2023-12-01T14:51:04-06:00 2023-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2022-07-01 560623935 CHARLOTTE COUNTRY DAY SCHOOL CHAR 7049434500 1440 CARMEL ROAD CHARLOTTE NC 282265096 DAVID L MANCOS CHIEF FINANCIAL OFFICER 7049434500 2023-11-30 1 DAVID MANCOS 999009999 1 PAULA WENDLING P00536805 7043771678 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z MARCEL GAUTHIER 1440 CARMEL ROAD CHARLOTTE NC 282265096 71927843 0 X WWW.CHARLOTTECOUNTRYDAY.ORG X 1941 NC CHARLOTTE COUNTRY DAY SCHOOL PROVIDES COMPREHENSIVE EDUCATIONAL PROGRAMS FOR GRADES PRE-KINDERGARTEN THROUGH GRADE 12 ON A NON-DISCRIMINATORY BASIS. 25 25 667 600 252120 228612 36094048 12669482 47961152 51280378 -469197 677841 983306 486148 84569309 65113849 3821284 3948667 0 0 35058318 37667402 0 0 2675947 16359623 20067340 55239225 61683409 29330084 3430440 247639345 255177582 38284388 38199940 209354957 216977642 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 43971052 3948667 46061266 INSTRUCTIONAL - FUNDS WERE USED TO PROVIDE COMPREHENSIVE EDUCATIONAL PROGRAMS TO APPROXIMATELY 1,742 STUDENTS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12. 3405655 2986445 SPECIAL PROGRAM FEES - FUNDS WERE USED TO PROVIDE SPECIAL PROGRAMS, INCLUDING AFTER-SCHOOL CARE, AFTER-SCHOOL ENRICHMENT CLASSES, TUTORING, AND SUMMER DAY CAMPS (SPORTS, ARTS, ENRICHMENT) TO CHILDREN IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12. 4703066 2232667 AUXILIARY SERVICES - FUNDS WERE USED TO PROVIDE FOOD, CAMPUS STORE, AND TRANSPORTATION TO STUDENTS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12. BEGINNING IN JULY 2022, THESE EXPENSES ALSO INCLUDED COSTS ASSOCIATED WITH OPERATING AND MAINTAINING THE DONATED WEDDINGTON FARM PROPERTY. 52079773 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 0 0 0 0 1 0 0 0 0 0 0 0 0 1 138 2 1 667 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 25 25 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 282265096 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 STEPHENSON P SHUFORD 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 HOWARD C BISSELL LIFE TRUSTEE 3.00 X 0 0 0 SAMUEL B BOWLES TRUSTEE 3.00 X 0 0 0 LUTHER J BLYTHE JR TRUSTEE 3.00 X 0 0 0 DR KANDI DEITEMEYER TRUSTEE 3.00 X 0 0 0 GEORGE S DEWEY IV 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 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 SALLY CANNON SAUSSY LIFE 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 MARCEL GAUTHIER HEAD OF SCHOOL AS OF JULY 1, 2022 70.00 X 285000 0 23206 DAVID L MANCOS CFO (INTERIM HOS 7/1/21-6/30/22) 70.00 X 519574 0 31199 SCOTT M WAYBRIGHT ASSISTANT HEAD OF SCHOOL 50.00 X 202750 0 21746 WARREN M SEPKOWITZ HEAD OF MIDDLE SCHOOL 50.00 X 188895 0 22057 MATTHEW T LESS HEAD OF UPPER SCHOOL 50.00 X 184795 0 18516 GREGORY J WALTERS FACILITIES AND OPERATIONS MANAGER 50.00 X 182168 0 21520 KATHARINE H ATKINS DIRECTOR OF ADVANCEMENT 50.00 X 177775 0 60463 1740957 0 198707 37 0 1 0 BALFOUR BEATTY CONSTRUCTION 1930 CAMDEN ROAD SUITE 280 CHARLOTTE NC 28203 CONSTRUCTION 2602705 ALADDIN FOOD MANAGEMENT SERVICES LLC 2400 ANSYS DRIVE SUITE 404 CANONBURG PA 15317 FOOD MANAGEMENT 1778924 SHOWALTER CONSTRUCTION CO INC 620 W 24TH STREET CHARLOTTE NC 28206 CONSTRUCTION 1367845 CLARKPOWELL 110 REGENT DRIVE WINSTON SALEM NC 27103 AUDIO VISUAL EQUIPMENT INSTALLATION 879763 CAROLINA GREEN CORP 10108 INDIAN TRAIL-FAIRVIEW ROAD INDIAN TRAIL NC 28079 CONSTRUCTION 735686 19 111469 5738860 6819153 273913 12669482 TUITION 611710 45492960 45492960 PROGRAM FEES 611710 2986445 2986445 FOOD SERVICES 611710 1807117 1807117 TRANSPORTATION 480000 425550 425550 APPLICATION FEES 611710 65775 65775 502531 502531 51280378 1561777 1561777 57112 0 57112 57112 57112 5297952 12020 6026813 167095 -728861 -155075 -883936 -883936 359957 111469 293473 66484 66484 139392 33983 105409 105409 297653 292630 5023 5023 ORDINARY INCOME FROM K-1S 901101 252120 252120 252120 65113849 51280378 252120 911869 3948667 3948667 858979 209760 439459 209760 26318331 22849002 2333836 1135493 1266469 1064204 144183 58082 7267740 6197975 800075 269690 1955883 1697516 164622 93745 23816 23816 67800 67800 410700 410700 3290185 2717737 498815 73633 106077 3320 102757 913713 257487 558935 97291 1214904 1090251 85051 39602 1356521 1207955 101368 47198 434057 399491 27937 6629 789879 540208 103692 145979 710978 632202 53750 25026 5483852 4876241 414579 193032 483975 51319 426795 5861 GROUNDS EXPENSE & MAINT 1478580 1341459 93559 43562 BOOKS & EDUCATIONAL PRO 1459233 1459233 FOOD SERVICE & HOSPITAL 883848 883848 ATHLETIC EXPENSE 325077 325077 634145 330141 175397 128607 61683409 52079773 6927689 2675947 22930350 25565065 2033738 1816736 5863234 4073641 1249685 6714635 152662 179245 1111370 1051881 201848529 55332040 147398069 146516489 21482750 18691086 45302039 50025397 115448 543407 247639345 255177582 6547632 6543703 8173359 8967421 23167879 22379419 395518 309397 38284388 38199940 X 150686671 154571084 58668286 62406558 209354957 216977642 247639345 255177582 X 3430440 3752353 439892 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 62649581 1343330 3636629 719269 1779131 65131140 62524697 3704548 -1039009 652566 1888089 62649581 50735007 838846 13471494 586776 1933874 62524697 58465329 622629 -739951 573818 7039182 50735007 62461891 422224 2893714 498342 6814158 58465329 0.16060 0.83940 0.00000 0 0 33055686 33055686 145375222 40702413 104672809 18685262 12792414 5892848 4732359 1837213 2895146 146516489 PRIVATE INVESTMENT FUNDS 50025397 F 50025397 FINANCING LEASE LIABILITY 309397 309397 X 65769035 3752353 -3508775 243578 65525457 410700 -822308 -411608 65113849 58146350 822308 822308 57324042 410700 3948667 4359367 61683409 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 EVALUATED 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, 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS -3,948,667. CHANGE IN FAIR VALUE OF LIABILITY UNDER INTEREST RATE SWAP 439,892. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT AND GAMING EXPENSES -374,603. COST OF GOODS SOLD -292,630. LOSS ON DISPOSAL OF FIXED ASSETS -155,075. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 292,630. SPECIAL EVENT AND GAMING EXPENSES 374,603. LOSS ON DISPOSAL OF FIXED ASSETS 155,075. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS 3,948,667. 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 NON-DISCRIMINATORY 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 - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 PROGRAM SERVICES INTENRATIONAL STUDIES COSTA RICA SISTER SCHOOL EXCHANGE 200 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES ENGLAND CREATIVES ARTS AND CULTURAL EXCHANGE, ICELAND ENVIRONMENTAL SCIENCE EXPERIENCE, ITALY ARTS EXPERIENCE, ITALY RENAISSANCE EXPERIENCE, SCOTLAND THEATER ARTS EXPERIENCE, SISTER CITIES OF EUROPE (POLAND, GERMANY, AND FRANCE) PEOPLE-TO-PEOPLE EXPERIENCE, AND SPAIN/MOROCCO LANGUAGE IMMERSION EXPERIENCE 316500 NORTH AMERICA 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES QUEBEC SISTER SCHOOL EXCHANGE 11800 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES GHANA CULTURAL EXPERIENCE 20800 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 25824059 0 0 0 0 0 0 26173359 0 26173359 1 0 1 0 1 0 PART I, LINE 3: THE AMOUNT REPORTED IN PART I REPRESENTS THE FAIR MARKET VALUE OF INVESTMENTS AS OF THE END OF THE TAX YEAR. PART III ACCOUNTING METHOD: PART I, LINE 3, COLUMN F AMOUNTS REPORTED FOR EXPENDITURES IN PART I HAVE BEEN CALCULATED USING THE ACCRUAL METHOD OF ACCOUNTING. BIG SATURDAY 247088 82600 164488 7243 31096 12150 102 49662 GOLF OUTING 28767 17469 11298 650 4909 17500 195 5 195571 11400 184171 2000 1824 166142 471426 111469 359957 650 7243 33096 17059 19426 215999 293473 66484 139392 30000 3983 1 1.00000 139392 30000 3983 33983 105409 NC 0 NO LICENSE IS REQUIRED. 0 1 0 0.50000 0.50000 DAVID L MANCOS 1440 CARMEL ROAD CHARLOTTE NC 28226 0 0 1 FINANCIAL AID 187 3229397 TUITION RATES NEED-BASED ASSISTANCE ENDOWMENT SCHOLARSHIPS 53 719270 PART I, LINE 2: THE AMOUNT OF THE FINANCIAL AID OR SCHOLARSHIP IS ONLY APPLIED TO A STUDENTS' 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 0 0 0 0 0 0 0 1 0 DAVID L MANCOS CFO (INTERIM HOS 7/1/21-6/30/22) 378380 0 141194 0 0 0 22875 0 8324 0 550773 0 0 0 MARCEL GAUTHIER HEAD OF SCHOOL AS OF JULY 1, 2022 285000 0 0 0 0 0 17813 0 5393 0 308206 0 0 0 KATHARINE H ATKINS DIRECTOR OF ADVANCEMENT 173775 0 4000 0 0 0 6921 0 53542 0 238238 0 0 0 SCOTT M WAYBRIGHT ASSISTANT HEAD OF SCHOOL 195250 0 7500 0 0 0 13294 0 8452 0 224496 0 0 0 WARREN M SEPKOWITZ HEAD OF MIDDLE SCHOOL 181395 0 7500 0 0 0 13605 0 8452 0 210952 0 0 0 GREGORY J WALTERS FACILITIES AND OPERATIONS MANAGER 182168 0 0 0 0 0 13068 0 8452 0 203688 0 0 0 MATTHEW T LESS HEAD OF UPPER SCHOOL 167795 0 2000 0 15000 0 10064 0 8452 0 203311 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 SCHOOL. 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 DISCHARGED. 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, LINE 7 CERTAIN EMPLOYEES RECEIVED BONUSES DUE TO TAKING ON ADDITIONAL DUTIES IN ASSISTING THE INTERIM HOS AND OTHER PERFORMANCE ACKNOWLEDGEMENTS. 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 X 57 273913 FMV 0 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 MEMBERS' INTEREST 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: UNREALIZED GAIN ON SWAP AGREEMENT 439,892.