Charles a Cannon Trust No 1

Foundation · Grantmaker Concord, NC EIN: 56-6132354 Website

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.

Key facts about Charles a Cannon Trust No 1

EIN: 56-6132354
Latest 990 filing: Form 990-PF, 2025
Annual giving (2025): $17,660,502
Grants made (2025): 85
Average grant: $207,771
Median grant: $65,000
New grantees (estimate): 27% first-time grantees (22 of 81, 2025)
Total assets: $138,395,667
Primary geography: North Carolina (96% of itemized 2025 grant dollars)
How to apply: The trust operates under a critical restriction: it awards grants only to named beneficiaries specified in the governing trust document. Full details ↓

Data from IRS Form 990-PF, 2025; updated September 2026. New grantees are estimated by matching recipient names across years (methodology). Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.

Who Charles a Cannon Trust No 1 funds

By grant dollars, the top recipient states for Charles a Cannon Trust No 1's 85 itemized 2025 grants were North Carolina (96%). The most frequent recipient cities were Concord, NC (24 grants), Kannapolis, NC (9 grants), Rock Hill, SC (5 grants) and Salisbury, NC (4 grants). 4% of grants with a stated purpose were for general or operating support. Recurring purposes include "Hvac" (3 grants) and "Hvac Replacement" (3 grants).

Is Charles a Cannon Trust No 1 open to new grantees?

27%

first-time grantees, 2025

In 2025, 22 of 81 grantees (27%) were first-time recipients. First grants averaged $401K; repeat grants $150K. How we count

Medians: $64K first-time, $65K repeat.

56% of 2025 grantees were also funded in 2024. Method
Giving grew 29% from 2022 to 2025. Method
In 2025 it paid out 97% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. Method

Estimate from itemized IRS Form 990-PF grant lists (2020–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.

Next steps with Charles a Cannon Trust No 1

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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

-24.8% YoY

Avg Grant Size

$208K

+58.9% YoY

Under IRS private-foundation payout rules, Charles a Cannon Trust No 1 reported a distributable amount of $19.7M for 2025 — the minimum it must pay out in qualifying distributions.

Research compiled by Grantable AI from public sources. Last updated April 2026.

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

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

North Carolina $17.0M (96%)

South Carolina $654K (4%)

Share of all 85 itemized 2025 grant dollars.

States

North Carolina South Carolina

Cities

ConcordKannapolisSalisburyRock HillAlbemarleYorkChina GroveBanner ElkBrevardMisenheimerWingateClevelandSpruce PineHickoryNorwoodPickensBooneBurlingtonCharlotteRaleigh

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.

Revenue

Expenses

Qualifying Distributions

Net Investment Income

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

Data update history

When this profile's IRS filing data changed on Grantable

March 1, 2026 IRS filings on file for fiscal years 2020–2025

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

510 grants across all recorded years

Giving History

Grant recipients and amounts by year

Among its reported 2025 grants, the largest recipients include The Charlotte-Mecklenburg Hospital Authority ($6,963,534 across 3 grants), Wingate University ($932,500), Rowan-Cabarrus Young Men's Christian Association ($560,000).

Recipient	Purpose	Amount
THE CHARLOTTE-MECKLENBURG HOSPITAL AUTHORITY Concord, NC	REQUIRED 40% DISTRIBUTION - ATRIUM CABARRUS	$6,233,802
WINGATE UNIVERSITY Wingate, NC	CAMPUS BUILDING RENOVATIONS; BOSTIC SCHOLARSHIP FUND; ANNUAL FUND; CAMPUS SAFETY	$932,500
ROWAN-CABARRUS YOUNG MEN'S CHRISTIAN ASSOCIATION Salisbury, NC	NEW HARRISBURG YMCA (CAPITAL PROJECT); KANNAPOLIS BRANCH POOL RENOVATIONS	$560,000
APPALACHIAN REGIONAL HEALTHCARE SYSTEM INC Boone, NC	HURRICANE HELENE DISASTER RELIEF; RADIATION ONCOLOGY NEW LINEAR ACCELERATOR	$550,000
ROWAN-CABARRUS COMMUNITY COLLEGE FOUNDATION INC Salisbury, NC	ASEPTIC EDUCATIONAL SUITE	$485,993
THE CHARLOTTE-MECKLENBURG HOSPITAL AUTHORITY Concord, NC	2025 FAITH COMMUNITY NURSES - ATRIUM CABARRUS	$479,732
LEES-MCRAE COLLEGE INCORPORATED Banner Elk, NC	HURRICANE HELENE DISASTER RELIEF; MAINTENANCE	$410,048
BREVARD COLLEGE CORPORATION Brevard, NC	HVAC; HURRICANE HELENE DISASTER RELIEF	$400,000
PUBLIC HEALTH AUTHORITY OF CABARRUS COUNTY Kannapolis, NC	KANNAPOLIS DENTAL EXPANSION	$388,550
BOYS AND GIRLS CLUB OF CABARRUS COUNTY INC Concord, NC	2024-25 OPERATING SUPPORT	$350,000

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

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 Wingate

WHQR 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 Renovation

Appalachian 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

Philanthropy, Voluntarism & Grantmaking

Frequently Asked Questions

What does Charles a Cannon Trust No 1 fund?

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…

How do I apply for a grant from Charles a Cannon Trust No 1?

The trust operates under a critical restriction: it awards grants only to named beneficiaries specified in the governing trust document. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑

Where does Charles a Cannon Trust No 1 make 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.

What size grants does Charles a Cannon Trust No 1 award?

In 2025, Charles a Cannon Trust No 1 awarded 85 grants totaling $17.7M — an average of about $208K per grant, based on its IRS Form 990 filings.

How much is Charles a Cannon Trust No 1 required to give away each year?

Private foundations must generally distribute about 5% of their assets annually. For 2025, Charles a Cannon Trust No 1 reported a distributable amount of $19.7M on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.