Civic Intelligence

Charlotte Latin Schools Inc

EIN 56-0944449 • 501(c)3 • Charlotte, NC

Profile

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.

9502 Providence RoadCharlotte, NC 28277-8695

www.charlottelatin.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

59th percentile

0.35x

Higher debt load relative to assets than 59% of similar nonprofits.

NTEE B • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

64th percentile

0.97x

Higher debt load relative to revenue than 64% of similar nonprofits.

NTEE B • $100M-$250M nonprofits • Source year 2024

Net Margin

39th percentile

0.9%

Higher net margin than 39% of similar nonprofits.

NTEE B • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

96th percentile

$1,085,639

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 2.0% of source-year revenue.

NTEE B • $100M-$250M nonprofits • Source year 2024

Asset Growth

58th percentile

5.9%

Faster asset growth than 58% of similar nonprofits.

NTEE B • $100M-$250M nonprofits • Annualized from 2023 to 2024

Revenue Growth

20th percentile

-2.7%

Faster revenue growth than 20% of similar nonprofits.

NTEE B • $100M-$250M nonprofits • Annualized from 2023 to 2024

Assets

Up

$147,355,358

Up $10,701,453 (+7.8%) from 2022

Liabilities

Up

$53,921,047

Up $1,057,108 (+2.0%) from 2022

Net Assets

Up

$93,434,311

Up $9,644,345 (+12%) from 2022

Revenue

Up

$57,204,279

Up $2,990,608 (+5.5%) from 2022

Expenses

Up

$51,234,910

Up $3,116,843 (+6.5%) from 2022

Net Income

Down

$5,969,369

Down $126,235 (-2.1%) from 2022

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150M$100M$50M$0Assets 2011: $75,313,050Liabilities 2011: $29,029,662Net Assets 2011: $46,283,3882011Assets 2012: $73,796,905Liabilities 2012: $26,587,971Net Assets 2012: $47,208,9342012Assets 2013: $75,754,201Liabilities 2013: $25,524,822Net Assets 2013: $50,229,3792013Assets 2014: $79,218,115Liabilities 2014: $25,480,771Net Assets 2014: $53,737,3442014Assets 2015: $78,681,942Liabilities 2015: $25,500,659Net Assets 2015: $53,181,2832015Assets 2016: $81,953,688Liabilities 2016: $26,888,412Net Assets 2016: $55,065,2762016Assets 2017: $90,396,445Liabilities 2017: $27,634,298Net Assets 2017: $62,762,1472017Assets 2018: $99,281,978Liabilities 2018: $32,369,270Net Assets 2018: $66,912,7082018Assets 2019: $118,269,073Liabilities 2019: $45,907,359Net Assets 2019: $72,361,7142019Assets 2020: $120,877,859Liabilities 2020: $47,717,624Net Assets 2020: $73,160,2352020Assets 2021: $136,686,590Liabilities 2021: $52,642,427Net Assets 2021: $84,044,1632021Assets 2022: $136,653,905Liabilities 2022: $52,863,939Net Assets 2022: $83,789,9662022Assets 2023: $147,355,358Liabilities 2023: $53,921,047Net Assets 2023: $93,434,3112023

Highlighted filing

2023

Assets$147,355,358
Liabilities$53,921,047
Net Assets$93,434,311

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$60M$40M$20M$0-$20MExpenses 2011: $27,037,7442011Expenses 2012: $28,417,7202012Expenses 2013: $29,195,0852013Revenue 2014: $33,857,426Expenses 2014: $30,419,608Net Income 2014: $3,437,8182014Revenue 2015: $30,808,787Expenses 2015: $31,364,848Net Income 2015: -$556,0612015Revenue 2016: $34,773,774Expenses 2016: $32,889,781Net Income 2016: $1,883,9932016Revenue 2017: $39,373,348Expenses 2017: $34,216,207Net Income 2017: $5,157,1412017Revenue 2018: $39,334,160Expenses 2018: $36,201,970Net Income 2018: $3,132,1902018Revenue 2019: $42,827,199Expenses 2019: $38,684,644Net Income 2019: $4,142,5552019Revenue 2020: $39,422,411Expenses 2020: $40,011,803Net Income 2020: -$589,3922020Revenue 2021: $47,461,290Expenses 2021: $44,972,907Net Income 2021: $2,488,3832021Revenue 2022: $54,213,671Expenses 2022: $48,118,067Net Income 2022: $6,095,6042022Revenue 2023: $57,204,279Expenses 2023: $51,234,910Net Income 2023: $5,969,3692023

Highlighted filing

2023

Revenue$57,204,279
Expenses$51,234,910
Net Income$5,969,369

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$147$53.9$93.4$57.2$51.2$5.97
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$137$52.9$83.8$54.2$48.1$6.10
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$137$52.6$84.0$47.5$45.0$2.49
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$121$47.7$73.2$39.4$40.0$0.59
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$118$45.9$72.4$42.8$38.7$4.14
2018Summary only. Only limited summary data is available for this year.$99.3$32.4$66.9$39.3$36.2$3.13
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$90.4$27.6$62.8$39.4$34.2$5.16
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$82.0$26.9$55.1$34.8$32.9$1.88
2015Detailed filing. Detailed filing data is available for this year.$78.7$25.5$53.2$30.8$31.4$0.56
2014Detailed filing. Detailed filing data is available for this year.$79.2$25.5$53.7$33.9$30.4$3.44
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$75.8$25.5$50.2$29.2
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$73.8$26.6$47.2$28.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$75.3$29.0$46.3$27.0
Latest Detailed Filing

The latest 2023 filing currently has summary financial data only. Showing the latest detailed filing from 2015 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Nov 11, 2015
Return Version
2014v5.0
Gross Receipts
$36,997,499
Mission and Program Overview

Mission

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.

Charlotte latin is an accredited, independent, co-educational, non-sectarian, college-preparatory day school serving 1,398 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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$31,372,501$35,012,830▲ $3,640,329
Land, Buildings, and Equipment, Net$32,800,403$31,619,390▼ $1,181,013
Savings and Temporary Cash Investments$9,565,807$6,989,933▼ $2,575,874
Cash and Non-Interest-Bearing Accounts$3,346,815$3,303,742▼ $43,073
Pledges and Grants Receivable$1,288,237$997,644▼ $290,593
Prepaid Expenses and Deferred Charges$215,224$333,720▲ $118,496
Accounts Receivable$220,732$237,202▲ $16,470
Total Assets$79,218,115$78,681,942▼ $536,173
Other Assets Total$408,396$187,481▼ $220,915
Liabilities
Deferred Revenue$11,062,625$12,108,230▲ $1,045,605
Tax Exempt Bond Liabilities$11,606,000$10,506,330▼ $1,099,670
Accounts Payable and Accrued Expenses$2,419,932$2,551,644▲ $131,712
Other Liabilities$392,214$334,455▼ $57,759
Total Liabilities$25,480,771$25,500,659▲ $19,888
Net Assets / Fund Balance
Unrestricted Net Assets$38,668,755$37,956,168▼ $712,587
Permanently Rstr Net Assets$9,272,821$9,946,857▲ $674,036
Temporarily Rstr Net Assets$5,795,768$5,278,258▼ $517,510
Total Net Assets Fund Balance$53,737,344$53,181,283▼ $556,061
Total Liabilities and Net Assets / Fund Balance$79,218,115$78,681,942▼ $536,173

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$23,684,655$30,316,144$54,000,799
Equipment$4,693,094$6,007,118$10,700,212
Land$3,241,641-$3,241,641
Other Securities$4,870,034--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$29,235,181$876,902▼ $221,579$877,524$29,012,980
2013$25,268,544$846,809▲ $3,749,560$629,732$29,235,181
2012$22,437,675$1,455,546▲ $2,221,413$846,090$25,268,544
2011$22,804,396$425,801▲ $27,172$819,694$22,437,675
2010$19,666,097$442,095▲ $3,525,228$829,024$22,804,396
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Arch McintoshHeadmasterFT$383,128$91,998$475,126
Mark TayloeHead of Lower SchoolFT$162,881$54,832$217,713
Fletcher GregoryAssociate HeadmasterFT$180,900$27,023$207,923
David GatouxAthletic DirectorFT$123,003$21,732$144,735
Lawrence WallHead of Upper SchoolFT$127,893$16,767$144,660
Mary Jane GallgherDirector of DevelopmentFT$125,285$15,765$141,050
Debbie LammHead of Middle SchoolFT$120,180$18,150$138,330

Board Members and Trustees

NameTitle
Eric J LloydChairman
Jean E DavisVice-chair and Chair-elect
Gary James AndersonBoard Member
Heather S FinkeBoard Member
JOANNE O'BRIEN BEAMBoard Member
Jill E OlmsteadBoard Member
John NormanBoard Member
Kelly L KatterhagenBoard Member
Kodwo Ghartey-tagoeBoard Member
Louis C Stephens IiiBoard Member
Robert G Calton IiiBoard Member
Thad M SharrettBoard Member
William a Bowen JrBoard Member
Ruth K GammonSecretary
Ed ImbrognoTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Flik Compass GroupFood ServicePO BOX 417632, Boston, MA 02241$191,517
CavalierBuilding Cleaning2722 MERRILEE DR, Fairfax, VA 22031$171,005
AlphagraphicsPrintingPO BOX 470097, Charlotte, NC 28247$145,987
Showalter Construction CoGeneral ContractorPO BOX 220289, Charlotte, NC 28247$142,853
Walsworth PublishingYearbooksPO BOX 310287, Des Moines, IA 50331$128,743
Revenue and Support

Revenue Composition

Contributions and Grants
$1,765,903
Program Service Revenue
$29,053,713
Investment Income
$-10,829
Other Revenue
$0
All Other Contributions
$1,765,903
Change in Net Assets
$-556,061

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 Traded31$114,086Hi/low Price on Transfer
Books and Publications-$273Fair Market Value (FMV)
Total Noncash Contributions31$114,359-

Audited Revenue Reconciliation

Revenue per Audited Statements
$30,652,207
Revenue Not Reported on Financial Statements
$156,580
Revenue Not Reported on Form 990
$-2,018,730
Total Revenue per Audited Statements
$28,633,477
Total Revenue per Form 990
$30,808,787
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$20,255,057
Other Expenses$9,063,061
Grants and Similar Amounts Paid$2,018,730
Total Fundraising Expense$1,672,792
Professional Fundraising Fees$28,000

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$11,891,381$2,362,348$1,007,017$15,260,746
Depreciation Depletion$2,240,647--$2,240,647
Grants to Domestic Individuals$2,018,730--$2,018,730
Other Employee Benefits$1,295,748$269,310$105,514$1,670,572
Payroll Taxes$1,030,828$214,249$83,941$1,329,018
Pension Plan Contributions$1,017,374$211,452$82,846$1,311,672
Occupancy$671,153$184,607-$855,760
Fees for Services Other$534,567$226,134-$760,701
Travel$596,107$92,888$18,626$707,621
Current Officers, Directors, Trustees, and Key Employees$475,126$207,923-$683,049
Advertising-$37,281$276,551$313,832
Interest$272,822--$272,822
All Other Expenses$88,448$139,527$13,153$241,128
Office Expenses-$225,427-$225,427
Insurance$204,395--$204,395
Fees for Service Investment Mgmnt Fees-$156,580-$156,580
Other Expenses$118,216$63,646$57,144$63,646
Fees for Services Professional Fundraising--$28,000$28,000
Total Functional Expenses$24,838,187$4,853,869$1,672,792$31,364,848

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$31,364,848
Expenses per Audited Statements$29,189,538
Total Expenses per Audited Statements$29,189,538
Expenses Not Reported on Financial Statements$2,175,310
Other Expense Adjustments$2,018,730
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$28,000
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Compensation$334,455
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 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 11

The 990 draft will be reviewed by the finance committee. In order to protect the privacy of donors, the public disclosure copy is 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 executive committee of the board of trustees 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 and index survey 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.

Filing and Contact Details

Filer

Filer Name
Charlotte Latin Schools
EIN
56-0944449
Phone
7048467299
Address
9502 PROVIDENCE ROAD, CHARLOTTE, NC 28277-8695

Signing Officer

Name
Fletcher Gregory
Title
Assistant Headmaster
Phone
7048467299
Signed
2015-11-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Archibald Mcintosh
Formed
1970
Legal Domicile
Nc
Voting Board Members
16
Independent Board Members
16
Employees
433
Volunteers
200

Preparer

Firm
Cherry Bekaert Llp
Address
1111 METROPOLITAN AVE STE 1000, CHARLOTTE, NC 28204
Preparer
Janice a Ratica
Phone
7043771678
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The finance committee of the board of trustees selects the independent accounting firm and receives the audited financial statements for review and discussion.

Financial Statement Notes

PART V, LINE 4:

Endowment funds are used for scholarships, general operating expenses, and property and equipment improvements and upkeep.

PART X, LINE 2:

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, 2015 and 2014 and, accordingly, no liability has been accrued.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Financial assistance shown net of revenue on financials -2,018,730.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial assistance shown net of revenue on financials 2,018,730.

Raw XML AppendixShowing 400 of 764 raw XML fields

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

Path#Value
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IRS990/AccountsReceivableGrp/EOYAmt0237202
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0CHARLOTTE LATIN IS AN ACCREDITED, INDEPENDENT, CO-EDUCATIONAL, NON-SECTARIAN, COLLEGE-PREPARATORY DAY SCHOOL SERVING 1,398 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.
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IRS990/AllOtherExpensesGrp/TotalAmt0241128
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IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt09502 PROVIDENCE ROAD
IRS990/BooksInCareOfDetail/USAddress/CityNm0CHARLOTTE
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IRS990/Desc0FUNDS WERE USED TO PROVIDE COMPREHENSIVE EDUCATIONAL PROGRAMS TO 1,398 STUDENTS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12. CHARLOTTE LATIN ALSO PROVIDED SCHOLARSHIPS AND FINANCIAL AID TO 195 STUDENTS.
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