2022-01-14T07:18:59-06:00 2020-05-31 390859910 BAKER TILLY US LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2019-06-01 240795441 KEYSTONE COLLEGE KEYS 5709458000 ONE COLLEGE GREEN LA PLUME PA 18440 F STUART RENDA VP OF FINANCE & ADMINISTRATION 5709458000 2021-12-15 1 KERRI N BOGDA CPA P00760402 7177404863 X 2019 2022-09-23 18:48:47Z F STUART RENDA ONE COLLEGE GREEN LA PLUME PA 18440 46475457 0 X WWW.KEYSTONE.EDU X 1935 PA EDUCATING STUDENTS IN A LIBERAL ARTS TRADITION FOSTERING A GLOBAL PERSPECTIVE ON LIFE-LONG LEARNING. 20 19 612 20 0 0 3003302 5791072 34097019 33071980 884651 342686 442237 473074 38427209 39678812 12533210 14107072 0 0 12775776 12826181 0 0 85051 14812876 14036772 40121862 40970025 -1694653 -1291213 36260691 39147400 24268920 28339964 11991771 10807436 KEYSTONE COLLEGE EDUCATES STUDENTS IN A LIBERAL ARTS TRADITION THAT VALUES CIVILITY, INTEGRITY, AND CURIOSITY, FOSTERING A GLOBAL PERSPECTIVE ON CULTURAL DIVERSITY, ENVIRONMENTAL SUSTAINABILITY, AND LIFE-LONG LEARNING. 0 0 34846802 14107072 33071980 KEYSTONE COLLEGE IS A VIBRANT AND DIVERSE CAMPUS WHEREBY OUR GRADUATES ARE LIFE-LONG LEARNERS WHO ARE ACTIVELY ENGAGED, CONTRIBUTE TO THEIR COMMUNITIES, AND THRIVE IN THE WORLD. NEARLY 1,400 STUDENTS COME FROM NEARBY STATES SUCH AS NEW YORK, NEW JERSEY, AND MARYLAND, AS WELL AS NATIONALLY AND INTERNATIONALLY. KEYSTONE COLLEGE IS A FULLY ACCREDITED AND HIGHLY RESPECTED INSTITUTION OF HIGHER EDUCATION OFFERING ASSOCIATE, BACHELOR'S AND MASTER'S DEGREES. 34846802 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 58 0 612 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 20 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X F STUART RENDA VP OF FINANCE AD 5709458000 ONE COLLEGE GREEN LA PLUME PA 18440 TRACY BRUNDAGE PRESIDENT 50.00 X X 201764 0 33561 KAREN K YARRISH INTERIM PROVOST/VP 50.00 X 138377 0 14655 JANINE BECKER VP OF ENROLLMENT 50.00 X 136288 0 13587 F STUART RENDA VP OF FINANCE AND ADMINISTRATION 50.00 X 138378 0 10838 FRANCES LANGAN VP FOR INSTITUTIONAL ADVANCEMENT 50.00 X 109145 0 9853 PATRICIA MILLER PROFESSOR 40.00 X 100335 0 13670 JOHN F PULLO CHAIR 2.00 X X 0 0 0 JAMES CLARK CHAIR ELECT 2.00 X X 0 0 0 DAN HAGGERTY FIRST VICE-CHAIR/SECRETARY 2.00 X X 0 0 0 PAUL WENDOLOWSKI TRUSTEE 2.00 X 0 0 0 JOHNATHAN L DAVIS TRUSTEE 2.00 X 0 0 0 NATALIE GELB TRUSTEE 2.00 X 0 0 0 KIRBY HICKEY TRUSTEE 2.00 X 0 0 0 ROBERT L KAGLER TRUSTEE 2.00 X 0 0 0 RICHARD T KREBS TRUSTEE 2.00 X 0 0 0 GRETCHEN LUDDERS TRUSTEE 2.00 X 0 0 0 JANE OPPENHEIM TRUSTEE 2.00 X 0 0 0 DIANE PAPARO TRUSTEE 2.00 X 0 0 0 JOHNATHAN VIPOND III TRUSTEE 2.00 X 0 0 0 ZACHARY D MORAHAN TRUSTEE 2.00 X 0 0 0 JOHN M DUFF TRUSTEE 2.00 X 0 0 0 DAVID NOYLE TRUSTEE 2.00 X 0 0 0 PETER G ROSSI TRUSTEE 2.00 X 0 0 0 GAIL DICKSTEIN TRUSTEE 2.00 X 0 0 0 DR BERNADINE AHONKHAI TRUSTEE 2.00 X 0 0 0 824287 0 96164 6 0 1 0 SODEXO PO BOX 360170 PITTSBURGH PA 15251 DINING & BOOKSTORE SERVICES 3392933 ATR LAPLUME SOUTH MAIN AVENUE SCRANTON PA 18504 CONSTRUCTION SERVICES 983408 LATONA TRUCKING & EXCAVATING 620 MAIN STREET PITTSTON PA 18640 CONSTRUCTION SERVICES 894594 CAPITAL EDUCATION LLC 1650 TYSONS BOULEVARD MCLEAN VA 22102 EDUCATION SERVICES 583447 ARDEO EDUCATION SOLUTIONS 1011 WARRENVILLE ROAD SUITE 100 LISLE IL 60532 EDUCATION SERVICES 413019 58 7600 4583610 1199862 4078 5791072 TUITION AND FEES 611310 33071980 33071980 33071980 94641 94641 94257 20923 73334 73334 73334 6994742 150 6746847 0 247895 150 248045 248045 13820 7600 28875 -15055 -15055 EARLY EDUCATION TRAINING CENTER 611710 141978 141978 PARKING FEES 900099 91352 91352 GENERAL REVENUES 900099 80645 80645 100820 100820 414795 39678812 33071980 0 815760 2100 2100 14104972 14104972 692918 540476 152442 8954690 6984658 1970032 145055 113143 31912 1765940 1377433 388507 1267578 988711 278867 29381 29381 48477 48477 11360 11360 3942351 3075034 867317 164166 128049 36117 892657 629934 177672 85051 181911 141891 40020 2327598 1815526 512072 223804 174567 49237 31733 24752 6981 2136342 1666347 469995 395461 308460 87001 FOOD SERVICE 1602285 1249782 352503 BOOKS 843476 657911 185565 BAD DEBTS 261542 204003 57539 PROGRAM MATERIALS 189226 147596 41630 755002 511457 243545 40970025 34846802 6038172 85051 368411 2881493 560665 315065 907345 930820 163620 154506 475997 509935 70940832 43782002 23782972 27158830 6986019 3908781 936857 879980 2078805 2407990 36260691 39147400 4319326 3420067 2371346 3999509 5688701 0 7686176 13852234 3270000 3500000 933371 3568154 24268920 28339964 X 2097742 1539630 9894029 9267806 11991771 10807436 36260691 39147400 X -1291213 -122104 228415 567 X 0 1 X 1 1 1 X 3018250 3797292 3637039 3003302 5791072 19246955 3018250 3797292 3637039 3003302 5791072 19246955 19246955 299542 286140 198448 363558 188898 1336586 375427 576756 350878 391164 428615 2122840 22706381 170574622 0.84760 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1000 360954 X X 0 6660167 230290 183099 747669 10626 6315261 8090764 219893 233570 1822871 61189 6660167 7764036 201710 500929 349489 26422 8090764 7237416 224176 785055 462909 19702 7764036 7768045 231934 -52129 661934 48500 7237416 0.00000 0.88160 0.11840 0 0 606410 606410 46567343 27797094 18770249 22131216 15984908 6146308 1635863 1635863 27158830 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 2023931 OTHER ASSETS 23105 COLLECTIONS ACQUIRED SINCE JUNE 1, 1996 360954 2407990 CAPITAL LEASE OBLIGATIONS 3111359 REFUNDABLE ADVANCES FROM GOVERNMENT AGENCIES 314647 INTEREST RATE SWAP 142148 3568154 X 26626436 -122104 228415 -13208485 -13102174 39728610 -49798 -49798 39678812 27810771 49798 49798 27760973 13209052 13209052 40970025 PART III, LINE 4: COLLECTION ITEMS ACQUIRED AFTER JUNE 1, 1996 ARE CAPITALIZED AT COST, IF PURCHASED, OR FAIR VALUE. SUCH ITEMS INCLUDE ARTWORK, GLASS, CRYSTAL AND OTHER ITEMS. COLLECTION ITEMS ACQUIRED PRIOR TO JUNE 1, 1996 WERE NOT CAPITALIZED. THESE ITEMS INCLUDE A COLLECTION OF MEMORABILIA FROM BASEBALL HALL OF FAMER, CHRISTY MATHEWSON, AN ALUMNUS OF KEYSTONE ACADEMY, THE FORERUNNER TO KEYSTONE COLLEGE. OUR COLLECTION HAS BEEN DESCRIBED AS "THE LARGEST AND BEST" OF ITS KIND BY SPORTS MEMORIABILIA EXPERTS. IT IS AN IMPORTANT PIECE OF OUR INSTITUTION'S HISTORY AND IS THE CENTERPIECE OF THE ANNUAL COMMUNITY CELEBRATION THAT WE HOST FOR OUR NEIGHBORING COMMUNITY, FACTORYVILLE BOROUGH, WHICH WAS MR. MATHEWSON'S BIRTHPLACE. WE OWN A COLLECTION OF ANTIQUE, ORNAMENTAL GLASS SERVING PIECES. THESE ITEMS PROVIDE TANGIBLE EXAMPLES OF A FINE ART PRACTICE THAT IS BECOMING SCARCELY PRACTICED. THIS COLLECTION ADDS CONSIDERABLE VALUE TO OUR STUDENTS' EDUCATION EXPERIENCE, PARTICULARLY THOSE WHO STUDY AND PRACTICE THE ART OF GLASS-BLOWING IN OUR ON-CAMPUS GLASS STUDIO. WE ALSO MAINTAIN A COLLECTION OF VARIOUS WORKS OF VISUAL ART, INCLUDING PAINTINGS, DRAWINGS, AND SCULPTURES, THAT ENHANCE OUR STUDENTS' EDUCATIONAL EXPERIENCE AND ADD VALUE TO OUR CAMPUS AESTHETIC. PART V, LINE 4: EARNINGS ON ENDOWMENT FUNDS ARE USED TO SUPPORT SCHOLARSHIPS FOR STUDENTS, FACULTY SALARIES, AND AWARDS. PART X, LINE 2: THE COLLEGE ACCOUNTS FOR UNCERTAINTIES IN INCOME TAXES IN ACCORDANCE WITH AUTHORITATIVE GUIDANCE, WHICH PRESCRIBES A RECOGNITION THRESHOLD OF MORE LIKELY THAN NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MANAGEMENT HAS DETERMINED THAT THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD AT MAY 31, 2020 AND 2019. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST EXPENSE RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES (IF ANY) IN OPERATING EXPENSES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF INTEREST RATE SWAP 45,838. CHANGE IN VALUE OF ANNUITY OBLIGATION 9,603. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST -54,874. STUDENT FINANCIAL AID -13,109,767. LOSS ON DEBT REFINANCING -99,285. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -20,923. FUNDRAISING EXPENSES -28,875. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 20,923. FUNDRAISING EXPENSES 28,875. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 13,109,767. LOSS ON DEBT REFINANCING 99,285. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 WE SOLICIT STUDENTS THROUGHOUT THE YEAR AND MAKE THEM AWARE OF THE POLICY THROUGH OUR WRITTEN ADMISSIONS MATERIALS, OUR CATALOGUE, AND OUR WEBSITE. SCHEDULE E, PART I, LINE 6 KEYSTONE COLLEGE PARTICIPATES IN THE TITLE IV FEDERAL STUDENT ASSISTANCE PROGRAMS. THE ORGANIZATION ALSO PARTICIPATES IN THE COMMONWEALTH OF PENNSYLVANIA STATE GRANT PROGRAM AND INSTITUTIONAL ASSISTANCE GRANT PROGRAM. GOLF TOURNAMENT 21420 7600 13820 22260 30 1500 5085 21420 7600 13820 22260 30 1500 5085 28875 -15055 1 SCHOLARSHIPS(INTERNAL TUITION DISCOUNTS) 1043 13109767 SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS 142 132750 FEDERAL WORK STUDY 48 95089 ENDOWED SCHOLARSHIPS 126 30759 OTHER SCHOLARSHIPS/GRANTS 969 736607 PART I, LINE 2: ALL STUDENTS APPLYING FOR FINANCIAL ASSISTANCE ARE REQUIRED TO SUBMIT THE FREE APPLICATION FOR FEDERAL STUDENT AID ("FAFSA"). THE STUDENT FINANCIAL AID OFFICE REVIEWS THE RESULTS OF THE FAFSA, WHICH DICTATES WHAT AND HOW MUCH FEDERAL FUNDING FOR WHICH THE INDIVIDUAL STUDENT IS ELIGIBLE. IF THE STUDENT IS DETERMINED TO BE IN COMPLIANCE WITH ALL FEDERAL REGULATIONS, AS DETERMINED BY THE DEPARTMENT OF EDUCATION, THE STUDENT FINANCIAL AID OFFICE AWARDS THE STUDENT THE APPROPRIATE FUNDING. STUDENT FILES REGARDING ELIGIBILITY ARE MAINTAINED BY THE STUDENT FINANCIAL AID OFFICE. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 TRACY BRUNDAGE PRESIDENT 201764 0 0 0 0 0 6300 0 27261 0 235325 0 0 0 KAREN K YARRISH INTERIM PROVOST/VP 138377 0 0 0 0 0 4413 0 10242 0 153032 0 0 0 PART I, LINE 1A THE ORGANIZATION PROVIDES HOUSING TO THE PRESIDENT OF THE COLLEGE. THE AMOUNT OF BENEFIT RECEIVED IS INCLUDED IN THE PRESIDENT'S NON-TAXABLE BENEFITS. THE PRESIDENT ALSO RECEIVES SOCIAL CLUB DUES. THIS BENEFIT IS PROVIDED IN ORDER FOR THE PRESIDENT TO ATTEND MEETINGS WITH DONORS AND EVENTS FOR PURPOSES OF MARKETING THE COLLEGE. FORM 990, PART VI, SECTION B, LINE 11B THE FINAL FORM 990 IS REVIEWED BY MEMBERS OF THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES AND F. STUART RENDA, VICE PRESIDENT OF FINANCE AND ADMINISTRATION, PRIOR TO FILING. THE FULL BOARD IS PROVIDED WITH ACCESS TO THE FORM 990 VIA THE BOARD PORTAL PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE REQUIRES ALL COVERED PARTIES SUCH AS TRUSTEES, KEY EMPLOYEES AND OFFICERS TO COMPLETE CONFLICT QUESTIONNAIRES ON AN ANNUAL BASIS. THE VP OF FINANCE AND ADMINISTRATION COLLECTS AND REVIEWS THESE QUESTIONNAIRES AND REPORTS ANY CONFLICTS TO THE PRESIDENT AND CHAIRMAN OF THE BOARD. BOARD MEMBERS ABSTAIN FROM VOTING WHEN CONFLICTS ARISE. IN ADDITION, THE VICE PRESIDENT OF FINANCE & ADMINISTRATION REVIEWS THE APPROVED VENDOR LIST ON AN ANNUAL BASIS NOTING ANY POTENTIAL CONFLICTS WHICH MAY HAVE BEEN IMPROPERLY DISCLOSED. THE CONFLICT OF INTEREST POLICY ADDRESSES FAMILY AND BUSINESS RELATIONSHIPS AS A SOURCE OF POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE CHIEF EXECUTIVE OFFICER AND THE PRESIDENT WAS DETERMINED BY THE CHAIRMAN OF THE BOARD OF TRUSTEES, AN INDEPENDENT TRUSTEE. THE CHAIRMAN CONSULTED WITH OTHER INDEPENDENT MEMBERS OF THE BOARD OF TRUSTEES, AT HIS DISCRETION, AND REVIEWED EXECUTIVE COMPENSATION DATA PROVIDED BY THE CHIEF FINANCIAL OFFICER, THE VICE PRESIDENT OF FINANCE AND ADMINISTRATION/TREASURER. THIS INFORMATION INCLUDED, BUT WAS NOT LIMITED TO, INDUSTRY SURVEY DATA FROM THE CHRONICLE OF HIGHER EDUCATION, NACUBO, YAFFE AND COMPANY, AND AICUP. COMPENSATION FOR OTHER KEY EMPLOYEES WAS DETERMINED BY THE PRESIDENT, WHO CONSULTED WITH MEMBERS OF THE BOARD OF TRUSTEES, AT HIS DISCRETION. HE ALSO REVIEWED INFORMATION FROM INDUSTRY SOURCES, SUCH AS THOSE LISTED ABOVE AND WITH THE CHIEF HUMAN RESOURCES OFFICER. SALARY DECISIONS ARE DOCUMENTED IN THE BOARD COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAP 45,838. CHANGE IN VALUE OF ANNUITY OBLIGATION 9,603. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST -54,874. PERPETUAL TRUSTS (3) PERPETUAL TRUSTS PA KEYSTONE COLLEGE T 1963882 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE R, PART IV: KEYSTONE COLLEGE RECEIVES 100% OF THE NET INCOME FROM ONE OF THE PERPETUAL TRUSTS FOR THE PURPOSE OF PROVIDING SCHOLARSHIPS TO STUDENTS OF KEYSTONE COLLEGE WHO ARE RESIDENTS OF LACKAWANNA COUNTY, PENNSYLVANIA. THIS FORM 990 IS BEING FILED LATE DUE TO AN INADVERTENT OMISSION ON THE PART OF THE INDEPENDENT ACCOUNTING FIRM. TECHNICAL FAILURES RELATED TO SOFTWARE WHICH KEEPS TRACK OF FILINGS LED TO THE INADVERTENT INACTION IN FILING THE REQUISITE EXTENSIONS. BOTH THE ORGANIZATION AND ITS ACCOUNTING FIRM RECOGNIZE THE IMPORTANCE OF FILING ALL RETURN REQUIREMENTS TIMELY AND THIS OMISSION IS A RARE OMISSON THAT HAS BEEN NOTED. CHANGES TO THE PROCESS HAVE BEEN ESTABLISHED TO ENSURE THAT FUTURE FILINGS ARE ALL CAPTURED INTERNALLY SO THAT TIMELY FILINGS CAN BE MADE.