2013-11-12T13:42:13-06:00 2013-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVENUE SUITE 1000 CHARLOTTE NC 28204 990 2012-07-01 560944449 CHARLOTTE LATIN SCHOOLS CHAR 7048467299 9502 PROVIDENCE ROAD CHARLOTTE NC 282778695 FLETCHER GREGORY 7048467299 2013-11-08 1 KELLIANNE F BENSON P01345659 7043771678 2012 2016-02-24 21:20:13Z ARCHIBALD MCINTOSH 9502 PROVIDENCE ROAD CHARLOTTE NC 282778695 50079075 0 X WWW.CHARLOTTELATIN.ORG X 1970 NC CHARLOTTE LATIN IS AN ACCREDITED, INDEPENDENT, CO-EDUCATIONAL, NON-SECTARIAN, COLLEGE-PREPARATORY DAY SCHOOL SERVING 1,398 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. 20 20 413 100 0 0 2548119 1941242 26679224 27629518 253829 2386260 0 0 29481172 31957020 1682500 1893615 0 0 18407094 18848876 0 0 1488195 8328126 8452594 28417720 29195085 1063452 2761935 73796905 75754201 26587971 25524822 47208934 50229379 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 21925856 1893615 26263880 FUNDS WERE USED TO PROVIDE COMPREHENSIVE EDUCATIONAL PROGRAMS TO 1,398 STUDENTS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12. CHARLOTTE LATIN ALSO PROVIDED SCHOLARSHIPS AND FINANCIAL AID TO 182 STUDENTS. 702386 798274 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. 554251 567364 AUXILIARY SERVICES - FUNDS WERE USED TO PROVIDE FOOD AND TRANSPORTATION SERVICES TO STUDENTS IN GRADES PRE-KINDERGARTEN TO 12. 23182493 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 68 0 1 413 1 0 0 0 0 0 0 0 0 0 0 X 20 20 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 ANDERSON 1.00 X 0 0 0 JOANNE BEAM 1.00 X 0 0 0 WILLIAM BOWEN 1.00 X 0 0 0 ROBERT CALTON 1.00 X 0 0 0 JULIE CHIU 1.00 X 0 0 0 JEAN DAVIS 1.00 X 0 0 0 KODWO GHARTEY-TAGOC 1.00 X 0 0 0 CRESS HORNE 1.00 X 0 0 0 ED IMBROGNO 1.00 X 0 0 0 KELLY KATTERHAGEN 1.00 X 0 0 0 JAMES MCDEAVITT 1.00 X 0 0 0 JILL OMLSTEAD 1.00 X 0 0 0 THAD SHARRETT 1.00 X 0 0 0 LOUIS STEPHENS 1.00 X 0 0 0 PARKER THOMAS 1.00 X 0 0 0 MELISSA VANDIVER 1.00 X 0 0 0 KEVIN HENRY 1.00 X X 0 0 0 ERIC LLOYD 1.00 X X 0 0 0 CLAUDIUS WATTS 1.00 X X 0 0 0 RUTH GAMMON 1.00 X X 0 0 0 ARCHIBALD MCINTOSH 50.00 X 404549 0 84755 FLETCHER GREGORY 50.00 X 159887 0 24387 MARK TAYLOE 50.00 X 159363 0 50522 DEBBIE LAMM 50.00 X 123048 0 26564 LAWRENCE WALL 50.00 X 118016 0 15610 ROBERT ROBINSON 50.00 X 117568 0 21016 MARY JANE GALLAGHER 50.00 X 111895 0 13681 1194326 0 236535 12 0 1 0 APPLE COMPUTER INC 1 INFINITE LOOP CUPERTINO CA 95014 TECHNOLOGY SERVICES 409082 THE BUDD GROUP PO BOX 890856 CHARLOTTE NC 28289 CUSTODIAL SERVICE 161346 FLEET TRUCK SERVICE INC 700 GRIFFITH ROAD CHARLOTTE NC 28217 BUS REPAIRS 148399 ALPHAGRAPHICS 8321 BANDFORD WAY SUITE 001 RALEIGH NC 27615 PRINTING SERVICES 126162 COMPASS GROUP PO BOX 91337 CHICAGO IL 606931337 FOOD SERVICES 124277 5 1941242 283568 1941242 TUITION 900099 26115745 26115745 OTHER AUXILIARY SERVICES 900099 586408 586408 TRANSPORTATION & FIELD TRIPS 900099 532050 532050 SUMMER CAMP REVENUE 900099 281377 281377 EXTENDED CARE 900099 113938 113938 27629518 762181 762181 19741884 4250 18122055 0 1619829 4250 1624079 1624079 31957020 27629518 0 2386260 1893615 1893615 673578 489304 184274 14082762 10823316 2375911 883535 1164850 893007 202098 69745 1749482 1341202 303530 104750 1178204 903244 204415 70545 127520 127520 602903 449224 153679 302351 302351 183928 183928 544146 544146 601917 530082 71835 468564 468564 2240969 2240969 194606 194606 MATERIALS & SUPPLIES 2062213 1527779 489261 45173 REPAIRS & MAINTENANCE 730448 730448 TEACHER RECRUITMENT 118645 118645 PROGRAMS & ASSEMBLIES 116804 116804 157580 36183 109301 12096 29195085 23182493 4524397 1488195 5931723 11872587 2656893 2032480 267708 272813 163611 243282 66376462 31832915 35815315 34543547 28703538 26533571 258117 255921 73796905 75754201 2347745 2309376 10642115 10603688 12325000 11615000 1273111 996758 26587971 25524822 X 35127546 36734357 3592141 4453147 8489247 9041875 47208934 50229379 73796905 75754201 X 2761935 258510 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 22437675 1455546 2221413 846090 25268544 22804396 425801 27172 819694 22437675 19666097 442095 3525228 829024 22804396 17765606 387684 2184807 672000 19666097 0.55000 0.16000 0.29000 0 0 3241641 3241641 53034459 26754003 26280456 10100362 5078912 5021450 34543547 EQUITY AND GROWTH FUNDS 2106398 F MUTUAL FUNDS 18903329 F MONEY MARKET FUNDS 1627649 F PRIVATE INVESTMENT FUNDS 3896195 F 26533571 DEFERRED COMPENSATION 412491 VALUATION OF DERIVATIVE INSTRUMENT 582147 OTHER ACCRUED LIABILITIES 2120 996758 X 30194394 -1635106 -1635106 31829500 127520 127520 31957020 27173948 0 27173948 127520 1893617 2021137 29195085 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ENDOWMENT FUNDS ARE USED FOR SCHOLARSHIPS, GENERAL OPERATING EXPENSES, AND PROPERTY AND EQUIPMENT IMPROVEMENTS AND UPKEEP. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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, 2013 AND 2012 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE SHOWN NET OF REVENUE ON FINANCIALS -1,893,616. CHANGE IN FAIR VALUE SWAP 258,510. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE SHOWN NET OF REVENUE ON FINANCIALS 1,893,617. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION 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 182 1893615 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 0 0 0 0 0 0 0 0 ARCHIBALD MCINTOSH 404549 0 0 0 0 0 45000 0 39755 0 489304 0 0 0 FLETCHER GREGORY 159887 0 0 0 0 0 0 0 24387 0 184274 0 0 0 MARK TAYLOE 159363 0 0 0 0 0 0 0 50522 0 209885 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. X 40 283568 HI/LOW PRICE ON TRANSFER 0 0 1 1 FORM 990, PART VI, SECTION B, LINE 11 THE 990 DRAFT WILL BE REVIEWED BY THE FINANCE COMMITTEE AND THE PUBLIC DISCLOSURE COPY 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF SWAP 258,510. 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.