Civic Intelligence

Charlotte Preparatory School Inc.

990 • Fiscal year 2014 • EIN 45-2588411

Jul 01, 2013 to Jun 30, 2014 • Filed on Nov 17, 2014

Organization Profilewww.charlotteprep.org
212 Boyce Road28211

(704) 366-5994

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

85th percentile

0.79x

Higher debt load relative to assets than 85% of similar nonprofits.

2014 filings • NTEE B • $10M-$25M nonprofits • Source year 2014

Liabilities / Revenue

90th percentile

2.05x

Higher debt load relative to revenue than 90% of similar nonprofits.

2014 filings • NTEE B • $10M-$25M nonprofits • Source year 2014

Net Margin

79th percentile

18%

Higher net margin than 79% of similar nonprofits.

2014 filings • NTEE B • $10M-$25M nonprofits • Source year 2014

Top Officer Pay

18th percentile

$0

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2014 filings • NTEE B • $10M-$25M nonprofits • Source year 2014

Asset Growth

47th percentile

2.9%

Faster asset growth than 47% of similar nonprofits.

2014 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Balance Sheet
Liabilities / Assets85th percentile

Assets

Flat

$18,450,853

Flat from 2014

Net Assets

Flat

$3,794,891

Flat from 2014

Liabilities

Flat

$14,655,962

Flat from 2014

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin79th percentile

Revenue

Flat

$7,154,028

Flat from 2014

Expenses

Flat

$5,860,855

Flat from 2014

Net Income

Flat

$1,293,173

Flat from 2014

Historical Trend

Balance Sheet Trend

Asset Growth47th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2012: $16,869,850Liabilities 2012: $15,198,618Net Assets 2012: $1,671,2322012Assets 2013: $17,934,296Liabilities 2013: $15,393,547Net Assets 2013: $2,540,7492013Assets 2014: $18,450,853Liabilities 2014: $14,655,962Net Assets 2014: $3,794,8912014Assets 2014: $18,450,853Liabilities 2014: $14,655,962Net Assets 2014: $3,794,8912014Assets 2015: $18,341,034Liabilities 2015: $13,449,725Net Assets 2015: $4,891,3092015Assets 2016: $18,626,337Liabilities 2016: $12,924,971Net Assets 2016: $5,701,3662016Assets 2017: $18,596,755Liabilities 2017: $12,239,653Net Assets 2017: $6,357,1022017Assets 2018: $18,283,752Liabilities 2018: $11,373,497Net Assets 2018: $6,910,2552018Assets 2019: $17,905,095Liabilities 2019: $10,718,952Net Assets 2019: $7,186,1432019Assets 2020: $18,181,271Liabilities 2020: $10,749,886Net Assets 2020: $7,431,3852020Assets 2021: $19,217,558Liabilities 2021: $10,654,929Net Assets 2021: $8,562,6292021Assets 2022: $19,776,753Liabilities 2022: $10,183,842Net Assets 2022: $9,592,9112022Assets 2023: $20,997,954Liabilities 2023: $10,551,262Net Assets 2023: $10,446,6922023

Highlighted filing

2014

Assets$18,450,853
Liabilities$14,655,962
Net Assets$3,794,891
Open 2014 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0Expenses 2012: $1,399,1942012Expenses 2013: $5,498,6632013Revenue 2014: $7,154,028Expenses 2014: $5,860,855Net Income 2014: $1,293,1732014Revenue 2014: $7,154,028Expenses 2014: $5,860,855Net Income 2014: $1,293,1732014Revenue 2015: $7,694,728Expenses 2015: $6,573,686Net Income 2015: $1,121,0422015Revenue 2016: $7,382,467Expenses 2016: $6,419,382Net Income 2016: $963,0852016Revenue 2017: $7,080,338Expenses 2017: $6,424,602Net Income 2017: $655,7362017Revenue 2018: $7,316,807Expenses 2018: $6,763,654Net Income 2018: $553,1532018Revenue 2019: $7,401,105Expenses 2019: $7,125,217Net Income 2019: $275,8882019Revenue 2020: $7,148,634Expenses 2020: $6,903,392Net Income 2020: $245,2422020Revenue 2021: $8,078,522Expenses 2021: $6,947,278Net Income 2021: $1,131,2442021Revenue 2022: $9,084,492Expenses 2022: $8,054,210Net Income 2022: $1,030,2822022Revenue 2023: $9,564,533Expenses 2023: $8,710,752Net Income 2023: $853,7812023

Highlighted filing

2014

Revenue$7,154,028
Expenses$5,860,855
Net Income$1,293,173
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Nov 17, 2014
Return Version
2013v3.1
Gross Receipts
$7,220,965
Mission and Program Overview

Mission

Charlotte Preparatory School fosters lifelong learning and provides an exemplary educational experience founded on academic excellence, positive character, and leadership development in a diverse, inclusive community.

Charlotte Preparatory School Inc.'s mission is to provide an extraordinary educational experience founded on academic excellence, character development and leadership in a culturally diverse community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$12,245,166$12,536,793▲ $291,627
Loans From Officers Directors$5,746,550$5,046,550▼ $700,000
Cash and Non-Interest-Bearing Accounts$2,229,929$2,346,691▲ $116,762
Intangible Assets$2,276,091$2,183,116▼ $92,975
Savings and Temporary Cash Investments$1,075,753$1,249,549▲ $173,796
Prepaid Expenses and Deferred Charges$22,383$63,396▲ $41,013
Accounts Receivable$21,318$46,684▲ $25,366
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Inventories for Sale or Use-$0-
Total Assets$17,934,296$18,450,853▲ $516,557
Other Assets Total$63,656$24,624▼ $39,032
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,093,000$5,914,609▼ $178,391
Deferred Revenue$3,344,783$3,412,202▲ $67,419
Accounts Payable and Accrued Expenses$209,214$282,601▲ $73,387
Total Liabilities$15,393,547$14,655,962▼ $737,585
Net Assets / Fund Balance
Unrestricted Net Assets$2,345,595$3,620,799▲ $1,275,204
Temporarily Rstr Net Assets$195,154$174,092▼ $21,062
Total Net Assets Fund Balance$2,540,749$3,794,891▲ $1,254,142
Total Liabilities and Net Assets / Fund Balance$17,934,296$18,450,853▲ $516,557

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,532,659$559,841$10,092,500
Land$2,462,729-$2,462,729
Leasehold Improvements$374,243$10,998$385,241
Other Land Buildings$79,549$76,549$156,098
Equipment$87,613$22,007$109,620
Compensation and Service Providers
Top Officer Pay18th percentile

Board Members and Trustees

NameTitle
Shanon JonesPresident
Ben WilheimVice President
Alison Arnoult Van PeltDirector
Chris LoebsackDirector
Jamie DaniellDirector
John BlyDirector
Kellie McCorveyDirector
Neeraj KhannaDirector
Robert JonesDirector
Siu LiptonDirector
Blair FisherHead of School
Ken MillerSecretary
Catherine ChoudaryTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$252,310
Program Service Revenue
$6,807,519
Investment Income
$1,551
Other Revenue
$92,648
All Other Contributions
$252,310
Change in Net Assets
$1,293,173

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,908,118
Revenue Not Reported on Financial Statements
$245,910
Revenue Not Reported on Form 990
$-34,031
Other Revenue Adjustments
$245,910
Total Revenue per Audited Statements
$6,874,087
Total Revenue per Form 990
$7,154,028
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,432,291
Other Expenses$2,182,654
Grants and Similar Amounts Paid$245,910
Total Fundraising Expense$93,171
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,367,977$484,924$71,826$2,924,727
Interest$507,780$9,413-$517,193
Depreciation Depletion$412,135$7,640-$419,775
Occupancy$302,191$5,601-$307,792
Grants to Domestic Individuals$245,910--$245,910
Payroll Taxes$178,243$57,369$5,770$241,382
Fees for Services Other$48,490$104,919$5,094$158,503
Current Officers, Directors, Trustees, and Key Employees$105,090$27,296$4,094$136,480
Other Employee Benefits$105,482$23,693$527$129,702
Advertising-$86,373$210$86,583
All Other Expenses$1,959$7,089$5,356$14,404
Office Expenses$513$10,061$225$10,799
Other Expenses$52$9,076$69$9,128
Total Functional Expenses$4,913,193$854,491$93,171$5,860,855

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$5,860,855
Total Expenses per Audited Statements$5,619,945
Expenses per Audited Statements$5,614,945
Expenses Not Reported on Financial Statements$245,910
Other Expense Adjustments$245,910
Expenses Not Reported on Form 990$5,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$143,715
Fundraising Direct Expenses$66,937
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 1$70,210$70,210$9,161$61,049
Event 2$47,475$47,475$6,432$41,043
Total Events$143,715$143,715$66,937$76,778
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$5,746,550$5,046,550▼ $700,000
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
A56-15921542012-10-12$6,245,000Refund prior issue

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$6,245,000$6,245,000--

Bond Financing Compliance

No rebate due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The Director of Finance and the Treasurer review the 990 in its entirety. The Finance Committee reviews the 990 except for the donor names and addresses listed on schedule B of the 990.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Data from comparable sized and types of schools (NAIS Benchmarks) is used for compensation ranges. The Board uses this data for the Head of School and the Head of School uses this data for key employee compensation ranges.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“No documents available to the public.”

Filing and Contact Details

Filer

EIN
45-2588411
Phone
7043665994

Signing Officer

Name
Catherine Choudary
Title
Treasurer
Signed
2014-11-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Shanon Jones
Formed
2011
Legal Domicile
Nc
Voting Board Members
14
Independent Board Members
14
Employees
102
Volunteers
60

Preparer

Preparer
Phillip G Wilson
Phone
7043721515
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Change interest rate swap value = -$39031”

Schedule L, Part II

“Maura Leahy-Tucker was the 78% owner of the school prior to the sale of the school to the organization. There is a balance of $5,046,550 due on a note payable to the prior owners of the school dated April 16, 2012. Monthly interest-only payments based on a fixed interest rate of 5.85 percent are due until April 16, 2021, at which time all unpaid principal and interest is due. This note payable is secured by a second lien on the School's real estate located in Charlotte, North Carolina and a security interest in all personal property owned by the School.”

Financial Statement Notes

Part X : FIN48 Footnote

“GAAP requires an organization to 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, 2014.”

Part XI, Line 4B: Other revenue amounts included on 990 but not included in F/S

“Financial Aid and Scholarhips $245910”

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

“Financial Aid and Scholarhips $245910”

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IRS990/Form990PartVIISectionAGrp/PersonNm1Ken Miller
IRS990/Form990PartVIISectionAGrp/PersonNm2Shanon Jones
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IRS990/Form990PartVIISectionAGrp/PersonNm5Alison Arnoult Van Pelt
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IRS990/Form990PartVIISectionAGrp/PersonNm12Blair Fisher
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Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$18,450,853
Liabilities
$14,655,962
Net assets
$3,794,891
Revenue
$7,154,028
Expenses
$5,860,855
Net income
$1,293,173
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$21.0$10.6$10.4$9.56$8.71$0.85
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.8$10.2$9.59$9.08$8.05$1.03
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$19.2$10.7$8.56$8.08$6.95$1.13
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.2$10.7$7.43$7.15$6.90$0.25
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$17.9$10.7$7.19$7.40$7.13$0.28
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.3$11.4$6.91$7.32$6.76$0.55
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.6$12.2$6.36$7.08$6.42$0.66
2016Detailed filing. Detailed filing data is available for this year.$18.6$12.9$5.70$7.38$6.42$0.96
2015Detailed filing. Detailed filing data is available for this year.$18.3$13.4$4.89$7.69$6.57$1.12
2014Detailed filing. Detailed filing data is available for this year.$18.5$14.7$3.79$7.15$5.86$1.29
2014Summary only. Only limited summary data is available for this year.$18.5$14.7$3.79$7.15$5.86$1.29
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.9$15.4$2.54$5.50
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.9$15.2$1.67$1.40