The David Belk Cannon Foundation
- Assets
- $126.3m
- Revenue
- $3.6m
- Investments
- $114.7m
- Employees
- 0
- Location
- Gastonia, NC
- Founding
- 09/2002
- Data as of
- 12/2023
- EIN
- 27-0004751
Organization Overview
The David Belk Cannon Foundation is located in Gastonia, NC. The organization was established in 2002. According to its NTEE Classification (T11) the organization is classified as: Single Organization Support, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. David Belk Cannon Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, David Belk Cannon Foundation generated $3.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (18.5%) each year. All expenses for the organization totaled $4.1m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, David Belk Cannon Foundation has awarded 417 individual grants totaling $66,201,430. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SEE PAGE 2, PART III, LINE 1.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTIONS TO DAVIDSON COLLEGE, WHICH IS APPROVED FOR DISTRIBUTIONS BY THE COMMUNITY FOUNDATION OF GASTON COUNTY (THE SUPPORTED ORGANIZATION) AND FALLS WITHIN ITS CHARITABLE PURPOSES.
CONTRIBUTIONS TO NUMEROUS OTHER CHARITABLE ORGANIZATIONS IN THE GASTONIA AREA THAT DIRECTLY BENEFIT GASTON COUNTY AND EFFECTIVELY, THE COMMUNITY FOUNDATION.
DISTRIBUTIONS TO THE "CAMPAIGN FOR HOPE" OF THE PRESBYTERY OF WESTERN NORTH CAROLINA. THE CAMPAIGN GOAL OF $2.25 MILLION DOLLARS WILL GO TOWARDS BUILDING NEW CHURCHES AND SMALL HOSPITALS IN GUATEMALA AND MALAWI AFRICA. ADDITIONAL MONIES ARE GOING TOWARDS CAMP GRIER IN THE NORTH CAROLINA MOUNTAINS FOR CAPITAL NEEDS AND A PORTION OF THE DOLLARS WILL GO TOWARDS VITAL CHURCH MINISTRIES WITHIN THE PRESBYTERY.
THE FOUNDATION'S GIFT TO THE DREAM CENTER WILL ASSIST THEM IN CARRYING OUT THE MISSION OF THE ORGANIZATION WHICH IS TO SUPPORT LOW-INCOME AND UNDERSERVED INDIVIDUALS AND FAMILIES BY PROVIDING PROGRAMS THAT ENABLE THEM TO MOVE TOWARD SELF-SUFFICIENCY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Annabelle Kelly Asst Secretary | 0.5 | $13,000 | |
Eugene R Matthews II Chair & CEO | 25 | $146,000 | |
Ben F Matthews III Vice Chairman | 4 | $20,000 | |
Mary M Vaughn Secretary | 0.5 | $12,000 | |
Dr Richard E Rankin Jr Director | 4 | $21,000 | |
Tamara Burrell Executive Dir. | 25 | $120,308 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alex Brown | 12/30/17 | $91,105 |
Community Fd Of Gaston County | 12/30/17 | $50,279 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $2,656,823 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $934,859 |
| Capital Gain Net Income | $934,859 |
| Net ST Capital Gain | $934,859 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $3,591,682 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $332,308 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $36,443 |
| Depreciation | $31,393 |
| Occupancy | $10,528 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $21,578 |
| Total operating and administrative expenses | $857,836 |
| Contributions, gifts, grants paid | $3,290,371 |
| Total expenses and disbursements | $4,148,207 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $97,616 |
| Savings and temporary cash investments | $10,821,207 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $41,022,111 |
| Net Land, buildings, and equipment | $667,660 |
| Other assets | $0 |
| Total assets | $126,273,476 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $3,348,333 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,348,333 |
Grants Awarded
Over the last fiscal year, The David Belk Cannon Foundation has awarded $5,587,871 in support to 45 organizations.
| Grant Recipient | Amount |
|---|---|
BOYS GIRLS CLUBS OF GREATER GASTONI PURPOSE: DANCING FOR FUTURE STARS | $34,000 |
CATAWBA RIVERKEEPER FOUNDATION PURPOSE: SOUTH FORK WATERSHED MNGR FUNDING | $25,000 |
CHRIST SCHOOL PURPOSE: SCHOLARSHIP FUND, OTHER | $50,000 |
CHRISTIAN PRAYER AND HEALING CENTER PURPOSE: BOARD DIRECTED, OPERATING SUPPORT | $12,000 |
CRISIS ASSISTANCE MINISTRY PURPOSE: OPERATING SUPPORT | $50,000 |
GASTON COMMUNITY FOUNDATION PURPOSE: DBC DONOR ADVISED FUND | $766,371 |