CHARLOTTE LATIN SCHOOLS

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1970

Legal Domicile

Principal Officer

ROBERT MCARTHUR

Phone

7048467299

Tax Period

2023-07-01 to 2024-06-30

CHARLOTTE LATIN SCHOOLS, founded in 1970, is a mid-sized nonprofit in the Education sector that reported $55.7M in total revenue in fiscal year 2023.

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.

Program Service Accomplishments

Program 1

Expenses: $37,805,550 Revenue: $45,758,794

CLS ENROLLED AND EDUCATED 1,546 STUDENTS IN GRADES TRANSITIONAL KINDERGARTEN THROUGH 12TH GRADE IN THE 2023-2024 SCHOOL YEAR.

Program 2

Expenses: $6,506,569 Revenue: $4,216,099

CLS PROVIDED FOOD AND TRANSPORTATION SERVICES AS WELL AS ARTS, ATHLETICS, AND OTHER SPECIAL PROGRAMS, SUCH AS DAY CARE, EXTENDED DAY CARE, SUMMER CAMPS, CLINICS, AND EDUCATIONAL RESOURCES TO STUDENTS...

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $6,651,141

Program Service Revenue $49,974,893

Investment Income $-1,082,629

Other Revenue $119,412

TOTAL REVENUE $55,662,817

Expense Breakdown

Grants Paid $3,016,802

Salaries & Benefits $36,752,449

Fundraising Expenses $2,924,523

Program Expenses $44,312,119

Other Expenses $15,374,735

TOTAL EXPENSES $55,143,986

Year-over-Year Comparison

	2023	2022	Change
Revenue	$55,662,817	$57,204,279	0.0%
Expenses	$55,143,986	$51,234,910	+0.1%
Net Income	$518,831	$5,969,369	-0.9%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

643

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,401,159

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MIKE FRENO	CHAIR	1.00	Officer Director	$0	$0	$0
RAEL GORELICK	VICE CHAIR	1.00	Officer Director	$0	$0	$0
PHIL COLACO	TREASURER	1.00	Officer Director	$0	$0	$0
DAVE SHUFORD	SECRETARY	1.00	Officer Director	$0	$0	$0
MACKENZIE ALPERT	DIRECTOR	1.00	Director	$0	$0	$0
IRM BELLAVIA	DIRECTOR	1.00	Director	$0	$0	$0
JOHN COMLY	DIRECTOR	1.00	Director	$0	$0	$0
MARY KATHERINE DUBOSE	DIRECTOR	1.00	Director	$0	$0	$0
PAIGE FORD	DIRECTOR	1.00	Director	$0	$0	$0
DON GATELY	DIRECTOR	1.00	Director	$0	$0	$0
STACY GEE	DIRECTOR	1.00	Director	$0	$0	$0
KARIM LOKAS	DIRECTOR	1.00	Director	$0	$0	$0
JOHN T MCCOY	DIRECTOR	1.00	Director	$0	$0	$0
ED MCMAHAN	DIRECTOR	1.00	Director	$0	$0	$0
KRISTIN MIDDENDORF	DIRECTOR	1.00	Director	$0	$0	$0
KATIE MORGAN	DIRECTOR	1.00	Director	$0	$0	$0
UMA O'BRIEN	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTIAN ROBINSON	DIRECTOR	1.00	Director	$0	$0	$0
CHARLES THIES	DIRECTOR	1.00	Director	$0	$0	$0
MICHELLE THORNHILL	DIRECTOR	1.00	Director	$0	$0	$0
CHARLES D BALDECCHI	HEAD OF SCHOOL	50.00	Officer	$1,007,348	$78,291	$1,085,639
ROBERT MCARTHUR	CFO AND COO	50.00	Officer	$283,156	$32,364	$315,520
SONJA TAYLOR	ASSOC. HEAD OF SCHOOL	50.00	Highest	$231,940	$35,167	$267,107
JOANNE BEAM	PHILANTHROPY DIRECTOR	50.00	Highest	$168,748	$42,423	$211,171
LAWRENCE WALL	HEAD OF UPPER SCHOOL	50.00	Highest	$184,998	$32,688	$217,686
TODD BALLABAN	HEAD OF MIDDLE SCHOOL	50.00	Highest	$184,626	$43,629	$228,255
MARCUS TAYLOE	HEAD OF LOWER SCHOOL	50.00	Highest	$177,180	$47,307	$224,487

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	$55,662,817	$55,143,986	$156,009,245	$518,831
2023	$57,204,279	$51,234,910	$147,355,358	$5,969,369
2022	$54,213,671	$48,118,067	$136,653,905	$6,095,604
2021	$47,461,290	$44,972,907	$136,686,590	$2,488,383
2020	$39,422,411	$40,011,803	$120,877,859	$-589,392
2019	$42,827,199	$38,684,644	$118,269,073	$4,142,555
2018	$39,334,160	$36,201,970	$99,281,978	$3,132,190