The David Belk Cannon Foundation in Gastonia, North Carolina (NC)

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The David Belk Cannon Foundation
Employer Identification Number (EIN)270004751
Name of OrganizationThe David Belk Cannon Foundation
In Care of NameH William Palmer Jr
AddressPO BOX 3746, Gastonia, NC 28054-0020
SubsectionCharitable Organization
Ruling Date09/2002
DeductibilityContributions are deductible
FoundationOrganizations operated solely for the benefit of and in conjunction with organizations described in 10 through 16 above
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2011
Assets$50,000,000 to greater
Income$1,000,000 to $4,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$71,608,383
Amount of Income$3,016,809
Form 990 Revenue Amount$1,300,647
National Taxonomy of Exempt Entities (NTEE)Philanthropy, Voluntarism and Grantmaking Foundations: Single Organization Support


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Amount of income in 2011: $3,016,809
This organization: 

 $3,016,809
Other organizations performing similar types of work: 

 $142,458

Assets in 2011: $71,608,383
This organization: 

 $71,608,383
Other organizations performing similar types of work: 

 $450,031

Expenses in 2007: $431,110
The David Belk Cannon Foundation: 

 $431,110
Other organizations performing similar types of work: 

 $2,123,950

Income to expenses ratio in 2007: 2.1
The David Belk Cannon Foundation: 

 2.1
Other organizations performing similar types of work: 

 1.2

Expenses allocated to program services in 2007: 70.6%
This organization: 

 70.6%
Other organizations performing similar types of work: 

 86.9%

Grants share in income in 2007: 0.0%
The David Belk Cannon Foundation: 

 0.0%
Other organizations performing similar types of work: 

 30.7%

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Expenses for 2007

Functional Expenses for 2007 ($)

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2004200520062007
Total revenue$1,004,194$721,979$804,711$887,822
Contributions, gifts, grants, and similar amounts received$0$0$0$0
Contributions to donor advised funds$0$0
Direct public support$0$0$0$0
Indirect public support$0$0$0$0
Government contributions (grants)$0$0$0$0
Program service revenue including government fees and contracts$0$0$0$0
Membership dues and assessments$0$0$0$0
Interest on savings and temporary cash investments$216$1,066$2,681$757
Dividends and interest from securities$949,068$656,498$727,373$846,479
Net rental income or (loss)$0$0$0$0
Gross rents$0$0$0$0
Less: rental expenses$0$0$0$0
Other investment income$0$0$0$0
Gain or (loss) from sales of assets other than inventory$54,910$64,415$74,657$40,586
Gross amount from sales of assets other than inventory$54,910$64,415$74,657$40,586
Less: cost or other basis and sales expenses$0$0$0$0
Net income or (loss) from special events and activities$0$0$0$0
Gross revenue$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0
Less: cost of goods sold$0$0$0$0
Other revenue$0$0$0$0
Total expenses$1,119,515$480,377$698,368$431,110
Program services$1,041,479$372,683$565,821$304,500
Management and general$78,036$107,694$132,547$126,610
Fundraising$0$0$0$0
Payments to affiliates$0$0$0$0
Net assets or fund balances at end of year$30,555,566$33,614,498$46,367,233$48,046,037
Excess or (deficit) for the year$-115,321$241,602$106,343$456,712
Net assets or fund balances at beginning of year$21,171,457$30,555,566$33,614,498$46,367,233
Other changes in net assets or fund balances$9,499,430$2,817,330$12,646,392$1,222,092
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$431,110$304,500$126,610$0
Grants paid from donor advised funds$0
Other grants and allocations$304,500
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$35,000$0$35,000$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$0$0$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$0$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$2,935$0$2,935$0
Legal fees$20,373$0$20,373$0
Supplies$250$0$250$0
Telephone$0$0$0$0
Postage and shipping$41$0$41$0
Occupancy$3,300$0$3,300$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$0$0$0$0
Travel$0$0$0$0
Conferences, conventions, and meetings$0$0$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$200$0$200$0
Other expenses not covered above$64,511$0$64,511$0
Balance Sheets
2004200520062007
Total assets$31,448,566$34,393,809$47,195,733$48,686,537
Cash - non-interest-bearing$0$0$0$0
Savings and temporary cash investments$10,063$4,303$2,800$964
Accounts receivable less allowance for doubtful accounts$0$5,000$0$0
Pledges receivable less allowance for doubtful accounts$0$0$0$0
Grants receivable$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$20,000$70,000$70,000$70,000
Inventories for sale or use$0$0$0$0
Prepaid expenses and deferred charges$0$0$0$0
Investments - publicly-traded securities$0$0
Investments - other securities$0$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0
Investments - other$31,417,483$34,313,364$47,121,991$48,614,831
Land, buildings, and equipment less accumulated depreciation$1,020$1,142$942$742
Other assets, including program-related investments$0$0$0$0
Total liabilities$893,000$779,311$828,500$640,500
Accounts payable and accrued expenses$0$0$0$0
Grants payable$893,000$779,311$828,500$640,500
Deferred revenue$0$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0
Mortgages and other notes payable$0$0$0$0
Other liabilities$0$0$0$0
Total liabilities and net assets/fund balances$31,448,566$34,393,809$47,195,733$48,686,537
Total net assets or fund balances$30,555,566$33,614,498$46,367,233$48,046,037
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2004200520062007
Total revenue$1,004,194$721,979$804,711$887,822
Total revenue, gains, and other support per audited financial statements$10,503,624$3,539,309$13,451,103$2,109,914
Other expenses$9,499,430$2,817,330$12,646,392$1,222,092
Net unrealized gains on investments$9,499,430$2,817,330$12,646,392$1,222,092
Donated services and use of facilities$0$0$0$0
Recoveries of prior year grants$0$0$0$0
Other$0$0$0$0
Other revenue$0$0$0$0
Investment expenses$0$0$0$0
Other$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2004200520062007
Total expenses$1,119,515$480,377$698,368$431,110
Total expenses and losses per audited financial statements$1,119,515$480,377$698,368$431,110
Other revenue$0$0$0$0
Donated services and use of facilities$0$0$0$0
Prior year adjustments$0$0$0$0
Losses$0$0$0$0
Other$0$0$0$0
Other expenses$0$0$0$0
Investment expenses$0$0$0$0
Other$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
0$3,500$0$0
0$3,000$0$0
0$15,000$0$0
0$3,000$0$0
0$3,500$0$0
0$3,500$0$0
0$3,500$0$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings6
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$887,822$0
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$757$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$846,479$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$40,586$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
Enter the total number of donor advised funds owned at the end of the tax year$0
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isNot controlled by disqualified persons/supports non private foundation
Type of supporting organizationType III
Information about the supported organizations
Employer identification number (EIN)Name of organizationType of organizationIs the supported organization listed in the supporting organization's governing documents?Amount of support
581340834Community Foundation Of Gaston County IncOrganization that receives a substantial part of its support from a governmental unit or from the general publicYes$531,500
Total$531,500
Support Schedule
2003200420052006
Total$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0
Membership fees received$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0
Other income$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$1,300,647
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$1,109,962
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$190,685
Gross amount from sales of assets other than inventory (Securities / Other)$1,906,847 / $0
Less: cost or other basis and sales expenses (Securities / Other)$1,716,162 / $0
Gain or (loss) (Securities / Other)$190,685 / $0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$0
Statement of Functional Expenses (for 2011)
Total functional expenses$965,163
Compensation of current officers, directors, trustees, and key employees$71,250
Other salaries and wages$0
Payroll taxes$0
Professional fundraising services$0
Other$893,913
Balance Sheet (for 2011)
Total assets$71,608,383
Total liabilities$761,000
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$0
Unsecured notes and loans payable to unrelated third parties$0
Other$761,000
Total net assets or fund balances$70,847,383
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2)
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Organizations performing similar types of work
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2The Fuller FoundationSuite 250, Pasadena, CA 91101CA2001-10$365,209,257
3Community Foundation Of Northwest Indiana Inc901 Macarthur Blvd, Munster, IN 46321-2901IN1985-07$340,302,285
4Kirkpatrick Family Affiliated Fund Ok City Community Foundation IncPO BOX 1146, Oklahoma City, OK 73101-1146OK1990-07$149,896,649
5Ohio Masonic Home Benevolent Endowment Foundation IncPO BOX 120, Springfield, OH 45501-0120OH1996-09$59,130,505
6A J Fletcher Foundation220 Fayetteville Street, Raleigh, NC 27601-1358NC1975-01$57,597,867
7Barberton Community Foundation460 W Paige Ave, Barberton, OH 44203-2564OH1997-06$47,911,061
8Hollingsworth Funds Inc124 Verdae Blvd Ste 104, Greenville, SC 29607-3840SC1994-12$45,124,298
9The David Belk Cannon FoundationPO BOX 3746, Gastonia, NC 28054-0020NC2002-09$3,016,809
10Tcf Real Estate Foundation Inc324 Blackwell St Ste 1220, Durham, NC 27701-3690NC2005-03$366,700
11Frank S Flowers Charitable Tr Uw, 1515381525 W Wt Harris Blvd, Charlotte, NC 28288-0001NC1999-01$1,422,753
12Methodist Home For Children Foundation1041 Washington St, Raleigh, NC 27605-1259NC2002-01$1,354,024
13Communityworks Of Central Carolinas301 S Brevard St, Charlotte, NC 28202-2317NC2000-04$1,182,834
14Hugh Chatham Memorial Hospital Foundation180 Parkwood Dr, Elkin, NC 28621-2430NC1997-10$585,570
15Camp AlbemarlePO BOX 1612, New Bern, NC 28563-1612NC2008-01$488,484
16Rutherford Hospital Foundation Inc288 S Ridgecrest Ave, Rutherfordton, NC 28139-2838NC1997-05$387,718
17Peter F Delaurentis Tr Fbo College Ir-Tua 25190394681 West 4th Street D4000-041, Winston Salem, NC 27101-3818NC2005-06$170,647
18Lois Leonard Brinkley Trust, Lexington State Brinkley Ttee38 W 1st Ave, Lexington, NC 27292-3304NC2008-02$164,068
19Carolina East Home Care And Hospice Foundation IncPO BOX 887, Kenansville, NC 28349-0887NC1997-10$162,021
20National Christian Charitable Foundation Inc, Ccf Of The Triangle IncPO BOX 98446, Raleigh, NC 27624-8446NC2001-08$158,420
Number of organizations performing similar types of work
Alaska1
Alabama13
Arkansas8
Arizona21
California133
Colorado12
Connecticut8
District of Columbia13
Delaware4
Florida47
Georgia26
Hawaii5
Iowa23
Idaho8
Illinois53
Indiana25
Kansas16
Kentucky13
Louisiana8
Massachusetts42
Maryland28
Maine7
Michigan30
Minnesota16
Missouri14
Mississippi9
Montana7
North Carolina45
North Dakota5
Nebraska11
New Hampshire5
New Jersey35
New Mexico8
Nevada10
New York68
Ohio46
Oklahoma17
Oregon21
Pennsylvania71
Rhode Island9
South Carolina14
South Dakota3
Tennessee20
Texas68
Utah7
Virginia35
Vermont1
Washington33
Wisconsin28
West Virginia4
Wyoming2
International3
Total1,159

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