Civic Intelligence

Charlotte Preparatory School Inc.

990 • Fiscal year 2021 • EIN 45-2588411

Jul 01, 2020 to Jun 30, 2021 • Filed on Feb 08, 2022

Organization Profilewww.charlotteprep.org
212 Boyce RoadCharlotte, NC 28211

(704) 366-5994

Siviq Scores

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

Liabilities / Assets

69th percentile

0.55x

Higher debt load relative to assets than 69% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

81st percentile

1.32x

Higher debt load relative to revenue than 81% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Net Margin

62nd percentile

14%

Higher net margin than 62% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

32nd percentile

$109,759

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Asset Growth

36th percentile

5.7%

Faster asset growth than 36% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

57th percentile

13%

Faster revenue growth than 57% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets69th percentile

Assets

Up

$19,217,558

Up $1,036,287 (+5.7%) from 2020

Net Assets

Up

$8,562,629

Up $1,131,244 (+15%) from 2020

Liabilities

Down

$10,654,929

Down $94,957 (-0.9%) from 2020

Revenue And Expenses
Liabilities / Revenue81st percentileNet Margin62nd percentile

Revenue

Up

$8,078,522

Up $929,888 (+13%) from 2020

Expenses

Up

$6,947,278

Up $43,886 (+0.6%) from 2020

Net Income

Up

$1,131,244

Up $886,002 (+361%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth36th 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 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

2021

Assets$19,217,558
Liabilities$10,654,929
Net Assets$8,562,629
Open 2021 Filing

Operations Trend

Revenue Growth57th percentile

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 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

2021

Revenue$8,078,522
Expenses$6,947,278
Net Income$1,131,244
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Feb 8, 2022
Return Version
2020v4.0
Gross Receipts
$8,096,866
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$12,107,159$11,766,205▼ $340,954
Cash and Non-Interest-Bearing Accounts$4,194,266$5,453,906▲ $1,259,640
Intangible Assets$1,531,332$1,525,424▼ $5,908
Savings and Temporary Cash Investments$258,748$258,941▲ $193
Pledges and Grants Receivable-$105,652-
Accounts Receivable$46,012$66,730▲ $20,718
Prepaid Expenses and Deferred Charges$43,754$40,700▼ $3,054
Other Notes and Loans Receivable, Net-$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$18,181,271$19,217,558▲ $1,036,287
Other Assets Total-$0-
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,795,513$6,226,429▼ $569,084
Deferred Revenue$2,737,165$4,055,378▲ $1,318,213
Other Liabilities$816,018--
Accounts Payable and Accrued Expenses$401,190$373,122▼ $28,068
Total Liabilities$10,749,886$10,654,929▼ $94,957
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,406,758$8,515,879▲ $1,109,121
Net Assets With Donor Restrictions$24,627$46,750▲ $22,123
Total Net Assets Fund Balance$7,431,385$8,562,629▲ $1,131,244
Total Liabilities and Net Assets / Fund Balance$18,181,271$19,217,558▲ $1,036,287

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,360,616$2,688,780$11,049,396
Land$2,462,729-$2,462,729
Equipment$526,126$604,853$1,130,979
Leasehold Improvements$303,617$107,116$410,733
Other Land Buildings$113,117$280,283$393,400
Compensation and Service Providers
Top Officer Pay32nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Elizabeth G GoldsteinDirector of FinancFT$107,607$2,152$109,759
Jeanette StilesDirector of TechnoFT$103,884$2,078$105,962
Chris MarbloEx-OfficioFT$88,689-$88,689
Eddie MensahHead of SchoolFT$81,078-$81,078

Board Members and Trustees

NameTitle
Chris LoebsackPast President
Robert FrostPresident
Sloane MayberryVice President
Danielle SquiresDirector
Ed RosenblattDirector
JeNai RedwoodDirector
Martha Anne KriskoDirector
Porcia NewellDirector
Sandy MidlamDirector
Tom PukyDirector
Torsten PieperDirector
Haley FrancEx-Officio-PA
Paul NavarroSecretary
Sean HogueTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,147,603
Program Service Revenue
$6,920,082
Investment Income
$301
Other Revenue
$10,536
All Other Contributions
$970,715
Change in Net Assets
$1,131,244

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,562,387
Revenue Not Reported on Financial Statements
$516,135
Revenue Not Reported on Form 990
$18,344
Other Revenue Adjustments
$516,135
Total Revenue per Audited Statements
$7,580,731
Total Revenue per Form 990
$8,078,522
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,395,117
Other Expenses$2,036,026
Grants and Similar Amounts Paid$516,135
Total Fundraising Expense$57,411
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,806,545$870,461$7,280$3,684,286
Depreciation Depletion$554,576$10,280-$564,856
Grants to Domestic Individuals$516,135--$516,135
Occupancy$425,849$7,894-$433,743
Other Employee Benefits$205,891$77,167-$283,058
Payroll Taxes$186,004$71,056$946$258,006
Interest$205,668$3,813-$209,481
Fees for Services Other$1,890$189,620$1,874$193,384
Information Technology$187,569$3,477-$191,046
Current Officers, Directors, Trustees, and Key Employees$130,721$33,953$5,093$169,767
Advertising$4,092$129,148$1,200$134,440
Other Expenses$12,688$235$39,984$12,923
All Other Expenses$3,569$8,258$1,034$12,861
Office Expenses$1,011$9,307-$10,318
Total Functional Expenses$5,431,072$1,458,795$57,411$6,947,278

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$6,947,278
Total Expenses per Audited Statements$6,449,487
Expenses per Audited Statements$6,431,143
Expenses Not Reported on Financial Statements$516,135
Other Expense Adjustments$516,135
Expenses Not Reported on Form 990$18,344
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$27,670
Fundraising Direct Expenses$18,344
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Prep Campaign$176,888-$16,412-
Winter Auction$27,670$27,670$1,932$25,738
Total Events$204,558$27,670$18,344$9,326
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
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
ANC Capital Facilities Fin2015-11-01$9,346,000Refund prior issue

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$9,346,000$9,346,000--

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
Yes
Business relationship with 35% controlled entity
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

Filer Name
Charlotte Preparatory School Inc
EIN
45-2588411
Phone
7043665994
Address
212 Boyce Road, Charlotte, NC 28211

Signing Officer

Name
Sean Hogue
Title
Treasurer
Signed
2022-02-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Eddie Mensah
Formed
2011
Legal Domicile
Nc
Voting Board Members
14
Independent Board Members
14
Employees
126
Volunteers
50

Preparer

Firm
C DeWitt Foard & Co PA CPAs
Address
817 E Morehead Street Ste 100, Charlotte, NC 28202
Preparer
Phillip G Wilson
Phone
7043721515
Supplemental Narrative

Financial Statement Notes

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

“Special Event Expenses $18344”

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

“Financial Aid and Scholarships $516135”

Part XII, Line 2D: Other expenses and losses per audited F/S

“Special Event Expenses $18344”

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

“Financial Aid and Scholarships $516135”

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IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$19,217,558
Liabilities
$10,654,929
Net assets
$8,562,629
Revenue
$8,078,522
Expenses
$6,947,278
Net income
$1,131,244
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
2021Detailed filing. Detailed filing data is available for this year.$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
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