2024-04-02T14:33:09-05:00 2023-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2022-07-01 560944449 CHARLOTTE LATIN SCHOOLS CHAR 7048467299 9502 PROVIDENCE ROAD CHARLOTTE NC 282778695 ROBERT MCARTHUR CFO & COO 7048467299 2024-03-27 1 ROBERT MCARTHUR 999009999 1 AMY DOSIK P00890743 7043771678 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ROBERT MCARTHUR 9502 PROVIDENCE ROAD CHARLOTTE NC 282778695 61850460 0 X WWW.CHARLOTTELATIN.ORG X 1970 NC SEE SCHEDULE O 19 19 596 19 0 0 8870717 8586905 43500425 46635653 1623497 1981721 219032 0 54213671 57204279 3067146 3092027 0 0 31970112 34052568 0 0 2611980 13080809 14090315 48118067 51234910 6095604 5969369 136653905 147355358 52863939 53921047 83789966 93434311 X SEE SCHEDULE O 0 0 35345787 3092027 42850598 CLS ENROLLED AND EDUCATED 1,541 STUDENTS IN GRADES TRANSITIONAL KINDERGARTEN THROUGH 12TH GRADE IN THE 2022-2023 SCHOOL YEAR. 6145671 3785055 CLS PROVIDED FOOD AND TRANSPORTATION SERVICES AS WELL AS ARTS, ATHLETICS, AND OTHER SPECIAL PROGRAMS, SUCH AS DAY CARE, EXTENDED DAY CARE, SUMMER CAMPS, CLINICS, AND EDUCATIONAL RESOURCES TO STUDENTS IN GRADES TRANSITIONAL KINDERGARTEN THROUGH 12TH GRADE. 41491458 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 74 1 1 596 1 0 0 0 0 0 0 0 0 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NC X ROBERT MCARTHUR 7048467299 9502 PROVIDENCE ROAD CHARLOTTE NC 282778695 CHARLES D BALDECCHI HEAD OF SCHOOL 50.00 X 902167 0 49029 FLETCHER H GREGORY III FORMER CFO UNTIL 6/2022 50.00 X 227629 0 32807 SONJA TAYLOR ASSOC. HEAD OF SCHOOL 50.00 X 211590 0 25870 JOANNE BEAM PHILANTHROPY DIRECTOR 50.00 X 159438 0 41362 LAWRENCE WALL HEAD OF UPPER SCHOOL 50.00 X 176616 0 30379 TODD BALLABAN HEAD OF MIDDLE SCHOOL 50.00 X 175541 0 32946 MARCUS TAYLOE HEAD OF LOWER SCHOOL 50.00 X 170292 0 43893 ROBERT MCARTHUR CFO AND COO (FROM 7/2022) 50.00 X 132744 0 8525 MIKE FRENO CHAIR 1.00 X X 0 0 0 RAEL GORELICK VICE CHAIR 1.00 X X 0 0 0 PHIL COLACO TREASURER 1.00 X X 0 0 0 DEBBIE S FRAIL SECRETARY 1.00 X X 0 0 0 IRM BELLAVIA DIRECTOR 1.00 X 0 0 0 JOHN COMLY DIRECTOR 1.00 X 0 0 0 MARY KATHERINE DUBOSE DIRECTOR 1.00 X 0 0 0 ADAORA A ERUCHALU DIRECTOR 1.00 X 0 0 0 PAIGE FORD DIRECTOR 1.00 X 0 0 0 DON GATELY DIRECTOR 1.00 X 0 0 0 KARIM LOKAS DIRECTOR 1.00 X 0 0 0 JOHN T MCCOY DIRECTOR 1.00 X 0 0 0 KRISTIN MIDDENDORF DIRECTOR 1.00 X 0 0 0 UMA O'BRIEN DIRECTOR 1.00 X 0 0 0 DENNY O'LEARY DIRECTOR 1.00 X 0 0 0 CHRISTIAN ROBINSON DIRECTOR 1.00 X 0 0 0 DAVE SHUFORD DIRECTOR 1.00 X 0 0 0 CHARLES THIES DIRECTOR 1.00 X 0 0 0 MICHELLE THORNHILL DIRECTOR 1.00 X 0 0 0 2156017 0 264811 22 1 1 0 CHOATE CONSTRUCTION COMPANY 2907 PROVINCE ROAD CHARLOTTE NC 28211 CONSTRUCTION 1026730 CONSOLIDATED CONTRACT SERVICES P O BOX 3118 INDIAN TRAIL NC 28079 CUSTODIAL CONTRACT 588980 JR CREATIVE CONSTRUCTION INC 12505 PLAZA ROAD CHARLOTTE NC 28215 MAINTENANCE/CONSTRUCTION 386741 SMI ENTERPRISES 1702 CHARLOTTE HIGHWAY LANCASTER SC 29720 PAVING 234266 LITTLE DIVERSIFIED ARCHITECTURAL CONSULT 615 COLLEGE ST STE 1600 CHARLOTTE NC 28202 ARCHITECTURAL SERVICES 161485 6 3833167 4753738 1159266 8586905 TUITION 900099 42850598 42850598 SUMMER CAMP REVENUE 900099 1025126 1025126 TRANSPORTATION 900099 737570 737570 ENRICHMENT 900099 603293 603293 EXTENDED CARE 900099 556368 556368 862698 862698 46635653 522256 522256 6068646 37000 4584358 61823 1484288 -24823 1459465 1459465 57204279 46635653 0 1981721 3092027 3092027 1393401 1133951 187830 71620 24197518 19692162 3262580 1242776 1885481 1534421 254221 96839 4455826 3626194 600792 228840 2120342 1725553 285886 108903 311098 311098 269789 269789 1340565 1089426 182383 68756 257059 72311 184748 203838 165885 27484 10469 1725762 1449320 201072 75370 1117512 1071733 26236 19543 906276 737535 122193 46548 3127642 2545303 421700 160639 274867 223689 37060 14118 MATERIALS & SUPPLIES 3114074 2416037 663235 34802 PROGRAMS AND ASSEMBLIES 158811 158811 TEACHER RECRUITMENT 108770 88518 14665 5587 1174252 668582 263248 242422 51234910 41491458 7131472 2611980 14173134 20737030 1238333 1754713 6544091 7473365 259943 360460 120000 60000 62684 72551 465639 363064 98991730 47779289 53060206 51212441 59022334 61411916 1707541 3909818 136653905 147355358 4770454 4350102 20370385 22284863 26302902 25590737 258775 1420198 1436570 52863939 53921047 X 56897909 64879311 26892057 28555000 83789966 93434311 136653905 147355358 X 5969369 2905962 769014 X 0 1 X 1 0 X 6921590 4165844 4928417 8870717 8586905 33473473 6921590 4165844 4928417 8870717 8586905 33473473 713600 32759873 1282388 318129 129663 1495063 522256 3747499 219032 219032 37440004 199312504 0.87500 0.84700 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 41902202 2122147 4159526 670200 62855 47450820 45854864 3331442 -5886604 435975 961525 41902202 36973414 290100 10083102 386700 1105052 45854864 37463106 116995 933838 1540525 36973414 33162416 3149008 2257637 1105955 37463106 0.47909 0.52091 0.00000 0 0 4008417 4008417 85809048 41730929 44078119 9003100 6048360 2954740 171165 171165 51212441 DEFERRED COMPENSATION 415320 FINANCE LEASE OBLIGATION 1021250 1436570 X 57542262 2905962 769014 3674976 53867286 269789 3067204 3336993 57204279 47897917 24823 24823 47873094 269789 3092027 3361816 51234910 PART V, LINE 4: ENDOWMENT FUNDS ARE USED FOR SCHOLARSHIPS, GENERAL OPERATING EXPENSES, AND PROPERTY AND EQUIPMENT IMPROVEMENTS AND UPKEEP. THE PERCENTAGE REPORTED FOR PERMANENT ENDOWMENTS INCLUDES AMOUNTS THAT MUST BE MAINTAINED IN PERPETUITY AS WELL AS ACCUMULATED EARNINGS ON SUCH AMOUNTS THAT HAVE NOT YET BEEN APPROPRIATED FOR EXPENDITURE. PART X, LINE 2: THE SCHOOL IS EXEMPT FROM FEDERAL AND STATE INCOME TAXATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. HOWEVER, INCOME UNRELATED TO ITS EXEMPT FUNCTION, IF ANY, IS SUBJECT TO INCOME TAXATION. MANAGEMENT BELIEVES THE SCHOOL CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AND IS NOT SUBJECT TO TAX. NO PROVISION FOR INCOME TAXES HAS BEEN REFLECTED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE SCHOOL FOLLOWS FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE SCHOOL'S POLICY IS TO RECORD A LIABILITY FOR ANY TAX POSITION TAKEN THAT IS BENEFICIAL TO THE SCHOOL, INCLUDING ANY RELATED INTEREST AND PENALTIES, WHEN IT IS MORE LIKELY THAN NOT THE POSITION TAKEN BY MANAGEMENT WITH RESPECT TO A TRANSACTION OR CLASS OF TRANSACTIONS WILL BE OVERTURNED BY A TAXING AUTHORITY UPON EXAMINATION. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF INTEREST RATE CAP 769,014. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE SHOWN NET OF REVENUE ON FINANCIALS 3,092,027. LOSS ON SALE OF EQUIPMENT -24,823. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF EQUIPMENT 24,823. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE SHOWN NET OF REVENUE ON FINANCIALS 3,092,027. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL'S RACIALLY NON-DISCRIMINATORY POLICY TOWARDS STUDENTS IS PUBLISHED THROUGH A STATEMENT OF THE SCHOOL'S ADMINISTRATION POLICY ON THE PUBLIC WEBSITE AND IN THE CLS FAMILY HANDBOOK. SCHEDULE E, PART I, LINE 6 IN FISCAL YEAR 2023, CHARLOTTE LATIN SCHOOLS CLAIMED $3,833,167 IN PAYROLL TAX CREDITS FROM THE EMPLOYEE RETENTION CREDIT THROUGH THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT. 1 SCHOLARSHIPS AND FINANCIAL ASSISTANCE TO STUDENTS 201 670200 2421827 TUITION RATES FINANCIAL AID AND SCHOLARSHIPS PART I, LINE 2: THE PURPOSE OF THE ENDOWED SCHOLARSHIP FUNDS AND GENERAL FINANCIAL ASSISTANCE IS TO PROVIDE FINANCIAL AID (FULL OR PARTIAL TUITION) FOR A STUDENT WHO, WITHOUT ASSISTANCE, COULD NOT ATTEND CHARLOTTE LATIN SCHOOL. WE UTILIZE A NATIONAL SERVICE TO EVALUATE A FAMILY'S FINANCIAL NEED. WE DEFINE FINANCIAL NEED AS THE DIFFERENCE BETWEEN THE FAMILY'S THEORETICAL ABILITY TO PAY AND THE COST OF A CHARLOTTE LATIN SCHOOL EDUCATION. IN ADDITION TO DEMONSTRATING FINANCIAL NEED, RECIPIENTS SHOULD ALSO DEMONSTRATE LEADERSHIP QUALITIES, A COMMITMENT TO HELPING OTHERS, A SENSE OF COMMUNITY, AND AN ENTHUSIASM FOR ACTIVITIES BEYOND THEIR CLASSROOM STUDIES THAT WILL BRING POSITIVE RECOGNITION TO THEM, AND THROUGH THEM, TO THEIR SCHOOL. ALL CANDIDATES MUST FOLLOW STANDARD ADMISSIONS PROCEDURES, INCLUDING TESTING AND INTERVIEWS. ONCE THE SCHOLARSHIP OR FINANCIAL AID IS RECEIVED, THE RECIPIENT WILL CONTINUE TO RECEIVE IT FOR HIS OR HER TENURE AT CHARLOTTE LATIN SCHOOL, PROVIDED STANDARD CHARLOTTE LATIN SCHOOL REGULATIONS ARE OBSERVED, ACADEMIC STANDARDS ARE MET, AND ANNUALLY THE STUDENT'S FAMILY'S FINANCIAL POSITION DEMONSTRATES A CONTINUING NEED. AMOUNTS RECEIVED FOR TUITION ASSISTANCE OR SCHOLARSHIPS ARE CREDITED DIRECTLY TO THE STUDENTS' ACCOUNTS. X X X 1 1 X X X X X 0 1 0 0 0 0 0 1 0 CHARLES D BALDECCHI HEAD OF SCHOOL 511486 0 40314 0 350367 0 25940 0 23089 0 951196 0 0 0 FLETCHER H GREGORY III FORMER CFO UNTIL 6/2022 127629 0 100000 0 0 0 25382 0 7425 0 260436 0 0 0 SONJA TAYLOR ASSOC. HEAD OF SCHOOL 187170 0 8000 0 16420 0 18926 0 6944 0 237460 0 0 0 JOANNE BEAM PHILANTHROPY DIRECTOR 159438 0 0 0 0 0 12980 0 28382 0 200800 0 0 0 LAWRENCE WALL HEAD OF UPPER SCHOOL 176616 0 0 0 0 0 18065 0 12314 0 206995 0 0 0 TODD BALLABAN HEAD OF MIDDLE SCHOOL 164135 0 0 0 11406 0 14251 0 18695 0 208487 0 0 0 MARCUS TAYLOE HEAD OF LOWER SCHOOL 170292 0 0 0 0 0 18013 0 25880 0 214185 0 0 0 PART I, LINE 1A TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: CHARLES D. BALDECCHI, HEAD OF SCHOOL, RECEIVED GROSS UP FEDERAL AND STATE TAX FOR CERTAIN REPORTABLE BENEFITS HE RECEIVED. THESE BENEFITS ARE TREATED AS TAXABLE COMPENSATION TO THE HEAD OF SCHOOL. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: UNLIKE MANY OF ITS PEER INSTITUTIONS WHICH OFFER ON-CAMPUS RESIDENTIAL HOUSING BENEFITS TO THEIR HEADS OF SCHOOLS THAT ARE NOT REPORTABLE AS COMPENSATION, CHARLOTTE LATIN DOES NOT OWN AN ON-CAMPUS RESIDENCE. IN LIEU OF SUCH ON-CAMPUS HOUSING BENEFITS, THE HEAD OF SCHOOL RECEIVED A HOUSING BENEFIT STIPEND THAT IS REPORTABLE AS COMPENSATION. ADDITIONALLY, THE HEAD OF SCHOOL WAS GRANTED A FIVE-YEAR FORGIVABLE LOAN IN MAY 2018 (WITH A MATURITY DATE OF JUNE 30, 2024) WHEN HE JOINED THE SCHOOL. IN 2022, THE SCHOOL FORGAVE A PORTION OF THE LOAN BALANCE WHICH WAS REPORTED AS PERSONAL INCOME TO HIM. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES: THE SCHOOL PAYS THE DUES FOR A MEALS-ONLY CLUB WHERE THE HEAD OF SCHOOL CAN TAKE VARIOUS CONSTITUENTS ON SCHOOL RELATED BUSINESS. A PORTION OF THE CLUB DUES ARE TREATED AS TAXABLE COMPENSATION FOR THE PERSONAL USE OF CLUB FACILITIES. PART I, LINE 4B NON-QUALIFIED RETIREMENT CONTRIBUTIONS: CHARLES D. BALDECCHI, HEAD OF SCHOOL, PARTICIPATED IN A NON-QUALIFIED DEFERRED COMPENSATION PLAN DURING THE YEAR. TO THE EXTENT THAT THE TERMS OF THE SCHOOL'S 403(B) PLAN DO NOT PERMIT THE MAXIMUM AMOUNT ALLOWABLE UNDER THE INTERNAL REVENUE CODE FOR EMPLOYER CONTRIBUTIONS AND EMPLOYEE ELECTIVE DEFERRALS TO A RETIREMENT PLAN, THE SCHOOL WILL CREDIT THE AMOUNT OF SUCH SHORTFALL TO THE NON-QUALIFIED DEFERRED COMPENSATION PLAN ON HIS BEHALF. DURING THIS FISCAL YEAR, THE SCHOOL CONTRIBUTED $14,700 TO THE NON-QUALIFIED DEFERRED COMPENSATION PLAN. THE AMOUNTS CREDITED DO NOT VEST UNTIL CERTAIN CONDITIONS HAVE BEEN MET. PART I, LINE 7 PERFORMANCE BONUS: CHARLES D. BALDECCHI, HEAD OF SCHOOL, IS ELIGIBLE FOR AN ANNUAL INCENTIVE BONUS OF UP TO 10% OF HIS ANNUAL SALARY. THE AMOUNT OF THE BONUS IS DETERMINED ON AN ANNUAL BASIS BY THE EXECUTIVE COMMITTEE OF THE BOARD BASED ON MR. BALDECCHI'S PERFORMANCE MEASURED AGAINST HIS PERFORMANCE GOALS FOR THE YEAR. TUITION ASSISTANCE: MR. BALDECCHI HAS INCOME REPORTED TO HIM FOR THE AMOUNT OF TUITION REMISSION AND COLLEGE TUITION FOR HIS CHILDREN WHICH THE SCHOOL PAYS ON HIS BEHALF. A PUBLIC FINANCE AUTHORITY 273866124 000000000 2021-12-17 27027460 TO REFUND BONDS ISSUES 10/31/17 0 0 0 A 1093871 27027460 27027460 2020 1 0 1 1 A 0 1 0 0 0.00980 0.00980 0 0 1 A 0 1 1 0 1 1 SOUTHSTATE BANK NA 7.000000000000 0 0 0 0 1 A 1 CHARLES D BALDECCHI HEAD OF SCHOOL ONBOARDING X 300000 60000 0 1 1 60000 X 91 1158666 AVG HIGH/LOW PRICE X MUSICAL INSTRUMENTS 1 600 FMV 0 0 1 0 FORM 990, PART I, LINE 1: CHARLOTTE LATIN IS AN ACCREDITED, INDEPENDENT, CO-EDUCATIONAL, NON-SECTARIAN, COLLEGE-PREPARATORY DAY SCHOOL SERVING 1,532 STUDENTS IN TRANSITIONAL KINDERGARTEN THROUGH THE TWELFTH GRADE. LATIN DOES NOT DISCRIMINATE ON THE BASIS OF SEX, RACE, COLOR, RELIGION, DISABILITY, AGE, OR NATIONAL ORIGIN IN THE ADMINISTRATION OF ITS EDUCATIONAL PROGRAMS, ADMISSIONS POLICIES, FINANCIAL AID POLICIES, EMPLOYMENT PRACTICES, OR OTHER SCHOOL-ADMINISTERED PROGRAMS. FORM 990, PART III, LINE 1: CHARLOTTE LATIN SCHOOL'S MISSION IS TO ENCOURAGE INDIVIDUAL DEVELOPMENT AND CIVILITY IN OUR STUDENTS BY INSPIRING THEM TO LEARN, BY ENCOURAGING THEM TO SERVE OTHERS, AND BY OFFERING THEM MANY GROWTH-PROMOTING OPPORTUNITIES. THROUGH A SHARED COMMITMENT TO EXCELLENCE AND CORE VALUES, THE SCHOOL PROVIDES A STRONG SENSE OF COMMUNITY, WHICH VALUES TEACHING AND CELEBRATES LEARNING. LATIN PROMOTES A BALANCED LEARNING ENVIRONMENT THAT IS TRADITIONAL IN DESIGN, BUT INNOVATIVE IN IMPLEMENTATION. INTELLECTUAL DEVELOPMENT IS ENCOURAGED BY TEACHING CRITICAL THINKING SKILLS AND PROVIDING RELEVANT LEARNING EXPERIENCES IN ALL AREAS OF STUDY. FORM 990, PART VI, SECTION B, LINE 11B THE 990 DRAFT WILL BE REVIEWED BY THE FINANCE COMMITTEE. IN ORDER TO PROTECT THE PRIVACY OF DONORS, THE PUBLIC DISCLOSURE COPY IS PRESENTED TO THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD ANNUALLY REVIEWS AND SIGNS THE CONFLICT OF INTEREST POLICY AT ITS FIRST MEETING OF THE SCHOOL YEAR. IN THE EVENT THERE IS A CONFLICT DURING THE YEAR, THAT MEMBER WILL RECUSE HIMSELF/HERSELF FROM ANY DISCUSSION OR VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES IS CHARGED WITH THE HEAD OF SCHOOL'S ANNUAL REVIEW AND, AT CONTRACT TIME, WITH THE CRAFTING OF THE HEAD OF SCHOOL'S CONTRACT. THE COMMITTEE USES 990 DATA, EXECUTIVE COMPENSATION SURVEY DATA AND NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS) DATA AND INDEX SURVEY DATA TO DETERMINE ITS COMPENSATION PACKAGE FOR THE HEAD OF SCHOOOL. THE DISCUSSIONS ARE DOCUMENTED IN THE MEETING MINUTES. REGARDING OTHER TOP MANAGEMENT OFFICIALS, THE COMPENSATION IS DETERMINED BY THE HEAD OF SCHOOL. COMPARABLE DATA FROM OTHER LOCAL, SIMILAR SIZED SCHOOLS, COMPENSATION SURVEYS AND DATA FROM NAIS IS USED TO DETERMINE SALARIES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE IN INTEREST RATE CAP 769,014.