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THE CANNON FOUNDATION, IN¢, CONCORD, NORTH CAROLIHA 2aO2S December?, 1923 Mayor W. Ralph Austin Town of Mount Pleasant P. O. BoX 187 Mount Pleasant, N. C. 28124 Dea~ Mayor Austin: The Cannon Foundation, Inc. is pleased [o inforla you that its board of -" directors has approved a challenge grant of $1.00 for every $3.00 up to a ' maximum of $250,fl00.00. This challenge must be met by Jely 31, 1984. This is in response to yo~r' recent proposal for ~hc pnrPoses s~tcd below: For building a lake on Black Run Creek to provide the town with a Water reserve. In keeping with o~r psst procedures, end in order to comply with regulaliens applicable to foundations such as ours, all gran~s ~[i~l be made only .organizations which are exempt fPQm ~axes under Internal Revenue Code Section 501(c)(3) and which have been determined by'the Internal Reveane Service to be "not private foundations" within the meaning of Code Section. 509(a). In order ~ho~ the foundation may comply with aR Internal Revenue Code Regulations and other rcquiremenls, wc ask that you indicate your ugreement to follow the ~crms stated below by signing thq Copy of this letter in the space provided and returning it to our office~ I. Applicant ~grecs id expend the funds from this grrnt only for the purposes stated above and in accordance with Section 501(c)(3), Section 4945 and other applicable provisions of thc Internal Revenue Code. 2. Directors of The Cannon Foundation, Inc. may monitor and conduct · an ev~hmllon of operaHons rnder ibis gr~nt, including f~]l ~nd complete access to your files trod financial records rela~ing to the grant or your status, upon a reasonably ~imely reqaest therefor, 3. We require notification of any change in ynur Fede~al'tax status before or during thc period the grant'funds are being spent. 4. It is understood that gr~nt payments which are yet to be made by the foondation 'may be discontinued, modified, or withheld if, ia our sole judgment, such action is Decessary to comply wiH~ the requirements of lhe law. 5. Periodic reports should be submitted on the progress of the project er.'program, with a finn] accounting when nil of the funds provided have Dean expended, including an eVa]uatlon reporl of what the grant funds accomplished. . ~ - ~ , .