Civic Intelligence

Classical Charter Schools of Americ a Inc.

990 • Fiscal year 2016 • EIN 56-2173031

Jul 01, 2015 to Jun 30, 2016 • Filed on May 15, 2017

7055 Bacons Way NELeland, NC 28451

(910) 655-1214

Siviq Scores

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

Liabilities / Assets

64th percentile

0.49x

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

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

42nd percentile

0.19x

Higher debt load relative to revenue than 42% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Net Margin

44th percentile

0.8%

Higher net margin than 44% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

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

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Asset Growth

71st percentile

9.3%

Faster asset growth than 71% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

60th percentile

6.3%

Faster revenue growth than 60% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2015 to 2016

Assets

Up

$6,698,319

Up $570,961 (+9.3%) from 2015

Net Assets

Up

$3,441,372

Up $138,158 (+4.2%) from 2015

Liabilities

Up

$3,256,947

Up $432,803 (+15%) from 2015

Revenue

Up

$17,069,994

Up $1,018,871 (+6.3%) from 2015

Expenses

Up

$16,931,836

Up $1,384,388 (+8.9%) from 2015

Net Income

Down

$138,158

Down $365,517 (-73%) from 2015

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2011: $2,169,873Liabilities 2011: $573,731Net Assets 2011: $1,596,1422011Assets 2012: $2,531,106Liabilities 2012: $502,532Net Assets 2012: $2,028,5742012Assets 2013: $2,866,464Liabilities 2013: $332,230Net Assets 2013: $2,534,2342013Assets 2014: $3,503,417Liabilities 2014: $703,878Net Assets 2014: $2,799,5392014Assets 2015: $6,127,358Liabilities 2015: $2,824,144Net Assets 2015: $3,303,2142015Assets 2016: $6,698,319Liabilities 2016: $3,256,947Net Assets 2016: $3,441,3722016Assets 2017: $9,044,183Liabilities 2017: $4,866,346Net Assets 2017: $4,177,8372017Assets 2018: $9,779,440Liabilities 2018: $4,933,118Net Assets 2018: $4,846,3222018Assets 2019: $10,549,917Liabilities 2019: $4,878,836Net Assets 2019: $5,671,0812019Assets 2020: $13,088,828Liabilities 2020: $7,109,345Net Assets 2020: $5,979,4832020Assets 2021: $50,468,363Liabilities 2021: $41,029,756Net Assets 2021: $9,438,6072021Assets 2022: $50,425,137Liabilities 2022: $41,222,064Net Assets 2022: $9,203,0732022Assets 2023: $51,586,891Liabilities 2023: $41,248,989Net Assets 2023: $10,337,9022023Assets 2024: $54,261,441Liabilities 2024: $41,054,898Net Assets 2024: $13,206,5432024

Highlighted filing

2016

Assets$6,698,319
Liabilities$3,256,947
Net Assets$3,441,372

Operations Trend

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

$40M$30M$20M$10M$0-$10MRevenue 2011: $10,181,291Expenses 2011: $9,756,293Net Income 2011: $424,9982011Revenue 2012: $10,983,402Expenses 2012: $10,550,970Net Income 2012: $432,4322012Expenses 2013: $11,851,4552013Revenue 2014: $13,256,242Expenses 2014: $12,990,937Net Income 2014: $265,3052014Revenue 2015: $16,051,123Expenses 2015: $15,547,448Net Income 2015: $503,6752015Revenue 2016: $17,069,994Expenses 2016: $16,931,836Net Income 2016: $138,1582016Revenue 2017: $19,206,852Expenses 2017: $18,470,387Net Income 2017: $736,4652017Revenue 2018: $20,482,328Expenses 2018: $19,813,843Net Income 2018: $668,4852018Revenue 2019: $20,320,663Expenses 2019: $19,495,904Net Income 2019: $824,7592019Revenue 2020: $22,049,882Expenses 2020: $21,741,480Net Income 2020: $308,4022020Revenue 2021: $31,320,545Expenses 2021: $27,861,421Net Income 2021: $3,459,1242021Revenue 2022: $29,251,839Expenses 2022: $29,487,373Net Income 2022: -$235,5342022Revenue 2023: $32,485,242Expenses 2023: $31,350,613Net Income 2023: $1,134,6292023Revenue 2024: $34,930,723Expenses 2024: $32,429,082Net Income 2024: $2,501,6412024

Highlighted filing

2016

Revenue$17,069,994
Expenses$16,931,836
Net Income$138,158
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 15, 2017
Return Version
2015v3.0
Gross Receipts
$17,069,994
Mission and Program Overview

Mission

Operation of public charter schools.

Operates four identical tuition-free public charter schools that serve approximately 2,100 students and that any nc student may choose to attend. The schools provide a distinctive curriculum delivered by the direct instructional teaching method.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,693,783$5,056,235▲ $2,362,452
Savings and Temporary Cash Investments$1,771,673$907,845▼ $863,828
Cash and Non-Interest-Bearing Accounts$363,399$503,161▲ $139,762
Accounts Receivable$1,298,503$231,078▼ $1,067,425
Total Assets$6,127,358$6,698,319▲ $570,961
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,893,079$2,966,102▲ $1,073,023
Accounts Payable and Accrued Expenses$931,065$290,845▼ $640,220
Total Liabilities$2,824,144$3,256,947▲ $432,803
Net Assets / Fund Balance
Unrestricted Net Assets$3,303,214$3,441,372▲ $138,158
Total Net Assets Fund Balance$3,303,214$3,441,372▲ $138,158
Total Liabilities and Net Assets / Fund Balance$6,127,358$6,698,319▲ $570,961

Asset Categories

AssetBook ValueDepreciationBasis
Land$2,453,621-$2,453,621
Buildings$2,022,593$44,161$2,066,754
Equipment$146,860$636,508$783,368
Leasehold Improvements$352,834$26,830$379,664
Other Land Buildings$80,327$240,503$320,830
Compensation and Service Providers

Board Members and Trustees

NameTitle
Robert SpencerBoard Chair
Colleen CombsDirector
Melissa GottDirector
Suzanne WestDirector
Theodore BodenschatzDirector
W Chad AdamsDirector
Baker a Mitchell JrSecretary
Mark DudeckTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$967,815
Program Service Revenue
$16,092,158
Investment Income
$8,071
Other Revenue
$1,950
All Other Contributions
$503,582
Change in Net Assets
$138,158

Audited Revenue Reconciliation

Revenue per Audited Statements
$17,069,994
Total Revenue per Audited Statements
$17,069,994
Total Revenue per Form 990
$17,069,994
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$9,032,267
Salaries, Compensation, and Employee Benefits$7,899,569
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$6,120,496$303,368-$6,423,864
Fees for Services Management$573,547$2,947,304-$3,520,851
Occupancy$1,800,524$135,524-$1,936,048
Fees for Services Other$1,607,552$322,703-$1,930,255
Other Employee Benefits$758,345$37,567-$795,912
Office Expenses$506,875$38,629-$545,504
Payroll Taxes$516,359$25,580-$541,939
Fees for Services Accounting-$172,367-$172,367
Depreciation Depletion$122,983$40,995-$163,978
Pension Plan Contributions$131,347$6,507-$137,854
Interest$86,215$28,738-$114,953
Insurance-$109,486-$109,486
Fees for Services Legal-$94,978-$94,978
Other Expenses$22,715$6,952-$22,715
All Other Expenses$22,539--$22,539
Travel-$17,271-$17,271
Conferences and Meetings$14,918--$14,918
Information Technology$12,416--$12,416
Advertising-$6,616-$6,616
Total Functional Expenses$12,626,291$4,305,545$0$16,931,836

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$16,931,836
Total Expenses per Audited Statements$16,931,836
Total Expenses per Form 990$16,931,836
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
B a Mitchell Jr See Part VOfficerManagement FeeYes$2,667,950
B a Mitchell Jr See Part VOfficerRent - ClassroomsNo$1,483,602
B a Mitchell Jr See Part VOfficerStaff DevelopmentNo$1,211,408
B a Mitchell Jr See Part VOfficerMgmt.incentive BonusNo$580,946
B a Mitchell Jr See Part VOfficerBack Office & SupporNo$271,922
B a Mitchell Jr See Part VOfficerRent - Admin OfficesNo$103,438
B a Mitchell Jr See Part VOfficerMisc Equipment RentNo$65,374
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
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

Charter day school inc. Has agreements with roger bacon academy, inc. To manage the schools under the control of the board of trustees. On july 18, 2001, charter day school entered into an agreement with roger bacon academy for management and faculty services. Roger bacon academy provides supervision and administration services for the management, operation and maintenance of the schools in accordance with the educational program as adopted by the board and included in its operational documents. The board sets the budget annually within which the schools are managed. Any documents or policies adopted by the board of the school may be modified from time to time at the sole and absolute discretion of the board. Roger bacon academy is entitled to compensation for its services based on 16% of revenues, as defined in the management agreement. The agreement was approved by the board of charter day school, the nc state board of education, and the internal revenue service.

Form 990, Page 6, Part VI, Line 11B

Form 990 is prepared by the company's auditors based on information in the financial statements of its annual local government commission audit. The no-findings financial statements were reviewed and unanimously approved by the board. The form 990 is reviewed by the treasurer of the corporation and the management company. A copy is submitted to each board member prior to submission.

Form 990, Page 6, Part VI, Line 12C

The board of directors reviews the policy annually. If any conflicts arise they are resolved by the board of directors.

Form 990, Page 6, Part VI, Line 15A

The cds board of trustees volunteer their service and receive no compensation. The management company reviews and recommends all compensation packages for top level positions within the budgets as approved by the board of directors. North carolina state salary scales are used as a guideline.

Form 990, Page 6, Part VI, Line 15B

The officers of the cds board of trustees volunteer their service and receive no compensation. The management company reviews all compensation packages within the budgets as approved by the board of trustees. North carolina state salary scales are used as a guideline.

Form 990, Page 6, Part VI, Line 19

Governing documents, school policies, and financial statements are publicly available online or by request. Requested documents can be transmitted electronically or viewed at the headquarters of the management company, the roger bacon academy, inc.

Filing and Contact Details

Filer

Filer Name
Charter Day School Inc
EIN
56-2173031
Phone
9106551214
Address
7055 BACONS WAY NE, LELAND, NC 28451

Signing Officer

Name
Mark Dudeck
Title
Treasurer
Phone
9106553600
Signed
2017-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert Spencer
Formed
1999
Legal Domicile
Nc
Voting Board Members
6
Independent Board Members
6
Employees
287
Volunteers
6

Preparer

Firm
Petway Mills & Pearson Pa
Address
PO BOX 1036, ZEBULON, NC 27597-1036
Preparer
James a Ridoutt
Phone
9192697405
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Our understandings of humankind and our universe are expressed and communicated through all of our arts and sciences. Each method of expression - language, painting, music, mathematics, and science - has rules and techniques for effectively communicating these ideas and understandings. These rules and techniques are the bridges over which ideas must be communicated from one generation to the next. Thus, the mission of charter day school, through the roger bacon academy is, for the next generation, to teach the rules and techniques for effective expression and communication in the arts and sciences, to communicate, by these arts and sciences, our understandings of the universe and our role in it, and to instill a love of learning and discovery, justifying a life-long dedication to health, truth, and virtue.

Form 990, Part IX, Line 11G

Contracted excep students 105,483 0 0 contracted psychological 125,138 0 0 contracted speech path 142,429 0 0 contracted gen 180,443 294,406 0 contracted r&m 248,055 18,671 0 contracted curriculum 637,860 0 0 misc contracts 127,894 9,626 0 contracted social work 40,250 0 0

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IRS990/MissionDesc0OUR UNDERSTANDINGS OF HUMANKIND AND OUR UNIVERSE ARE EXPRESSED AND COMMUNICATED THROUGH ALL OF OUR ARTS AND SCIENCES. EACH METHOD OF EXPRESSION - LANGUAGE, PAINTING, MUSIC, MATHEMATICS, AND SCIENCE - HAS RULES AND TECHNIQUES FOR EFFECTIVELY COMMUNICATING THESE IDEAS AND UNDERSTANDINGS. THESE RULES AND TECHNIQUES ARE THE BRIDGES OVER WHICH IDEAS MUST BE COMMUNICATED FROM ONE GENERATION TO THE NEXT. THUS, THE MISSION OF CHARTER DAY SCHOOL, THROUGH THE ROGER BACON ACADEMY IS, FOR THE NEXT GENERATION, TO TEACH THE RULES AND TECHNIQUES FOR EFFECTIVE EXPRESSION AND COMMUNICATION IN THE ARTS AND SCIENCES, TO COMMUNICATE, BY THESE ARTS AND SCIENCES, OUR UNDERSTANDINGS OF THE UNIVERSE AND OUR ROLE IN IT, AND TO INSTILL A LOVE OF LEARNING AND DISCOVERY, JUSTIFYING A LIFE-LONG DEDICATION TO HEALTH, TRUTH, AND VIRTUE.
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0CHARTER DAY SCHOOL OPERATES FOUR PUBLIC CHARTER SCHOOLS AND IS FUNDED BY THE STATE OF NORTH CAROLINA AND LOCAL GOVERNMENT. NORTH CAROLINA REQUIRES A POLICY OF NONDISCRIMINATION AND THE SCHOOLS' NONDISCRIMINATION POLICY IS DISCLOSED IN ALL SOLICITATIONS FOR STUDENTS.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt16A) NORTH CAROLINA CHARTER SCHOOL, FUNDED BY STATE & LOCAL GOVERNMENT. ALSO RECEIVES VARIOUS FEDERAL AND STATE GRANTS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, LINE 6
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0B A MITCHELL JR SEE PART V
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc3RENT - CLASSROOMS
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc4RENT - ADMIN OFFICES
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IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0LN 1) CHARTER DAY SCHOOL, INC. (CDS) CONTRACTS FOR MANAGEMENT SERVICES UNDER A MANAGEMENT AGREEMENT WITH THE ROGER BACON ACADEMY, INC.(RBA). MR. MITCHELL IS THE SECRETARY OF THE BOARD OF CDS AND OWNS RBA. THE TRANSACTION AMOUNT WAS PAID TO RBA FOR MANAGEMENT SERVICES AND ADMINISTRATIVE FEES AND IS BASED UPON 16% OF REVENUES OF THE ORGANIZATION AS DEFINED IN THE MANAGEMENT AGREEMENT, WHICH WAS APPROVED BY THE BOARD OF TRUSTEES, THE NORTH CAROLINA STATE BOARD OF EDUCATION, AND THE INTERNAL REVENUE SERVICE. LN 2) UNDER ITS MANAGEMENT AGREEMENT, RBA PROVIDES A STAFF DEVELOPMENT AND TRAINING PROGRAM, TEACHER COACHING AND MENTORING SERVICES, SUPERVISION OF ONGOING CLASSROOM INSTRUCTION, AND BUILDING AND GROUND MAINTENANCE FOR CDS. RBA SUBMITS THE DIRECT COSTS OF PROVIDING THESE SERVICES TO THE CDS BOARD FOR APPROVAL AND REIMBURSEMENT. LN 3) UNDER ITS MANAGEMENT AGREEMENT, RBA PROVIDES ACCOUNTING, ADVERTISING, QUALITY CONTROL, AND PUBLIC RELATIONS SERVICES FOR CDS. RBA SUBMITS THE DIRECT COSTS OF PROVIDING THESE SERVICES TO THE CDS BOARD FOR APPROVAL AND REIMBURSEMENT. LN 4) UNDER ITS MANAGEMENT AGREEMENT, RBA LEASES CLASSROOM SPACE FROM COASTAL HABITAT CONSERVANCY, LLC (CHC), AND SUBLEASES TO CHARTER DAY SCHOOL, INC. (CDS) AT FAIR MARKET VALUE. THIS ARRANGEMENT IS NECESSARY, AS CHARTER SCHOOLS IN NORTH CAROLINA DO NOT RECEIVE CAPITAL FUNDS FOR PROPERTY, BUILDINGS, CONSTRUCTION, MAINTENANCE, ETC. CHC IS OWNED BY MR. MITCHELL. CDS REGULARLY HAS LEASE RATES REEVALUATED TO ENSURE THAT RATES ARE AT FAIR MARKET VALUE. BOARD TRUSTEES ARE NOT REQUIRED TO PERSONALLY GUARANTEE THE LEASE, NOR IS THE LEASE UNDER ANY RESTRICTIVE FINANCIAL COVENANTS. RBA SUBMITS THE DIRECT COSTS OF LEASING CLASSROOM SPACE TO THE CDS BOARD FOR APPROVAL AND REIMBURSEMENT. LN 5) UNDER ITS MANAGEMENT AGREEMENT, RBA LEASES OFFICE SPACE FROM COASTAL HABITAT CONSERVANCY, LLC (CHC) AND SUBLEASES TO CHARTER DAY SCHOOL, INC. AT FAIR MARKET VALUE. THIS ARRANGEMENT IS NECESSARY, AS CHARTER SCHOOLS IN NORTH CAROLINA DO NOT RECEIVE CAPITAL FUNDS FOR PROPERTY, BUILDINGS, CONSTRUCTION, MAINTENANCE, ETC. CHC IS OWNED BY MR. MITCHELL. CDS REGULARLY HAS LEASE RATES REEVALUATED TO ENSURE THAT RATES ARE AT FAIR MARKET VALUE. BOARD TRUSTEES ARE NOT REQUIRED TO PERSONALLY GUARANTEE THE LEASE, NOR IS THE LEASE UNDER ANY RESTRICTIVE FINANCIAL COVENANTS. RBA SUBMITS THE DIRECT COSTS OF LEASING OFFICE SPACE TO THE CDS BOARD FOR APPROVAL AND REIMBURSEMENT. LN 6) CDS RENTS CERTAIN FURNITURE, FIXTURES, AND EQUIPMENT FROM COASTAL HABITAT CONSERVANCY, LLC UNDER A RENTAL AGREEMENT. ALTHOUGH CDS HAS FROM TIME TO TIME RECEIVED FEDERAL START-UP FUNDS TO PURCHASE CERTAIN ITEMS IN THE FIRST YEAR OF OPERATION, MANY ITEMS ARE NOT ELIGIBLE AND LATER YEARS ARE NOT COVERED BY SUCH FUNDS. THEREFORE, LIMITATIONS MAY EXIST THAT REQUIRE CHC TO PURCHASE SUCH ITEMS AND RENT TO CDS. COASTAL HABITAT CONSERVANCY IS OWNED BY MR. MITCHELL. LN 7) CDS'S MANAGEMENT CONTRACT WITH RBA PROVIDES A MANAGEMENT INCENTIVE BONUS BASED ON HOW THE SCHOOLS' STANDARDIZED TEST SCORES COMPARE WITH THE SAME STANDARDIZED SCORES OF OTHER SCHOOLS LOCATED IN THE SAME COUNTY. FOR THE FISCAL YEAY ENDED JUNE 30, 2016, TEST SCORES BOTH CHARTER DAY SCHOOL AND COLUMBUS CHARTER SCHOOL WERE NEARLY 20 PERCENTAGE POINTS HIGHER THAN THE AVERAGES OF THEIR RESPECTIVE COUNTIES.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0OUR UNDERSTANDINGS OF HUMANKIND AND OUR UNIVERSE ARE EXPRESSED AND COMMUNICATED THROUGH ALL OF OUR ARTS AND SCIENCES. EACH METHOD OF EXPRESSION - LANGUAGE, PAINTING, MUSIC, MATHEMATICS, AND SCIENCE - HAS RULES AND TECHNIQUES FOR EFFECTIVELY COMMUNICATING THESE IDEAS AND UNDERSTANDINGS. THESE RULES AND TECHNIQUES ARE THE BRIDGES OVER WHICH IDEAS MUST BE COMMUNICATED FROM ONE GENERATION TO THE NEXT. THUS, THE MISSION OF CHARTER DAY SCHOOL, THROUGH THE ROGER BACON ACADEMY IS, FOR THE NEXT GENERATION, TO TEACH THE RULES AND TECHNIQUES FOR EFFECTIVE EXPRESSION AND COMMUNICATION IN THE ARTS AND SCIENCES, TO COMMUNICATE, BY THESE ARTS AND SCIENCES, OUR UNDERSTANDINGS OF THE UNIVERSE AND OUR ROLE IN IT, AND TO INSTILL A LOVE OF LEARNING AND DISCOVERY, JUSTIFYING A LIFE-LONG DEDICATION TO HEALTH, TRUTH, AND VIRTUE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1CHARTER DAY SCHOOL INC. HAS AGREEMENTS WITH ROGER BACON ACADEMY, INC. TO MANAGE THE SCHOOLS UNDER THE CONTROL OF THE BOARD OF TRUSTEES. ON JULY 18, 2001, CHARTER DAY SCHOOL ENTERED INTO AN AGREEMENT WITH ROGER BACON ACADEMY FOR MANAGEMENT AND FACULTY SERVICES. ROGER BACON ACADEMY PROVIDES SUPERVISION AND ADMINISTRATION SERVICES FOR THE MANAGEMENT, OPERATION AND MAINTENANCE OF THE SCHOOLS IN ACCORDANCE WITH THE EDUCATIONAL PROGRAM AS ADOPTED BY THE BOARD AND INCLUDED IN ITS OPERATIONAL DOCUMENTS. THE BOARD SETS THE BUDGET ANNUALLY WITHIN WHICH THE SCHOOLS ARE MANAGED. ANY DOCUMENTS OR POLICIES ADOPTED BY THE BOARD OF THE SCHOOL MAY BE MODIFIED FROM TIME TO TIME AT THE SOLE AND ABSOLUTE DISCRETION OF THE BOARD. ROGER BACON ACADEMY IS ENTITLED TO COMPENSATION FOR ITS SERVICES BASED ON 16% OF REVENUES, AS DEFINED IN THE MANAGEMENT AGREEMENT. THE AGREEMENT WAS APPROVED BY THE BOARD OF CHARTER DAY SCHOOL, THE NC STATE BOARD OF EDUCATION, AND THE INTERNAL REVENUE SERVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990 IS PREPARED BY THE COMPANY'S AUDITORS BASED ON INFORMATION IN THE FINANCIAL STATEMENTS OF ITS ANNUAL LOCAL GOVERNMENT COMMISSION AUDIT. THE NO-FINDINGS FINANCIAL STATEMENTS WERE REVIEWED AND UNANIMOUSLY APPROVED BY THE BOARD. THE FORM 990 IS REVIEWED BY THE TREASURER OF THE CORPORATION AND THE MANAGEMENT COMPANY. A COPY IS SUBMITTED TO EACH BOARD MEMBER PRIOR TO SUBMISSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD OF DIRECTORS REVIEWS THE POLICY ANNUALLY. IF ANY CONFLICTS ARISE THEY ARE RESOLVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE CDS BOARD OF TRUSTEES VOLUNTEER THEIR SERVICE AND RECEIVE NO COMPENSATION. THE MANAGEMENT COMPANY REVIEWS AND RECOMMENDS ALL COMPENSATION PACKAGES FOR TOP LEVEL POSITIONS WITHIN THE BUDGETS AS APPROVED BY THE BOARD OF DIRECTORS. NORTH CAROLINA STATE SALARY SCALES ARE USED AS A GUIDELINE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE OFFICERS OF THE CDS BOARD OF TRUSTEES VOLUNTEER THEIR SERVICE AND RECEIVE NO COMPENSATION. THE MANAGEMENT COMPANY REVIEWS ALL COMPENSATION PACKAGES WITHIN THE BUDGETS AS APPROVED BY THE BOARD OF TRUSTEES. NORTH CAROLINA STATE SALARY SCALES ARE USED AS A GUIDELINE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6GOVERNING DOCUMENTS, SCHOOL POLICIES, AND FINANCIAL STATEMENTS ARE PUBLICLY AVAILABLE ONLINE OR BY REQUEST. REQUESTED DOCUMENTS CAN BE TRANSMITTED ELECTRONICALLY OR VIEWED AT THE HEADQUARTERS OF THE MANAGEMENT COMPANY, THE ROGER BACON ACADEMY, INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7CONTRACTED EXCEP STUDENTS 105,483 0 0 CONTRACTED PSYCHOLOGICAL 125,138 0 0 CONTRACTED SPEECH PATH 142,429 0 0 CONTRACTED GEN 180,443 294,406 0 CONTRACTED R&M 248,055 18,671 0 CONTRACTED CURRICULUM 637,860 0 0 MISC CONTRACTS 127,894 9,626 0 CONTRACTED SOCIAL WORK 40,250 0 0
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART IX, LINE 11G
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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.$54.3$41.1$13.2$34.9$32.4$2.50
2023Detailed filing. Detailed filing data is available for this year.$51.6$41.2$10.3$32.5$31.4$1.13
2022Detailed filing. Detailed filing data is available for this year.$50.4$41.2$9.20$29.3$29.5$0.24
2021Detailed filing. Detailed filing data is available for this year.$50.5$41.0$9.44$31.3$27.9$3.46
2020Detailed filing. Detailed filing data is available for this year.$13.1$7.11$5.98$22.0$21.7$0.31
2019Detailed filing. Detailed filing data is available for this year.$10.5$4.88$5.67$20.3$19.5$0.82
2018Detailed filing. Detailed filing data is available for this year.$9.78$4.93$4.85$20.5$19.8$0.67
2017Detailed filing. Detailed filing data is available for this year.$9.04$4.87$4.18$19.2$18.5$0.74
2016Detailed filing. Detailed filing data is available for this year.$6.70$3.26$3.44$17.1$16.9$0.14
2015Detailed filing. Detailed filing data is available for this year.$6.13$2.82$3.30$16.1$15.5$0.50
2014Detailed filing. Detailed filing data is available for this year.$3.50$0.70$2.80$13.3$13.0$0.27
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.87$0.33$2.53$11.9
2012Summary only. Only limited summary data is available for this year.$2.53$0.50$2.03$11.0$10.6$0.43
2011Summary only. Only limited summary data is available for this year.$2.17$0.57$1.60$10.2$9.76$0.42
Peer Organizations

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