2024-11-14T10:27:04-06:00 2024-06-30 570381582 ELLIOTT DAVIS LLCPLLC 500 EAST MOREHEAD STREET SUITE 700 CHARLOTTE NC 28202 990 2023-07-01 560623935 CHARLOTTE COUNTRY DAY SCHOOL CHAR 7049434500 1440 CARMEL ROAD CHARLOTTE NC 28226 DAVID L MANCOS CHIEF FINANCIAL OFFICER 7049434500 2024-11-13 1 1 JANICE A RATICA P00358837 7043338881 2024-11-13 2023 2024-10-15 13:58:12Z DAVID L MANCOS 1440 CARMEL ROAD CHARLOTTE NC 28226 70288171 0 X WWW. CHARLOTTECOUNTRYDAY.ORG X 1941 NC CHARLOTTE COUNTRY DAY SCHOOL PROVIDES COMPREHENSIVE EDUCATIONAL PROGRAMS FOR GRADES JUNIOR KINDERGARTEN THROUGH GRADE 12 ON A NON-DISCRIMINATORY BASIS. 26 26 724 600 54607 39738 12669482 7322941 51280378 54572119 677841 1957703 486148 501794 65113849 64354557 3948667 3906775 0 0 37667402 41684654 0 0 3095029 20067340 21617730 61683409 67209159 3430440 -2854602 255177582 258609580 38199940 37207283 216977642 221402297 X THROUGH EXCELLENCE IN EDUCATION, CHARLOTTE COUNTRY DAY SCHOOL DEVELOPS THE POTENTIAL OF EACH STUDENT BY FOSTERING INTELLECTUAL CURIOSITY, PRINCIPLED CHARACTER, ETHICAL LEADERSHIP AND A RESPONSIBILITY TO SERVE. THE KEY VALUES AND COMMITMENTS ARE EDUCATIONAL EXCELLENCE, CHARACTER, COMMUNITY, AND SERVICE. 0 0 47116647 3906775 48863763 INSTRUCTIONAL: FUNDS WERE USED TO PROVIDE COMPREHENSIVE EDUCATIONAL PROGRAMS TO APPROXIMATELY 1,740 STUDENTS IN GRADES JUNIOR KINDERGARTEN THROUGH GRADE 12. 3590508 3295389 SPECIAL PROGRAM FEES: FUNDS WERE USED TO PROVIDE SPECIAL PROGRAMS, INCLUDING AFTERSCHOOL CARE, AFTERSCHOOL ENRICHMENT CLASSES, TUTORING, AND SUMMER DAY CAMPS (SPORTS, ARTS, ENRICHMENT) TO CHILDREN IN GRADES JUNIOR KINDERGARTEN THROUGH GRADE 12. 5142608 2412967 AUXILIARY SERVICES: FUNDS WERE USED TO PROVIDE FOOD, CAMPUS STORE, AND TRANSPORTATION TO STUDENTS IN GRADES JUNIOR KINDERGARTEN THROUGH GRADE 12. BEGINNING IN JULY 2022, THESE EXPENSES ALSO INCLUDED COSTS ASSOCIATED WITH OPERATING AND MAINTAINING THE DONATED WEDDINGTON FARM PROPERTY. 55849763 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 153 1 1 724 1 1 1 0 0 0 1 1 1 1 0 0 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X DAVID L MANCOS 7049434500 1440 CARMEL ROAD CHARLOTTE NC 28226 SAMUEL B BOWLES TRUSTEE 3.00 X 0 0 0 LUTHER J BLYTHE JR TRUSTEE 3.00 X 0 0 0 BRIAN F CHAMBERS TRUSTEE 3.00 X 0 0 0 DR KANDI DEITEMEYER TRUSTEE 3.00 X 0 0 0 PONTEA F DIXON TRUSTEE 3.00 X 0 0 0 RONALD E ELIASEK JR TRUSTEE 3.00 X 0 0 0 SAMUEL E FARNHAM SR TRUSTEE 3.00 X 0 0 0 SAMUEL B HOOD TRUSTEE 3.00 X 0 0 0 SHANON JONES TRUSTEE 3.00 X 0 0 0 DR TIFFANI M JONES TRUSTEE 3.00 X 0 0 0 DR GARY L LITTLE TRUSTEE 3.00 X 0 0 0 SU PING LU TRUSTEE 3.00 X 0 0 0 MICHAEL B MAGUIRE TRUSTEE 3.00 X 0 0 0 J SCOTT MATTEI TRUSTEE 3.00 X 0 0 0 STANTON D MCCULLOUGH TRUSTEE 3.00 X 0 0 0 DR LISA M TOPPIN TRUSTEE 3.00 X 0 0 0 JENNIFER J WARD TRUSTEE 3.00 X 0 0 0 ANN E WILLEY TRUSTEE 3.00 X 0 0 0 HOWARD C BISSELL LIFE TRUSTEE 3.00 X 0 0 0 SALLY CANNON SAUSSY LIFE TRUSTEE 3.00 X 0 0 0 WILLIAM H ZIMMERN CHAIR 3.00 X X 0 0 0 DR LAUREN I BROWNE VICE CHAIR 3.00 X X 0 0 0 STONEY D SELLARS VICE CHAIR 3.00 X X 0 0 0 R GLENN SHERRILL JR VICE CHAIR 3.00 X X 0 0 0 SCOTT R STEVENS PAST CHAIR 3.00 X X 0 0 0 ANDREW W TATE SECRETARY-TREASURER 3.00 X X 0 0 0 MARCEL GAUTHIER HEAD OF SCHOOL THRU 12/15/23 70.00 X 587100 0 33971 DAVID L MANCOS CFO (INTERIM HOS AS OF 12/15/23) 70.00 X 371007 0 33764 SCOTT M WAYBRIGHT ASSISTANT HEAD OF SCHOOL 50.00 X 231815 0 25482 GREGORY J WALTERS FACILITIES AND OPERATIONS MANAGER 50.00 X 192820 0 23683 WARREN M SEPKOWITZ HEAD OF MIDDLE SCHOOL 50.00 X 192420 0 23576 KATHARINE H ATKINS DIRECTOR OF ADVANCEMENT 50.00 X 185400 0 65137 MATTHEW T LESS HEAD OF UPPER SCHOOL 50.00 X 176472 0 19809 1937034 0 225422 43 0 1 0 SHOWALTER CONSTRUCTION CO INC 620 W 24TH STREET CHARLOTTE NC 28206 CONSTRUCTION 3645735 ALADDIN FOOD MANAGEMENT SERVICES LLC 2400 ANSYS DRIVE SUITE 404 CANONBURG PA 15317 FOOD MANAGEMENT 1853220 THE JOHNSON GROUP 4215-K STUART ANDREW BLVD CHARLOTTE NC 28217 JANITORIAL 829856 CLARKPOWELL 110 REGENT DRIVE WINSTON SALEM NC 27103 INSTALLATION & EQUIPMENT 371068 KNIGHT TRAVEL INC 7709 DUNEWALK CT WILMINGTON NC 28409 TRAVEL AGENCY 344732 15 223327 7099614 1740777 7322941 TUITION 900099 48143548 48143548 PROGRAM FEES 900099 3295389 3295389 FOOD SERVICES 900099 1954146 1954146 TRANSPORTATION 900099 458821 458821 AQUATIC CENTER REVENUE 900099 412733 412733 307482 307482 54572119 1692958 54607 1638351 134983 0 134983 134983 134983 5460057 36157 5231469 0 228588 36157 264745 264745 660957 223327 391476 269481 269481 156376 58986 97390 97390 251623 251683 -60 -60 64354557 54572119 54607 2404890 3906775 3906775 1025844 248429 528986 248429 29124523 24674429 3142580 1307514 1311815 1203197 37189 71429 8093456 6806546 1005387 281523 2129016 1822658 214095 92263 57518 57518 89875 89875 441394 441394 3616026 2756133 742615 117278 105748 1444 104304 947282 315680 480373 151229 1270718 1094973 87424 88321 1499706 1351639 100287 47780 466401 445378 12333 8690 874289 626788 51899 195602 794798 702681 62392 29725 5600429 4951339 439634 209456 542516 48549 493967 GROUNDS EXPENSE & MAINT 1954057 1794449 108104 51504 BOOKS & EDUCATIONAL PRO 1578561 1578561 FOOD SERVICE & HOSPITAL 928750 928750 ATHLETIC EXPENSE 332024 332024 517638 260785 166871 89982 67209159 55849763 8264367 3095029 25565065 24414204 1816736 1899795 4073641 2464679 6714635 6956715 179245 171587 1051881 784425 206113206 60870008 146516489 145243198 18691086 20859425 50025397 55247143 543407 568409 255177582 258609580 6543703 6210139 8967421 9062394 22379419 21605453 309397 329297 38199940 37207283 X 154571084 152747650 62406558 68654647 216977642 221402297 255177582 258609580 X -2854602 7254254 25003 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 65131140 1681564 7325306 800860 1950340 71386810 62249581 1343330 3636629 719269 1779131 65131140 62524697 3704548 -1039009 652566 1888089 62649581 50735007 838846 13471494 586776 1933874 62524697 58465329 622629 -739951 573818 7039182 50735007 0.15538 0.84462 0.00000 0 0 33055686 33055686 149332398 44814031 104518367 20353902 14150148 6203754 3371220 1905829 1465391 145243198 PRIVATE INVESTMENT FUNDS 55247143 F 55247143 FINANCING LEASE LIABILITY 229297 PAYABLE TO TFI 100000 329297 X 68007616 7254254 -3881772 3372482 64635134 441394 -721971 -280577 64354557 63582961 721971 721971 62860990 441394 3906775 4348169 67209159 PART V, LINE 4: ENDOWMENT FUNDS ARE USED FOR SCHOLARSHIPS AND FINANCIAL AID, FACULTY AND STAFF SUPPORT, CURRICULUM AND PROGRAM SUPPORT AND GENERAL OPERATING EXPENSES, SUCH AS CAMPUS AND FACILITY MAINTENANCE. 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: COUNTRY DAY IS EXEMPT FROM FEDERAL INCOME TAX AND APPLICABLE STATE STATUTES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"). ACCORDINGLY, NO PROVISION HAS BEEN MADE FOR INCOME TAXES IN THE FINANCIAL STATEMENTS. IN ACCORDANCE WITH IRC REGULATIONS, COUNTRY DAY IS TAXED ON UNRELATED BUSINESS INCOME, WHICH CONSISTS OF EARNINGS FROM ACTIVITIES NOT RELATED TO THE EXEMPT PURPOSE OF THE SCHOOL. MANAGEMENT HAS EVAULATED THE EFFECT OF GUIDANCE SURROUNDING UNCERTAIN TAX POSITIONS AND CONCLUDED THAT COUNTRY DAY HAD NO SIGNIFICANT FINANCIAL STATEMENT EXPOSURE TO UNCERTAIN TAX POSITIONS AT JUNE 30, 2024 AND 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID SHOWN NET OF TUITION ON FINANCIALS -3,906,775. CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS 25,003. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT AND GAMING EXPENSES -470,288. COST OF GOODS SOLD -251,683. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT AND GAMING EXPENSES 470,288. COST OF GOODS SOLD 251,683. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID SHOWN NET OF TUITION ON FINANCIALS 3,906,775. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL'S RACIALLY NONDISCRIMINATORY POLICY TOWARDS STUDENTS IS PUBLISHED THROUGH A PRINTED STATEMENT OF THE SCHOOL'S ADMINISTRATION POLICY IN A LOCAL NEWSPAPER AND MAGAZINES AS WELL AS ON THE SCHOOL'S WEBSITE. CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES COSTA RICA SISTER SCHOOL EXCHANGE 100 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES JAPAN CULTURAL EXPERIENCE 104900 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES ENGLAND CREATIVE ARTS AND CULTURAL EXCHANGE, ICELAND ENVIRONMENTAL SCIENCE EXPERIENCE, ITALY RENAISSANCE EXPERIENCE, SCOTLAND THEATER ARTS EXPERIENCE, AND SWEDEN/DENMARK EXPERIENCE; UPPER SCHOOL CHOIR LONDON EXPERIENCE 307300 NORTH AMERICA 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES QUEBEC SISTER SCHOOL EXCHANGE 12000 CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 29708800 0 0 0 0 0 0 30133100 0 30133100 0 0 0 0 1 0 PART III ACCOUNTING METHOD: AMOUNTS REPORTED FOR EXPENDITURES IN PART I HAVE BEEN CALCULATED USING THE ACCRUAL METHOD OF ACCOUNTING. BIG SATURDAY 273312 95900 177412 100 6663 27339 10852 575 60302 AUCTION 335603 75100 260503 0 18000 17573 91862 3250 24666 6 275369 52327 223042 2570 2497 16087 66488 1912 40740 884284 223327 660957 2670 27160 60999 169202 5737 125708 391476 269481 156376 52000 374 0 6612 1 1.00000 156376 52000 374 6612 58986 97390 NC 0 A LICENSE TO CONDUCT RAFFLES IS NOT REQUIRED IN THE STATE OF NORTH CAROLINA. 0 1 0 0.50000 0.50000 DAVID L MANCOS 1440 CARMEL ROAD CHARLOTTE NC 28226 0 0 1 FINACIAL AID 182 3105915 TUITION RATES NEED-BASED ASSISTANCE ENDOWMENT SCHOLARSHIPS 56 800860 PART I, LINE 2: THE AMOUNT OF THE FINANCIAL AID OR SCHOLARSHIP IS ONLY APPLIED TO A STUDENT'S BILLING ACCOUNT. THE FINANCIAL AID COMMITTEE REVIEWS ALL REQUESTS FOR FINANCIAL AID. ADDITIONALLY, EACH DONOR (OF A NAMED SCHOLARSHIP ENDOWMENT) RECEIVES A LETTER FROM DEVELOPMENT SAYING WHO RECEIVED THE SCHOLARSHIP. THE SUPPORT AWARDED IS BASED ON FINANCIAL NEED. X X X X X 1 1 X X X X X 1 1 0 0 0 0 0 0 0 MARCEL GAUTHIER HEAD OF SCHOOL THRU 12/15/23 587100 0 0 0 0 0 24750 0 9221 0 621071 0 0 0 DAVID L MANCOS CFO (INTERIM HOS AS OF 12/15/23) 345238 0 0 0 25769 0 24750 0 9014 0 404771 0 0 0 SCOTT M WAYBRIGHT ASSISTANT HEAD OF SCHOOL 216815 0 0 0 15000 0 16261 0 9221 0 257297 0 0 0 KATHARINE H ATKINS DIRECTOR OF ADVANCEMENT 185400 0 0 0 0 0 7416 0 57721 0 250537 0 0 0 GREGORY J WALTERS FACILITIES AND OPERATIONS MANAGER 192820 0 0 0 0 0 14462 0 9221 0 216503 0 0 0 WARREN M SEPKOWITZ HEAD OF MIDDLE SCHOOL 191400 0 0 0 1020 0 14355 0 9221 0 215996 0 0 0 MATTHEW T LESS HEAD OF UPPER SCHOOL 176472 0 0 0 0 0 10588 0 9221 0 196281 0 0 0 PART I, LINE 1A THE BOARD APPROVED THAT THE HEAD OF SCHOOL MAY TRAVEL FIRST-CLASS. THE BOARD ALSO APPROVED THAT THE HEAD OF SCHOOL IS ALLOWED A BUDGETED AMOUNT OF DISCRETIONARY EXPENDITURES. IT IS USED TO SUPPORT ANY UNANTICIPATED NEEDS OF THE SCHOOOL. AS A CONDITION OF EMPLOYMENT, THE HEAD OF SCHOOL IS REQUIRED TO LIVE IN A HOUSE OWNED BY THE SCHOOL, WHICH IS ADJACENT TO THE CANNON CAMPUS PROPERTY. THIS RESIDENCE IS PROVIDED FOR THE CONVENIENCE OF THE SCHOOL IN HAVING THE FUNCTIONS OF THE OFFICE OF THE HEAD OF SCHOOL EFFICIENTLY DISCHARGEED. THE SCHOOL PROVIDES HOUSEKEEPING SERVICES TO THE HEAD OF SCHOOL FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE HEAD OF SCHOOL CAN PERFORM ESSENTIAL SCHOOL BUSINESS AND ACTIVITIES AT THE HOME. THIS HOUSING ALLOWANCE IS TREATED AS A NON-TAXABLE BENEFIT. ANY BONUS OR TAXABLE FRINGE BENEFIT THAT IS GROSSED UP FOR TAX PURPOSES IS ALSO TREATED AS TAXABLE COMPENSATION. PART I, LINES 4A-B AS PART OF A SEPARATION AGREEMENT DATED 12/15/2023, THE FORMER HEAD OF SCHOOL IS TO BE PAID ONE YEAR OF SALARY ($604,200) PAYABLE OVER A 12 MONTH PERIOD BEGINNING IN JANUARY 2024. IN DECEMBER 2023, THE CFO ASSUMED THE ADDITIONAL ROLE OF INTERIM HEAD OF SCHOOL AND AN IRC SECTION 457F SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN WAS ESTABLISHED AS PART OF A NEW MULTI-YEAR EMPLOYMENT CONTRACT. BEGINNING IN JANUARY 2024, COUNTRY DAY CONTRIBUTED $307,299 TO THE PLAN DURING FISCAL YEAR 2023-2024 WHICH WILL BECOME VESTED AND PAYABLE DURING 2026-2027 SUBJECT TO THE CFO'S CONTINUED EMPLOYMENT. A PUBLIC FINANCE AUTHORITY 273866124 000000000 2015-09-01 26974489 REFUND PRIOR ISSUE AND SCHOOL FACILITY IMPROVEMENTS 0 0 0 A 4031643 26974489 339489 10000000 16635000 2018 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 1 1 TORONTO - DOMINION BANK 15.000000000000 0 0 0 0 1 A 1 48500 TUITION REMISSION TUITION REMISSION X 53 730611 FMV X 1 1010166 FMV 1 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE COMMITTEE REVIEWS THE IRS FORM 990 WITH THE CHIEF FINANCIAL OFFICER BEFORE THE FORM IS FILED. THE IRS FORM 990 IS THEN PROVIDED TO BOARD MEMBERS PRIOR TO FILING. MEMBERS ARE ENCOURAGED TO REVIEW THE FORM AND DIRECT ANY QUESTIONS TO THE CHAIR OF THE FINANCE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD MAINTAINS A CONFLICT OF INTEREST POLICY WHICH IS REVIEWED AND SIGNED ON AN ANNUAL BASIS. ALL TRUSTEES AND OTHER INTERESTED PERSONS ARE REQUIRED TO READ, COMPLETE AND SIGN THE CONFLICT OF INTEREST POLICY FORM ANNUALLY. IF AN ISSUE IS TO BE DECIDED BY THE BOARD THAT INVOLVES A POTENTIAL CONFLICT OF INTEREST FOR A BOARD MEMBER OR OTHER INTERESTED PERSONS, IT IS THE RESPONSIBILITY OF THE BOARD MEMBER OR OTHER INTERESTED PERSONS TO: (1) IDENTIFY THE POTENTIAL CONFLICT OF INTEREST SO THAT BOARD MEMBERS WHO ARE VOTING ON A DECISION ARE AWARE THAT ANOTHER MEMBER'S INTERESTS ARE BEING AFFECTED; (2) NOT PARTICIPATE IN THE DISCUSSION OF THE PROGRAM, ISSUE OR MOTION BEING CONSIDERED; AND, (3) BE RECUSED DURING THE VOTE ON THE MOTION. FORM 990, PART VI, SECTION B, LINE 15 THE SCHOOL HAS A HEAD'S COMPENSATION COMMITTEE. THE COMMITTEE ANNUALLY REVIEWS BENCHMARK COMPENSATION DATA FROM SEVERAL SOURCES SUCH AS NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS) AND INDEPENDENT SCHOOL DATA EXCHANGE (INDEX). THE COMMITTEE ANALYZES DATA FROM THESE AND OTHER ORGANIZATIONS IN ORDER TO MAKE A RECOMMENDATION TO THE BOARD OF TRUSTEES REGARDING THE HEAD'S COMPENSATION. THE BOARD HAS APPROVAL AUTHORITY FOR THE HEAD'S COMPENSATION AND THE DECISION IS DOCUMENTED ANNUALLY. THE HEAD OF SCHOOL DETERMINES AND ESTABLISHES SALARIES FOR ALL OTHER TOP MANAGEMENT AND KEY EMPLOYEES. HE USES DATA FROM THESE SAME ORGANIZATIONS (NAIS & INDEX) TO ASSIST IN ESTABLISHING TOP MANAGEMENT AND KEY EMPLOYEE SALARIES. ALL SALARY INCREASES MUST BE WITHIN THE BUDGET AS APPROVED BY THE BOARD OF TRUSTEES, AND THE BOARD MONITORS THE BUDGET TO ENSURE COMPLIANCE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS 25,003.