CHARLOTTE LATIN SCHOOLS (EIN 560944449) - Form 990 Financial Analysis & Trantor Score

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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

TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: CHARLES D. BALDECCHI, HEAD OF SCHOOL, RECEIVED GROSS UP FEDERAL AND STATE TAX FOR CERTAIN REPORTABLE BENEFITS HE RECEIVED. THESE BENEFITS ARE TREATED AS TAXABLE COMPENSATION TO THE HEAD OF SCHOOL. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: UNLIKE MANY OF ITS PEER INSTITUTIONS WHICH OFFER ON-CAMPUS RESIDENTIAL HOUSING BENEFITS TO THEIR HEADS OF SCHOOLS THAT ARE NOT REPORTABLE AS COMPENSATION, CHARLOTTE LATIN DOES NOT OWN AN ON-CAMPUS RESIDENCE. IN LIEU OF SUCH ON-CAMPUS HOUSING BENEFITS, THE HEAD OF SCHOOL RECEIVED A HOUSING BENEFIT STIPEND THAT IS REPORTABLE AS COMPENSATION. ADDITIONALLY, THE HEAD OF SCHOOL WAS GRANTED A FIVE-YEAR FORGIVABLE LOAN IN MAY 2018 (WITH A MATURITY DATE OF JUNE 30, 2024) WHEN HE JOINED THE SCHOOL. IN 2023, THE SCHOOL FORGAVE A PORTION OF THE LOAN BALANCE WHICH WAS REPORTED AS PERSONAL INCOME TO HIM. TRAVEL FOR COMPANION: THE SCHOOL PAYS FOR TRAVEL AND ENTERTAINMENT EXPENSES INCURRED FOR THE SPOUSE OF CHARLES D. BALDECCHI, HEAD OF SCHOOL, IN CONNECTION WITH THE PERFORMANCE OF HIS RESPONSIBILITIES AS HEAD OF SCHOOL.

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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

CHARLOTTE LATIN SCHOOLS