2022-01-13T14:40:52-06:00 2021-06-30 420714325 RSM US LLP 9801 WASHINGTONIAN BLVD STE 500 GAITHERSBURG MD 20878 990 2020-07-01 520701774 THE KEY SCHOOL INC KEYS 4102639231 534 HILLSMERE DR ANNAPOLIS MD 21403 CAROLINE EWING DIRECTOR OF FINANCE 4102639231 2022-01-13 1 CAROLINE EWING XXX-XX-XXXX WILLIAM E TURCO CPA P00369217 3012963600 2022-01-13 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z MATTHEW NESPOLE 534 HILLSMERE DR ANNAPOLIS MD 21403 20275630 0 X WWW.KEYSCHOOL.ORG X 1959 MD INDEPENDENT, NON-SECTARIAN, NON-PROFIT, PK - GRADE 12 SCHOOL 30 27 215 100 0 0 1039779 2864791 17998239 16862440 459551 397145 79036 108353 19576605 20232729 2198458 2297339 0 0 12440145 12621971 0 0 626990 5335418 5171182 19974021 20090492 -397416 142237 50469593 66395927 20514927 32100134 29954666 34295793 THE KEY SCHOOL IS FOUNDED UPON THE CONVICTION THAT CHILDREN ARE INNATELY CURIOUS ABOUT THEMSELVES AND THE WORLD; THEY WANT TO LEARN, THEY WANT TO DISCOVER, AND THEY WANT TO CREATE. (CONTINUED ON SCHEDULE O) 0 0 14721710 2297339 16862440 PROVIDES EDUCATION FOR STUDENTS FROM PRESCHOOL THROUGH GRADE 12, APPROXIMATELY 644 STUDENTS. 14721710 1 1 0 0 0 0 1 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 1 44 0 1 215 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 30 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 0 0 0 MD X CAROLINE EWING 4102639231 534 HILLSMERE DR ANNAPOLIS MD 21403 MATTHEW NESPOLE HEAD OF SCHOOL 60.00 X X 359984 0 66309 ALANNA WRIGHT PRESIDENT 1.00 X X 0 0 0 JOHN HILBERT VICE-PRESIDENT 1.00 X X 0 0 0 PETER BICHE TREASURER 1.00 X X 0 0 0 M KENNETH KISSEL SECRETARY 1.00 X X 0 0 0 NANCY MARGARET ADLER BOARD MEMBER 1.00 X 0 0 0 MISSY ATTRIDGE BOARD MEMBER 1.00 X 0 0 0 MARK BAGANZ BOARD MEMBER 1.00 X 0 0 0 TOM BAUM BOARD MEMBER 1.00 X 0 0 0 MARCH K BISHOP BOARD MEMBER 1.00 X 0 0 0 JULIUS CLARK BOARD MEMBER 1.00 X 0 0 0 ELYSE COLGAN BOARD MEMBER 1.00 X 0 0 0 LEANDER J FOLEY III BOARD MEMBER 1.00 X 0 0 0 MICHAEL GLASS BOARD MEMBER 1.00 X 0 0 0 COLIN HARRINGTON BOARD MEMBER 1.00 X 0 0 0 JOSEPH A JANNEY III BOARD MEMBER 1.00 X 0 0 0 CHANNING MARTIN JONES BOARD MEMBER 1.00 X 0 0 0 WESLEY R JONES BOARD MEMBER 1.00 X 0 0 0 STEVEN KAHLE BOARD MEMBER 1.00 X 0 0 0 JARED LITTMANN BOARD MEMBER 1.00 X 0 0 0 WILLIAM MAPP BOARD MEMBER 1.00 X 0 0 0 TANYA MATHIAS BOARD MEMBER 1.00 X 0 0 0 TROY MAYER BOARD MEMBER 1.00 X 0 0 0 SONG PAK BOARD MEMBER 1.00 X 0 0 0 JEFF RINEHART BOARD MEMBER 1.00 X 0 0 0 F MICHAEL SMITH BOARD MEMBER 1.00 X 0 0 0 COURTNEY SPANGLER BOARD MEMBER 1.00 X 0 0 0 TREVOR WILBY BOARD MEMBER 1.00 X 0 0 0 ANNA WOOD BOARD MEMBER 1.00 X 0 0 0 STEPHEN WRAGE BOARD MEMBER 1.00 X 0 0 0 CAROLINE EWING DIRECTOR OF FINANCE & OPERATIONS 55.00 X 136965 0 19370 DAVID MAGNUS MIDDLE SCHOOL HEAD 55.00 X 133514 0 29292 BRIAN MICHAELS UPPER SCHOOL HEAD 55.00 X 120328 0 16867 THOMAS ROSSINI DIRECTOR OF ENROLLMENT & OUTREACH 55.00 X 118793 0 25992 STEPHEN GINTER DIRECTOR OF ADVANCEMENT 55.00 X 106917 0 18084 LAURA BAXTER BURRELL COLLEGE ADVISOR 55.00 X 104911 0 11603 1081412 0 187517 7 0 1 0 CLEAN NET OF BALTIMORE WASHINGTON 9861 BROKEN LAND PKWY 208 COLUMBIA MD 21046 CLEANING SERVICE PROVIDERS 294812 BRIGHTVIEW LANDSCAPE SERVICES PO BOX 740655 ATLANTA GA 30374 LANDSCAPING SERVICES 231178 DAVIS CONSTRUCTION 12530 PARKLAWN DR STE 100 ROCKVILLE MD 20852 CONSTRUCTION 135651 LOANE BROS 1302 E JOPPA RD BALTIMORE MD 21286 TENT RENTALS 117950 BROCK FOOD SERVICE 257 GREAT VALLEY PKWAY MALVERN PA 19355 FOOD SERVICE PROVIDERS 112744 7 7055 102736 1700000 1055000 98931 2864791 TUITION & FEES 900099 16806288 16806288 SUMMER PROGRAMS 900099 56152 56152 16862440 397145 397145 40500 14377 26123 26123 26123 21860 102736 25633 -3773 -3773 7765 0 7765 7765 5664 2891 2773 2773 OTHER REVENUE 900099 75465 75465 75465 20232729 16862440 0 505498 2297339 2297339 601068 396159 180103 24806 8819304 5812726 2642601 363977 356016 234647 106676 14693 2152533 1422621 644505 85407 693050 456783 207664 28603 49769 1445 47916 408 52460 52460 65556 10492 55064 150277 120070 20296 9911 85453 74831 9528 1094 1846982 1615616 207541 23825 25426 25426 448490 392742 50007 5741 1485490 1300844 165632 19014 76334 66846 8511 977 PROGRAM SUPPLIES & EXP 402945 402945 OFFICE MANAGEMENT 162649 116045 46604 MEMBERSHIPS 82690 17634 63126 1930 PROFESSIONAL DEVELOPMEN 62078 55551 6527 174583 16993 157590 20090492 14721710 4741792 626990 8128 605 9454790 8058236 52535 24281 13605556 5510 3627 302384 603257 39582377 13096755 27720057 26485622 12511576 13109605 414613 4505138 50469593 66395927 1307009 1336069 1675633 15373232 15323535 14920702 101628 197681 1700000 407122 272450 20514927 32100134 X 20370448 21513754 9584218 12782039 29954666 34295793 50469593 66395927 142237 4198890 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 1.00 1 0 14875367 25684 4583052 24140 19459963 14320272 129234 448795 22934 14875367 13415347 98625 829761 23461 14320272 12209242 96716 1131564 22175 13415347 10612062 186036 1432212 21068 12209242 0.36000 0.37000 0.27000 0 0 16829038 16829038 19421545 12223631 7197914 3331794 873124 2458670 26485622 ALTERNATIVE INVESTMENTS 20731 F 11305.418-500 INDEX FD ADM 4484407 F 4505138 OBLIGATIONS UNDER CAPITAL LEASE 272450 272450 X 22151548 4198890 -2297339 1901551 20249997 -17268 -17268 20232729 17810421 17268 17268 17793153 2297339 2297339 20090492 PART II, LINE 9: WE DO NOT REPORT ON CONSERVATION EASEMENTS IN OUR REVENUE AND EXPENSE STATEMENTS AND BALANCE SHEET. PART V, LINE 4: EVENTUALLY, INCOME GENERATED FROM THE ENDOWMENT WILL BE USED TO SUPPORT THE SCHOOL'S MISSION. CURRENTLY, NO INCOME IS DRAWN FROM ENDOWMENT FUNDS. PART X, LINE 2: THE SCHOOL IS GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE IRC. HOWEVER, THE SCHOOL IS SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME AS DEFINED BY THE INTERNAL REVENUE SERVICE (IRS). DURING THE YEAR ENDED JUNE 30, 2021, THE SCHOOL HAD NO TAXABLE UNRELATED BUSINESS INCOME AND, ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. MANAGEMENT HAS EVALUATED THE SCHOOL'S TAX POSITIONS AND HAS CONCLUDED THAT THE SCHOOL HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. GENERALLY, THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2018. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE -2,297,339. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON LINE 6B -14,377. COST OF GOODS SOLD REPORTED ON LINE 10B -2,891. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON LINE 6B 14,377. COST OF GOODS SOLD REPORTED ON LINE 10B 2,891. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE 2,297,339. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 IN THE NEWSPAPER AND ALL PRINTED MATERIAL, AS WELL AS ON THE WEBSITE. SCHEDULE E, PART I, LINE 6 ON APRIL 20, 2020 THE SCHOOL APPLIED FOR AND RECEIVED $1,700,000 FROM THE PAYCHECK PROTECTION PROGRAM (PPP) AS PART OF THE CORONA AID, RELIEF AND ECONOMIC SECURITY (CARES) ACT. FUNDS FROM THE NOTE MAY ONLY BE USED FOR PAYROLL COSTS, INTEREST ON OTHER DEBT OBLIGATIONS, LEASES AND UTILITIES. THE SCHOOL USED THE ENTIRE LOAN AMOUNT FOR QUALIFYING EXPENSES. THE SCHOOL SUBMITTED THEIR FORGIVENESS APPLICATION IN 2021 AND RECEIVED APPROVAL AND SUBSEQUENT FORGIVENESS FROM THE SMALL BUSINESS ADMINISTRATION (SBA) AND LENDER, RESPECTIVELY, ON MARCH 25, 2021. THE SCHOOL DETERMINED THAT IT ADHERED TO THE REQUIREMENTS OF THE PPP. AS A RESULT, THE DEBT WAS FORGIVEN BY THE SBA AND REFLECTED THE FORGIVENESS OF THE LOAN AS A COMPONENT OF OTHER INCOME ON THE CONSOLIDATED STATEMENT OF ACTIVITIES AS OF JUNE 30, 2021. THE LOAN IS SUBJECT TO AUDIT BY THE SBA FOR A PERIOD OF SIX YEARS FOLLOWING FORGIVENESS. BOOK FESTIVAL 101486 92686 8800 18053 5K/10K RACE 16110 10050 6060 100 1849 1 7000 7000 4200 124596 102736 21860 100 4200 19902 24202 -2342 1 FINANCIAL AID TO STUDENTS 203 2297339 PART I, LINE 2: INDIVIDUAL STUDENTS ARE AWARDED SCHOLARSHIPS BASED ON THE FINANCIAL NEEDS OF THE STUDENT. X X X X 0 0 0 0 0 0 0 1 0 MATTHEW NESPOLE HEAD OF SCHOOL 329984 0 30000 0 0 0 9975 0 56709 0 426668 0 0 0 DAVID MAGNUS MIDDLE SCHOOL HEAD 133514 0 0 0 0 0 7265 0 22388 0 163167 0 0 0 CAROLINE EWING DIRECTOR OF FINANCE & OPERATIONS 136965 0 0 0 0 0 6800 0 12910 0 156675 0 0 0 PART I, LINE 7 MATTHEW NESPOLE, HEAD OF SCHOOL, RECEIVED A PERFORMANCE BONUS IN THE AMOUNT OF $30,000 DURING THE CALENDAR YEAR 2020. A MARYLAND HEALTH & HIGHER EDUCATION FACILITIES AUTHORITY 520936091 2016-07-21 15999265 DEBT REFINANCING & RENOVATIONS 0 0 0 A 837909 15999265 304927 15694338 7817921 7876417 2020 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 SCHEDULE K, PART I, LINE A ON JULY 20, 2016, SERIES 2016A TAX-EXEMPT BONDS WERE ISSUED AND THE SCHOOL OBTAINED A NOTE, WHICH ALLOWS FOR A MAXIMUM BORROWING AMOUNT OF $15,999,265. AT CLOSING, THE SCHOOL USED PROCEEDS TOTALING $8,181,344 TO PAY OFF PRINCIPAL AND INTEREST OF THE SERIES 2008 BONDS, THE LAND, AND THE NOTE PAYABLE AND TO FINANCE DEBT ISSUANCE COSTS. THE REMAINING $7,817,921 IN NEW DEBT WAS MADE AVAILABLE FOR CAPITAL PROJECTS OF THE SCHOOL, SPECIFICALLY THE DEVELOPMENT OF FUSCO PARK. THE FINANCING AGREEMENT WAS SCHEDULED TO EXPIRE IN JULY, 2019. ON 6/24/2019, MARYLAND HEALTH AND HIGHER EDUCATION FACILITIES AUTHORITY (MHHEFA), SANDY SPRING BANK AND THE KEY SCHOOL PREEMPTIVELY ADVANCED THE REMAINING FUNDS TO AN ESCROW ACCOUNT AT WILMINGTON TRUST WHICH WERE INVESTED IN US GOVERNMENT OBLIGATIONS, COMMERCIAL BANK CERTIFICATES OF DEPOSIT, COMMERCIAL PAPER AND OTHER INVESTMENTS. AS OF OCTOBER 29,2020, THE PROCEEDS OF THE ESCROW ACCOUNT WERE FULLY DISBURSED FOR THE DEVELOPMENT OF FUSCO ATHLETIC PARK. 33000 FINANCIAL AID TUITION ASSISTANCE X 1 98931 FMV 0 0 1 0 FORM 990, PART III, LINE 1, ORGANIZATION'S MISSION: OUR MISSION IS TO NOURISH AND GUIDE THIS NATURAL EXUBERANCE, ENERGY, AND DELIGHT IN THE SEARCH FOR MEANING, SO THAT EACH STUDENT EMBRACES LIFELONG LEARNING AND DEVELOPS INTO AN INFORMED, THOUGHTFUL, AND CONSTRUCTIVE MEMBER OF SOCIETY. WITH THESE BELIEFS AND OBJECTIVES IN MIND, WE COMMIT TO: PROVIDE A DYNAMIC EDUCATION THAT DEMANDS RIGOR, INTELLECTUAL INDEPENDENCE, CREATIVITY, INTERDISCIPLINARY THOUGHT, AND OPENNESS TO DIFFERING PERSPECTIVES THROUGH ACADEMIC AND CO-CURRICULAR PROGRAMS THAT TEACH STUDENTS EXPERIENTIALLY, AS ACTIVE PARTICIPANTS IN THE LEARNING PROCESS. GUIDE AND SUPPORT STUDENTS IN THEIR EFFORTS TO MATURE INTELLECTUALLY, SOCIALLY, AND EMOTIONALLY; TO MAKE DECISIONS FOR THEMSELVES AND TAKE RESPONSIBILITY FOR THOSE DECISIONS; TO ADDRESS THEIR INDIVIDUAL LEARNING NEEDS; AND TO BROADEN AND DEEPEN THEIR TALENTS AND INTERESTS. PREPARE STUDENTS WITH THE COLLABORATIVE AND COMPETITIVE ABILITIES AND THE COMMUNICATION AND THINKING SKILLS THEY NEED TO EFFECTIVELY UNDERTAKE CHALLENGES AND ASSUME RESPONSIBILITIES IN AN INTERCONNECTED, COMPLEX WORLD. CULTIVATE A COMMUNITY IN WHICH TEACHING AND LEARNING ARE LIFELONG ENDEAVORS FOR ALL, PURSUED THROUGH REFLECTION, PRIVATE STUDY, AND COMMUNAL ENGAGEMENT. SUSTAIN AN ETHICAL SCHOOL CULTURE THAT RESPECTS THE DIGNITY OF EVERY HUMAN BEING, RECOGNIZES THAT LIBERTY MUST BE BALANCED BY RESPONSIBILITY AND INDIVIDUAL ACTION BY THE NEEDS OF OTHERS, AND STRESSES TO ALL MEMBERS OF A DIVERSE SCHOOL COMMUNITY THE IMPORTANCE OF TRUST, MUTUAL RESPECT, COMPASSION, AND SERVICE TO OTHERS. FORM 990, PART VI, SECTION B, LINE 11B AFTER A REVIEW OF THE FORM 990 BY THE FINANCIAL MANAGEMENT OF THE SCHOOL, THE SCHOOL'S AUDIT COMMITTEE WILL THEN REVIEW THE RETURN. THE FINAL STEP IN THE REVIEW PROCESS WILL BE THE PRESENTATION OF THE FORM 990 TO THE FULL BOARD OF DIRECTORS OF THE SCHOOL. FORM 990, PART VI, SECTION B, LINE 12C KEY SCHOOL MANDATES COMPLETION OF A CONFLICT OF INTEREST POLICY FORM ANNUALLY BY ALL TRUSTEES. THESE FORMS ARE REVIEWED ANNUALLY IN ORDER TO MAINTAIN COMPLIANCE WITH THE POLICY. FORM 990, PART VI, SECTION C, LINE 19 THE KEY SCHOOL DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990 IS AVAILABLE TO THE PUBLIC ON GUIDESTAR. DOVE LANE LLC 543 HILLSMERE DR ANNAPOLIS MD 21403 521356766 REAL ESTATE HOLDING COMPANY MD 40500 300875 KEY SCHOOL INC THE KEY SCHOOL BUILDING & FINANCE CORP 534 HILLSMERE DR ANNAPOLIS MD 21403 517459855 DORMANT MD KEY SCHOOL INC C 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0