2023-2024 Annual Report

covenant day 2023-2024 ANNUAL REPORT

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03 F R O M T H E H E A D O F S C H O O L 04 O P E R AT I N G B U D G E T 05 S C H O O L - C H U R C H PA R T N E R S H I P 06 G I V I N G 07 Y O U R G E N E R O S I T Y AT W O R K

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C A P I TA L C A M PA I G N BOARD OF TRUSTEES S T R AT E G I C G O A L S OUR COMMUNITY

FROM THE

Head of School A CELEBRATION OF GENEROSITY Dear Covenant Day Families, Alumni, and Friends:

In 1989, Covenant Day began with the mission of educating students with a biblical worldview and academic excellence. Today, we continue that same mission and vision as we work to transform hearts and minds for the glory of Jesus Christ. We could not accomplish this without the help of our generous donors. I have been privileged to see almost three decades of generous giving at CDS, which has made an immediate and long-lasting difference. This annual report is a story of God’s faithfulness through your generous giving to Covenant Day School.

Each year, your contributions make a difference in the lives of our students and staff, providing resources that enrich their daily experiences. While our school is blessed to have tuition and program revenue cover approximately 99% of our expenses, your giving provides funding for mission-centric upgrades and enhancements.

During the 2023-2024 year, gifts from all sources totaled over one million dollars, with donations to our unrestricted Lions Fund totaling over $720,000. In the following pages, you will get a glimpse of the great impact of our donor dollars and how they are blessing our students richly. I am grateful for the many completed projects, but I am particularly excited about finishing the Covenant Field/Davis Track and beginning work on our upcoming worship and choir room. Each of these new spaces will allow our students to grow in their talents and physical abilities for many years to come.

As we look back at another amazing year of giving at Covenant Day, we thank you. As we look ahead to the future, we are excited to pursue the next phase of our campus master plan, Warner Park. I am confident we have the enthusiastic support needed to complete this project and look forward to growing our facilities here at Covenant Day School.

I am truly grateful for the generous spirit of our community. It makes Covenant Day an even more special place to serve the LORD and our wonderful families.

For Christ and His Kingdom,

Mark Helmer Head of School

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Operating Budget 2023-2024 Operating Revenue Gross Tuition and Fees Less: Financial Aid & Base Discounts Other Revenue (Interest and Endowment Draw) Church Direct Support Donations Supporting Operating Budget

$17,741,625 -$1,673,173 $240,000 $205,000 $110,000

Total Revenue

$16,623,452

Operating Expenses Employee Compensation, Benefits, and Related Costs Operating Expenses (Curriculum, Classroom Needs, Technology, etc.)

Buildings and Facilities Support Athletics and Warner Park Maintenance Debt Service

$12,181,723 $1,958,588 $1,219,000 $836,141 $428,000

Total Expenses

$16,623,452

2024-2025 Operating Revenue Gross Tuition and Fees Less: Financial Aid & Base Discounts Other Revenue (Interest and Endowment Draw) Church Direct Support Donations Supporting Operating Budget

$19,039,600 -$1,677,163 $290,000 $225,000 $115,000

Total Revenue

$17,992,437

Operating Expenses Employee Compensation, Benefits, and Related Costs Operating Expenses (Curriculum, Classroom Needs, Technology, etc.)

Buildings and Facilities Support Athletics and Warner Park Maintenance Debt Service

$13,356,228 $2,048,059 $1,320,500 $839,650 $428,000

Total Expenses

$17,992,437

SIGNIFICANT BALANCES & OPERATING METRICS

As of June 30, 2024

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Total Value of Endowments Total Debt Total Enrollment Total Full-Time Employees

$6,229,536 $5,087,405 1,024 166

SCHOOL-CHURCH PARTNERSHIP The school is governed by a Board of Trustees and operates as a distinct but integrated ministry of Christ Covenant Church. As such, the school and church strive to maintain strong mission alignment, intentional leadership connectivity, and prudent resource management (including the use of the campus itself ) with the goal of providing quality spaces for all ministries on campus to grow and thrive. Examples of financial benefits that the school receives through its partnership with the church include:

Direct Financial Support The church provides a direct contribution each year to the operating budget of the school (currently $225,000 per year).

Use of Church-Supported Facilities While several of the school’s newer facilities have been built by, and are maintained with, funds that come from tuition and/or school-led fundraising efforts, some of the facilities used by the school are supported primarily by the church. These include the lower school A and B buildings, the Community Life Center, and the Worship Center, without which the school would not be able to carry out the full scope of its mission.

School-Supported Facilities and Other Cost Sharing The school’s budget includes funding for the full operating costs of the high school, the middle school, the lower school C building, the Warner Park athletic complex, and all other fields, courts, and outdoor spaces used by students. However, the school and church share in the cost of providing for broader needs such as the maintenance of the main campus grounds, a campuswide technology infrastructure, security and operations personnel, and insurance coverages, to name just a few of the more significant shared costs.

The school’s relationship with Christ Covenant Church continues to provide the rich spiritual grounding and greater organizational capacity that shape our unique calling and distinctive as a school. From a strictly financial perspective, while it is difficult to put an exact dollar figure on it, this partnership with our sponsoring church encourages a commitment to stewardship, enhances our sustainability, and allows us to continue providing a truly transformative Christian education to our students.

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Giving

2023-2024 DONATION BREAKDOWN

we’re better together!

$720,567 LIONS FUND

$106,190 BOOSTER MEMBERSHIPS/GOLF TOURNAMENT

$50,258 COVENANT ARTS MEMBERSHIPS/FINE ARTS

$21,906 ENDOWMENTS

$103,714 OTHER

$1,002,635 TOTAL

SAVE THE DATE

giving day Donors by Constituency

OCTOBER 23, 2024 6

Current Parents Grandparents Alumni Parents Alumni Non-parent Faculty/Staff, Board Members, and Other Donors

336 78 42 10 132

Total Donors

598

Your Generosity at Work

High School Outdoor Classroom

Addition of Turf to Middle School Play Area

JK/K Outdoor Play Space

Resurfacing of Tennis Courts

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Lower School CREATE, Jr. Classroom

Activity Bus

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Additional Seating for 72 Students at High School Patio

Warner Park Bleachers

Butterfly Garden Play Equipment

OTHER PROJECTS

BOOSTER CLUB PROJECTS

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Replacement of Middle School Technology Contribution to Financial Aid Robotics Storage Facility Acoustic Sound Wall Panels in the Lower School DeLapp Dining Hall Middle School Furniture Upgrades High School Portable Sound System Restore 525 Outdoor Pavilion

National Strength and Conditioning Certification for Coaches New Scoreboard for Warner Park New Scorer’s Table Sound System Upgrades for the Main Gym and Warner Park Shot Put and Discus Ring for the Track and Field Team Shed at Warner Park Baseball Halo - Turf Behind Home Plate with School Logo

COVENANT ARTS PROJECTS • •

New Sound and Audio Equipment for the Lions Theater and the Worship and Choir Tent New Worship and Choir Room

Renderings for the Worship and Choir Room

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CAPITAL CAMPAIGN NEWS THE BOARD OF TRUSTEES MET THIS SUMMER T O A N A LY Z E T H E R E S U LT S O F T H E F E A S I B I L I T Y SURVEY CONDUCTED THIS SPRING. AFTER P R AY E R F U L C O N S I D E R AT I O N , W E ’ R E E X C I T E D TO SHARE THEIR RECENT DECISION TO PURSUE W A R N E R PA R K A S O U R N E X T C A P I TA L C A M PA I G N !

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Board of Trustees The Session of Christ Covenant Church appoints the Board of Trustees of Covenant Day School to hold the school in trust, that is, to oversee the strategic operation of the school. The Board is comprised of up to 15 trustees. Each trustee serves a three-year term, renewable at the option of the Board of Trustees and Session of Christ Covenant Church. When trustees are convened in an official Board meeting, they speak as the Board. An individual trustee does not have any Board power outside of an official Board meeting. The Board employs only one person, the head of school. All other school employees report to the head of school. The 2024-25 Board of Trustees are as follows:

Rich Protasewich, Chairman Blair Smith, Vice Chairman Drew Peterson, Treasurer Marisa Deaton, Secretary Kevin DeYoung Josh Grissom

Beth Harrelson Greg Love Allison Nelson Brandon Ruby Courtney Silver Derek Wells

From left: Brandon Ruby, Allison Nelson, Blair Smith, Josh Grissom, Kevin DeYoung, Greg Love, Courtney Silver, Derek Wells, Beth Harrelson, Rich Protasewich, Marisa Deaton, Mark Helmer, and Drew Peterson

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Strategic Goals In 2022, the Board of Trustees appointed an ad hoc strategic planning committee that included school staff members, trustees, and parents. The committee reviewed our mission, vision, and core values and then developed a framework for guiding the future of Covenant Day School. As a result of the groundwork completed by the strategic planning committee, six strategic goals were identified.

Over the last year, teams comprised of staff members from across the school have begun working on each goal. We are pleased to share an update on the progress and look forward to advancing these goals over the coming months and years.

GOAL

UPDATE

Prioritize authentic relationship with Christ by encouraging and equipping the CDS community to grow in personal discipleship and service to others.

We assessed parents’ views of spiritual formation via a survey. As a result, the new role of spiritual formation director was defined, posted, and hired in late summer.

Provide academic excellence in Christ-centered education by identifying and addressing the needs of each learner to provide the best educational opportunities possible.

We implemented a universal screener tool in lower school through 6th grade, added a lower school interventionist role, and expanded the high school dual enrollment offerings to include three classes.

Develop a plan for the ongoing recruitment, hiring, training, and retention of a strong faculty and support staff to strengthen students’ learning and spiritual development.

A consistent screening process for interviews and hiring is in the process of being formalized. Key aspects of new teacher and staff induction are also being revised.

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Prioritize campus facility enhancement opportunities based on a thorough analysis of academic, athletics, and fine arts needs supported by a strengthened church and school relationship.

Christ Covenant Church and Covenant Day School worked together to refresh a master plan for the campus.

Plans for a new worship and choir room are underway, and Warner Park has been identified as our next capital campaign.

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Actively work to build a unified school community that is welcoming and loving to believers of different cultural, racial, ethnic, and socio-economic backgrounds, demonstrating how historic divisions are broken down in Christ and reflecting the values of the kingdom of God.

Middle and high school students took a survey regarding their experiences and views in this area. In addition, a comprehensive financial aid plan review was begun, and the student culture director role was moved to full-time for 2024-2025.

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Enhance the school’s philanthropic culture, coordinate its development efforts, and emphasize good stewardship in long-range planning to achieve the school’s vision and ensure long-term financial sustainability.

The Lions Fund has allowed the entire Covenant Day community a chance to be part of our mission as we seek to transform hearts and minds for the glory of Jesus Christ. See pages 6-9 for an update on giving to the Lions Fund, including several recently completed projects.

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OUR COMMUNITY

94%

at a glance

average student retention rate

125 churches represented

established

1989

twelve

six

alumni serving on staff

alumni legacy families attending CDS in 2024-2025

20

1034

hours of professional development per teacher

students JK-12 as of October 1, 2024

17

JK-5 teachers trained in OrtonGillingham approach to literacy

1243 Class of 2024 average SAT score

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27

Class of 2024 average ACT score

45% of JK-12 teachers hold advanced degrees

7 years average faculty tenure

eighteen

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sports offered

state championship appearances

161

75%

graduates have played a sport at the collegiate level

of middle and high school students play at least one sport

16

85% of students involved in Fine Arts

55

Fine Arts events per year

average students in after school choir per semester

97% of students go to a four-year college

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local elementary students tutored

by CDS students through the Augustine Literacy Partnership

154

students involved in Restoration & Sustainability

338

CDS students attended CDS Summer Camps in 2024

1130

coffee drinks sold through the R&S student-run coffee shop

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THANK YOU TO OUR 2023-2024 BUSINESS PARTNERS! Diamond: RRI Goods Platinum: Brandon Ruby/Helen Adams Realty Dentistry of the Carolinas Mark Ficken Ford Lincoln Gold: Ashley HomeStore Interstate Foam & Supply Pediatric Surgical Associates Providence Partners River Pools Tassel Capital Management Winn’s Plumbing Silver: Chick-Fil-A Group Jones Realty Forrest & Forrest Dentistry Facility System Services, Inc. Home Automation CLT Star Orthodontics Tillman Development Group Vicus Builders Bronze: The Collective Cafe Great Clips Hull & Coleman Orthodontics Massey Family Dentistry National Christian Foundation Providence Preparatory School To view our 2024-2025 Business Partners or to learn more about the Business Partner program, visit covenantday.org/partnerships.

800 Fullwood Lane, Matthews, NC 28105