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THE CANNON FOt <br />W WW.THECANNONFOC <br />POST OFFICE 1 . <br />CONCORD, NORTH CAR( <br />704 -786 -! <br />September 14, 2010 <br />Mr. John D. Day, County Manager <br />Cabarrus County <br />Post Office Box 707 <br />Concord, North Carolina 28026 -0707 <br />Dear Mr. Day: <br />The Cannon Foundation, Inc. is pleased to inform you that its Board of Directors has approved a <br />grant in the amount of $50,000.00 in response to your recent proposal, for the purpose stated <br />below: <br />Charles A. Cannon Memorial Library Upgrade <br />In keeping with our past procedures, and in order to comply with regulations applicable to <br />(W foundations such as ours, all grants will be made only to organizations which are exempt from <br />taxes under Internal Revenue Code Section 501(c)(3) and which have been determined by the <br />Internal Revenue Service to be "not private foundations" within the meaning of Code Section <br />509(a). <br />In order that the Foundation may comply with all Internal Revenue Code Regulations and other <br />requirements, we ask that you indicate your agreement to follow the terms stated below by <br />signing the enclosed copy of this letter in the space provided and promptly returning it to our <br />office: <br />Applicant agrees to expend the funds from this grant only for the purposes stated above <br />and in accordance with Section 501(c)(3), Section 4945 and other applicable provisions <br />of the Internal Revenue Code. <br />2. Directors of The Cannon Foundation, Inc. may monitor and conduct an evaluation of <br />operations under this grant, including full and complete access to your files and financial <br />records relating to the grant or your tax status, upon a reasonably timely request <br />therefore. <br />We require notification of any change in your Federal tax status before or during the <br />period the grant fiends are being spent. <br />4. It is understood that grant payments which are yet to be made by the Foundation may be <br />discontinued, modified, or withheld if, in our sole judgment, such action is necessary to <br />comply with the requirements of the law. <br />ESTABLISHED IN 1943 BY CHARLES A. CANNON, PRESIDENT AND CHAIRMAN OF CANNON MILLS COMPANY <br />Attachment number 1 <br />F -9 Page 146 <br />