2021-11-12T13:44:20-06:00 2021-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2020-07-01 560623935 CHARLOTTE COUNTRY DAY SCHOOL CHAR 7049434500 1440 CARMEL ROAD CHARLOTTE NC 282265096 DAVID L MANCOS INTERIM HEAD OF SCHOOL AND CFO 7049434551 2021-11-11 1 DAVID MANCOS 999009999 AMANDA ADAMS P00748038 7043771678 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z DAVID L MANCOS 1440 CARMEL ROAD CHARLOTTE NC 282265096 72756228 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. 30 29 612 600 306784 0 35001463 12521179 42660249 44130674 -305112 649961 195404 257056 77552004 57558870 2850494 3634632 0 0 32581112 34717984 131774 2279 2464826 14280435 15178260 49843815 53533155 27708189 4025715 213319665 226176676 50593705 45656035 162725960 180520641 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 39709947 3634632 41311115 INSTRUCTIONAL - FUNDS WERE USED TO PROVIDE COMPREHENSIVE EDUCATIONAL PROGRAMS TO APPROXIMATELY 1,700 STUDENTS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12. 2473406 1907119 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. DUE TO COVID-19, AFTER-SCHOOL ENRICHMENT CLASSES WERE SUSPENDED DURING THE FISCAL YEAR. 2494664 912440 AUXILIARY SERVICES - FUNDS WERE USED TO PROVIDE FOOD, CAMPUS STORE, AND TRANSPORTATION TO STUDENTS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12. REVENUES FROM FOOD AND TRANSPORTATION SERVICES WERE NEGATIVELY IMPACTED BY SOCIAL DISTANCING REQUIREMENTS AND HYBRID-LEARNING IMPLEMENTED TO MITIGATE THE RISKS OF SPREADING COVID-19. 44678017 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 121 0 1 612 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 30 29 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 SCOTT R STEVENS CHAIR 3.00 X X 0 0 0 DAVID M BENSON VICE CHAIR 3.00 X X 0 0 0 EDISON CASSELS VICE CHAIR 3.00 X X 0 0 0 DR AMEESHA P KANSUPADA VICE CHAIR 3.00 X X 0 0 0 A WELLFORD TABOR SR VICE CHAIR 3.00 X X 0 0 0 ANDREW W TATE SECRETARY-TREASURER 3.00 X X 0 0 0 DR ADELLE ANTHONY-WILLIAMS TRUSTEE 3.00 X 0 0 0 HOWARD C BISSELL LIFE TRUSTEE 3.00 X 0 0 0 DR LAUREN I BROWNE TRUSTEE 3.00 X 0 0 0 CHRISTINA N BYRON 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 ALEX D FUNDERBURG TRUSTEE 3.00 X 0 0 0 KENNETH V GARCIA TRUSTEE 3.00 X 0 0 0 TODD A GORELICK 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 J SCOTT MATTEI TRUSTEE 3.00 X 0 0 0 STANTON D MCCULLOUGH TRUSTEE 3.00 X 0 0 0 LEIGH F MORAN TRUSTEE 3.00 X 0 0 0 MARY CLAUDIA BELK PILON TRUSTEE 3.00 X 0 0 0 SALLY CANNON SAUSSY LIFE TRUSTEE 3.00 X 0 0 0 STONEY D SELLARS TRUSTEE 3.00 X 0 0 0 R GLENN SHERRILL JR TRUSTEE 3.00 X 0 0 0 STEPHENSON P SHUFORD TRUSTEE 3.00 X 0 0 0 CATHERINE S STEMPIEN TRUSTEE 3.00 X 0 0 0 DR LISA M TOPPIN TRUSTEE 3.00 X 0 0 0 JENNIFER WARD TRUSTEE 3.00 X 0 0 0 WILLIAM H ZIMMERN TRUSTEE 3.00 X 0 0 0 MARK E REED HEAD OF SCHOOL 70.00 X 551134 0 52136 DAVID L MANCOS CHIEF FINANCIAL OFFICER 70.00 X 321694 0 29158 WARREN SEPKOWITZ HEAD OF MIDDLE SCHOOL 50.00 X 186803 0 20842 MATTHEW LESS HEAD OF UPPER SCHOOL 50.00 X 163854 0 43752 KATHARINE ATKINS DIRECTOR OF ADVANCEMENT 50.00 X 158007 0 33992 ABRAM WEHMILLER DIRECTOR OF ATHLETICS 50.00 X 167947 0 15626 GREGORY WALTERS FACILITIES AND OPERATIONS MANAGER 50.00 X 165116 0 18760 1714555 0 214266 26 0 1 0 BALFOUR BEATTY CONSTRUCTION 1930 CAMDEN ROAD STE 280 CHARLOTTE NC 28203 CONSTRUCTION 12833266 LITTLE DIVERSIFIED 615 SOUTH COLLEGE STREET SUITE 160 CHARLOTTE NC 28202 ARCHITECTURAL SERVICES 2084145 ALADDIN FOOD MANAGEMENT SERVICES LLC 2400 ANSYS DR SUITE 404 CANONBURG PA 15317 FOOD SERVICES 1057957 THE BUDD GROUP PO BOX 890856 CHARLOTTE NC 28289 JANITORIAL SERVICES 925200 GLOBAL ENDOWMENT MANAGEMENT LP 224 W TREMONT AVENUE CHARLOTTE NC 28203 ENDOWMENT MANAGEMENT 382993 12 17147 12504032 432697 12521179 TUITION 611710 41075674 41075674 PROGRAM FEES 611710 1907119 1907119 FOOD SERVICES 611710 736753 736753 TRANSPORTATION 480000 175687 175687 APPLICATION FEES 611710 61650 61650 173791 173791 44130674 584063 584063 34535 0 34535 34535 34535 14981939 4000 14916183 3858 65756 142 65898 65898 72979 17147 95841 -22862 -22862 120075 181476 -61401 -61401 ORDINARY INCOME FROM K-1S 900099 306784 306784 306784 57558870 44130674 306784 600233 3634632 3634632 954125 241309 471507 241309 24380454 20955223 2290257 1134974 1131234 953883 111852 65499 6448045 5554058 712591 181396 1804126 1546200 161159 96767 20485 20485 89517 89517 2279 2279 437810 437810 2587637 2022902 484988 79747 152395 8167 144228 944847 331098 510826 102923 1145345 1027890 81493 35962 927158 819052 75007 33099 226284 217889 6454 1941 316184 219047 29958 67179 713835 630602 57749 25484 4040153 3569072 326848 144233 363476 42500 315132 5844 GROUNDS EXPENSE & MAINT 1009965 892203 81706 36056 BOOKS & EDUCATIONAL PRO 950298 950298 FOOD SERVICE & HOSPITAL 383796 383796 UNRELATED BUSINESS INCO 96409 96409 772666 686363 20397 65906 53533155 44678017 6390312 2464826 36198370 29572071 12891446 9613887 18592576 11715584 561580 527416 67861 67721 714915 906834 151093284 46305177 86733124 104788107 6872170 6524445 50687623 62460611 213319665 226176676 5279631 6258411 8811208 10372152 24657859 23919592 10105794 4094960 1739213 1010920 50593705 45656035 X 88472903 90787253 74253057 89733388 162725960 180520641 213319665 226176676 X 4025715 13080343 688623 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 50735007 838846 13471494 586776 1933874 62524697 58465329 622629 -739951 573818 7039182 50735007 62461891 422224 2893714 498342 6814158 58465329 57560060 2306184 4780789 448571 1736571 62461891 48400592 4768344 5801124 313926 1096074 57560060 0.15320 0.84680 0 0 5211773 5211773 105242528 34119243 71123285 15466912 10648983 4817929 25172071 1536951 23635120 104788107 PRIVATE INVESTMENT FUNDS 62460611 F 62460611 LIABILITY UNDER SWAP AGREEMENT 1010920 1010920 X 67582526 13080343 -2946009 10134334 57448192 437810 -327132 110678 57558870 49787845 327132 327132 49460713 437810 3634632 4072442 53533155 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: MANAGEMENT HAS EVALUATED THE EFFECT OF GUIDANCE SURROUNDING UNCERTAIN TAX POSITIONS AND CONCLUDED THAT COUNTRY DAY HAS NO SIGNIFICANT FINANCIAL STATEMENT EXPOSURE TO UNCERTAIN TAX POSITIONS AT JUNE 30, 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS -3,634,632. CHANGE IN FAIR VALUE OF LIABILITY UNDER INTEREST RATE SWAP 688,623. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES -145,656. COST OF GOODS SOLD -181,476. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 181,476. SPECIAL EVENT EXPENSES 145,656. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS 3,634,632. 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 PRINTED STATEMENT OF THE SCHOOL'S ADMINISTRATION POLICY IN A LOCAL NEWSPAPER AND MAGAZINES. SCHEDULE E, PART I, LINE 6 THE SCHOOL WAS REIMBURSED FOR ELIGIBLE EXPENSES SUBMITTED TO THE NORTH CAROLINA DEPARTMENT OF PUBLIC INSTRUCTION UNDER THE EMERGENCY ASSISTANCE TO NON-PUBLIC SCHOOLS (EANS) PROGRAM AUTHORIZED BY THE CORONAVIRUS RESPONSE AND RELIEF SUPPLEMENTAL APPROPRIATIONS ACT, 2021. BUCSTOGETHER 19410 10872 8538 8002 58 14988 GOLF OUTING 17382 6275 11107 200 3829 11500 1107 1431 3 53334 53334 54726 90126 17147 72979 200 11831 11500 1107 58 71145 95841 -22862 1 FINANCIAL AID 192 3047856 TUITION RATES NEED-BASED ASSISTANCE ENDOWMENT SCHOLARSHIPS 52 586776 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 1 0 0 0 0 0 1 0 MARK E REED HEAD OF SCHOOL 507500 0 1990 0 41644 0 17100 0 35036 0 603270 0 0 0 DAVID L MANCOS CHIEF FINANCIAL OFFICER 280210 0 17724 0 23760 0 21016 0 8142 0 350852 0 0 0 WARREN SEPKOWITZ HEAD OF MIDDLE SCHOOL 169330 0 3243 0 14230 0 12700 0 8142 0 207645 0 0 0 MATTHEW LESS HEAD OF UPPER SCHOOL 159830 0 4024 0 0 0 9590 0 34162 0 207606 0 0 0 KATHARINE ATKINS DIRECTOR OF ADVANCEMENT 156000 0 2007 0 0 0 6240 0 27752 0 191999 0 0 0 GREGORY WALTERS FACILITIES AND OPERATIONS MANAGER 162963 0 2153 0 0 0 10618 0 8142 0 183876 0 0 0 ABRAM WEHMILLER DIRECTOR OF ATHLETICS 165945 0 2002 0 0 0 7484 0 8142 0 183573 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 THE SCHOOL'S HOUSE LOCATED ON THE CAMPUS. 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. THE HEAD OF SCHOOL RECEIVES CERTAIN TAXABLE FRINGE BENEFITS THAT ARE GROSSED UP FOR TAX PURPOSES. ANY GROSS UP AMOUNT IS ALSO TREATED AS TAXABLE COMPENSATION. PART I, LINE 4B NON-QUALIFIED RETIREMENT PLAN: IN JULY 2019, AN IRC SECTION 457(F) PLAN WAS ESTABLISHED FOR THE HEAD OF SCHOOL AS PART OF A NEW MULTI-YEAR EMPLOYMENT CONTRACT. THE 457(F) PLAN WAS DISSOLVED WHEN THE HEAD OF SCHOOL SUBMITTED HIS RESIGNATION EFFECTIVE JUNE 2021. PART I, LINE 7 ALL EMPLOYEES RECEIVED A CHRISTMAS BONUS OF $250. CERTAIN EMPLOYEES RECEIVED ADDITIONAL BONUSES DUE TO THE PANDEMIC WHICH WERE APPROVED BY THE BOARD. A PUBLIC FINANCE AUTHORITY 273866124 000000000 2015-09-01 26974489 REFUND PRIOR ISSUE AND SCHOOL FACILITY IMPROVEMENTS 0 0 0 A 2813728 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 EDISON FOARD INC ENTITY OWNED MORE THAN 35% BY EDISON CASSELS, CURRENT BOARD MEMBER 19468014 EDISON FOARD INC IS PROVIDING CONSTRUCTION SERVICES FOR A CAPITAL PROJECT AT THE SCHOOL UNDER A JOINT VENTURE WITH ANOTHER CONTRACTOR THAT IS AN UNRELATED PARTY. THE TRANSACTION WAS ENTERED INTO AT ARMS LENGTH AND MR. CASSELS FOLLOWED THE SCHOOL'S CONFLICT OF INTEREST POLICY AND DID NOT PARTICIPATE IN THE DISCUSSIONS AND VOTE ON THIS MATTER. IN ADDITION, A COMPETITIVE BID PROCESS WAS USED TO SELECT THE CONTRACTOR. THE AMOUNT REFLECTED IS FOR THE ENTIRE PROJECT. 0 X 85 432697 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 688,623.