2025 Annual Bond Investor Call

Read the published document online.

Download the unchanged original-layout PDF

This web reading edition retains the source wording, dates and financial values. Source spelling and any differences within the original are preserved. Column labels identify the activity, year, school or fund shown in the printed table. Original page numbers let you compare this edition with the PDF. Native screen-reader and full reading-order review remain pending.

Original page 1

Classical Charter Schools of America 2025 Annual Bond Investor Call December 12, 2025 1

Original page 2

Presentation Team

Classical Charter Schools of America Mark Dudeck, Treasurer Borrower

The Roger Bacon Academy Baker Mitchell, Founder & CEO

Original page 3

Mission Statement • 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.

Original page 4

Classical Charter Schools of America Three Laws Law 1— Reward good behavior, you’ll get more of it.

Law 2— Teach to mastery; every child will learn.

Law 3— Watch the children, if they are not learning or behaving, you’re not following the first two laws.

Original page 5

Classical Charter Schools of America Academic Ranking 5

Original page 6

If the three Classical Charter Schools of America Obligated Group schools were combined as a single district, the Classical Charter Schools would have ranked as follows among neighboring districts.

Overall EOG/EOC Math Reading Rank1

Source table 1, original page 6
Source line item	Overall EOG/EOC Rank	Math	Reading
The Obligated Group2	17th	12th	9th
Brunswick Co.	46th	45th	52nd
Whiteville City	66th	51st	73rd
Columbus Co.	93rd	95th	84th
Bladen Co.	102nd	109th	104th
Robeson Co.	104th	106th	109th
North Carolina	43rd	48th	40th

1. Ranking is based on 117 school systems in NC 2. CCS of Wilmington is not part of the Obligated Group 6

Original page 7

Classical Charter Schools of Leland EOG Results 2024-2025 Percent of Students Proficient

All Subjects ELA/Reading Math Science

Source table 1, original page 7
Source line item	All Subjects	ELA/Reading	Math	Science
CCS of Leland	66.6%	65.5%	64.0%	78.5%
Brunswick Co.	54.7%	50.4%	56.9%	63.2%
New Hanover Co.	60.2%	56.2%	65.0%	67.6%
Columbus Co.	43.1%	43.1%	42.3%	47.9%
North Carolina	55.0%	52.5%	56.7%	61.0%

Classical Charter Schools of Leland’s EOG performance average of 66.6% exceeds the state average (55.0%) by 11.6 percentage points and the county average (54.7%) by 11.9 percentage points. On the 2025 Classical Learning Test 8 (CLT8), Classical Charter Schools of Leland was the top scoring school in the nation. Classical Charter Schools of Leland is a Title 1 school, which means that 40% or more of its students are economically disadvantaged. 7

Original page 8

Classical Charter Schools of Southport EOG Results 2024-2025 Percent of Students Proficient

All Subjects ELA/Reading Math Science

Source table 1, original page 8
Source line item	All Subjects	ELA/Reading	Math	Science
CCS of Southport	73.1%	72.5%	72.7%	76.4%
Brunswick Co.	54.7%	50.4%	56.9%	63.2%
North Carolina	55.0%	52.5%	56.7%	61.0%

Classical Charter Schools of Southport’s EOG performance average of 73.1% exceeds the state average (55.0%) by 18.1 percentage points and the county average (54.7%) by 18.4 percentage points. These were the highest scores of all public elementary/middle schools in Brunswick County. Classical Charter Schools of Southport is a Title 1 school, which means that 40% or more of its students are economically disadvantaged.

Original page 9

Classical Charter Schools of Whiteville EOG Results 2024-2025 Percent of Students Proficient

All Subjects ELA/Reading Math Science

Source table 1, original page 9
Source line item	All Subjects	ELA/Reading	Math	Science
CCS of Whiteville	46.7%	47.7%	44.2%	51.3%
Columbus Co.	43.1%	43.1%	42.3%	47.9%
Bladen Co.	38.8%	35.4%	36.3%	43.8%
Roberson Co.	37.5%	32.4%	37.7%	41.6%
North Carolina	55.0%	52.5%	56.7%	61.0%

Classical Charter Schools of Whiteville’s performance average exceeded Bladen County and Robeson County performance averages. The Bladen County and Robeson County districts are included in this comparison, as their students make up approximately 50% of the students at Classical Charter Schools of Whiteville.

Classical Charter Schools of Whiteville’s EOG performance average is 46.7%. The state performance average is 55.0%. The Columbus, Bladen, and Robeson districts’ performance averages are 43.1%, 38.8%, and 37.5% respectively. On the 2025 CLT8, Classical Charter Schools of Whiteville was the third top scoring school in the nation. Classical Charter Schools of Whiteville is a Title 1 school, which means that 40% or more of its students are economically disadvantaged. 9

Original page 10

Student Information

Original page 11

Enrollment 2020-2021 2021-2022 2022-2023 2023-2024 2024-2025 2025-2026

Source table 1, original page 11
Source line item	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025	2025-2026
Kindergarten	314	321	324	299	281	276
1st Grade	304	300	317	302	286	290
2nd Grade	299	318	287	303	287	283
3rd Grade	302	286	309	291	280	283
4th Grade	286	306	285	301	271	276
5th Grade	284	258	300	272	281	267
6th Grade	232	252	258	272	260	288
7th Grade	181	202	244	222	231	228
8th Grade	181	148	163	197	182	217
Total	2,383	2,391	2,487	2,459	2,359	2,408
Retention 2020-2021 2021-2022 2022-2023 2023-2024 2024-2025 2025-2026
Kindergarten	80.6%	80.0%	80.6%	78.6%	78.8%	82.4%
1st Grade	81.6%	80.6%	81.1%	82.1%	81.2%	81.5%
2nd Grade	87.3%	79.7%	85.0%	81.9%	79.1%	79.7%
3rd Grade	84.1%	80.0%	86.4%	83.9%	77.6%	81.6%
4th Grade	84.3%	75.1%	83.5%	83.1%	80.5%	84.5%
5th Grade	66.5%	72.3%	79.3%	72.4%	73.6%	79.8%
6th Grade	87.1%	60.1%	65.5%	60.3%	73.0%	75.1%
7th Grade	87.8%	76.1%	63.1%	62.3%	80.2%	84.2%
8th Grade	-	-	-	-	-	-
Total	82.1%	75.9%	78.7%	76.2%	78.0%	81.0%

1. Classical Charter Schools of Southport added 6th grade in the 2021-2022 school year 2. Classical Charter Schools of Southport added 7th grade in the 2022-2023 school year 3. Classical Charter Schools of Southport added 8th grade in the 2023-2024 school year 4. 2020-2021 school year included on-line students (allowed by the state due to COVID-19) 5. The state didn’t allow on-line students in 2021-2022 11

Original page 12

Waitlist 2020-2021 2021-2022 2022-2023 2023-2024 2024-2025 2025-2026

Source table 1, original page 12
Source line item	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025	2025-2026
Kindergarten	52	29	35	14	3	21
1st Grade	27	36	10	15	15	5
2nd Grade	25	5	18	3	3	1
3rd Grade	23	11	12	2	2	1
4th Grade	20	6	0	23	1	2
5th Grade	10	4	1	5	0	0
6th Grade	19	14	1	14	1	1
7th Grade	4	12	1	6	1	1
8th Grade	3	4	10	10	15	6
Total	183	121	88	92	41	38
Overall Attendance Rate
2020-2021 2021-2022 2022-2023 2023-2024 2024-2025 2025-2026
Kindergarten	92.4%	95.3%	94.4%	94.0%	93.6%	92.7%
1st Grade	95.4%	94.7%	95.0%	94.7%	94.3%	94.4%
2nd Grade	95.0%	94.7%	95.8%	95.4%	94.8%	94.3%
3rd Grade	95.7%	93.3%	96.4%	96.6%	94.7%	94.8%
4th Grade	95.8%	94.8%	96.1%	96.4%	94.0%	93.4%
5th Grade	95.1%	96.5%	96.3%	96.3%	95.7%	93.9%
6th Grade	93.5%	95.2%	95.0%	94.9%	94.6%	93.7%
7th Grade	94.5%	96.0%	96.6%	96.9%	94.9%	93.0%
8th Grade	93.4%	95.9%	92.6%	92.2%	93.4%	94.9%
Total	94.6%	95.1%	94.0%	94.1%	94.5%	93.9%

1. The “Waitlist” is based on the June end of month lottery report 2. The “Attendance Rate” is based on the end of the first quarter and the beginning of the second quarter of each school year 3. Classical Charter Schools of Southport added 6th grade in the 2021-2022 school year 4. Classical Charter Schools of Southport added 7th grade in the 2022-2023 school year 5. Classical Charter Schools of Southport added 8th grade in the 2023-2024 school year 12

Original page 13

State Funding Funding per School Year Total State Student % Change

Source table 1, original page 13
Source line item	Total State	Funding per Student	% Change
2018-2019	$11,759,480	$5,865.08	4.6%
2019-2020	$12,767,740	$6,039.61	3.0%
2020-2021	$14,717,711	$6,176.13	2.3%
2021-2022	$15,411,459	$6,445.61	4.4%
2022-2023	$16,577,437	$6,665.64	3.4%
2023-2024	$16,998,715	$6,912.86	3.7%
2024-2025	$17,177,759	$7,281.80	5.3%

Local Funding Funding per School Year Total Local Student % Change

Source table 2, original page 13
Source line item	Total Local	Funding per Student	% Change
2018-2019	$4,198,239	$2,093.88	9.6%
2019-2020	$4,584,739	$2,168.75	3.6%
2020-2021	$5,193,874	$2,179.55	0.5%
2021-2022	$5,403,866	$2,260.09	3.7%
2022-2023	$5,883,892	$2,365.86	4.7%
2023-2024	$6,043,086	$2,457.54	3.9%
2024-2025	$5,876,041	$2,490.90	1.4%

1. The 2025-2026 school year is not included - the state has not finalized the budget 13

Original page 14

Budget and Historical Financial Data

Original page 15

Budget FYE 30-Jun-26

Source table 1, original page 15
Source line item	Budget FYE 30-Jun-26
Enrollment	2,408
Revenues State Revenues	$19,459,202
Local Revenues	$7,221,327
Federal Revenues	$1,884,485
Other Revenues	1,068,500
Total Revenues	$29,663,514
Expenses
Budget Payroll & Benefits
Student Supplies & Services
14,390,526
2,966,000
Profit and Loss Administrative Services
Insurance, Utilities, Budget Maintenance
496,910
1,488,850
for the Fiscal Rent & Debt Service
Contracted Services
2,292,190
2,566,110
Year Ending Management Fees & Incentives
Capital Expenditures
4,998,042
60,000
June 30, 2025 Total Expenses	$29,258,628
Change in Net Position	$374,886
Capital Expenditures (buildings, buses, equipment)	60,000
Rent and Debt Service	2,292,190
Income Available for Debt Service	$2,727,076
Debt Service Requirement	$2,251,500
Debt Service Coverage	1.21
Cash and Cash Equivalents (unrestricted)	$7,770,687
Daily Expenses (not including Cap-X)	$79,996
Days Cash on Hand	97 15

Original page 16

Audited Audited Audited Audited Audited FYE FYE FYE FYE FYE 30-Jun-21 30-Jun-22 30-Jun-23 30-Jun-24 30-Jun-25

ASSETS

Source table 1, original page 16
Source line item	Audited FYE 30-Jun-21	Audited FYE 30-Jun-22	Audited FYE 30-Jun-23	Audited FYE 30-Jun-24	Audited FYE 30-Jun-25
Cash and cash equivalents	$4,991,482	$4,046,478	$4,532,565	$5,312,661	$7,957,882
Restricted cash – debt service	2,243,500	2,243,500	2,243,500	2,944,578	3,138,541
Restricted cash – unspent bond proceeds	14,400,926	7,990,766	2,828,592	0	0
Due from other governments	27,310	515,803	715,897	272,493	1,077,680
Receivables – other (net)	56,089	393,139	308,728	2,374,166	155,210
Capital assets:
Land, land improvements & CWIP	3,601,841	10,617,464	10,493,542	3,504,907	3,504,907
Other capital assets (net of depr)	24,359,361	23,726,717	29,264,913	38,448,241	37,680,653
Historical Total capital assets
Other assets:
	27,961,202	34,344,181	39,758,455	41,953,148	41,185,560
Financial Prepaid Expenses
Total other assets
150,808
150,808
247,804
247,804
254,613
254,613
193,840
193,840
392,700
392,700
Data TOTAL ASSETS	$49,831,317	$49,781,671	$50,642,350	$53,050,886	$53,907,573
LIABILITIES
Account payable – trade	$246,441	$434,842	$551,951	$1,224,356	$1,052,916
Other Payables	0	0	365,500	0	0
Balance Sheet Long-term liabilities:
Bond Premium	3,716,703	3,716,703	3,716,703	0	0
Due within one year	197,500	605,000	532,627	552,627	577,627
Due in more than one year	36,857,500	36,450,000	36,071,053	39,235,129	38,657,502
Total long-term liabilities:	40,771,703	40,771,703	40,320,383	39,787,756	39,235,129
TOTAL LIABILITIES	41,018,144	41,206,545	41,237,834	41,012,112	40,288,045
NET POSITION
Net investment in capital assets	1,590,425	1,563,244	(561,928)	2,165,392	1,950,431
Restricted	2,231,190	2,227,951	5,071,537	2,944,541	3,138,541
Unrestricted	4,991,558	4,783,931	4,894,907	6,928,841	8,530,556
TOTAL NET POSITION	8,813,173	8,575,126	9,404,516	12,038,774	13,619,528
TOTAL LIABILITES & NET POSITION	$49,831,317	$49,781,671	$50,642,350	$53,050,886	$53,907,573

Original page 17

Audited Audited Audited Audited Audited Audited FYE FYE FYE FYE FYE FYE 30-Jun-20 30-Jun-21 30-Jun-22 30-Jun-23 30-Jun-24 30-Jun-25

REVENUE

Source table 1, original page 17
Source line item	Audited FYE 30-Jun-20	Audited FYE 30-Jun-21	Audited FYE 30-Jun-22	Audited FYE 30-Jun-23	Audited FYE 30-Jun-24	Audited FYE 30-Jun-25
State Revenue	$14,113,114	$16,588,156	$18,174,524	$18,908,130	$19,779,579	$20,367,597
Local Revenue	5,017,185	6,104,649	6,085,418	6,549,091	6,746,320	6,773,827
Federal Revenue	2,234,006	1,643,822	2,871,765	3,812,538	5,150,137	1,581,977
Other Revenue	654,580	609,547	236,065	1,162,371	687,451	1,012,280
TOTAL REVENUE	22,018,885	24,946,174	27,367,772	30,432,130	32,363,487	29,735,681
EXPENSES
Payroll & Benefits	8,964,313	11,134,705	12,721,197	14,513,695	14,668,855	13,921,522
Student Supplies / Services	1,963,806	3,205,409	2,764,426	2,878,232	2,914,670	2,747,897
Admin Services	649,588	751,470	928,248	876,173	912,633	502,181
Insur, Utilities & Building Maint	875,593	883,712	1,078,409	1,431,439	1,273,519	1,446,035
Rent & Debt Service	2,115,992	1,959,240	1,885,695	2,285,703	2,242,612	2,355,065
Contracted Services	1,872,185	1,844,420	2,243,455	2,111,132	2,174,405	2,495,577
Capital Expenditures	439,254	1,371,101	7,416,702	6,123,998	3,440,571	115,323
Profit & Loss Management Fees & Incentives
TOTAL EXPENSES
3,780,973
20,661,704
3,852,066
25,002,123
4,733,732
33,771,864
4,988,462
35,208,834
5,222,656
32,849,921
4,944,724
28,528,324
NET SURPLUS/(DEFICIT)	$1,357,181	($55,949)	($6,404,092)	($4,776,704)	($486,434)	$1,207,357
Capital Expenditures	439,254	1,371,101	7,416,702	6,123,998	3,440,571	115,323
Rent & Debt Service	2,115,992	1,959,240	1,853,963	2,263,594	2,242,612	2,241,000
Income Available for Debt Service	$3,912,427	$3,274,392	$2,866,573	$3,610,888	$5,196,749	$3,563,680
Maximum Annual Debt Service	$2,251,500	$2,251,500	$2,251,500	$2,251,500	$2,251,500	$2,251,500
Coverage	1.74	1.45	1.27	1.60	2.31	1.58
Cash and Cash Equivalents	$5,448,835	$5,047,023	$4,436,391	$4,660,139	$5,401,861	$7,452,727
Daily Expenses	$55,404	$64,743	$72,206	$79,684	$80,574	$77,844
Days Cash on Hand	98	78	57	58	67	96

Source: Published original PDF. For help with a document or another format, contact the network office or your campus.