Charles a Cannon Trust No 1
Charles A Cannon Trust No 1 is a private charitable trust established in 1971 upon the death of Charles Albert Cannon, president of Cannon Mills Company. Based in Concord, North Carolina, the trust operates as a 501(c)(3) organization dedicated to continuing Charles Cannon's philanthropic legacy across the Southeast. The trust is one component of the broader Cannon Charitable Interests, which includes both this trust and the separate Cannon Foundation established in 1943.
Financial Overview
From 2025 IRS Form 990-PF · View filing
Total Assets
$138.4M
-2.3% YoY
Annual Giving
$17.7M
+19.5% YoY
Grant Count
85
-24.8% YoY
Avg Grant Size
$208K
+58.9% YoY
Mission & Focus Areas
The trust supports Charles A. Cannon's vision of giving back to the community across four primary areas:
- Healthcare: Capital and equipment funding for named healthcare systems
- Higher Education: Support for colleges and universities
- Churches: Funding for designated church denominations
- Community Organizations: General community support and development
The trust emphasizes capital projects, equipment upgrades, and facility improvements rather than general operating support for most beneficiaries.
Grantmaking
The trust operates under a critical restriction: it awards grants **only to named beneficiaries** specified in the governing trust document. There is no public application process. Organizations must be pre-designated in the trust document to receive funding.
Grant Range
$2,500 to $6.2 million
Average Grant
approximately $130,000-$136,000
How to Apply
**
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Geographic Focus
Where this funder awards grants
The trust primarily funds organizations in North Carolina, with limited funding in designated counties of South Carolina (Pickens and York counties). Within North Carolina, the trust has particular focus on Alamance, Cabarrus, Rowan, and Stanly counties.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of Fiscal Year Ending March 2025:
- Total Assets: $138.4 million
- Total Revenue: $18.2 million
- Total Expenses: $20.9 million
- Total Liabilities: $873
- Annual Giving: $19.1 million
- Giving Rate: 13.7%
Historical Growth: Annual giving has grown from $12.9 million in 2021 to as high as $27.3 million in 2022, demonstrating significant fluctuation in distribution levels year to year.
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total Assets | $138,395,667 | $141,615,193 | $139,220,382 |
| Revenue | $18,179,325 | $19,999,630 | $27,247,632 |
| Expenses | $20,943,911 | $17,800,102 | $19,886,939 |
| Qualifying Distributions | $19,132,550 | $16,111,149 | $18,588,237 |
| Net Investment Income | $16,545,775 | $18,665,562 | $21,101,511 |
| Distributable Amount | $19,662,517 | $17,291,583 | $15,956,123 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
Grant Size Distribution
250 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
- William C Cannon Jr. – Trustee/President (3 hours/week, $252,117)
- Edwin S Outen – Trustee/Vice-President (3 hours/week, $252,117)
- Joseph C Hunter – Trustee/Secretary (3 hours/week, $252,117)
- Britt Leatherman – Trustee (1 hour/week, $252,117)
- Pinnacle Financial Partners – Trustee (1 hour/week, $200,423)
The trust is administered through Cannon Charitable Interests in Concord, NC.
Compensation Overview
From 2025 IRS filing
From 2025 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| WILLIAM C CANNON JR | TRUSTEE/PRESIDENT | 3 | $252,117 |
| EDWIN S OUTEN | TRUSTEE/VICE-PRESIDENT | 3 | $252,117 |
| JOSEPH C HUNTER | TRUSTEE/SECRETARY | 3 | $252,117 |
| BRITT LEATHERMAN | TRUSTEE | 1 | $252,117 |
| PINNACLE FINANCIAL PARTNERS | TRUSTEE | 1 | $200,423 |
Recent News & Activity
Recent developments and announcements
Recent grant announcements include:
Wingate University received over $1 million for fine arts center upgrades
Cannon Charitable Interests donates more than $1 million to upgrade WingateWHQR public radio received more than $20,000
Alamance Community College received $280,000 for welding program air filtration renovation
Cannon Trust Awards ACC Welding $280,000 Grant for Air Filtration RenovationAppalachian Regional Healthcare System received $550,000 including support for Hurricane Helene disaster relief and radiation oncology equipment
Multiple community colleges and technical institutions across the region received capital project funding
Contact Information
- Phone: (704) 262-2347 or (704) 786-8216
- Address: PO Box 548, Concord, NC 28026
- Website: cannonfoundation.org
- EIN: 56-6132354
- Tax-Exempt Status: 501(c)(3), tax-exempt since September 1981
Subject Areas
Focus areas based on grantmaking activity
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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