTRAL UNITED METHODIST CHURCH

30 UNION STREET NORTH
CONCORD,NC28025 		NONE   PARTIAL REIMBURSEMENT: SANCTUARY ROOF REPLACEMENT 75,000

CABARRUS COOPERATIVE CHRISTIAN MINISTRY INC

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

BETHEL PRESBYTERIAN CHURCH PCA

2445 HWY 557
CLOVER,SC297107310 		NONE   GENERAL CHARITABLE PURPOSES 5,000

BEAUFORT COUNTY COMMUNITY COLLEGE FOUNDATION

5337 US HWY 264 EAST
WASHINGTON,NC27889 		NONE   NURSING SIMULATION LAB RENOVATION 80,000

BARTON COLLEGE

POST OFFICE BOX 5000
WILSON,NC27893 		NONE   STEPHENSON APARTMENTS ROOF REPLACEMENT, ROMA HACKNEY MUSIC BUILDING CHILLER & HAMLIN STUDENT CENTER ROOF REPLACEMENT 150,000

BADIN BAPTIST CHURCH INCORPORATED

PO BOX 337
BADIN,NC28009 		NONE   PARTIAL REIMBURSEMENT: DEFERRED MAINTENANCE (DOORS, FLOORING, COLUMNS, AND PAINTING) 6,103

ATRIUM HEALTH FOUNDATION

7800 PROVIDENCE RD 208
CHARLOTTE,NC28226 		NONE   THE PEARL 250,000

APPALACHIAN STATE UNIVERSITY FOUNDATION INC

ASU BOX 32064
BOONE,NC286082064 		NONE   CANNON MUSIC CAMP: SCHOLARSHIPS, SALARY, & ENDOWMENT 349,000

ALLISON CREEK PRESBYTERIAN CHURCH

5780 ALLISON CREEK ROAD
YORK,SC29745 		NONE   RAISE & RESURFACE THE GYM FLOOR 90,000

ALL SAINTS EPISCOPAL CHURCH

525 LAKE CONCORD RD NE
CONCORD,NC28025 		NONE   GENERAL CHARITABLE PURPOSES 5,000

ALL SAINTS EPISCOPAL CHURCH

525 LAKE CONCORD RD NE
CONCORD,NC28025 		NONE   PARISH HALL FLOORING 51,632

BETHEL PRESBYTERIAN CHURCH PCA

2445 HWY 557
CLOVER,SC297107310 		NONE   NEW BUILDING CONSTRUCTION 50,000

CABARRUS COOPERATIVE CHRISTIAN MINISTRY INC

POST OFFICE BOX 1717
CONCORD,NC28026 		NONE   GENERAL CHARITABLE PURPOSES 5,000

BETHEL UNITED METHODIST CHURCH INC OF ROCK HILL

1232 CURTIS STREET
ROCK HILL,SC29730 		NONE   GENERAL CHARITABLE PURPOSES 5,000

BETHEL BAPTIST CHURCH

2474 DALE EARNHARDT BOULEVARD
KANNAPOLIS,NC28083 		NONE   SANCTUARY & BEC SOUND AND BEC STORAGE PROJECT 40,000

BREVARD COLLEGE CORPORATION

1 BREVARD COLLEGE DR
BREVARD,NC28712 		NONE   GREEN HALL UPDATES AND RENOVATIONS 400,000

BOYS AND GIRLS CLUB OF CABARRUS COUNTY INC

POST OFFICE BOX 1405
CONCORD,NC28026 		NONE   2025-26 OPERATING SUPPORT 200,000

BOYS AND GIRLS CLUB OF CABARRUS COUNTY INC

POST OFFICE BOX 1405
CONCORD,NC28026 		NONE   GENERAL CHARITABLE PURPOSES 5,000

BOYS AND GIRLS CLUB OF CABARRUS COUNTY INC

POST OFFICE BOX 1405
CONCORD,NC28026 		NONE   GENERAL CHARITABLE PURPOSES 5,000

BLACKWELDER PARK BAPTIST CHURCH

2204 SUMMIT AVE
KANNAPOLIS,NC28081 		NONE   HVAC & FIRE ALARM PANEL REPLACEMENT 35,925

CROSSPOINTE BAPTIST CHURCH

1175 CROSSPOINTE DRIVE
CONCORD,NC28025 		NONE   MORTGAGE REDUCTION 50,000

EAST PICKENS BAPTIST CHURCH

2244 GENTRY MEMORIAL HWY
PICKENS,SC296710454 		NONE   ADULT HALLWAY/SANCTUARY RENOVATION 50,000

HOLLY SPRINGS BAPTIST CHURCH

3450 TABLE ROCK ROAD
PICKENS,SC29671 		NONE   PARTIAL REIMBURSEMENT: LAND ACQUISITION 40,000

HOLLY SPRINGS BAPTIST CHURCH

3450 TABLE ROCK ROAD
PICKENS,SC29671 		NONE   STAIRLIFTS, RESTROOM RENOVATION, ICE MACHINES, AND GUTTER SCREENS 25,000

GRACE EVANGELICAL LUTHERAN CHURCH

426 OAKLAND AVE
ROCK HILL,SC297303530 		NONE   EXTERIOR RENOVATION OF PLACE OF GRACE 38,400

LENOIR-RHYNE UNIVERSITY

BOX 7546
HICKORY,NC28603 		NONE   RUDISILL LIBRARY RENOVATION 100,000

GASTON COLLEGE FOUNDATION INC

BOX 3
DALLAS,NC28034 		NONE   MEDICAL SONOGRAPHY 75,123

GLORIETA BAPTIST CHURCH

4912 HWY 73 EAST
CONCORD,NC28025 		NONE   SIDEWALK REPAIR AND SUMP PUMP INSTALLATION 6,902

LEES-MCRAE COLLEGE INCORPORATED

POST OFFICE BOX 128
BANNER ELK,NC286040128 		NONE   EXTENSIVE AND ESSENTIAL INTERIOR RENOVATION OF AVERY RESIDENCE HALL 200,000

LAKEVIEW BAPTIST CHURCH OF KANNAPOLIS INC

2532 LANE STREET
KANNAPOLIS,NC28083 		NONE   HVAC AND CHURCH SIGN 40,000

KINZA MEMORIAL BAPTIST CHURCH INCORPORATED

4311 LOVE MILL ROAD
STANFIELD,NC28163 		NONE   PARSONAGE & BASEMENT RENOVATION 70,000

KINZA MEMORIAL BAPTIST CHURCH INCORPORATED

4311 LOVE MILL ROAD
STANFIELD,NC28163 		NONE   GENERAL CHARITABLE PURPOSES 5,000

KIMBALL MEMORIAL EVANGELICAL LUTHERAN CHURCH

101 VANCE STREET
KANNAPOLIS,NC28081 		NONE   PARTIAL REIMBURSEMENT: HVAC EXPENSES 50,000

JACKSON PARK UNITED METHODIST CHURCH

715 MABLE AVENUE
KANNAPOLIS,NC28083 		NONE   GYM FLOOR REMODEL 20,000

ISOTHERMAL COMMUNITY COLLEGE FOUNDATION INC

POST OFFICE BOX 804
SPINDALE,NC28160 		NONE   AV EQUIPMENT FOR THE HEALTH & SCIENCES CENTER 200,000

FOUNDATION OF THE CALDWELL COMMUNITY COLLEGE AND TECHNICAL INSTITUTE

PO BOX 600
LENOIR,NC28645 		NONE   ROOF REPLACEMENT ON THE JOHN A. FORLINES JR. BUILDING 187,000

FOUNDATION AME ZION CHURCH

PO BOX 10927
ROCK HILL,SC29731 		NONE   DEBT REDUCTION: MORTGAGE PAYOFF 16,800

FIRST CHRISTIAN UNITED CHURCH OF CHRIST

PO BOX 1678
BURLINGTON,NC27216 		NONE   PARTIAL REIMBURSEMENT: SANCTUARY HVAC 40,892

FIRST BAPTIST CHURCH

586 VINCENT STREET
NORWOOD,NC28128 		NONE   FELLOWSHIP HALL HVAC REPLACEMENT 15,000

FIRST BAPTIST CHURCH

586 VINCENT STREET
NORWOOD,NC28128 		NONE   FELLOWSHIP HALL RENOVATION: PHASE I 48,497

FAYETTEVILLE TECHNICAL COMMUNITY COLLEGE FOUNDATION INC

PO BOX 35236
FAYETTEVILLE,NC28303 		NONE   FAYETTEVILLE TECH BUILDING TRADES CENTER 100,000

EPISCOPAL CHURCH OF THE GOOD SHEPHERD

PO BOX 437
YORK,SC29745 		NONE   PARTIAL REIMBURSEMENT: ROOF AND SANCTUARY REPAIRS & HVAC 60,000

FIRST LUTHERAN CHURCH

230 SOUTH SECOND ST
ALBEMARLE,NC28001 		NONE   GENERAL CHARITABLE PURPOSES 5,000

FIRST LUTHERAN CHURCH

230 SOUTH SECOND ST
ALBEMARLE,NC28001 		NONE   PHASE II: SANCTUARY PRESERVATION 75,000

FOREST HILL UNITED METHODIST CHURCH

265 UNION ST N
CONCORD,NC28025 		NONE   ROOF REPAIR/WATER MITIGATION/REPAIR 60,000

FIRST WESLEYAN CHURCH

301 BETHPAGE ROAD
KANNAPOLIS,NC28081 		NONE   PRESERVATION OF STAINED GLASS WINDOWS 30,788

FIRST PRESBYTERIAN CHURCH OF KANNAPOLIS

201 VANCE STREET
KANNAPOLIS,NC28081 		NONE   EXTERIOR REVITALIZATION 60,000

FIRST PRESBYTERIAN CHURCH OF BURLINGTON NORTH CAROLINA INC

508 WEST DAVIS STREET
BURLINGTON,NC27215 		NONE   DEBT RETIREMENT PROJECT 85,000

FIRST PRESBYTERIAN CHURCH OF BURLINGTON NORTH CAROLINA INC

508 WEST DAVIS STREET
BURLINGTON,NC27215 		NONE   GENERAL CHARITABLE PURPOSES 5,000

FIRST PRESBYTERIAN CHURCH

PO BOX 789
CONCORD,NC28026 		NONE   GENERAL CHARITABLE PURPOSES 5,000

FIRST PRESBYTERIAN CHURCH

PO BOX 789
CONCORD,NC28026 		NONE   PARTIAL REIMBURSEMENT: SANCTUARY HVAC 50,000

FIRST PRESBYTERIAN CHURCH

PO BOX 789
CONCORD,NC28026 		NONE   PARTIAL REIMBURSEMENT: WILL YOUNG BUILDING ROOF 75,000

FIRST MISSIONARY BAPTIST CHURCH

POST OFFICE BOX 1322
CONCORD,NC28026 		NONE   GENERAL CHARITABLE PURPOSES 5,000

FIRST MISSIONARY BAPTIST CHURCH

POST OFFICE BOX 1322
CONCORD,NC28026 		NONE   EGGS & OPERATION BREADBASKET OPERATING SUPPORT 60,000

FIRST MISSIONARY BAPTIST CHURCH

POST OFFICE BOX 1322
CONCORD,NC28026 		NONE   EGGS 2025 30,000

FIRST PRESBYTERIAN CHURCH OF ALBEMARLE

POST OFFICE BOX 1578
ALBEMARLE,NC28002 		NONE   STAINED GLASS WINDOW REPAIRS/PROTECTION & ROOF 40,000
Total ................................. 3a 16,812,015
bApproved for future payment

LUTHERAN CHURCH OF THE ABIDING PRESENCE
323 N CONGRESS ST
YORK,SC29745 		NONE   FARRIS HALL FOUNDATION REMEDIATION 20,000

NORTH CAROLINA DEPARTMENT OF NATURAL AND CULTURAL RESOURCES
4601 MAIL SERVICE CODE
RALEIGH,NC276994601 		NONE   GENERAL OPERATING - HARRIET JACOBS PROJECT EDENTON 50,000

WINGATE UNIVERSITY
102 W WILSON ST
WINGATE,NC28174 		NONE   CANNON RESIDENCE HALL ($400K) AND BURRIS & HAYES BUILDING RENOVATIONS ($350K) 500,000

BARTON COLLEGE
POST OFFICE BOX 5000
WILSON,NC27893 		NONE   CAMPUS ENHANCEMENTS: CULINARY CENTER FREIGHT ELEVATOR, HILLEY HALL AIR HANDLER, CAPITAL ENDOWMENT 250,000

METHODIST UNIVERSITY INC
5400 RAMSEY STREET
FAYETTEVILLE,NC283111498 		NONE   PARTIAL REIMBURSEMENT: STUDENT CENTER HVAC SYSTEM REPLACEMENT 200,000

BREVARD COLLEGE CORPORATION
1 BREVARD COLLEGE DR
BREVARD,NC28712 		NONE   RENOVATION AND EXPANSION OF THE STUDENT CENTER 250,000

PFEIFFER UNIVERSITY
POST OFFICE BOX 960
MISENHEIMER,NC28109 		NONE   CAPACITY BUILDING FOR STUDENT RETENTION AND INSTITUTIONAL ADVANCEMENT 240,500

APPALACHIAN REGIONAL HEALTHCARE SYSTEM INC
POST OFFICE BOX 2600
BOONE,NC28607 		NONE   PARTIAL REIMBURSEMENT: LINEAR ACCELERATOR FOR RADIATION ONCOLOGY 200,000

UNIVERSITY OF MOUNT OLIVE INC
634 HENDERSON STREET
MOUNT OLIVE,NC28365 		NONE   PARTIAL REIMBURSEMENT: KORNEGAY BLEACHERS 225,000
Total ................................. 3b 1,935,500
Form 990-PF (2025)
Form 990-PF (2025)
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 5,588,817  
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 33,816,085  
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 39,404,902 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
39,404,902
(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 (2025)
Form 990-PF (2025)
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.
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Preparer's name Preparer's Signature Date Check if self-
employed 		PTIN
Firm's name
Firm's EIN
Firm's address


Phone no.
Form 990-PF (2025)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2025 AccountingFeesSchedule
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING 14,000 7,000   7,000

TY 2025 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 10,866,977 10,866,977
CMO & ASSET BACKED SECURITIES 2,266,689 2,266,689

TY 2025 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 376,382,429 376,382,429
REIT FUNDS 6,903,200 6,903,200

TY 2025 InvestmentsGovtObligationsSch
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
US Government Securities - End of Year Book Value:

15,241,459
US Government Securities - End of Year Fair Market Value:

15,241,459
State & Local Government Securities - End of Year Book Value:


700,000
State & Local Government Securities - End of Year Fair Market Value:


700,000


TY 2025 LegalFeesSchedule
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL 16,002 1,600   14,402


TY 2025 OtherDecreasesSchedule
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
Description Amount
UNREALIZED GAINS 4,971,875


TY 2025 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 490,603 0   490,603
MISCELLANEOUS 820 0   820


TY 2025 OtherProfessionalFeesSchedule
Name:
CHARLES A CANNON TRUST NO 1
EIN:
56-6132354
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT 1,433,052 1,433,052   0


TY 2025 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 414,751 0   0