2011-01-10T09:06:38-06:00 2010-06-30 BDO USA LLP 7101 Wisconsin Ave Suite 800 Bethesda MD 208144827 990 2009-07-01 560935064 Cannon School Inc CANN 7047868171 5801 Poplar Tent Road Concord NC 28027 Steve Jones 7047868171 2011-01-10 1 Michael Sorrells CPA 3016544900 2009 2016-02-24 21:20:13Z Matthew Gossage 5801 Poplar Tent Road Concord NC 28027 13635908 0 X www.cannonschool.org X 1968 NC The school is a private institution established in 1968, which provides a comprehensive educational program for grades pre-kindergarten through twelve. The School primarily serves students in Cabarrus County, North Carolina and surrounding areas. The Cannon School community instills academic excellence and personal resonsibilty, inspires athletic and artisitic accomplishment, and promotes respect for diversity within a challenging and safe educational environment. 20 19 238 30 0 0 774776 1000282 12764006 12018500 554059 172872 246092 183507 14338933 13375161 846262 927811 0 9229239 8538517 41169 290457 4528604 4213321 14604105 13720818 -265172 -345657 30521975 29780288 15387566 14744355 15134409 15035933 Provision of a quality K-12 educational program within a safe, diverse, and challenging environment. 0 0 8825527 927811 12033250 primary and secondary education which benefits students without regard to race, religion or national origin. 8825527 1 1 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 70 0 1 238 1 0 0 0 0 0 0 0 0 0 20 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X The Organization 7047868171 5801 Poplar Tent Road Concord NC 28027 Russ Andrews 1.00 X 0 0 0 Bob Bratton 1.00 X 0 0 0 William Cox 1.00 X 0 0 0 Mary Margaret West 1.00 X 0 0 0 Roy Goode 1.00 X 0 0 0 Chris Gruber 1.00 X 0 0 0 Lawrence Kimbrough 1.00 X 0 0 0 Gerald Kurtz 1.00 X 0 0 0 Lisa Livingston 1.00 X 0 0 0 Amy Lovett 1.00 X 0 0 0 Randy McVane 1.00 X 0 0 0 Anne Morrison 1.00 X 0 0 0 John Phillips Jr 1.00 X 0 0 0 David Powell 1.00 X 0 0 0 John Rossitch 1.00 X 0 0 0 Susan Schneider 1.00 X 0 0 0 Anthony Sparrow 1.00 X 0 0 0 Tim Tysinger 1.00 X 0 0 0 Patti Wheeler 1.00 X 0 0 0 Matthew Gossage 40.00 X 351603 0 47142 Shayne Cokerdem 40.00 X 95100 0 7608 Bill Diskin 40.00 X 92120 0 52754 Matthew Rush 40.00 X 90000 0 20243 Brian Scales 40.00 X 87360 0 6988 Joseph Ianco Jr 40.00 X 59165 0 7990 Dick Snyder 0.00 X 0 0 3830 775348 0 142725 1 0 1 0 Carolina Cleaning Solution 1611 Heather Glen Road Kannapolis NC 28081 Janitorial 182500 Liles Construction Co PO Box 466 Concord NC 28026 Construction 120000 2 20250 980032 47325 1000282 tuition and fees 900099 11985346 11985346 concessions and other 900099 33154 33154 12018500 117483 117483 14750 14750 14750 14750 69432 163000 83662 93381 -14230 69619 55389 55389 33128 20250 29351 3777 3777 101181 54353 46828 46828 auxiliary fundraising 900099 118152 118152 118152 13375161 11985346 0 389533 927811 927811 964657 964657 6085720 4837782 1050018 197920 461437 316235 132269 12933 539281 368928 155265 15088 487422 333803 139962 13657 30000 30000 124595 124595 41169 41169 23698 23698 218369 128012 90357 168962 168962 804846 567880 236966 92149 92149 659753 240256 418252 1245 87815 47447 37318 3050 576138 576138 1138015 1057373 75247 5395 115167 115167 uncollect. pledge exp 123834 123834 bad debt exp 49980 49980 13720818 8825527 4604834 290457 489 657 9018994 4586508 1287336 1092088 418266 511521 140000 120000 15989 13994 176797 278255 23920499 7666042 16815476 16254457 2648628 6322808 0 600000 30521975 29780288 535638 576610 5063459 4785969 9035000 8620000 753469 761776 15387566 14744355 X 12699077 12682880 2435332 2353053 15134409 15035933 30521975 29780288 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2784413 62158 399254 23699 3222126 3374348 16100 -573835 32200 2784413 0.62000 0.38000 0 0 501819 501819 19369139 4559968 14809171 4049541 3106074 943467 16254457 valuation of derivative instrument 604926 capital leases 156850 761776 13375161 13720818 -345657 353399 -106218 247181 -98476 12884453 353399 83704 437103 12447350 927811 927811 13375161 12982929 83704 83704 12899225 821593 821593 13720818 Part V, Line 4: Description of Intended Use of Endowment Funds: 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: Description of Uncertain Tax Positions Under FIN 48: ASC 740 (formerly Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes-an Interpretation of FASB Statement No. 109), was adopted as of July 1, 2008. This interpretation was enacted to clarify uncertainty in income taxes recognized in the financial statements in accordance with ASC 740. Under ASC 740, an entity must recognize a tax benefit or expense from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The School has no uncertain tax positions as of June 30, 2010. Part XI, Line 8 - Other Adjustments: unrealized gains (losses) on Interest rate Swap: -106218. Part XII, Line 2d - Other Adjustments: cost of goods sold: 54353. Fundraising Expense: 29351. Part XII, Line 4b - Other Adjustments: financial aid netted on financial statements: 927811. Part XIII, Line 2d - Other Adjustments: cost of goods sold: 54353. Fundraising Expense: 29351. Part XIII, Line 4b - Other Adjustments: unrealized gains (losses) on Interest rate Swap: -106218. financial aid netted on financial statements: 927811. 1 0 0 The policy is written in our applications only, but is not actively publicized via media outlets. 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 X X X X X 0 40th Birthday Party 53378 20250 33128 29351 53378 20250 33128 29351 29351 3777 1 Tuition Financial Aid 141 927811 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, 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 Matthew Gossage 304290 47313 24342 22800 398745 Part I, Line 1a The school provides the Head of School with grossed-up payments to reimburse the Head for tuition payments related to his children's attendance at Cannon. The School also provides the Head with a discretionary spending account that can be used for travel and other activities related to School business. Finally, the school also reimburses the Head for membership dues to his country club. North Carolina Capital Facilities Finance Agency 561592154 2010-03-03 9035000 Educational facility construction 0 0 2010 1 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 Matthew Gossage Home purchase X 200000 120000 0 1 1 120000 X IT hardware 5 47325 fmv 0 0 0 Form 990, Part VI, Section B, line 11 The School's Controller, Director of Finance, and Board Treasurer will review the draft 990 before it is submitted for final filing. Form 990, Part VI, Section B, line 12c Trustees are required to review and sign this document annually. Currently, officers and key employees are not required to sign this document, but the school is studying the benefits of extending this policy to its officers & key employees. 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. Form 990, Part VI, Section B, line 15 The School has a Compensation Committee for its Head of School that undertook initial studies of comparability data to determine the Head's overall compensation. Additionally, the compensation is re-examined on a periodic basis to make the same determination. The school has a full-time HR Director that assists in pulling together compensation market data for any given position that the School is attempting to fill. This information is used as a guideline for arriving at the specific compensation level of the individual filling the position. Form 990, Part VI, Section C, line 19 The organization makes its governing documents, conflict of interest polciy, and financial statements available to the public upon request. Form 990, Part XI, Line 2c Oversight of audit The Finance Committee oversees the selection of the audit firm and approval of the audited statements.