Civic Intelligence

Cannon School Inc.

990 • Fiscal year 2021 • EIN 56-0935064

Jul 01, 2020 to Jun 30, 2021 • Filed on Jan 31, 2022

5801 Poplar Tent RoadConcord, NC 28027

(704) 786-8171

Siviq Scores

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

Liabilities / Assets

53rd percentile

0.27x

Higher debt load relative to assets than 53% of similar nonprofits.

2021 filings • NTEE B • $50M-$100M nonprofits • Source year 2021

Liabilities / Revenue

56th percentile

0.55x

Higher debt load relative to revenue than 56% of similar nonprofits.

2021 filings • NTEE B • $50M-$100M nonprofits • Source year 2021

Net Margin

31st percentile

5.2%

Higher net margin than 31% of similar nonprofits.

2021 filings • NTEE B • $50M-$100M nonprofits • Source year 2021

Top Officer Pay

70th percentile

$421,854

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2021 filings • NTEE B • $50M-$100M nonprofits • Source year 2021

Asset Growth

48th percentile

9.9%

Faster asset growth than 48% of similar nonprofits.

2021 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2020 to 2021

Revenue Growth

52nd percentile

10%

Faster revenue growth than 52% of similar nonprofits.

2021 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2020 to 2021

Assets

Up

$54,359,629

Up $4,892,979 (+9.9%) from 2020

Net Assets

Up

$39,452,136

Up $4,780,634 (+14%) from 2020

Liabilities

Up

$14,907,493

Up $112,345 (+0.8%) from 2020

Revenue

Up

$27,041,581

Up $2,554,046 (+10%) from 2020

Expenses

Up

$25,630,186

Up $2,144,496 (+9.1%) from 2020

Net Income

Up

$1,411,395

Up $409,550 (+41%) from 2020

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2010: $29,780,288Liabilities 2010: $14,744,355Net Assets 2010: $15,035,9332010Assets 2011: $31,003,725Liabilities 2011: $15,074,456Net Assets 2011: $15,929,2692011Assets 2012: $31,134,797Liabilities 2012: $15,372,565Net Assets 2012: $15,762,2322012Assets 2013: $37,169,709Liabilities 2013: $14,980,060Net Assets 2013: $22,189,6492013Assets 2014: $39,599,156Liabilities 2014: $15,005,701Net Assets 2014: $24,593,4552014Assets 2015: $39,975,211Liabilities 2015: $13,690,193Net Assets 2015: $26,285,0182015Assets 2016: $40,724,676Liabilities 2016: $13,970,235Net Assets 2016: $26,754,4412016Assets 2017: $45,291,206Liabilities 2017: $13,473,436Net Assets 2017: $31,817,7702017Assets 2018: $49,074,909Liabilities 2018: $15,430,688Net Assets 2018: $33,644,2212018Assets 2019: $50,778,664Liabilities 2019: $16,300,404Net Assets 2019: $34,478,2602019Assets 2020: $49,466,650Liabilities 2020: $14,795,148Net Assets 2020: $34,671,5022020Assets 2021: $54,359,629Liabilities 2021: $14,907,493Net Assets 2021: $39,452,1362021Assets 2022: $52,291,449Liabilities 2022: $14,729,769Net Assets 2022: $37,561,6802022Assets 2023: $56,858,605Liabilities 2023: $13,604,360Net Assets 2023: $43,254,2452023Assets 2024: $58,109,621Liabilities 2024: $13,449,201Net Assets 2024: $44,660,4202024

Highlighted filing

2021

Assets$54,359,629
Liabilities$14,907,493
Net Assets$39,452,136

Operations Trend

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

$40M$30M$20M$10M$0-$10MExpenses 2010: $13,720,8182010Expenses 2011: $14,174,2072011Expenses 2012: $15,815,9052012Expenses 2013: $16,663,9252013Revenue 2014: $20,205,614Expenses 2014: $17,629,661Net Income 2014: $2,575,9532014Revenue 2015: $20,981,372Expenses 2015: $19,136,594Net Income 2015: $1,844,7782015Revenue 2016: $20,977,975Expenses 2016: $20,285,042Net Income 2016: $692,9332016Revenue 2017: $25,477,909Expenses 2017: $21,291,445Net Income 2017: $4,186,4642017Revenue 2018: $23,078,114Expenses 2018: $21,921,699Net Income 2018: $1,156,4152018Revenue 2019: $24,293,625Expenses 2019: $23,577,551Net Income 2019: $716,0742019Revenue 2020: $24,487,535Expenses 2020: $23,485,690Net Income 2020: $1,001,8452020Revenue 2021: $27,041,581Expenses 2021: $25,630,186Net Income 2021: $1,411,3952021Revenue 2022: $28,580,834Expenses 2022: $27,449,830Net Income 2022: $1,131,0042022Revenue 2023: $35,341,905Expenses 2023: $30,197,135Net Income 2023: $5,144,7702023Revenue 2024: $31,821,381Expenses 2024: $32,201,326Net Income 2024: -$379,9452024

Highlighted filing

2021

Revenue$27,041,581
Expenses$25,630,186
Net Income$1,411,395
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Jan 31, 2022
Return Version
2020v4.1
Gross Receipts
$27,160,738
Mission and Program Overview

Mission

Provision of a quality k-12 educational program within a safe, diverse, and challenging environment.

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 1031 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 traditional college preparatory curriculum.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$26,309,342$25,331,350▼ $977,992
Investments in Publicly Traded Securities$12,017,182$16,136,236▲ $4,119,054
Cash and Non-Interest-Bearing Accounts$8,077,902$8,876,638▲ $798,736
Accounts Receivable$1,012,682$1,546,978▲ $534,296
Pledges and Grants Receivable$802,250$962,114▲ $159,864
Savings and Temporary Cash Investments$592,377$663,442▲ $71,065
Prepaid Expenses and Deferred Charges$281,965$350,631▲ $68,666
Receivables From Officers Etc$75,000$50,000▼ $25,000
Inventories for Sale or Use$29,332$24,249▼ $5,083
Total Assets$49,466,650$54,359,629▲ $4,892,979
Other Assets Total$268,618$417,991▲ $149,373
Liabilities
Deferred Revenue$6,841,680$7,505,082▲ $663,402
Tax Exempt Bond Liabilities$3,415,188$2,784,200▼ $630,988
Mortgage Notes Payable Secured by Investment Property$2,172,173$2,102,970▼ $69,203
Accounts Payable and Accrued Expenses$1,501,425$1,684,263▲ $182,838
Other Liabilities$864,682$830,978▼ $33,704
Total Liabilities$14,795,148$14,907,493▲ $112,345
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$31,647,249$34,507,577▲ $2,860,328
Net Assets With Donor Restrictions$3,024,253$4,944,559▲ $1,920,306
Total Net Assets Fund Balance$34,671,502$39,452,136▲ $4,780,634
Total Liabilities and Net Assets / Fund Balance$49,466,650$54,359,629▲ $4,892,979

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$21,537,044$13,250,232$34,787,276
Equipment$3,128,889$8,332,067$11,460,956
Land$501,819-$501,819
Other Land Buildings$163,598-$163,598

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$10,823,671$147,850▲ $3,535,708$415,265$14,091,964
2019$10,697,010$148,339▲ $271,099$292,777$10,823,671
2018$10,091,794$231,800▲ $634,432$261,016$10,697,010
2017$8,878,727$665,825▲ $936,188$388,946$10,091,794
2016$6,732,626$1,220,543▲ $1,024,765$99,207$8,878,727
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
G Christopher JonesHead of SchoolFT$383,909$37,945$421,854
Whitney BrownDirector of Bus. and FinanceFT$144,898$16,517$161,415
Frederick HartungDirector of AdvancementFT$141,605$14,083$155,688
Debra OteyHead of Upper SchoolFT$137,424$15,111$152,535
Fabio HurtadoDirector of StudiesFT$136,108$15,240$151,348
Regina NixonHead of Lower SchoolFT$140,873$9,247$150,120
Katherine LarueAthletic DirectorFT$133,206$8,950$142,156

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
The Budd GroupJanitorial1000 AMBLE DRIVE, Charlotte, NC 28206$366,059
KatalystIt Consulting1515 MOCKINGBIRD LANE, Charlotte, NC 28209$148,171
Flik Independent Schools DiningFood Service Provider/cafeteria2 INTERNATIONAL DRIVE, Rye Brook, NC 10573$130,421
Revenue and Support

Revenue Composition

Contributions and Grants
$1,966,617
Program Service Revenue
$24,239,480
Investment Income
$644,621
Other Revenue
$190,863
All Other Contributions
$1,574,517
Change in Net Assets
$1,411,395

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded4$82,297Stock Median Value
Total Noncash Contributions4$82,297-

Audited Revenue Reconciliation

Revenue per Audited Statements
$23,058,408
Revenue Not Reported on Financial Statements
$3,983,173
Revenue Not Reported on Form 990
$3,412,022
Other Revenue Adjustments
$3,913,775
Total Revenue per Audited Statements
$26,470,430
Total Revenue per Form 990
$27,041,581
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$15,230,312
Other Expenses$6,550,712
Grants and Similar Amounts Paid$3,849,162
Total Fundraising Expense$1,060,094
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$10,653,650$1,041,361$520,509$12,215,520
Grants to Domestic Individuals$3,849,162--$3,849,162
Depreciation Depletion$1,587,318$437,228$67,938$2,092,484
Occupancy$944,240$237,583$36,916$1,218,739
Payroll Taxes$751,773$114,642$36,730$903,145
Other Employee Benefits$655,790$100,005$32,040$787,835
Pension Plan Contributions$616,424$94,002$30,117$740,543
Current Officers, Directors, Trustees, and Key Employees-$583,269-$583,269
Information Technology$262,977$16,003$2,487$281,467
Other Expenses$200,080$13,646$2,120$200,080
Office Expenses$116,487$62,388$9,694$188,569
Insurance$145,250$36,547$5,679$187,476
Interest$131,725$36,284$5,638$173,647
Advertising--$155,409$155,409
Fees for Services Accounting-$133,413-$133,413
Conferences and Meetings$71,539$34,593-$106,132
All Other Expenses$81,313$11,478-$92,791
Fees for Service Investment Mgmnt Fees-$69,398-$69,398
Fees for Services Other$50,873--$50,873
Travel$26,207$245-$26,452
Fees for Services Legal-$26,328-$26,328
Total Functional Expenses$21,484,375$3,085,717$1,060,094$25,630,186

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$25,630,186
Total Expenses per Audited Statements$21,689,796
Expenses per Audited Statements$21,647,013
Expenses Not Reported on Financial Statements$3,983,173
Other Expense Adjustments$3,913,775
Expenses Not Reported on Form 990$42,783
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
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 Officers, Directors, Trustees, and Key Employees$75,000$50,000▼ $25,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Long Term Debt$273,186
457 (b) Plan Liability$242,355
Capital Lease$175,636
Valuation of Interest Rate Swap$139,801

Bond Issues

BondIssuerIssuedIssue PricePurpose
ANc Capital Facilities Finance Agency2010-03-03$9,035,000Refunding of facilities construction bonds

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$9,035,000$9,035,000$5,598,490-

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
No
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
Yes
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, Section B, Line 11B

Each member of the board of directors is provided with the opportunity to receive and reveiw a full copy of the form 990 prior to filing.

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 reexamined on a periodic basis to ensure reasonableness. The school has a fulltime 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.

Filing and Contact Details

Filer

Filer Name
Cannon School Inc
EIN
56-0935064
Phone
7047868171
Address
5801 POPLAR TENT ROAD, CONCORD, NC 28027

Signing Officer

Name
Whitney Brown
Title
Director of Business and Finance
Phone
7047868171
Signed
2022-01-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Whitney Brown
Formed
1968
Legal Domicile
Nc
Voting Board Members
23
Independent Board Members
23
Employees
348
Volunteers
54

Preparer

Firm
Brown Edwards & Company Llp
Address
319 MCCLANAHAN STREET SW, ROANOKE, VA 24014
Preparer
Patrick Pittman
Phone
5403450936
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in fair value of interest swap 90,778.

Part XII, Line 2C

There were no changes in procedures from the prior year.

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in fair value of interest swap $90,778 cost of goods sold $42,782 rounding $1

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Adjustment to pledges receivable value $64,613 financial aid and scholarships $3,849,162

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold $42,782 rounding $1

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial aid and scholarships $3,849,162 adjustment to pledges receivable value $64,613

PART V, LINE 4:

Endowmment 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.

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IRS990/ActivityOrMissionDesc0CANNON 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 1031 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 TRADITIONAL COLLEGE PREPARATORY CURRICULUM.
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IRS990/Desc0INSTRUCTION - PRIMARY AND SECONDARY EDUCATION WHICH BENEFITS STUDENTS WITHOUT REGARD TO RACE, RELIGION, OR NATIONAL ORIGIN. THE SCHOOL SERVED APPROXIMATELY 1031 STUDENTS DURING THE 2020-2021 SCHOOL YEAR. SPECIAL PROGRAMS INCLUDE AFTER SCHOOL PROGRAMS AND SUMMER CAMP. AUXILIARY SERVICES INCLUDE BUS TRANSPORTATION FOR STUDENTS AND A SCHOOL STORE.
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IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt22TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt23HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIR. OF BUS. AND FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR OF STUDIES
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR OF ADVANCEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt27HEAD OF UPPER SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt28HEAD OF LOWER SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt29ATHLETIC DIRECTOR
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0PROVISION OF QUALITY K-12 EDUCATIONAL PROGRAM WITHIN A SAFE, DIVERSE AND CHALLENGING ENVIRONMENT.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$58.1$13.4$44.7$31.8$32.2$0.38
2023Detailed filing. Detailed filing data is available for this year.$56.9$13.6$43.3$35.3$30.2$5.14
2022Detailed filing. Detailed filing data is available for this year.$52.3$14.7$37.6$28.6$27.4$1.13
2021Detailed filing. Detailed filing data is available for this year.$54.4$14.9$39.5$27.0$25.6$1.41
2020Detailed filing. Detailed filing data is available for this year.$49.5$14.8$34.7$24.5$23.5$1.00
2019Detailed filing. Detailed filing data is available for this year.$50.8$16.3$34.5$24.3$23.6$0.72
2018Detailed filing. Detailed filing data is available for this year.$49.1$15.4$33.6$23.1$21.9$1.16
2017Detailed filing. Detailed filing data is available for this year.$45.3$13.5$31.8$25.5$21.3$4.19
2016Detailed filing. Detailed filing data is available for this year.$40.7$14.0$26.8$21.0$20.3$0.69
2015Detailed filing. Detailed filing data is available for this year.$40.0$13.7$26.3$21.0$19.1$1.84
2014Detailed filing. Detailed filing data is available for this year.$39.6$15.0$24.6$20.2$17.6$2.58
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$37.2$15.0$22.2$16.7
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.1$15.4$15.8$15.8
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.0$15.1$15.9$14.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.8$14.7$15.0$13.7