2021-03-12T11:11:39-06:00 2020-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2019-07-01 560935064 CANNON SCHOOL INC CANN 7047868171 5801 POPLAR TENT ROAD CONCORD NC 28027 WHITNEY BROWN DIR. OF BUSINESS AND FINANCE 7047868171 2021-03-09 1 AMANDA ADAMS P00748038 7043771678 2019 2022-09-23 18:48:47Z WHITNEY BROWN 5801 POPLAR TENT ROAD CONCORD NC 28027 27784481 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 1001 STUDENTS WERE ENROLLED AT THE SCHOOL DURING THE FISCAL YEAR 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. 19 19 343 50 0 0 1354650 912102 22392624 22334169 483858 1205950 62493 35314 24293625 24487535 2982351 3208018 0 0 14470420 14198032 0 0 991976 6124780 6079640 23577551 23485690 716074 1001845 50778664 49466650 16300404 14795148 34478260 34671502 PROVISION OF QUALITY K-12 EDUCATIONAL PROGRAM WITHIN A SAFE, DIVERSE, AND CHALLENGING ENVIRONMENT. 0 0 19607412 3208018 22368853 INSTRUCTION - PRIMARY AND SECONDARY EDUCATION WHICH BENEFITS STUDENTS WITHOUT REGARD TO RACE, RELIGION, OR NATIONAL ORIGIN. THE SCHOOL SERVED APPROXIMATELY 1001 STUDENTS DURING THE 2019-2020 SCHOOL YEAR.SPECIAL PROGRAMS, INCLUDING AFTER SCHOOL PROGRAMS AND SUMMER CAMP.AUXILIARY SERVICES, INCLUDING BUS TRANSPORTATION FOR STUDENTS AND A SCHOOL STORE. 19607412 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 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 47 0 1 343 1 0 0 0 0 0 0 0 0 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X ANDREA TREMBATH 7047868171 5801 POPLAR TENT ROAD CONCORD NC 28027 BLAKE EVANS BOARD CHAIR 1.00 X X 0 0 0 BENTON BRAGG SR VICE CHAIR 1.00 X X 0 0 0 JEFF LECK TREASURER 1.00 X X 0 0 0 DR KYM SELDEN SECRETARY 1.00 X X 0 0 0 JOAN ANKROM TRUSTEE 1.00 X 0 0 0 KATHY BRAY TRUSTEE 1.00 X 0 0 0 DR BRET BUSBY TRUSTEE 1.00 X 0 0 0 KARIN CAIN TRUSTEE 1.00 X 0 0 0 JAMES HARTSELL TRUSTEE 1.00 X 0 0 0 ANDREW HUDSON TRUSTEE 1.00 X 0 0 0 KIMBERLY LEATHERMAN TRUSTEE 1.00 X 0 0 0 HARRY MCKAY TRUSTEE 1.00 X 0 0 0 GREY MILLS JR TRUSTEE 1.00 X 0 0 0 DR PORTER PETERSON TRUSTEE 1.00 X 0 0 0 ALAN SPRINGATE TRUSTEE 1.00 X 0 0 0 DR JON TER POORTEN TRUSTEE 1.00 X 0 0 0 DR NEHAL THAKKAR TRUSTEE 1.00 X 0 0 0 LAURIN TITUS TRUSTEE 1.00 X 0 0 0 JON WARD TRUSTEE 1.00 X 0 0 0 CHRISTOPHER G JONES HEAD OF SCHOOL 50.00 X 200457 0 17788 WHITNEY BROWN DIR. OF BUS. AND FINANCE 50.00 X 152940 0 62157 FABIO HURTADO DIRECTOR OF STUDIES 40.00 X 144070 0 63977 FREDERICK HARTUNG DIRECTOR OF ADVANCEMENT 40.00 X 133430 0 50392 DEBRA OTEY HEAD OF UPPER SCHOOL 40.00 X 129365 0 48212 WILLIAM DISKIN DIRECTOR OF ADMISSION 40.00 X 122740 0 39631 CARLA MOYER HEAD OF MIDDLE SCHOOL 40.00 X 112665 0 13920 MATTHEW GOSSAGE FORMER HEAD OF SCHOOL 50.00 X 375897 0 24703 1371564 0 320780 12 1 1 0 THE BUDD GROUP 1000 AMBLE DRIVE CHARLOTTE NC 28206 JANITORIAL 303424 KATALYST 1515 MOCKINGBIRD LANE CHARLOTTE NC 28209 IT CONSULTING 168056 CAROLINA SITE 11611 REAMES ROAD CHARLOTTE NC 28269 CONSTRUCTION 143409 METROLINA LANDSCAPE 6100 BROOKSHIRE DRIVE CHARLOTTE NC 28216 LANDSCAPE MAINTENANCE 122935 FLIK INDEPENDENT SCHOOL 2 INTERNATIONAL DRIVE RYE BROOK NY 10573 FOOD SERVICE PROVIDER/CAFETERIA 106174 5 912102 85642 912102 TUITION AND FEES 900099 21364786 21364786 OTHER AUXILIARY ACTIVITIES 900099 317090 317090 TRANSPORTATION FEES 900099 274334 274334 CAMP CANNON FEES 900099 223057 223057 BEYOND THE BELL FEES 900099 154902 154902 22334169 327437 327437 630 0 630 630 630 4122648 1472 3244152 1455 878496 17 878513 878513 86023 51339 34684 34684 24487535 22368853 0 1206580 3208018 3208018 542220 542220 11371691 9888741 1036626 446324 714605 631810 54279 28516 703835 622287 53461 28087 865681 765381 65755 34545 19382 19382 35600 35600 61587 61587 448962 448962 295534 295534 353936 312928 26884 14124 249116 220253 18922 9941 1061234 938277 80608 42349 251024 195830 46463 8731 1985066 1548598 367422 69046 174662 154425 13267 6970 CURRICULUM EXPENSES 454565 454565 BOOSTER ORGANIZATIONS 231129 231129 SUMMER CAMP 133991 133991 ATHLETIC EXPENSES 128164 128164 195688 173015 14864 7809 23485690 19607412 2886302 991976 8178512 8077902 974212 592377 1023476 802250 988412 1012682 75000 86229 29332 337032 281965 46022201 19712859 27027756 26309342 11758367 12017182 404668 268618 50778664 49466650 1661408 1501425 7193421 6841680 4023275 3415188 2553807 2172173 868493 864682 16300404 14795148 X 31202808 31647249 3275452 3024253 34478260 34671502 50778664 49466650 X 1001845 -724605 -83998 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10697010 148339 271099 292777 10823671 10091794 231800 634432 261016 10697010 8878727 665825 936188 388946 10091794 6732626 1220543 1024765 99207 8878727 6700940 280350 -137946 110718 6732626 0.77170 0.15470 0.07360 0 0 501819 501819 34768868 15056855 19712013 10722097 4656004 6066093 29417 29417 26309342 VALUATION OF DERIVATIVE INSTRUMENT 230578 457(B) PLAN LIABILITY 265721 LONG-TERM DEBT 179506 CAPITAL LEASE 188877 864682 X 20460666 -724605 11498 -713107 21173773 61587 3252175 3313762 24487535 20267424 51339 51339 20216085 61587 3208018 3269605 23485690 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 IS EXEMPT FROM FEDERAL INCOME TAX AND APPLICABLE STATE STATUTES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"). ACCORDINGLY, NO PROVISION HAS BEEN MADE FOR INCOME TAXES IN THE FINANCIAL STATEMENTS. MANAGEMENT HAS EVALUATED THE EFFECT OF GUIDANCE SURROUNDING UNCERTAIN TAX POSITIONS AND CONCLUDED THAT THE SCHOOL HAS NO SIGNIFICANT FINANCIAL STATEMENT EXPOSURE TO UNCERTAIN TAX POSITIONS AT JUNE 30, 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF SWAP -39,841. COST OF GOODS SOLD 51,339. PART XI, LINE 4B - OTHER ADJUSTMENTS: ADJUSTMENT TO PLEDGES RECEIVABLE VALUE 44,157. FINANCIAL AID AND SCHOLARSHIPS 3,208,018. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 51,339. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS 3,208,018. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 CANNON SCHOOL'S RACIALLY NON-DISCRIMINATORY POLICY APPEARS ON ITS ONLINE HOMEPAGE, WWW.CANNONSCHOOL.ORG, IN ACCORDANCE WITH REVENUE PROCEDURE 2019-22. 1 FINANCIAL AID 204 1944356 BOOK TUITION REDUCTION TEACHER REMISSION 115 1263662 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 1 1 X X X X 0 0 0 0 0 0 0 1 0 CHRISTOPHER G JONES HEAD OF SCHOOL 167500 0 0 0 32957 0 0 0 17788 0 218245 0 0 0 WHITNEY BROWN DIR. OF BUS. AND FINANCE 152640 0 0 0 300 0 10795 0 51362 0 215097 0 0 0 FABIO HURTADO DIRECTOR OF STUDIES 123770 0 0 0 20300 0 9867 0 54110 0 208047 0 0 0 FREDERICK HARTUNG DIRECTOR OF ADVANCEMENT 133130 0 0 0 300 0 9629 0 40763 0 183822 0 0 0 DEBRA OTEY HEAD OF UPPER SCHOOL 129065 0 0 0 300 0 9131 0 39081 0 177577 0 0 0 WILLIAM DISKIN DIRECTOR OF ADMISSION 122440 0 0 0 300 0 8300 0 31331 0 162371 0 0 0 MATTHEW GOSSAGE FORMER HEAD OF SCHOOL 260042 0 109250 0 6605 0 21802 0 2901 0 400600 0 0 0 PART I, LINE 1A THE SCHOOL REIMBURSES THE HEAD OF THE SCHOOL, CHRISTOPHER JONES, FOR MEMBERSHIP DUES TO HIS COUNTRY CLUB, WHICH HE USES, IN PART, FOR BUSINESS PURPOSES. THE AMOUNT OF THE COUNTRY CLUB DUES RELATED TO HIS PERSONAL USE IS TREATED AS A TAXABLE BENEFIT. A TUITION REMISSION PAYMENT OF $13,436 IS GROSSED-UP FOR HEAD OF SCHOOL, CHRISTOPHER JONES. PART I, LINE 7 MATTHEW GOSSAGE, FORMER HEAD OF SCHOOL, RECEIVED A DISCRETIONARY BONUS AS SHOWN IN PART II. A NC CAPITAL FACILITIES FINANCE AGENCY 561592154 65818PBY4 2010-03-03 9035000 REFUNDING OF FACILITIES CONSTRUCTION BONDS 0 0 0 A 5598490 9035000 9035000 2010 1 0 1 1 A 0 0 0 0 0 0 0 A 0 0 1 0 1 0 0 0 0 A 0 CHRISTOPHER JONES HEAD OF SCHOOL MORTGAGE LOAN X 75000 75000 0 1 1 75000 X 19 85642 STOCK MEDIAN VALUE 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 11B 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 AVAILABLE 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 THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS ("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 ("HRD") THAT ASSISTS IN PULLING TOGETHER COMPENSATION MARKET DATA FOR ALL OTHER POSITIONS. ANNUALLY, BENCHMARKING DATA IS PROVIDED BY THE HRD TO THE HEAD OF SCHOOL FOR THE LEADERSHIP TEAM. BENCHMARKING DATA IS PULLED FROM DASL, A DATABASE PROVIDED BY THE NAIS. COMPARATOR SCHOOLS INCLUDE THOSE IN THE LOCAL/STATE AREA AND THE SOUTHEAST REGION; ALL SCHOOLS ARE DAY SCHOOLS THAT ARE SIMILAR IN SIZE/SCOPE. GENERALLY, THE STANDARD RAISE PERCENTAGE FOR ALL EMPLOYEES, APPROVED BY THE BOARD, IS GIVEN TO EACH LEADER. SOMETIMES, IF A LEADER IS BELOW THE COMPETITIVE MEDIAN RATE AS COMPARED TO OTHERS WITH SIMILAR YEARS OF SERVICE, AN ADDITIONAL INCREASE ABOVE THE BOARD APPROVED RATE IS GIVEN. THIS IS DETERMINED AND APPROVED BY THE HEAD OF SCHOOL. THE PROCESS USED TO DETERMINE THE SALARY FOR THE DIRECTOR OF BUSINESS AND FINANCE IS THE SAME AS LISTED ABOVE. HOWEVER, BOARD APPROVAL IS REQUIRED EACH YEAR. SIGNED DOCUMENTATION BY THE BOARD CHAIR IS PROVIDED TO THE HRD. 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 -39,841. ADJUSTMENT TO PLEDGES RECEIVABLE VALUE -44,157.