2014-11-13T07:37:24-06:00 2014-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 1000 CHARLOTTE NC 28204 990 2013-07-01 560944449 CHARLOTTE LATIN SCHOOLS CHAR 7048467299 9502 PROVIDENCE ROAD CHARLOTTE NC 282778695 FLETCHER GREGORY ASSISTANT HEADMASTER 7048467299 2014-11-12 1 JANICE A RATICA P00358837 7043771678 2013 2015-11-30 17:44:51Z ARCHIBALD MCINTOSH 9502 PROVIDENCE ROAD CHARLOTTE NC 282778695 33857426 0 X WWW.CHARLOTTELATIN.ORG X 1970 NC CHARLOTTE LATIN IS AN ACCREDITED, INDEPENDENT, CO-EDUCATIONAL, NON-SECTARIAN, COLLEGE-PREPARATORY DAY SCHOOL SERVING 1,401 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. 18 18 423 200 0 0 1941242 1558083 27629518 28389648 2386260 3909695 0 0 31957020 33857426 1893615 1985114 0 0 18848876 19518763 0 0 1606052 8452594 8915731 29195085 30419608 2761935 3437818 75754201 79218115 25524822 25480771 50229379 53737344 X 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. 0 0 21336521 1985114 26893722 FUNDS WERE USED TO PROVIDE COMPREHENSIVE EDUCATIONAL PROGRAMS TO 1,401 STUDENTS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12. CHARLOTTE LATIN ALSO PROVIDED SCHOLARSHIPS AND FINANCIAL AID TO 187 STUDENTS. 1438489 962602 SPECIAL PROGRAM FEES - FUNDS WERE USED TO PROVIDE SPECIAL PROGRAMS, SUCH AS DAY CARE, EXTENDED DAY CARE, SUMMER CAMPS AND CLINICS AND EDUCATIONAL RESOURCES TO STUDENTS IN GRADES PRE-KINDERGARTEN TO 12. 1536325 533324 AUXILIARY SERVICES - FUNDS WERE USED TO PROVIDE FOOD AND TRANSPORTATION SERVICES TO STUDENTS IN GRADES PRE-KINDERGARTEN TO 12. 24311335 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 70 0 1 423 1 0 0 0 0 0 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NC X FLETCHER GREGORY 7048467299 9502 PROVIDENCE ROAD CHARLOTTE NC 282778695 GARY JAMES ANDERSON BOARD MEMBER 1.00 X 0 0 0 JOANNE O'BRIEN BEAM BOARD MEMBER 1.00 X 0 0 0 ROBERT G CALTON III BOARD MEMBER 1.00 X 0 0 0 JULIE C CHIU BOARD MEMBER 1.00 X 0 0 0 HEATHER S FINKE BOARD MEMBER 1.00 X 0 0 0 KODWO GHARTEY-TAGOE BOARD MEMBER 1.00 X 0 0 0 CRESFUL WILLIAM HORNE JR BOARD MEMBER 1.00 X 0 0 0 ED IMBROGNO BOARD MEMBER 1.00 X 0 0 0 KELLY L KATTERHAGEN BOARD MEMBER 1.00 X 0 0 0 JILL E OLMSTEAD BOARD MEMBER 1.00 X 0 0 0 THAD M SHARRETT BOARD MEMBER 1.00 X 0 0 0 LOUIS C STEPHENS III BOARD MEMBER 1.00 X 0 0 0 PARKIE THOMAS BOARD MEMBER 1.00 X 0 0 0 CLAUDIUS E WATTS IV BOARD MEMBER 1.00 X 0 0 0 ERIC J LLOYD CHAIRMAN 1.00 X X 0 0 0 JEAN E DAVIS VICE-CHAIRMAN 1.00 X X 0 0 0 RUTH K GAMMON SECRETARY 1.00 X X 0 0 0 WILLIAM A BOWEN JR TREASURER 1.00 X X 0 0 0 ARCH MCINTOSH HEADMASTER 50.00 X 439209 0 82072 FLETCHER GREGORY ASSOCIATE HEAD/CFO 50.00 X 169677 0 26699 LAWRENCE WALL HEAD UPPER SCHOOL 50.00 X 123543 0 15888 DEBBIE LAMM HEAD MIDDLE SCHOOL 50.00 X 116005 0 17075 MARK TAYLOE HEAD OF LOWER SCHOOL 50.00 X 166679 0 51514 DAVID GATOUX ATHLETIC DIRECTOR 50.00 X 119893 0 14613 JANICE PRIVETTE ASSISTANT TO HEADMASTER 40.00 X 111377 0 20847 1246383 0 228708 9 0 1 0 FLEET TRUCK 700 GRIFFITH RD CHARLOTTE NC 28217 BUS MAINTENANCE 138850 CAVALIER 2722 MERRILEE DR FAIRFAX VA 22031 BUILDING CLEANING 136372 ALPHAGRAPHICS PO BOX 470097 CHARLOTTE NC 27247 PRINTING 133765 WALSWORTH PUBLISHING PO BOX 310287 DES MOINES IA 50331 YEARBOOKS 121972 UNIVERSAL PROTECTION PO BOX 402836 ATLANTA GA 30384 CAMPUS SECURITY 109056 6 1558083 227992 1558083 TUITION 900099 26893722 26893722 TRANSPORTATION & FIELD TRIPS 900099 533324 533324 OTHER AUXILIARY SERVICES 900099 529886 529886 SUMMER CAMP REVENUE 900099 311919 311919 EXTENDED CARE 900099 120797 120797 28389648 701008 701008 3208687 0 3208687 3208687 3208687 33857426 28389648 0 3909695 1985114 1985114 717657 521281 196376 14694740 11405360 2314326 975054 1189185 920232 193720 75233 1673373 1294913 272595 105865 1243808 964708 201029 78071 133041 133041 682113 495724 186389 301801 40065 261736 223998 223998 588107 588107 784247 688364 80602 15281 333769 333769 2345649 2345649 203127 203127 MATERIALS & SUPPLIES 2224300 1719957 430654 73689 REPAIRS & MAINTENANCE 689436 689436 PROGRAMS & ASSEMBLIES 138363 119500 18863 TEACHER RECRUITMENT 107961 107961 159819 36094 102602 21123 30419608 24311335 4502221 1606052 11872587 3346815 2032480 1288237 272813 220732 243282 215224 66883018 34082615 34543547 32800403 26533571 40938308 255921 408396 75754201 79218115 2309376 2419932 10603688 11062625 11615000 11606000 996758 392214 25524822 25480771 X 36734357 38668755 4453147 5795768 9041875 9272821 50229379 53737344 75754201 79218115 X 3437818 70147 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 25268544 846809 3749560 629732 29235181 22437675 1455546 2221413 846090 25268544 22804396 425801 27172 819694 22437675 19666097 442095 3525228 829024 22804396 17765606 387684 2184807 672000 19666097 0.53310 0.27980 0.18710 0 0 3241641 3241641 53293538 28540915 24752623 10347839 5541700 4806139 32800403 EQUITY AND GROWTH FUNDS 2549465 F MUTUAL FUNDS 22658837 F MONEY MARKET FUNDS 9565807 F PRIVATE INVESTMENT FUNDS 4699718 F CORPORATE BONDS 1464481 F 40938308 DEFERRED COMPENSATION 392805 OTHER ACCRUED LIABILITIES -591 392214 X 31809418 -1914967 -1914967 33724385 133041 133041 33857426 28301453 0 28301453 133041 1985114 2118155 30419608 PART V, LINE 4: ENDOWMENT FUNDS ARE USED FOR SCHOLARSHIPS, GENERAL OPERATING EXPENSES, AND PROPERTY AND EQUIPMENT IMPROVEMENTS AND UPKEEP. 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 THAT THE SCHOOL CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AND IS NOT SUBJECT TO TAX. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN REFLECTED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE SCHOOL FOLLOWS FINANCIAL ACCOUNTING STANDARDS BOARD 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. MANAGEMENT BELIEVES THERE ARE NO SUCH POSITIONS AS OF JUNE 30, 2014 AND 2013 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. THE SCHOOL BELIEVES IT IS NO LONGER SUBJECT TO TAX EXAMINATIONS FOR TAX YEARS PRIOR TO 2011. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE SHOWN NET OF REVENUE ON FINANCIALS -1,985,114. CHANGE IN FAIR VALUE SWAP 70,147. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE SHOWN NET OF REVENUE ON FINANCIALS 1,985,114. 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 MAGAZINE ADVERTISEMENTS. 1 SCHOLARSHIPS AND FINANCIAL ASSISTANCE TO STUDENTS 187 1985114 PART I, LINE 2: THE PURPOSE OF THE ENDOWED SCHOLARSHIP FUNDS IS TO PROVIDE FINANCIAL AID (FULL OR PARTIAL) FOR A STUDENT WHO, WITHOUT AID, COULD NOT ATTEND CHARLOTTE LATIN SCHOOL. 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. SCHOLARSHIPS ARE NEED AND MERIT-BASED. THEREFORE, ACADEMIC PERFORMANCE AND STRONG CITIZENSHIP, AS WELL AS DEMONSTRATED FINANCIAL NEED, WILL BE CONSIDERED. ONCE THE SCHOLARSHIP IS RECEIVED, THE RECIPIENT WILL CONTINUE TO RECEIVE IT FOR HIS OR HER TENURE AT LATIN, PROVIDED STANDARD CHARLOTTE LATIN SCHOOL REGULATIONS ARE OBSERVED AND ACADEMIC STANDARDS ARE MET. X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 ARCH MCINTOSH HEADMASTER 439209 0 0 0 0 0 72950 0 9122 0 521281 0 0 0 FLETCHER GREGORY ASSOCIATE HEAD/CFO 169677 0 0 0 0 0 17567 0 9132 0 196376 0 0 0 MARK TAYLOE HEAD OF LOWER SCHOOL 166679 0 0 0 0 0 12204 0 39310 0 218193 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL, ARCHIBALD MCINTOSH, RECEIVED GROSS UP FEDERAL AND STATE TAX FOR REPORTABLE BENEFITS RECEIVED. THE SCHOOL PAYS THE DUES FOR A MEALS-ONLY CLUB WHERE THE HEAD CAN TAKE VARIOUS CONSTITUENTS ON SCHOOL RELATED BUSINESS. PART I, LINE 4B ARCHIBALD MCINTOSH RECEIVED $50,000 FROM A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. X 54 227992 HI/LOW PRICE ON TRANSFER 1 0 1 1 FORM 990, PART VI, SECTION B, LINE 11 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 BOARD OF TRUSTEES HAS A COMMITTEE ENTITLED THE "COMMITTEE ON THE HEAD." THIS COMMITTEE IS CHARGED WITH THE HEAD'S ANNUAL REVIEW AND, AT CONTRACT TIME, WITH THE CRAFTING OF THE HEAD'S CONTRACT. THE COMMITTEE USES 990 DATA, EXECUTIVE COMPENSATION SURVEY DATA AND NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS) DATA TO DETERMINE ITS COMPENSATION PACKAGE FOR THE HEAD OF SCHOOL. THE DISCUSSIONS ARE DOCUMENTED IN THE MEETING MINUTES. REGARDING OTHER TOP MANAGEMENT OFFICIALS, THE COMPENSATION IS DETERMINED BY THE HEADMASTER. 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 FAIR VALUE OF SWAP 70,147. FORM 990, PART XII, LINE 2C: THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES SELECTS THE INDEPENDENT ACCOUNTING FIRM AND RECEIVES THE AUDITED FINANCIAL STATEMENTS FOR REVIEW AND DISCUSSION.