The David Belk Cannon Foundation
- Assets
- $0.0
- Revenue
- $4.8m
- Investments
- $128.7m
- Employees
- 0
- Location
- Gastonia, NC
- Founding
- 09/2002
- Data as of
- 12/2020
- 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 12/2020, David Belk Cannon Foundation generated $4.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (22.8%) each year. All expenses for the organization totaled $5.8m during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, David Belk Cannon Foundation has awarded 303 individual grants totaling $50,510,968. 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
2020
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.
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.
CONTRIBUTIONS TO NUMEROUS OTHER CHARITABLE ORGANIZATIONS IN THE GASTONIA AREA THAT DIRECTLY BENEFIT GASTON COUNTY AND EFFECTIVELY, THE COMMUNITY FOUNDATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eugene R Matthews II President/ceo/treasurer | 25 | $145,000 | |
Tamara Burrell Executive Director | 25 | $108,400 | |
B Frank Matthews II Chairman | 4 | $56,000 | |
Dr Richard E Rankin Jr Director | 4 | $20,000 | |
Ben F Matthews Director | 0.5 | $17,000 | |
Mary M Vaughn Secretary | 0.5 | $13,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Community Fd Of Gaston County | 12/30/17 | $50,279 |
Alex Brown | 12/30/17 | $91,105 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $1,891,667 |
| Profit on Inventory Sales | $0 |
| Other Income | $5,158 |
| Total Revenue | $4,765,855 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $316,567 |
| Pension plans, employee benefits | $16,567 |
| Depreciation | $24,713 |
| Occupancy | $10,043 |
| Travel, conferences, and meetings | $101 |
| Printing and publications | $0 |
| Total operating and administrative expenses | $877,967 |
| Contributions, gifts, grants paid | $4,886,800 |
| Total expenses and disbursements | $5,764,767 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $542,793 |
| Investments—mortgage loans | $0 |
| Investments—other | $17,229,073 |
| Other assets | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
Grants Awarded
Over the last fiscal year, The David Belk Cannon Foundation has awarded $12,021,834 in support to 47 organizations.
| Grant Recipient | Amount |
|---|---|
GASTON COMMUNITY FOUNDATION PURPOSE: NEW HOPE BUSINESS DISTRICT | $3,500,000 |
Davidson, NC PURPOSE: CENTER FOR CAREER DEVELOPMENT | $1,500,000 |
GASTON COMMUNITY FOUNDATION PURPOSE: NEW HOPE BUSINESS DISTRICT, MARKETING CONSULTANT, AND GENERAL SUPPORT | $1,043,500 |
Clinton, SC PURPOSE: RENOVATIONS OF THE WILLIAM H. BELK AUDITORIUM | $816,667 |
Dallas, NC PURPOSE: FIBER INNOVATION CENTER | $666,667 |
Raleigh, NC PURPOSE: CAPITAL CAMPAIGN | $666,667 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
A J Fletcher Foundation Raleigh, NC | $168,653,502 | $53,698,336 |
Hollingsworth Funds Inc Greenville, SC | $393,513,843 | $12,387,637 |
Cf Foundation Inc Atlanta, GA | $60,851,215 | $5,130,874 |
The David Belk Cannon Foundation Gastonia, NC | $0 | $4,765,855 |
World Poultry Foundation Inc Tucker, GA | $28,014,565 | $2,601,293 |
Seymour Family Foundation Irrev Charitable Trust Uad 12-21-15 Charlotte, NC | $3,421,952 | $6,290,943 |
Waterfall Foundation Inc Atlanta, GA | $17,781,141 | $467,284 |
Ted And Drama Russell Family Foundation Knoxville, TN | $97,704,141 | $6,828,732 |
Commonwealth Foundation V Richmond, VA | $38,532,929 | $6,620,642 |
Commonwealth Foundation Iv Richmond, VA | $38,533,029 | $6,621,693 |
R E B Foundation Richmond, VA | $74,287,615 | $7,129,947 |
Wythe-Bland Foundation Wytheville, VA | $49,336,372 | $2,855,357 |