2020-11-16T13:21:11-06:00 2020-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2019-07-01 560623935 CHARLOTTE COUNTRY DAY SCHOOL CHAR 7049434500 1440 CARMEL ROAD CHARLOTTE NC 282265096 DAVID L MANCOS CHIEF FINANCIAL OFFICER 7049434551 2020-11-12 1 AMANDA ADAMS P00748038 7043771678 24.30.12.216 2020-11-12 10:07:16 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 18694F53AD11E15FFCEA276DE93F63B2E746D691 2019 2021-01-29 14:40:06Z MARK E REED 1440 CARMEL ROAD CHARLOTTE NC 282265096 81331256 0 X WWW.CHARLOTTECOUNTRYDAY.ORG X 1941 NC CHARLOTTE COUNTRY DAY SCHOOL PROVIDES COMPREHENSIVE EDUCATIONAL PROGRAMS FOR GRADES PRE-KINDERGARTEN THROUGH GRADE 12 ON A NON-DISCRIMINATORY BASIS. 30 29 623 600 332560 273420 6974079 35001463 41960986 42660249 3117415 -305112 267575 195404 52320055 77552004 2550590 2850494 0 0 31989535 32581112 75047 131774 2490658 14511235 14280435 49126407 49843815 3193648 27708189 180296590 213319665 44402383 50593705 135894207 162725960 X THROUGH EXCELLENCE IN EDUCATION, CHARLOTTE COUNTRY DAY SCHOOL DEVELOPS THE POTENTIAL OF EACH STUDENT BY FOSTERING INTELLECTUAL CURIOSITY, PRINCIPLED CHARACTER, ETHICAL LEADERSHIP AND A RESPONSIBILITY TO SERVE. THE KEY VALUES AND COMMITMENTS ARE EDUCATIONAL EXCELLENCE, CHARACTER, COMMUNITY, AND SERVICE. 0 0 36588790 2850494 39354935 INSTRUCTIONAL - FUNDS WERE USED TO PROVIDE COMPREHENSIVE EDUCATIONAL PROGRAMS TO APPROXIMATELY 1,685 STUDENTS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12. 2288620 1851598 SPECIAL PROGRAM FEES - FUNDS WERE USED TO PROVIDE SPECIAL PROGRAMS, SUCH AS EXTENDED DAY CARE, ATHLETIC CAMPS AND CLINICS AND EDUCATIONAL RESOURCES TO STUDENTS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12. 2939785 1453716 AUXILIARY SERVICES - FUNDS WERE USED TO PROVIDE FOOD, CAMPUS STORE, AND TRANSPORTATION TO STUDENTS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12. 41817195 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 154 1 1 623 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 30 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X DAVID L MANCOS 7049434500 1440 CARMEL ROAD CHARLOTTE NC 282265096 SCOTT R STEVENS CHAIRMAIN OF THE BOARD 3.00 X X 0 0 0 DAVID M BENSON VICE CHAIRMAN OF THE BOARD 3.00 X X 0 0 0 EDISON CASSELS VICE CHAIRMAN OF THE BOARD 3.00 X X 0 0 0 DR AMEESHA P KANSUPADA VICE CHAIRMAN OF THE BOARD 3.00 X X 0 0 0 WALKER L POOLE VICE CHAIRMAN OF THE BOARD 3.00 X X 0 0 0 A WELLFORD TABOR SR VICE CHAIRMAN OF THE BOARD 3.00 X X 0 0 0 ANDREW W TATE SECRETARY-TREASURER 3.00 X X 0 0 0 DR ADELLE ANTHONY-WILLIAMS TRUSTEE 3.00 X 0 0 0 HOWARD C BISSELL LIFE TRUSTEE 3.00 X 0 0 0 DR LAUREN I BROWNE TRUSTEE 3.00 X 0 0 0 CHRISTINA N BYRON TRUSTEE 3.00 X 0 0 0 GEORGE S DEWEY IV TRUSTEE 3.00 X 0 0 0 RONALD E ELIASEK JR TRUSTEE 3.00 X 0 0 0 ALEX D FUNDERBURG TRUSTEE 3.00 X 0 0 0 KENNETH V GARCIA TRUSTEE 3.00 X 0 0 0 TODD A GORELICK TRUSTEE 3.00 X 0 0 0 AMANDA S HOUSER TRUSTEE 3.00 X 0 0 0 SHANON JONES TRUSTEE 3.00 X 0 0 0 J SCOTT MATTEI TRUSTEE 3.00 X 0 0 0 LEIGH F MORAN TRUSTEE 3.00 X 0 0 0 MARY CLAUDIA BELK PILON TRUSTEE 3.00 X 0 0 0 STEVEN L PURDY TRUSTEE 3.00 X 0 0 0 SALLY CANNON SAUSSY LIFE TRUSTEE 3.00 X 0 0 0 STONEY D SELLARS TRUSTEE 3.00 X 0 0 0 R GLENN SHERRILL JR TRUSTEE 3.00 X 0 0 0 STEPHENSON P SHUFORD TRUSTEE 3.00 X 0 0 0 CATHERINE S STEMPIEN TRUSTEE 3.00 X 0 0 0 DR LISA M TOPPIN TRUSTEE 3.00 X 0 0 0 JENNIFER WARD TRUSTEE 3.00 X 0 0 0 WILLIAM H ZIMMERN TRUSTEE 3.00 X 0 0 0 MARK E REED HEAD OF SCHOOL 70.00 X 834258 0 113789 DAVID L MANCOS CHIEF FINANCIAL OFFICER 70.00 X 310432 0 28839 WARREN SEPKOWITZ HEAD OF MIDDLE SCHOOL 50.00 X 165439 0 20829 MATTHEW LESS HEAD OF UPPER SCHOOL 50.00 X 157605 0 42140 KEVIN DALY MS, PE INSTRUCTOR 50.00 X 160984 0 17277 ABRAM WEHMILLER DIRECTOR OF ATHLETICS 50.00 X 160320 0 14973 GREGORY WALTERS FACILITIES AND OPERATIONS MANAGER 50.00 X 155676 0 17659 LAUREN BATTEN FORMER DIRECTOR OF ADVANCEMENT 50.00 X 126813 0 9050 2071527 0 264556 30 1 1 0 BALFOUR BEATTY CONSTRUCTION 1930 CAMDEN ROAD STE 280 CHARLOTTE NC 28203 CONSTRUCTION 14854244 ALADDIN FOOD MANAGEMENT SERVICES LLC 2400 ANSYS DR SUITE 404 CANONBURG PA 15317 FOOD SERVICES 1424234 THE BUDD GROUP 1000 AMBLE DRIVE CHARLOTTE NC 28206 JANITORIAL SERVICES 791410 CENTERBROOK 67 MAIN STREET CENTERBROOK CT 064090955 DESIGN SERVICES 731224 SUELLEN & CO 1300 QUEENS ROAD 202 CHARLOTTE NC 28207 BUILDING MAINTENANCE 434329 16 54890 34946573 391532 35001463 TUITION 611710 39172690 39172690 PROGRAM FEES 611710 1851598 1851598 FOOD SERVICES 611710 1169613 1169613 TRANSPORTATION 480000 284103 284103 APPLICATION FEES 611710 52635 52635 129610 129610 42660249 -337019 -337019 20132 0 20132 20132 20132 3319943 4400 3291802 634 28141 3766 31907 144662 -112755 201986 54890 143347 58639 58639 272204 343469 -71265 -71265 ORDINARY INCOME FROM K-1S 900099 187898 187898 187898 77552004 42660249 332560 -442268 2850494 2850494 973643 253749 466145 253749 22815110 19860019 1985775 969316 1123286 963027 100490 59769 5971144 5204096 617273 149775 1697929 1471226 138478 88225 57022 57022 80472 80472 131774 131774 420324 420324 2378771 2064101 192270 122400 154831 3830 151001 773101 284426 391120 97555 1052311 943334 72712 36265 866436 763330 68795 34311 316633 253483 50644 12506 475594 338259 22998 114337 601175 529636 47733 23806 3735368 3290859 296588 147921 381299 40222 336072 5005 BOOKS & EDUCATIONAL PRO 1074866 1074866 GROUNDS EXPENSE & MAINT 934482 823279 74198 37005 FOOD SERVICE & HOSPITAL 594623 594623 ATHLETIC EXPENSE 211071 211071 172056 3095 113023 55938 49843815 41817195 5535962 2490658 14930250 36198370 8159687 12891446 17640562 18592576 611797 561580 130598 67861 987488 714915 129339995 42606871 72566609 86733124 6673908 6872170 58421913 50687623 173778 180296590 213319665 7342077 5279631 10845609 8811208 25380536 24657859 0 10105794 834161 1739213 44402383 50593705 X 69812987 88472903 66081220 74253057 135894207 162725960 180296590 213319665 X 27708189 179632 -1056068 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 58465329 622629 -739951 573818 7039182 50735007 62461891 422224 2893714 498342 6814158 58465329 57560060 2306184 4780789 448571 1736571 62461891 48400592 4768344 5801124 313926 1096074 57560060 50193650 451552 -1007441 272862 964307 48400592 0.16140 0.53320 0.30540 0 0 5211773 5211773 94541925 31210856 63331069 14344642 9921366 4423276 15241655 1474649 13767006 86733124 PRIVATE INVESTMENT FUNDS 50687623 F 50687623 LIABILITY UNDER SWAP AGREEMENT 1699543 CAPITAL LEASE OBLIGATIONS 39670 1739213 X 74976848 179632 -2850494 -2670862 77647710 420324 -516030 -95706 77552004 48145095 1572098 1572098 46572997 420324 2850494 3270818 49843815 PART V, LINE 4: ENDOWMENT FUNDS ARE USED FOR SCHOLARSHIPS AND FINANCIAL AID, FACULTY AND STAFF SUPPORT, CURRICULUM AND PROGRAM SUPPORT AND GENERAL OPERATING EXPENSES, SUCH AS CAMPUS AND FACILITY MAINTENANCE. PART X, LINE 2: MANAGEMENT HAS EVALUATED THE EFFECT OF GUIDANCE SURROUNDING UNCERTAIN TAX POSITIONS AND CONCLUDED THAT COUNTRY DAY HAS NO SIGNIFICANT FINANCIAL STATEMENT EXPOSURE TO UNCERTAIN TAX POSITIONS AT JUNE 30, 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS -2,850,494. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES -172,561. COST OF GOODS SOLD -343,469. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 343,469. SPECIAL EVENT EXPENSES 172,561. CHANGE IN FAIR VALUE OF LIABILITY UNDER INTEREST RATE SWAP 1,056,068. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS 2,850,494. 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 MAGAZINES. CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES COSTA RICA SISTER SCHOOL EXCHANGE 38000 EUROPE 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES ENGLAND CREATIVE ARTS SISTER SCHOOL EXCHANGE, ROADS TO ROME LATIN EXPERIENCE, SCOTLAND THEATER ARTS ACADEMIC EXPERIENCE, ICELAND ENVIRONMENTAL SCIENCE EXPERIENCE, AND SPANISH IMMERSION EXPERIENCE 122000 NORTH AMERICA 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES QUEBEC SISTER SCHOOL EXCHANGE 15000 SOUTH AMERICA 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES PERU SISTER SCHOOL EXCHANGE 33000 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES OMAN & UNITED ARAB EMIRATES EXPERIENCE 3000 0 0 0 0 0 0 211000 0 211000 1 0 0 1 0 0 PART I, LINE 3: AMOUNTS REPORTED FOR EXPENDITURES IN PART I HAVE BEEN CALCULATED USING THE ACCRUAL METHOD OF ACCOUNTING. PART III ACCOUNTING METHOD: X X X X X X 1 GRENZEBACH GLIER AND ASSOCIATES 401 N MICHIGAN AVE 28 CHICAGO IL 60611 CAMPAIGN CONSULTING 0 0 31772 -31772 VANDEVER BATTEN 1234 JERICHO LANE CHARLOTTE NC 28270 CAMPAIGN CONSULTING 0 0 100002 -100002 131774 -131774 NC BIG SATURDAY 51213 40350 10863 117 3523 6151 763 564 GOLF OUTING 29940 14540 15400 24 7 175723 175723 132205 256876 54890 201986 117 3523 6151 763 132793 143347 58639 1 FINANCIAL AID 169 2276676 TUITION RATES NEED-BASED ASSISTANCE ENDOWMENT SCHOLARSHIPS 49 573818 PART I, LINE 2: THE AMOUNT OF THE FINANCIAL AID OR SCHOLARSHIP IS ONLY APPLIED TO A STUDENTS' BILLING ACCOUNT. THE FINANCIAL AID COMMITTEE REVIEWS ALL REQUESTS FOR FINANCIAL AID. ADDITIONALLY, EACH DONOR (OF A NAMED SCHOLARSHIP ENDOWMENT) RECEIVES A LETTER FROM DEVELOPMENT SAYING WHO RECEIVED THE SCHOLARSHIP. THE SUPPORT AWARDED IS BASED ON FINANCIAL NEED. X X X X X 1 1 X X X X X 1 1 0 0 0 0 0 0 0 MARK E REED HEAD OF SCHOOL 484585 0 0 0 349673 0 88229 0 25560 0 948047 0 252962 0 DAVID L MANCOS CHIEF FINANCIAL OFFICER 310432 0 0 0 0 0 20279 0 8560 0 339271 0 0 0 WARREN SEPKOWITZ HEAD OF MIDDLE SCHOOL 165439 0 0 0 0 0 12269 0 8560 0 186268 0 0 0 MATTHEW LESS HEAD OF UPPER SCHOOL 157605 0 0 0 0 0 8680 0 33460 0 199745 0 0 0 KEVIN DALY MS, PE INSTRUCTOR 160984 0 0 0 0 0 8717 0 8560 0 178261 0 0 0 ABRAM WEHMILLER DIRECTOR OF ATHLETICS 160320 0 0 0 0 0 6413 0 8560 0 175293 0 0 0 GREGORY WALTERS FACILITIES AND OPERATIONS MANAGER 155676 0 0 0 0 0 9099 0 8560 0 173335 0 0 0 LAUREN BATTEN FORMER DIRECTOR OF ADVANCEMENT 102413 0 0 0 24400 0 5062 0 3988 0 135863 0 0 0 PART I, LINE 1A THE BOARD APPROVED THAT THE HEAD OF SCHOOL MAY TRAVEL FIRST-CLASS. THE BOARD ALSO APPROVED THAT THE HEAD OF SCHOOL IS ALLOWED A BUDGETED AMOUNT OF DISCRETIONARY EXPENDITURES. IT IS USED TO SUPPORT ANY UNANTICIPATED NEEDS OF THE SCHOOL. AS A CONDITION OF EMPLOYMENT, THE HEAD OF SCHOOL IS REQUIRED TO LIVE IN THE SCHOOL'S HOUSE LOCATED ON THE CAMPUS. THIS RESIDENCE IS PROVIDED FOR THE CONVENIENCE OF THE SCHOOL IN HAVING THE FUNCTIONS OF THE OFFICE OF THE HEAD OF SCHOOL EFFICIENTLY DISCHARGED. THE SCHOOL PROVIDES HOUSEKEEPING SERVICES TO THE HEAD OF SCHOOL FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE HEAD OF SCHOOL CAN PERFORM ESSENTIAL SCHOOL BUSINESS AND ACTIVITIES AT THE HOME. THIS HOUSING ALLOWANCE IS TREATED AS A NON-TAXABLE BENEFIT. PART I, LINES 4A-B SEVERANCE PAYMENT: AS PART OF A SEPARATION AGREEMENT DATED IN JUNE 2019, THE FORMER DIRECTOR OF ADVANCEMENT WAS PAID FOR CONSULTING SERVICES DURING FISCAL YEAR 2019-2020 AND TWO CHILDREN CAN CONTINUE TO ATTEND COUNTRY DAY TUITION FREE FOR TWO YEARS (TREATED AS TAXABLE COMPENSATION). NON-QUALIFIED RETIREMENT PLAN: IN JULY 2019, AN IRC SECTION 457(F) PLAN WAS ESTABLISHED FOR THE HEAD OF SCHOOL AS PART OF A NEW MULTI-YEAR EMPLOYMENT CONTRACT. COUNTRY DAY CONTRIBUTED $500,000 TO THE PLAN DURING FISCAL YEAR 2019-2020 WHICH WILL BECOME VESTED AND PAYABLE IN INSTALLMENTS DURING 2023-2027, SUBJECT TO THE HEAD OF SCHOOL'S CONTINUED EMPLOYMENT. A PUBLIC FINANCE AUTHORITY 273866124 000000000 2015-09-01 26974489 REFUND PRIOR ISSUE AND SCHOOL FACILITY IMPROVEMENTS 0 0 0 A 2049151 26974489 339489 10000000 16635000 2018 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 1 0 1 1 TORONTO - DOMINION BANK 15.000000000000 0 0 0 0 1 A 1 EDISON FOARD INC ENTITY OWNED MORE THAN 35% BY EDISON CASSELS, CURRENT BOARD MEMBER 12486635 EDISON FOARD INC IS PROVIDING CONSTRUCTION SERVICES FOR A CAPITAL PROJECT AT THE SCHOOL UNDER A JOINT VENTURE WITH ANOTHER CONTRACTOR THAT IS AN UNRELATED PARTY. THE TRANSACTION WAS ENTERED INTO AT ARMS LENGTH AND MR. CASSELS FOLLOWED THE SCHOOL'S CONFLICT OF INTEREST POLICY AND DID NOT PARTICIPATE IN THE DISCUSSIONS AND VOTE ON THIS MATTER. IN ADDITION, A COMPETITIVE BID PROCESS WAS USED TO SELECT THE CONTRACTOR. THE AMOUNT REFLECTED IS FOR THE ENTIRE PROJECT. 0 X 51 391532 FMV 0 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE REVIEWS THE IRS FORM 990 WITH THE CHIEF FINANCIAL OFFICER BEFORE THE FORM IS FILED. THE IRS FORM 990 IS THEN PROVIDED TO BOARD MEMBERS PRIOR TO FILING. MEMBERS ARE ENCOURAGED TO REVIEW THE FORM AND DIRECT ANY QUESTIONS TO THE CHAIR OF THE AUDIT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD MAINTAINS A CONFLICT OF INTEREST POLICY WHICH IS REVIEWED AND SIGNED ON AN ANNUAL BASIS. ALL TRUSTEES AND OTHER INTERESTED PERSONS ARE REQUIRED TO READ, COMPLETE AND SIGN THE CONFLICT OF INTEREST POLICY FORM ANNUALLY. IF AN ISSUE IS TO BE DECIDED BY THE BOARD THAT INVOLVES A POTENTIAL CONFLICT OF INTEREST FOR A BOARD MEMBER OR OTHER INTERESTED PERSONS, IT IS THE RESPONSIBILITY OF THE BOARD MEMBER OR OTHER INTERESTED PERSONS TO: (1) IDENTIFY THE POTENTIAL CONFLICT OF INTEREST SO THAT BOARD MEMBERS WHO ARE VOTING ON A DECISION ARE AWARE THAT ANOTHER MEMBERS' INTEREST ARE BEING AFFECTED; (2) NOT PARTICIPATE IN THE DISCUSSION OF THE PROGRAM, ISSUE OR MOTION BEING CONSIDERED; AND (3) BE RECUSED DURING THE VOTE ON THE MOTION. FORM 990, PART VI, SECTION B, LINE 15 THE SCHOOL HAS A HEAD'S COMPENSATION COMMITTEE. THE COMMITTEE ANNUALLY REVIEWS BENCHMARK COMPENSATION DATA FROM SEVERAL SOURCES SUCH AS NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS) AND INDEPENDENT SCHOOL DATA EXCHANGE (INDEX). THE COMMITTEE ANALYZES DATA FROM THESE AND OTHER ORGANIZATIONS IN ORDER TO MAKE A RECOMMENDATION TO THE BOARD OF TRUSTEES REGARDING THE HEAD'S COMPENSATION. THE BOARD HAS APPROVAL AUTHORITY FOR THE HEAD'S COMPENSATION AND THE DECISION IS DOCUMENTED ANNUALLY. THE HEAD OF SCHOOL DETERMINES AND ESTABLISHES SALARIES FOR ALL OTHER TOP MANAGEMENT AND KEY EMPLOYEES. HE USES DATA FROM THESE SAME ORGANIZATIONS (NAIS & INDEX) TO ASSIST IN ESTABLISHING TOP MANAGEMENT AND KEY EMPLOYEE SALARIES. ALL SALARY INCREASES MUST BE WITHIN THE BUDGET AS APPROVED BY THE BOARD OF TRUSTEES, AND THE BOARD MONITORS THE BUDGET TO ENSURE COMPLIANCE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED LOSS ON SWAP AGREEMENT -1,056,068.