Civic Intelligence

Cannon School Inc.

990 • Fiscal year 2023 • EIN 56-0935064

Jul 01, 2022 to Jun 30, 2023 • Filed on Dec 14, 2023

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

41st percentile

0.24x

Higher debt load relative to assets than 41% of similar nonprofits.

2023 filings • NTEE B • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

33rd percentile

0.38x

Higher debt load relative to revenue than 33% of similar nonprofits.

2023 filings • NTEE B • $50M-$100M nonprofits • Source year 2023

Net Margin

75th percentile

15%

Higher net margin than 75% of similar nonprofits.

2023 filings • NTEE B • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

73rd percentile

$471,419

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2023 filings • NTEE B • $50M-$100M nonprofits • Source year 2023

Asset Growth

63rd percentile

8.7%

Faster asset growth than 63% of similar nonprofits.

2023 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

81st percentile

24%

Faster revenue growth than 81% of similar nonprofits.

2023 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2022 to 2023

Assets

Up

$56,858,605

Up $4,567,156 (+8.7%) from 2022

Net Assets

Up

$43,254,245

Up $5,692,565 (+15%) from 2022

Liabilities

Down

$13,604,360

Down $1,125,409 (-7.6%) from 2022

Revenue

Up

$35,341,905

Up $6,761,071 (+24%) from 2022

Expenses

Up

$30,197,135

Up $2,747,305 (+10%) from 2022

Net Income

Up

$5,144,770

Up $4,013,766 (+355%) from 2022

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

2023

Assets$56,858,605
Liabilities$13,604,360
Net Assets$43,254,245

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

2023

Revenue$35,341,905
Expenses$30,197,135
Net Income$5,144,770
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Dec 14, 2023
Return Version
2022v5.0
Gross Receipts
$35,798,823
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 1058 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$25,530,216$24,255,458▼ $1,274,758
Investments in Publicly Traded Securities$15,045,137$16,772,516▲ $1,727,379
Cash and Non-Interest-Bearing Accounts$7,730,455$8,809,059▲ $1,078,604
Pledges and Grants Receivable$567,306$4,238,904▲ $3,671,598
Savings and Temporary Cash Investments$1,397,788$1,096,060▼ $301,728
Accounts Receivable$1,339,124$987,315▼ $351,809
Prepaid Expenses and Deferred Charges$301,592$417,401▲ $115,809
Inventories for Sale or Use$34,428$34,139▼ $289
Receivables From Officers Etc$25,000$0▼ $25,000
Total Assets$52,291,449$56,858,605▲ $4,567,156
Other Assets Total$320,403$247,753▼ $72,650
Liabilities
Deferred Revenue$8,372,350$8,545,581▲ $173,231
Accounts Payable and Accrued Expenses$2,037,159$1,784,318▼ $252,841
Mortgage Notes Payable Secured by Investment Property$2,014,513$1,701,566▼ $312,947
Tax Exempt Bond Liabilities$2,131,449$1,455,771▼ $675,678
Other Liabilities$174,298$117,124▼ $57,174
Total Liabilities$14,729,769$13,604,360▼ $1,125,409
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$34,030,121$35,271,467▲ $1,241,346
Net Assets With Donor Restrictions$3,531,559$7,982,778▲ $4,451,219
Total Net Assets Fund Balance$37,561,680$43,254,245▲ $5,692,565
Total Liabilities and Net Assets / Fund Balance$52,291,449$56,858,605▲ $4,567,156

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$20,611,065$15,335,557$35,946,622
Equipment$2,652,621$10,319,127$12,971,748
Land$501,819-$501,819
Other Land Buildings$489,953-$489,953

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$12,773,387$1,097,226▲ $1,399,394$602,656$14,667,351
2021$14,091,946$728,739▼ $1,995,977$51,321$12,773,387
2020$10,823,671$147,850▲ $3,535,690$415,265$14,091,946
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
G Christopher JonesHead of SchoolFT$441,170$30,249$471,419
Whitney BrownDirector of Bus. and FinanceFT$167,134$19,532$186,666
Frederick HartungDirector of AdvancementFT$149,438$15,716$165,154
Fabio HurtadoDirector of StudiesFT$147,571$17,063$164,634
Regina NixonHead of Lower SchoolFT$141,788$15,546$157,334
Carla MoyerHead of Middle SchoolFT$132,336$14,718$147,054

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
The Budd GroupJanitorialPO BOX 890856, Charlotte, NC 28289$378,392
Kaleidoscope AdventuresField Trips-tour OperatorPO BOX 611, Oakland, FL 34760$300,508
Wgm Design INCMaster Plan - Infrastructure2907 PROVIDENCE ROAD SUITE 304, Charlotte, NC 28211$208,956
Flik Independent SchoolsDining ServicesPO BOX 417632, Boston, MA 02241$157,205
Vendetta Cyber Defense LLCEmail Security ServicesPO BOX 85, Middleburg, PA 17842$127,444
Revenue and Support

Revenue Composition

Contributions and Grants
$6,027,044
Program Service Revenue
$27,557,276
Investment Income
$1,220,180
Other Revenue
$537,405
All Other Contributions
$6,027,044
Change in Net Assets
$5,144,770

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 Traded2$30,433Stock Median Value
Total Noncash Contributions2$30,433-

Audited Revenue Reconciliation

Revenue per Audited Statements
$31,077,131
Revenue Not Reported on Financial Statements
$4,264,774
Revenue Not Reported on Form 990
$616,268
Other Revenue Adjustments
$4,192,792
Total Revenue per Audited Statements
$31,693,399
Total Revenue per Form 990
$35,341,905
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$16,963,359
Other Expenses$9,455,626
Grants and Similar Amounts Paid$3,778,150
Total Fundraising Expense$1,386,873
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$10,495,738$2,435,643$526,830$13,458,211
Grants to Domestic Individuals$3,778,150--$3,778,150
Depreciation Depletion$1,774,486$408,213$36,085$2,218,784
Occupancy$976,474$230,387$20,366$1,227,227
Other Employee Benefits$803,309$232,490$40,322$1,076,121
Payroll Taxes$748,740$216,697$37,583$1,003,020
Pension Plan Contributions$615,124$178,026$30,876$824,026
Current Officers, Directors, Trustees, and Key Employees-$601,981-$601,981
Information Technology$414,520$17,917$1,584$434,021
Conferences and Meetings$188,891$34,991$29,448$253,330
Insurance$183,104$36,369$3,215$222,688
Office Expenses$187,363$8,099$716$196,178
Other Expenses$183,421$13,633$1,205$183,421
Interest$128,549$29,572$2,614$160,735
All Other Expenses$93,751$36,363$14,616$144,730
Fees for Services Accounting-$142,962-$142,962
Advertising--$134,156$134,156
Fees for Service Investment Mgmnt Fees-$71,982-$71,982
Travel$36,160$6,698$5,637$48,495
Fees for Services Legal-$33,992-$33,992
Total Functional Expenses$23,941,283$4,868,979$1,386,873$30,197,135

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$30,197,135
Total Expenses per Audited Statements$26,000,834
Expenses per Audited Statements$25,932,371
Expenses Not Reported on Financial Statements$4,264,764
Other Expense Adjustments$4,192,782
Expenses Not Reported on Form 990$68,463
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$25,000$0▼ $25,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$117,124

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$7,579,229-

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

The board of directors is provided with a public disclosure copy of the form 990 to review. A full copy of the form 990 will be made available to the board prior to filing, and will be kept at the school business office.

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") 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
Whit Brown
Title
Director of Business and Finance
Phone
7047868171
Signed
2023-12-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Whit Brown
Formed
1968
Legal Domicile
Nc
Voting Board Members
21
Independent Board Members
21
Employees
393
Volunteers
75

Preparer

Firm
Brown Edwards & Company Llp
Address
3906 ELECTRIC ROAD, ROANOKE, VA 24018
Preparer
Patrick Pittman
Phone
5403450936
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in fair value of interest swap 35,496. Rounding -10.

FORM 990, PART XII, LINE 2C:

Adjustment to pledges receivable value

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in fair value of interest swap 35,496. Cost of good sold 68,463.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Adjustment to pledges receivable value 414,631. Financial aid and scholarships 3,778,150. Rounding 11.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold 68,463.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial aid and scholarships 3,778,150. Adjustment to pledges receivable value 414,631. Rounding 1.

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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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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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 1058 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 1058 STUDENTS DURING THE 2022-2023 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/TitleTxt0BOARD CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIR. OF BUS. AND FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR OF STUDIES
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR OF ADVANCEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt25HEAD OF MIDDLE SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt26HEAD OF LOWER SCHOOL
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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
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$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