2018-06-19T15:08:45-05:00 2016-06-30 560574444 CHERRY BEKAERT LLP 1111 Metropolitan Ave Ste 1000 Charlotte NC 28204 990 2015-07-01 560935064 Cannon School Inc CANN 7047868171 5801 Poplar Tent Road Concord NC 28027 WHITNEY BROWN DIR. OF business and FINANCE 7047868171 2018-04-24 1 Amanda Adams P00748038 7043771678 2015 2018-06-14 16:35:46Z X WHITNEY BROWN 5801 Poplar Tent Road Concord NC 28027 22066614 0 X WWW.CANNONSCHOOL.ORG X 1968 NC CANNON SCHOOL WAS FOUNDED IN 1968 AND IS A NON-PROFIT, INDEPENDENT SCHOOL THAT FOCUSES ON THE INDIVIDUAL STUDENT. THE SCHOOL OCCUPIES A 65-ACRE CAMPUS JUST OFF THE I-85 CORRIDOR IN CONCORD, NC. APPROXIMATELY 975 STUDENTS WERE ENROLLED AT THE SCHOOL DURING THE FISCAL YEAR 2015 IN GRADES JUNIOR KINDERGARTEN THROUGH 12TH GRADE. CANNON ENCOURAGES STUDENTS TO STRETCH TO THEIR FULLEST POTENTIAL AND BECOME ENGAGED STUDENTS AND OUTSTANDING CITIZENS. CANNON'S LOWER SCHOOL STRESSES ACADEMIC EXCELLENCE, WITH A BALANCE OF ENRICHMENT OPPORTUNITIES AND AN EMPHASIS ON CHARACTER DEVELOPMENT. CANNON'S MIDDLE SCHOOL PROVIDES A CLIMATE FOR EMERGING YOUNG ADULTS TO NURTURE THEIR LOVE OF LEARNING, STRENGTHEN THEIR SELF CONCEPT, AND EXPLORE EXTRACURRICULAR ACTIVITIES. CANNON'S UPPER SCHOOL DEDICATES ITSELF TO DEVELOPING TEACHING PRACTICES AND CURRICULUM THAT EQUIP STUDENTS TO LEARN HOW TO LEARN AND IS BASED ON A TRADITIONAL COLLEGE PREPARATORY CURRICULUM. 21 21 299 50 0 0 1633456 942635 19067197 19900931 268098 62371 12621 72038 20981372 20977975 2456849 2594453 0 0 11631097 12246519 0 0 544541 5048648 5444070 19136594 20285042 1844778 692933 39975211 40724676 13690193 13970235 26285018 26754441 PROVISION OF A QUALITY K-12 EDUCATIONAL PROGRAM WITHIN A SAFE, DIVERSE, AND CHALLENGING ENVIRONMENT. 0 0 15899091 2594453 18740226 Instruction - Primary and secondary education which benefits students without regard to race, religion or national origin. The school served approximately 999 students during the 2015-16 school year. 580704 707222 Special programs, including Extended Day care, After School programs and Summer camp. 464433 507471 Auxiliary Services including bus Transportation for students and a school store. 16944228 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 1 0 0 0 1 0 0 0 0 0 0 0 0 1 70 0 1 299 1 0 0 0 0 0 1 1 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X ANDREA TREMBATH 7047868171 5801 POPLAR TENT ROAD CONCORD NC 28027 Kathy Bray Trustee 1.00 X 0 0 0 Horace Bryan Trustee 1.00 X 0 0 0 Fred Bryant Trustee 1.00 X 0 0 0 Mark Fromke Trustee 1.00 X 0 0 0 Tom Kabasakalian Trustee 1.00 X 0 0 0 Jeff Leck Trustee 1.00 X 0 0 0 Steve McLeod Trustee 1.00 X 0 0 0 Adam Ortiz Trustee 1.00 X 0 0 0 Jon Ter Poorten Trustee 1.00 X 0 0 0 Kim Reynolds Trustee 1.00 X 0 0 0 Susan Sanders Trustee 1.00 X 0 0 0 Richard Schachner Jr Trustee 1.00 X 0 0 0 Susan Schneider Trustee 1.00 X 0 0 0 Kym Selden Trustee 1.00 X 0 0 0 Scott Wickerham Trustee 1.00 X 0 0 0 Bianca Wittgraefe Trustee 1.00 X 0 0 0 Russ Andrews trustee 1.00 X 0 0 0 Blake Evans trustee 1.00 X 0 0 0 Hans Peterson Board Chair 1.00 X X 0 0 0 Sharif Metwalli Vice Chair 1.00 X X 0 0 0 Kristin Baker Secretary 1.00 X X 0 0 0 Jim Michaels Treasurer 1.00 X X 0 0 0 Whitney Brown Director of Business/Finan 40.00 X 111342 0 44241 Matthew Gossage Head of School 40.00 X 434987 0 21332 Deb Otey Head of Upper School 40.00 X 113077 0 35647 FREDERICK HARTUNG Director of Advancement 40.00 X 110653 0 8085 Patrick Moyer Director of Athletics 40.00 X 134742 0 10537 904801 0 119842 5 0 1 0 0 29843 912792 101668 942635 TUITION AND FEES 900099 18420439 18420439 CAMP CANNON FEES 900099 443285 443285 OTHER AUXILIARY ACTIVITIES 900099 404324 404324 TRANSPORTATION FEES 900099 368946 368946 BEYOND THE BELL FEES 900099 263937 263937 19900931 153128 153128 19000 0 19000 19000 19000 872698 12006 968497 6964 -95799 5042 -90757 -90757 27691 29843 28641 -950 -950 138525 84537 53988 53988 20977975 19954919 0 80421 2594453 2594453 576390 576390 9676517 8216581 1148561 311375 572633 488443 72184 12006 693602 555647 119227 18728 727377 584812 120242 22323 25926 25926 41100 41100 136664 136664 226150 113075 113075 200986 134058 66928 134696 89842 44854 1016421 727584 288837 234790 234790 1509405 1509405 136950 91346 45604 curriculum expenses 527763 527763 summer camp 309313 309313 BOOSTER ORGANIZATIONS 292388 292388 athletic expenses 137741 137741 513777 295887 150856 67034 20285042 16944228 2796273 544541 6271080 6621860 922989 821154 2764611 1839042 701167 649615 20000 0 49436 59649 250946 284909 36196160 13699881 22197455 22496279 6749551 7670619 47976 281549 39975211 40724676 1132474 1269386 5795290 6153035 6286000 5715567 476429 832247 13690193 13970235 X 22963658 23858535 2008173 1509369 1313187 1386537 26285018 26754441 39975211 40724676 X 692933 -118704 -104806 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 6701084 280350 -137946 110718 6732770 5168476 1405209 174147 46748 6701084 4438048 48325 752255 70152 5168476 3723259 254175 502297 41683 4438048 3754924 89390 -48099 72956 3723259 0.74990 0.19540 0.05470 0 0 501819 501819 28367966 10929748 17438218 7189831 2770133 4419698 136544 136544 22496279 EQUITIES 977071 F MUTUAL FUNDS - EQUITIES 4765663 F MUTUAL FUNDS - FIXED INC. 1927885 F 7670619 VALUATION OF DERIVATIVE INSTRUMENT 550698 457(b) Plan Liability 281549 832247 X 18232090 -118704 -2699259 -2817963 21050053 41100 -113178 -72078 20977975 17762667 113178 113178 17649489 41100 2594453 2635553 20285042 Part V, Line 4: ENDOWMENT FUNDS ARE USED TO FUND A VARIETY OF PROGRAMS THAT ARE ALIGNED WITH THE SCHOOL'S EXEMPT PURPOSE. THOSE FUNDS WITH DONOR IMPOSED RESTRICTIONS ARE EXPENDED ACCORDING TO THE DONOR RESTRICTIONS. THERE ARE SPENDING POLICIES BASED UPON INVESTMENT RETURNS. Part X, Line 2: The school has received a favorable determination letter from the Internal Revenue Service with respect to its tax-exempt status under section 501(c)(3) of the Internal Revenue Code ("IRC") and is exempt from Federal and State income taxes. Management believes that the School continues to satisfy the requirements of a tax-exempt organization and is not subject to income tax. Accordingly, no provision for income taxes has been reflected in the accompanying financial statements. In accordance with IRC regulations, the School is taxed on unrelated business income, which consists of earnings from activities not related to the exempt purpose of the School. The School accounts for tax uncertainties based on a more likely than not recognition threshold whereby tax benefits are only recognized when the School believes that they have a greater than 50% likelihood of being sustained upon examination by taxing authorities. The School has evaluated all of its tax positions and determined that it had no uncertain income tax positions as of June 30, 2016 and 2015. Part XI, Line 2d - Other Adjustments: FINANCIAL AID AND SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS -2,594,453. CHANGE IN FAIR VALUE OF SWAP -75,265. ADJUSTMENT TO PLEDGES RECEIVABLE VALUE -29,541. Part XI, Line 4b - Other Adjustments: FUNDRAISING EVENT EXPENSES reported net of revenues -28,641. cost of goods sold reported net of revenues -84,537. Part XII, Line 2d - Other Adjustments: FUNDRAISING EVENT EXPENSES reported net of revenues 28,641. cost of goods sold reported net of revenues 84,537. Part XII, Line 4b - Other Adjustments: FINANCIAL AID AND SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS 2,594,453. 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 NORTH CAROLINA ASSOCIATION OF INDEPENDENT SCHOOLS (NCAIS) PUBLISHES A NON-DISCRIMATION STATEMENT ON BEHALF OF ALL ITS MEMBER ORGANIZATIONS IN EACH SCHOOL'S REGIONAL/LOCAL CHAPTER AND CANNON IS A MEMBER OF THIS ORGANIZATION. GOLF TOURNAMENT 57534 29843 27691 50 900 9800 7331 10560 57534 29843 27691 50 900 9800 7331 10560 28641 -950 1 FINANCIAL AID 190 1545565 Book Tuition Reduction Teacher Remission 110 1048888 Book Tuition Reduction Part I, Line 2: FINANCIAL AID AWARDS ARE ADMINISTERED BY THE SCHOOL AND ARE USED TO OFFSET CHARGES TO STUDENT ACCOUNTS. NO EXCHANGE OF REAL FUNDS EVER TAKES PLACE. THE AWARD IS SIMPLY A CREDIT TOWARDS THE TUITION BALANCE. X X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Whitney Brown Director of Business/Finan 111342 0 0 0 0 0 8730 0 35511 0 155583 0 0 0 Matthew Gossage Head of School 434987 0 0 0 0 0 21332 0 0 0 456319 0 0 0 Part I, Line 1a THE SCHOOL REIMBURSES THE HEAD FOR MEMBERSHIP DUES TO HIS COUNTRY CLUB, WHICH HE USES, IN PART, FOR BUSINESS PURPOSES. THE AMOUNT OF THE COUNTRY CLUB DUES IS INCLUDED IN THE HEAD'S FORM W-2 WAGES. A NC CAPITAL FACILITIES FINANCE AGENCY 561592154 65818pby4 2010-03-03 9035000 refunding of facilities construction bonds 0 0 0 A 3276788 9035000 9035000 2010 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 1 0 0 0 0 A 0 35511 TUITION REMISSION TUITION ASSISTANCE (BASED ON SAME CRITERIA AS OTHER EMPLOYEES) X 2 101668 STOCK MEDIAN VALUE 0 0 1 1 Part I, Line 32b: THE SCHOOL uses TD Ameritrade'S online account to receive stock donations and sell the stock directly after. Form 990, Part VI, Section B, line 11 the board of directors is provided with a public disclosure copy of the form 990 to review. A full copy of the form 990 will be made availalbe to the board prior to filing, and will be kept at the school business office. Form 990, Part VI, Section B, line 12c TRUSTEES ARE REQUIRED TO REVIEW AND SIGN A CONFLICT OF INTEREST STATEMENT ANNUALLY. THE HEAD OF SCHOOL'S ASSISTANT COLLECTS ALL SIGNED CONFLICT OF INTEREST POLICIES FROM TRUSTEES AND REVIEWS FOR ANY POTENTIAL ISSUES. THESE ARE COLLECTED FROM ALL NEW TRUSTEES AS THEY CHANGE DURING THE YEAR. during the course of the year, any trustee with a potential conflict recuses himself/herself from discussions and/or votes. Form 990, Part VI, Section B, line 15 THE SCHOOL HAS A COMPENSATION COMMITTEE (COMPOSED OF INDEPEnDENT TRUSTEES) FOR ITS HEAD OF SCHOOL THAT UNDERTOOK INITIAL STUDIES OF COMPARABILITY SOURCE DATA FROM NAIS AND CARNEY SANDOE TO DETERMINE THE HEAD'S OVERALL COMPENSATION. THE COMPENSATION DETERMINATION PROCESS IS DOCUMENTED IN THE MEETING MINUTES. ADDITIONALLY, THE COMPENSATION IS RE-EXAMINED ON A PERIODIC BASIS TO ensure reasonableness. THE SCHOOL HAS A FULL-TIME Human Resource DIRECTOR THAT ASSISTS IN PULLING TOGETHER COMPENSATION MARKET DATA FOR all other positions. Form 990, Part VI, Section C, line 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990, Part XI, line 9: CHANGE IN FAIR VALUE OF SWAP -75,265. ADJUSTMENT TO PLEDGES RECEIVABLE VALUE -29,541. PART VII, LINE 2C EXPLANATION: OUR BOARD'S FINANCE SUB-COMMITTEE ACTS ON BEHALF OF THE BOARD OF TRUSTEES IN SELECTION AND OVERSIGHT OF THE AUDIT AND AUDITORS. Form 990, Heading, B The return was amended to correctly reflect the following: 1. Frederick Hartung as the Director of Advancement and Blake Evans as an uncompensated trustee in Part VII. 2. The grants shown in Schedule I, Part II as noncash grants rather than cash grants. 3. The amount of bonds retired in Schedule K, Part II.