Civic Intelligence

The David Belk Cannon Foundation

990 • Fiscal year 2015 • EIN 27-0004751

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 10, 2016

Organization ProfileN/A
PO Box 3746Gastonia, NC 28054-0038

(704) 854-6006

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

9th percentile

0.01x

Higher debt load relative to assets than 9% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Liabilities / Revenue

10th percentile

0.08x

Higher debt load relative to revenue than 10% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Net Margin

98th percentile

89%

Higher net margin than 98% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Top Officer Pay

3rd percentile

$65,000

Higher top officer pay than 3% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Asset Growth

94th percentile

32%

Faster asset growth than 94% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Revenue Growth

100th percentile

1449%

Faster revenue growth than 100% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets9th percentile

Assets

Up

$125,794,097

Up $30,385,690 (+32%) from 2014

Net Assets

Up

$123,964,525

Up $29,756,118 (+32%) from 2014

Liabilities

Up

$1,829,572

Up $629,572 (+52%) from 2014

Revenue And Expenses
Liabilities / Revenue10th percentileNet Margin98th percentile

Revenue

Up

$22,529,304

Up $21,075,147 (+1449%) from 2014

Expenses

Down

$2,565,680

Down $1,682,391 (-40%) from 2014

Net Income

Up

$19,963,624

Up $22,757,538 (+815%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth94th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2012: $88,806,056Liabilities 2012: $681,000Net Assets 2012: $88,125,0562012Assets 2013: $84,719,909Liabilities 2013: $468,000Net Assets 2013: $84,251,9092013Assets 2014: $95,408,407Liabilities 2014: $1,200,000Net Assets 2014: $94,208,4072014Assets 2015: $125,794,097Liabilities 2015: $1,829,572Net Assets 2015: $123,964,5252015Assets 2016: $123,371,302Liabilities 2016: $11,925Net Assets 2016: $123,359,3772016Assets 2017: $125,072,713Liabilities 2017: $1,871,264Net Assets 2017: $123,201,4492017Assets 2018: $109,461,277Liabilities 2018: $2,985,276Net Assets 2018: $106,476,0012018Assets 2019: $124,485,676Liabilities 2019: $4,804,186Net Assets 2019: $119,681,4902019Assets 2020: $130,773,648Liabilities 2020: $3,083,334Net Assets 2020: $127,690,3142020Assets 2021: $141,422,518Liabilities 2021: $7,400,000Net Assets 2021: $134,022,5182021Assets 2022: $117,648,711Liabilities 2022: $5,645,833Net Assets 2022: $112,002,8782022Assets 2023: $126,273,476Liabilities 2023: $3,348,333Net Assets 2023: $122,925,1432023Assets 2024: $132,530,612Liabilities 2024: $6,374,834Net Assets 2024: $126,155,7782024

Highlighted filing

2015

Assets$125,794,097
Liabilities$1,829,572
Net Assets$123,964,525
Open 2015 Filing

Operations Trend

Revenue Growth100th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$30M$20M$10M$0-$10MExpenses 2012: $1,282,2582012Revenue 2013: $183,880Expenses 2013: $1,525,627Net Income 2013: -$1,341,7472013Revenue 2014: $1,454,157Expenses 2014: $4,248,071Net Income 2014: -$2,793,9142014Revenue 2015: $22,529,304Expenses 2015: $2,565,680Net Income 2015: $19,963,6242015Revenue 2016: $1,351,168Expenses 2016: $2,118,352Net Income 2016: -$767,1842016Revenue 2017: $2,127,675Expenses 2017: $8,227,858Net Income 2017: -$6,100,1832017Revenue 2018: $4,541,407Expenses 2018: $8,288,676Net Income 2018: -$3,747,2692018Revenue 2019: $3,185,767Expenses 2019: $7,012,643Net Income 2019: -$3,826,8762019Revenue 2020: $4,765,855Expenses 2020: $5,764,767Net Income 2020: -$998,9122020Revenue 2021: $13,308,124Expenses 2021: $11,093,901Net Income 2021: $2,214,2232021Revenue 2022: $1,285,700Expenses 2022: $5,306,364Net Income 2022: -$4,020,6642022Revenue 2023: $3,591,682Expenses 2023: $4,148,207Net Income 2023: -$556,5252023Revenue 2024: $8,374,309Expenses 2024: $10,050,872Net Income 2024: -$1,676,5632024

Highlighted filing

2015

Revenue$22,529,304
Expenses$2,565,680
Net Income$19,963,624
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 10, 2016
Return Version
2015v2.1
Gross Receipts
$121,089,304
Mission and Program Overview

Mission

To make charitable distributions and provide support to or for the use of, and to perform the functions of, the community foundation of gaston county.

See page 2, Part III, line 1.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$94,599,049$125,672,818▲ $31,073,769
Savings and Temporary Cash Investments$803,152$117,768▼ $685,384
Land, Buildings, and Equipment, Net$6,206$3,419▼ $2,787
Accounts Receivable-$92-
Total Assets$95,408,407$125,794,097▲ $30,385,690
Liabilities
Grants Payable$1,200,000$1,813,334▲ $613,334
Other Liabilities$0$16,238▲ $16,238
Total Liabilities$1,200,000$1,829,572▲ $629,572
Net Assets / Fund Balance
Unrestricted Net Assets$94,208,407$123,964,525▲ $29,756,118
Total Net Assets Fund Balance$94,208,407$123,964,525▲ $29,756,118
Total Liabilities and Net Assets / Fund Balance$95,408,407$125,794,097▲ $30,385,690

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,419$20,883$24,302
Other Securities$49,679,977--
Compensation and Service Providers
Top Officer Pay3rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Eugene R Matthews IIPresident/CEO/TreasurerPT$65,000$65,000
B Frank Matthews IIchairman of board & investment committee-$55,000$55,000
Dr Richard E Rankin JrDirector-$15,000$15,000
Mary M VaughnSecretary-$13,000$13,000
Vann M Matthew IIDirector-$13,000$13,000
Betty C MatthewsVice Chairman-$11,000$11,000
Harriet M JacksonDirector-$11,000$11,000
Johan T NewcombeDirector-$11,000$11,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$22,529,304
Other Revenue
$0
Change in Net Assets
$19,963,624

Audited Revenue Reconciliation

Revenue per Audited Statements
$22,529,304
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-63,506
Total Revenue per Audited Statements
$22,465,798
Total Revenue per Form 990
$22,529,304
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,235,250
Salaries, Compensation, and Employee Benefits$194,000
Other Expenses$136,430
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,235,250--$2,235,250
Current Officers, Directors, Trustees, and Key Employees-$194,000-$194,000
Fees for Services Legal-$70,498-$70,498
Other Expenses-$24,703-$24,703
Advertising-$15,000-$15,000
Fees for Services Accounting-$9,900-$9,900
Insurance-$3,821-$3,821
Occupancy-$3,780-$3,780
Office Expenses-$3,316-$3,316
Depreciation Depletion-$2,787-$2,787
Fees for Services Other-$2,625-$2,625
Total Functional Expenses$2,235,250$330,430$0$2,565,680

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,565,680
Total Expenses per Audited Statements$2,565,680
Total Expenses per Form 990$2,565,680
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
UNC-CH Kenan-Flagler Business SchoolChapel Hill, NC501(c)(3)Rizzo Center Expansion$1,000,000
Schiele MuseumGastonia, NC501(c)(3)Projection Equip.- Planetarium$250,000
St Mary's SchoolRaleigh, NC501(c)(3)Scholarships$250,000
Habitat for Humanity of Gaston CouGastonia, NC501(c)(3)Operating Budget$100,000
Community Foundation of Gaston CountyGastonia, NC501(c)(3)Artspace Project & Run for the Money/Voices for Kids$70,000
Covenant Village IncGastonia, NC501(c)(3)Systems Upgrade$50,000
Woodberry Forest SchoolWoodberry Forest, VA501(c)(3)Scholarships$50,000
Gaston TogetherGastonia, NC501(c)(3)Leadership Initiative$31,000
Boys and Girls Clubs of Greater GastonGastonia, NC501(c)(3)Dancing with the Stars$30,000
Gaston County Family YMCAGastonia, NC501(c)(3)Marketing Piece$30,000
Gaston Day SchoolGastonia, NC501(c)(3)Operating Fund$30,000
Crisis Assistance MinistryGastonia, NC501(c)(3)Operating Budget$25,000
Daniel Stowe Botanical GardenBelmont, NC501(c)(3)ZimSculpt Garden Event$25,000
Davidson CollegeDavidson, NC501(c)(3)For Education$25,000
Prevent Child Abuse GastonGastonia, NC501(c)(3)Operating Budget$25,000
SOCKS IncMcAdenville, NC501(c)(3)Operating Budget$25,000
Salvation ArmyAlexandria, VA501(c)(3)Operating Budget$25,000
Young LifeColorado Springs, CO501(c)(3)Operating Account$25,000
Back Pack Weekend Food ProgramGastonia, NC501(c)(3)Operating Budget$20,000
Billy Graham Evangelistic AssociationCharlotte, NC501(c)(3)NC Museum of History - BG exhibit$20,000
CRU Global IncOrlando, FL501(c)(3)College Campus Mission Work$20,000
Gaston Literacy Council IncGastonia, NC501(c)(3)Lunch with the Author$15,000
As One MinistriesGastonia, NC501(c)(3)Challenge Grant to CFGC$12,500
NCBA FoundationRaleigh, NC501(c)(3)Camp Challenge$10,000
National MS SocietyWashington, DC501(c)(3)Alexandria VA Walk$10,000
On Eagles Wings MinistriesCharlotte, NC501(c)(3)Operating Budget$10,000
Philanthropy RoundtableWashington, DC501(c)(3)Alliance for Charitable Reform$10,000
United Way of Aiken CountyAiken, SC501(c)(3)Annual Campaign$10,000
United Way of Gaston CountyGastonia, NC501(c)(3)Annual Campaign$10,000
Gaston CollegeDallas, NC501(c)(3)50th Golden Anniversary Gala$5,000
Juvenile Diabetes Research FoundationNew York, NY501(c)(3)Charlotte Walk$5,000
Wounded Warrior ProjectJacksonville, FL501(c)(3)Board Directed Grants$5,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Administrative Expenses Payable$16,238
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 2

“B. Frank Matthews, II and Betty C. Matthews are the parents of Eugene R. Matthews, II, Harriet M. Jackson, and Mary M. Vaughn (all independent adults).”

Form 990, Part VI, Section A, line 7A

“The Board of Directors which is the governing body of the organization is made up of three classes of directors, including (1) Community Director(s); (2) Family Director(s); and (3) CFGC Director. Any Community Director is appointed by the organization's Board of Directors. Any Family Director is appointed by one or more individuals designated in the Bylaws. Currently, all those individuals are serving on the organization's Board of Directors, but none of them are disqualified persons within the context of supporting organization control restrictions. Any CFGC Director is appointed directly by the supported organization, the Community Foundation of Gaston County.”

Form 990, Part VI, Section B, line 11

“A copy of Form 990 is delivered or mailed to the full board before the form is filed.”

Form 990, Part VI, Section B, line 12C

“The conflict of interest policy is reviewed on an annual basis with the directors. In the event of a potential conflict of interest, the director with the potential conflict of interest recuses him or herself from all related discussion and voting.”

Form 990, Part VI, Section B, line 15

“The independent directors compare CEO and officer compensation based on reports of comparable entities from the Community Foundation of Gaston County, Guidestar and the Council on Foundations. Family members recuse themselves from discussions and approval of other family members' compensation. all discussions and approvals are documented in meeting minutes.”

Form 990, Part VI, Section C, line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
The David Belk Cannon Foundation
EIN
27-0004751
Phone
7048546006
Address
PO Box 3746, Gastonia, NC 28054-0038

Signing Officer

Name
Eugene R Matthews II
Title
President
Phone
7048546006
Signed
2016-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Eugene R Matthews II
Formed
2002
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Cherry Bekaert Llp
Address
1111 Metropolitan Ave Ste 1000, Charlotte, NC 28204
Preparer
Janice A Ratica
Phone
7043771678
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“Change in beneficial interest in investment pool -63,506. book/tax difference in investments 9,856,000.”

Financial Statement Notes

Part X, Line 2:

“The Foundation is exempt from federal income tax under the provisions of Section 501(c)(3) of the Internal Revenue Code ("IRC"). In accordance with IRC regulations, the Foundation is taxed on unrelated business income, which consists of earnings from activities not related to the exempt purpose of the Foundation. The Foundation accounts for tax uncertainties based on a more likely than not recognition threshold whereby tax benefits are only recognized when the Foundation believes that they have a greater than 50% likelihood of being sustained upon examination by taxing authorities. The Foundation has evaluated all of its tax positions and determined that it had no uncertain income tax positions as of December 31, 2015 or 2014. Management believes that the Foundation continues to satisfy the requirements of a tax exempt organization and is not subject to tax. Accordingly, no provision for income taxes has been reflected in the accompanying financial statements.”

Part XI, Line 2D - Other Adjustments:

“Change in beneficial interest in investment pool -63,506.”

Raw XML AppendixShowing 400 of 829 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0To make charitable distributions and provide support to or for the use of, and to perform the functions of, the Community Foundation of Gaston County.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt094208407
IRS990/NetAssetsOrFundBalancesEOYAmt0123964525
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt021119950
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt021119950
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt03780
IRS990/OccupancyGrp/TotalAmt03780
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt03316
IRS990/OfficeExpensesGrp/TotalAmt03316
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherChangesInNetAssetsAmt09792494
IRS990/OtherExpensesGrp/Desc0Dues & Memberships
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt024703
IRS990/OtherExpensesGrp/TotalAmt024703
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt016238
IRS990/PartialLiquidationInd01
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0Eugene R Matthews II
IRS990/ProfessionalFundraisingInd00
IRS990/ProgSrvcAccomActy2Grp/Desc0Distributions to the Schiele Museum, which is approved for distributions by the supported organization, to support the creation and expansion of the Planetarium and falls within its charitable purposes.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0250000
IRS990/ProgSrvcAccomActy2Grp/GrantAmt0250000
IRS990/ProgSrvcAccomActy3Grp/Desc0Distributions to Saint Mary's School, to aid in the scholarships of its students. Saint Mary's School is approved for distributions by the supported organization and falls within its charitable purposes.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0250000
IRS990/ProgSrvcAccomActy3Grp/GrantAmt0250000
IRS990/ProgSrvcAccomActyOtherGrp/Desc0CONTRIBUTIONS TO NUMEROUS OTHER CHARITABLE ORGANIZATIONS IN THE GASTONIA AREA THAT DIRECTLY BENEFIT GASTON COUNTY AND EFFECTIVELY, THE COMMUNITY FOUNDATION.
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt0735250
IRS990/ProgSrvcAccomActyOtherGrp/GrantAmt0735250
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt03994578
IRS990/PYInvestmentIncomeAmt01454157
IRS990/PYOtherExpensesAmt061493
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0-2793914
IRS990/PYSalariesCompEmpBnftPaidAmt0192000
IRS990/PYTotalExpensesAmt04248071
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01454157
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt019963624
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0803152
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0117768
IRS990ScheduleA/AdjustedNetIncomeGrp/AdjustedGrossIncomeGrp/CurrentYearAmt01409354
IRS990ScheduleA/AdjustedNetIncomeGrp/AdjustedGrossIncomeGrp/PriorYearAmt01454157
IRS990ScheduleA/AdjustedNetIncomeGrp/DepreciationDepletionGrp/CurrentYearAmt00
IRS990ScheduleA/AdjustedNetIncomeGrp/DepreciationDepletionGrp/PriorYearAmt00
IRS990ScheduleA/AdjustedNetIncomeGrp/NetSTCapitalGainAdjNetIncmGrp/CurrentYearAmt00
IRS990ScheduleA/AdjustedNetIncomeGrp/NetSTCapitalGainAdjNetIncmGrp/PriorYearAmt00
IRS990ScheduleA/AdjustedNetIncomeGrp/OtherExpensesGrp/CurrentYearAmt00
IRS990ScheduleA/AdjustedNetIncomeGrp/OtherExpensesGrp/PriorYearAmt00
IRS990ScheduleA/AdjustedNetIncomeGrp/OtherGrossIncomeGrp/CurrentYearAmt01409354
IRS990ScheduleA/AdjustedNetIncomeGrp/OtherGrossIncomeGrp/PriorYearAmt01454157
IRS990ScheduleA/AdjustedNetIncomeGrp/ProductionIncomeGrp/CurrentYearAmt00
IRS990ScheduleA/AdjustedNetIncomeGrp/ProductionIncomeGrp/PriorYearAmt00
IRS990ScheduleA/AdjustedNetIncomeGrp/RecoveriesPYDistributionsGrp/CurrentYearAmt00
IRS990ScheduleA/AdjustedNetIncomeGrp/RecoveriesPYDistributionsGrp/PriorYearAmt00
IRS990ScheduleA/AdjustedNetIncomeGrp/TotalAdjustedNetIncomeGrp/CurrentYearAmt01409354
IRS990ScheduleA/AdjustedNetIncomeGrp/TotalAdjustedNetIncomeGrp/PriorYearAmt01454157
IRS990ScheduleA/DistributableAmountGrp/CYAdjNetIncomeDistributableAmt01454157
IRS990ScheduleA/DistributableAmountGrp/CYDistributableAsAdjustedAmt03406203
IRS990ScheduleA/DistributableAmountGrp/CYGreaterAdjustedMinimumAmt03406203
IRS990ScheduleA/DistributableAmountGrp/CYIncomeTaxImposedPYAmt00
IRS990ScheduleA/DistributableAmountGrp/CYPct85AdjustedNetIncomeAmt01236033
IRS990ScheduleA/DistributableAmountGrp/CYTotalMinAstDistributableAmt03406203
IRS990ScheduleA/DistributionAllocationsGrp/CYDistriAppDistributableAmt02082281
IRS990ScheduleA/DistributionAllocationsGrp/CYDistribAppUnderdistriPYAmt00
IRS990ScheduleA/DistributionAllocationsGrp/CYDistributableAsAdjustedAmt03406203
IRS990ScheduleA/DistributionAllocationsGrp/CyovAppliedUnderdistrCPYAmt01323922
IRS990ScheduleA/DistributionAllocationsGrp/CyovAppliedUnderdistriPYAmt00
IRS990ScheduleA/DistributionAllocationsGrp/CYTotalAnnualDistributionsAmt02565680
IRS990ScheduleA/DistributionAllocationsGrp/ExcessDistributionAmt0483399
IRS990ScheduleA/DistributionAllocationsGrp/ExcessDistributionCyovAmt00
IRS990ScheduleA/DistributionAllocationsGrp/ExcessDistributionCyovYr1Amt01323922
IRS990ScheduleA/DistributionAllocationsGrp/ExcessDistributionCyovYr2Amt00
IRS990ScheduleA/DistributionAllocationsGrp/ExcessDistriCyovToNextYrAmt0483399
IRS990ScheduleA/DistributionAllocationsGrp/ExcessFromYear1Amt0483399
IRS990ScheduleA/DistributionAllocationsGrp/ExcessFromYear2Amt00
IRS990ScheduleA/DistributionAllocationsGrp/ExcessFromYear3Amt00
IRS990ScheduleA/DistributionAllocationsGrp/RemainingUnderdistriCYAmt00
IRS990ScheduleA/DistributionAllocationsGrp/RemainingUnderdistriPYAmt00
IRS990ScheduleA/DistributionAllocationsGrp/TotalExcessDistributionCyovAmt01323922
IRS990ScheduleA/DistributionAllocationsGrp/UnderdistributionsAmt00
IRS990ScheduleA/DistributionsGrp/CYAdministrativeExpensePaidAmt0330430
IRS990ScheduleA/DistributionsGrp/CYDistriAttentiveSuprtOrgAmt02235250
IRS990ScheduleA/DistributionsGrp/CYDistributableAsAdjustedAmt03406203
IRS990ScheduleA/DistributionsGrp/CYDistributionYrRt00.656
IRS990ScheduleA/DistributionsGrp/CYOtherDistributionsAmt00
IRS990ScheduleA/DistributionsGrp/CYPaidAccomplishExemptPrpsAmt02235250
IRS990ScheduleA/DistributionsGrp/CYPdInExcessIncomeActivityAmt00
IRS990ScheduleA/DistributionsGrp/CYTotalAnnualDistributionsAmt02565680
IRS990ScheduleA/DistributionsGrp/ExemptUseAssetsAcquisPaidAmt00
IRS990ScheduleA/DistributionsGrp/QualifiedSetAsideAmt00
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgNotOrganizedUSInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/OfficersCloseRelationshipInd01
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/SupportedOrgVoiceInvestmentInd01
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/TimelyProvidedDocumentsInd01
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE COMMUNITY FOUNDATION OF GASTON COUNTY ("CFGC") DIRECTOR ON THE ORGANIZATION'S GOVERNING BOARD IS APPOINTED DIRECTLY BY THE SUPPORTED ORGANIZATION AND, BY REQUIREMENT OF THE BYLAWS, IS A MEMBER OF THE EXECUTIVE COMMITTEE OF THE BOARD. THE EXECUTIVE COMMITTEE IS AUTHORIZED AND DIRECTED TO HANDLE MANAGEMENT OF THE ORGANIZATION'S BUSINESS AND AFFAIRS BETWEEN FORMAL BOARD MEETINGS, MEANING THAT THE CFGC DIRECTOR IS INTIMATELY INVOLVED IN THE DAILY ADMINISTRATION OF THE ORGANIZATION AND, AS A RESULT, HAS A SIGNIFICANT VOICE IN ITS INVESTMENT POLICIES AND IN DIRECTING THE USE OF THE ORGANIZATION'S INCOME OR ASSETS. SIMILARLY, THE SUPPORTED ORGANIZATION, THE COMMUNITY FOUNDATION OF GASTON COUNTY ("CFGC"), ACTIVELY OVERSEES THE MANAGEMENT OF THE ORGANIZATION'S INVESTMENTS OTHER THAN A LARGE SINGLE HOLDING IN A PUBLIC COMPANY, WHICH REQUIRES NO SEPARATE INVESTMENT MANAGEMENT. AS A RESULT, CFGC IS ALSO ACTIVELY INVOLVED IN DISCUSSIONS AND DISTRIBUTIONS OF THE ORGANIZATION'S ASSETS THAT BENEFIT THE COMMUNITY THAT IS SERVED BY CFGC, CONSISTENT WITH THE ORGANIZATION'S ARTICLES AND BYLAWS. AS A RESULT, CFGC HAS A SIGNIFICANT VOICE IN THE ORGANIZATION'S INVESTMENTS AND USE OF ITS INCOME AND ASSETS.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1THE ORGANIZATION HELD STOCK IN A COMPANY THAT IS INDEPENDENTLY VALUED EACH YEAR BY A QUALIFIED APPRAISER. THE ORGANIZATION HELD A SUFFICIENT NUMBER OF SHARES OF THE COMPANY'S STOCK THAT THE SAME APPRAISER HAS ALSO NOW ISSUED A SEPARATE APPRAISAL REPORT FOR THE ORGANIZATION, OPINING THAT A 14% BLOCKAGE DISCOUNT SHOULD APPLY TO ITS HOLDINGS IN THE COMPANY. THE ORGANIZATION RECOGNIZES THAT SECTION 4942(E) APPROVES THIS TYPE OF VALUE REDUCTION IN GENERAL BUT ALSO LIMITS THE SAME TO 10% FOR CERTAIN PURPOSES, AND THE ORGANIZATION HAS THEREFORE LIMITED THE BLOCKAGE DISCOUNT REFLECTED IN ITS 2014 990 TO 10%. THERE WAS NO BLOCKAGE DISCOUNT APPLIED IN 2015 SINCE THE STOCK WAS SOLD.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2The Community Foundation of Gaston County ("CFGC") is the supported organization and is attentive to the operations of the organization due to the fact that the supporting organization provides well in excess of 10% of CFGC's annual support through distributions to or for the use of CFGC. In addition, the organization and CFGC have a long relationship, not only as supporting/supported organizations with a legal relationship, but also as two of the largest (if not the actual two largest) charitable organizations located in Gaston County, NC, that, by default, work hand in hand to support the community, which is the primary purpose of both organizations. As noted elsewhere in this Form 990, CFGC directly appoints one of the organization's directors who must also serve on the Executive Committee, and CFGC also directly oversees the management and distribution of the organization's annual distributions, ensuring that CFGC is attentive to the operations and investments of the organization. The organization is responsive to CFGC in light of CFGC's appointment of one of the organization's directors (which is required to be on the Executive Committee overseeing daily operations of the organization), strengthened by the fact that such director must also be a director of CFGC itself. Furthermore, CFGC has a significant voice in the investments and use of the organization's income and assets as described further above in Schedule A, Part IV, Section D, Line 3.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Part IV, Section D, Line 3:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1Part V, Section B, Line 1e:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc2Part V, Section D, number 8:
IRS990ScheduleA/IRSWrittenDeterminationInd0X
IRS990ScheduleA/MinimumAssetAmountGrp/AcquisitionIndebtednessGrp/CurrentYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/AcquisitionIndebtednessGrp/PriorYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/AdjustedFMVLessIndebtednessGrp/CurrentYearAmt0127010811
IRS990ScheduleA/MinimumAssetAmountGrp/AdjustedFMVLessIndebtednessGrp/PriorYearAmt098802125
IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyCashBalancesGrp/CurrentYearAmt0120551186
IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyCashBalancesGrp/PriorYearAmt02930232
IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyFMVOfSecGrp/CurrentYearAmt06405498
IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyFMVOfSecGrp/PriorYearAmt095820790
IRS990ScheduleA/MinimumAssetAmountGrp/CashDeemedCharitableGrp/CurrentYearAmt01905162
IRS990ScheduleA/MinimumAssetAmountGrp/CashDeemedCharitableGrp/PriorYearAmt01482032
IRS990ScheduleA/MinimumAssetAmountGrp/DiscountClaimedAmt010080000
IRS990ScheduleA/MinimumAssetAmountGrp/FMVOtherNonExemptUseAssetGrp/CurrentYearAmt054127
IRS990ScheduleA/MinimumAssetAmountGrp/FMVOtherNonExemptUseAssetGrp/PriorYearAmt051103
IRS990ScheduleA/MinimumAssetAmountGrp/NetVlNonExemptUseAssetsGrp/CurrentYearAmt0125105649
IRS990ScheduleA/MinimumAssetAmountGrp/NetVlNonExemptUseAssetsGrp/PriorYearAmt097320093
IRS990ScheduleA/MinimumAssetAmountGrp/PctOfNetVlNonExemptUseAstGrp/CurrentYearAmt04378698
IRS990ScheduleA/MinimumAssetAmountGrp/PctOfNetVlNonExemptUseAstGrp/PriorYearAmt03406203
IRS990ScheduleA/MinimumAssetAmountGrp/RecoveriesPYDistriMinAssetGrp/CurrentYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/RecoveriesPYDistriMinAssetGrp/PriorYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/TotalFMVOfNonExemptUseAssetGrp/CurrentYearAmt0127010811
IRS990ScheduleA/MinimumAssetAmountGrp/TotalFMVOfNonExemptUseAssetGrp/PriorYearAmt098802125
IRS990ScheduleA/MinimumAssetAmountGrp/TotalMinimumAssetGrp/CurrentYearAmt04378698
IRS990ScheduleA/MinimumAssetAmountGrp/TotalMinimumAssetGrp/PriorYearAmt03406203
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0581340834
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd07
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt02235250
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0The Community Foundation of Gaston County Inc
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType3NonFuncInd0X
IRS990ScheduleA/SupportSumAmt02235250
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt03419
IRS990ScheduleD/EquipmentGrp/DepreciationAmt020883
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt024302
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02565680
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt016238
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ADMINISTRATIVE EXPENSES PAYABLE
IRS990ScheduleD/OtherRevenueAmt0-63506
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt054127
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt15938478
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt270000236
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt349679977
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Partnerships
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Assets in investment pool
IRS990ScheduleD/OtherSecuritiesGrp/Desc2Fixed Income
IRS990ScheduleD/OtherSecuritiesGrp/Desc3Money Market
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd3F
IRS990ScheduleD/RevenueNotReportedAmt0-63506
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt022529304
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Foundation is exempt from federal income tax under the provisions of Section 501(c)(3) of the Internal Revenue Code ("IRC"). In accordance with IRC regulations, the Foundation is taxed on unrelated business income, which consists of earnings from activities not related to the exempt purpose of the Foundation. The Foundation accounts for tax uncertainties based on a more likely than not recognition threshold whereby tax benefits are only recognized when the Foundation believes that they have a greater than 50% likelihood of being sustained upon examination by taxing authorities. The Foundation has evaluated all of its tax positions and determined that it had no uncertain income tax positions as of December 31, 2015 or 2014. Management believes that the Foundation continues to satisfy the requirements of a tax exempt organization and is not subject to tax. Accordingly, no provision for income taxes has been reflected in the accompanying financial statements.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Change in beneficial interest in investment pool -63,506.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI, Line 2d - Other Adjustments:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03419
IRS990ScheduleD/TotalBookValueSecuritiesAmt0125672818
IRS990ScheduleD/TotalExpensesPerForm990Amt02565680
IRS990ScheduleD/TotalLiabilityAmt016238
IRS990ScheduleD/TotalRevenuePerForm990Amt022529304
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt022465798
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02565680
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt012500
IRS990ScheduleI/RecipientTable/CashGrantAmt120000
IRS990ScheduleI/RecipientTable/CashGrantAmt220000
IRS990ScheduleI/RecipientTable/CashGrantAmt330000
IRS990ScheduleI/RecipientTable/CashGrantAmt470000
IRS990ScheduleI/RecipientTable/CashGrantAmt550000

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$125,794,097
Liabilities
$1,829,572
Net assets
$123,964,525
Revenue
$22,529,304
Expenses
$2,565,680
Net income
$19,963,624
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$133$6.37$126$8.37$10.1$1.68
2023Detailed filing. Detailed filing data is available for this year.$126$3.35$123$3.59$4.15$0.56
2022Detailed filing. Detailed filing data is available for this year.$118$5.65$112$1.29$5.31$4.02
2021Detailed filing. Detailed filing data is available for this year.$141$7.40$134$13.3$11.1$2.21
2020Detailed filing. Detailed filing data is available for this year.$131$3.08$128$4.77$5.76$1.00
2019Detailed filing. Detailed filing data is available for this year.$124$4.80$120$3.19$7.01$3.83
2018Detailed filing. Detailed filing data is available for this year.$109$2.99$106$4.54$8.29$3.75
2017Detailed filing. Detailed filing data is available for this year.$125$1.87$123$2.13$8.23$6.10
2016Detailed filing. Detailed filing data is available for this year.$123$0.01$123$1.35$2.12$0.77
2015Detailed filing. Detailed filing data is available for this year.$126$1.83$124$22.5$2.57$20.0
2014Detailed filing. Detailed filing data is available for this year.$95.4$1.20$94.2$1.45$4.25$2.79
2013Detailed filing. Detailed filing data is available for this year.$84.7$0.47$84.3$0.18$1.53$1.34
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$88.8$0.68$88.1$1.28