AG19900723 - Laserfiche WebLink

Home Browse Search

THE CANNON FOUNDATION, INC. June 12~ 1990 Mr..James I~~. Lentz~ Chairman Cabarrus County Board of Commissioners Post Office Box Concord, North Carolina 28026-070? Dear Mr. Lentz: The Cannon Foundations Ina. is pleased to inform you that its Board of Directors has approved a grant in the amount of $50,000.00 in response to your recent proposal, for the purposes stated below: Construction of Ceberrus County Senior Center. In keeping with our past procedures, ~nd in order to comply with regulations applicable to foundations such as ours~ all grants will be made only to organizations which are exempt from taxes under Internal Revenue Code Section 501(c)(3) and which have been determined by the internal Revenue Service to be "not priwte foundations" within the meaning of Code Section 509(a). In order that the Foundation m~y comply with ell Internal Revenue Code Regulations and other requirements~ we ask that ycu indicate your agreement to follow the terms stated below by signing the copy of this letter in the space provided end returning it to our office: l. Applicant agrees to expend the funds from this ~rant only for the purposes stated above and in accordance with Section 501(c)(3), Section ~945 and other applicable provisions of the Internal Revenue Code. 2. Directors of The Cannon Foundation~ Inc. may monitor nnd conduct ~n evaluation of operations under this gr~nt~ including fall nnd complete ~ccess to your files snd financial records relating to the grant or your tax stnt~s, upon ~ reasonably timely reqnest therefor. 3. ['~e require notification of any change in your Federa} te~ status before or during the period the grant funds are being spent~ 4. It is understood that grant payments which are yet to be m~de by the Foundation may be discontinued, modified, or withhe}d if, in ot~ sole judgment, such ~ction is necesssry to comply with the requirements of the law. 5. Periodic reports should be snbmitted on the proEress of the project or program, with a finnl :accounting when ~11 of the funds provided h~ve been expended, including an evahmtion report of what the grant funds ~ccomplished.