2012-11-29T15:34:18-06:00 2012-06-30 560574444 CHERRY BEKAERT & HOLLAND LLP 1111 METROPOLITAN AVENUE SUITE 1000 CHARLOTTE NC 28204 990 2011-07-01 560944449 CHARLOTTE LATIN SCHOOLS CHAR 7048467299 9502 PROVIDENCE ROAD CHARLOTTE NC 282778695 FLETCHER GREGORY 7048467299 2012-11-28 1 JANICE A RATICA P00358837 7043771678 2011 2016-02-24 21:20:13Z ARCHIBALD MCINTOSH 9502 PROVIDENCE ROAD CHARLOTTE NC 282778695 29481172 0 X WWW.CHARLOTTELATIN.ORG X 1970 NC CHARLOTTE LATIN IS AN ACCREDITED, INDEPENDENT, CO-EDUCATIONAL, NON-SECTARIAN, COLLEGE-PREPARATORY DAY SCHOOL SERVING 1,384 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. 22 22 405 100 0 0 1740569 2548119 25605673 26679224 379976 253829 0 0 27726218 29481172 1617500 1682500 0 0 17884153 18407094 0 0 1383877 7536091 8328126 27037744 28417720 688474 1063452 75313050 73796905 29029662 26587971 46283388 47208934 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 22686654 1682500 26679224 FUNDS WERE USED TO PROVIDE COMPREHENSIVE EDUCATIONAL PROGRAMS TO 1,384 STUDENTS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12. CHARLOTTE LATIN ALSO PROVIDED SCHOLARSHIPS AND FINANCIAL AID TO 179 STUDENTS. 22686654 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 0 0 0 0 0 0 0 0 0 0 1 54 0 405 1 0 0 0 0 0 0 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X FLETCHER GREGORY 7048467299 9502 PROVIDENCE ROAD CHARLOTTE NC 282778695 ERNEST REIGEL 1.00 X 0 0 0 GARY ANDERSON 1.00 X 0 0 0 JOHN BARRY 1.00 X 0 0 0 CARL BELK 1.00 X 0 0 0 WILLIAM BOWEN 1.00 X 0 0 0 JULIE CHIU 1.00 X 0 0 0 RICHARD DAVIES 1.00 X 0 0 0 JEAN DAVIS 1.00 X 0 0 0 CRESS HORNE 1.00 X 0 0 0 ED IMBROGNO 1.00 X 0 0 0 ROBERT JONES 1.00 X 0 0 0 JAMES MCDEAVITT 1.00 X 0 0 0 JILL OMLSTEAD 1.00 X 0 0 0 PEGGY ROCHE 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 CLAUDIUS WATTS 1.00 X 0 0 0 KEVIN HENRY 1.00 X X 0 0 0 ERIC LLOYD 1.00 X X 0 0 0 JOHN PAPADOPULOS 1.00 X X 0 0 0 RUTH GAMMON 1.00 X X 0 0 0 ARCHIBALD MCINTOSH 50.00 X 379978 0 83868 FLETCHER GREGORY 50.00 X 158903 0 23387 MARK TAYLOE 50.00 X 148755 0 49790 LAWRENCE WALL 50.00 X 115148 0 15544 DEBBIE LAMM 50.00 X 119173 0 26211 921957 0 198800 5 0 1 0 BALFOUR BEATTY CONSTRUCTION LLC 1930 CAMDEN ROAD SUITE 280 CHARLOTTE NC 28203 CONSTRUCTION 1600960 FLEET TRUCK SERVICE INC 700 GRIFFITH ROAD CHARLOTTE NC 28217 BUS REPAIRS 151350 COMPASS GROUP PO BOX 91337 CHICAGO IL 606931337 FOOD SERVICES 149949 THE BUDD GROUP PO BOX 890856 CHARLOTTE NC 28289 CUSTODIAL SERVICE 125518 WALSWORTH PUBLISHING PO BOX 310287 DES MOINES IA 50331 PRINTING SERVICES 105572 6 2548119 2548119 TUITION 900099 25323454 25323454 TRANSPORTATION & FIELD 900099 537010 537010 OTHER AUXILIARY SERVIC 900099 458584 458584 SUMMER CAMP REVENUE 900099 250830 250830 EXTENDED CARE 900099 109346 109346 26679224 253829 253829 29481172 26679224 0 253829 1682500 1682500 646136 463846 182290 13721626 10581679 2301429 838518 1175424 896910 203193 75321 1670855 1274950 288836 107069 1193053 883637 235209 74207 113678 113678 554213 395227 158986 183053 183053 188669 188669 515416 515416 579516 538216 41300 566528 566528 2230470 2230470 175161 175161 MATERIALS & SUPPLIES 1837009 1294420 446354 96235 REPAIRS & MAINTENANCE 638485 638485 PROGRAMS & ASSEMBLIES 179874 151936 27938 TEACHER RECRUITMENT 90247 90247 475807 397273 69060 9474 28417720 22686654 4347189 1383877 10368355 5931723 2819406 2656893 497274 267708 226102 163611 67883405 32068090 36231412 35815315 24909360 28703538 261141 258117 75313050 73796905 3008739 2347745 11787270 10642115 13000000 12325000 1233653 1273111 29029662 26587971 X 34115580 35127546 6267288 3592141 5900520 8489247 46283388 47208934 75313050 73796905 X 1063452 -137906 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 22804396 425801 27172 819694 22437675 19666097 442095 3525228 829024 22804396 17765606 387684 2184807 672000 19666097 0.73000 0.27000 0 0 3241641 3241641 53183241 26383639 26799602 11458523 5684451 5774072 35815315 EQUITY AND GROWTH FUNDS 1798912 F MUTUAL FUNDS 16420249 F MONEY MARKET FUNDS 6487362 F PRIVATE INVESTMENT FUNDS 3997015 F 28703538 DEFERRED COMPENSATION 432454 VALUATION OF DERIVATIVE INSTRUMENT 840657 1273111 29481172 28417720 1063452 -52995 -84911 -137906 925546 28364537 -862806 -862806 29227343 253829 253829 29481172 26621542 0 26621542 113678 1682500 1796178 28417720 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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, 2012 AND 2011 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF SWAP -84,911. PART XII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE SHOWN NET OF REVENUE ON FINANCIALS -1,682,500. ALLOCATION OF ALLOWABLE ENDOWMENT EARNINGS FOR SPENDING 819,694. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT INCOME SHOW AS NON-OPERATING REVENUE ON FINANCIALS 253,829. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE SHOWN NET OF REVENUE ON FINANCIALS 1,682,500. 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 179 1682500 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 0 0 0 0 0 0 0 0 0 ARCHIBALD MCINTOSH 379978 0 0 0 0 0 40000 0 43868 0 463846 0 0 0 FLETCHER GREGORY 158903 0 0 0 0 0 0 0 23387 0 182290 0 0 0 MARK TAYLOE 148755 0 0 0 0 0 0 0 49790 0 198545 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. FORM 990, PART VI, SECTION B, LINE 11 THE 990 DRAFT WILL BE REVIEWED BY THE FINANCE COMMITTEE AND 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 5: NET UNREALIZED LOSSES ON INVESTMENTS: -52,995. CHANGE IN FAIR VALUE OF SWAP -84,911. TOTAL TO FORM 990, PART XI, LINE 5: -137,906.