2017-04-18T14:21:58-05:00 2016-05-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 46 PUBLIC SQUARE SUITE 400 WILKESBARRE PA 18701 990 2015-06-01 240795441 KEYSTONE COLLEGE KEYS 5709458000 ONE COLLEGE GREEN LAPLUME PA 18440 F STUART RENDA VP OF FINANCE AND ADMIN 5709458376 2017-04-18 1 BARBARA LAPUTKA CPA P00782769 5708200100 2017-04-18 2015 2021-01-29 14:40:06Z DAVID L COPPOLA ONE COLLEGE GREEN LAPLUME PA 18440 43798696 0 X WWW.KEYSTONE.EDU X 1935 PA EDUCATING STUDENTS IN A LIBERAL ARTS TRADITION FOSTERING A GLOBAL PERSPECTIVE ON LIFE-LONG LEARNING. 28 25 751 450 0 0 2541474 3018250 33832641 35091540 493823 229269 402734 363121 37270672 38702180 11732353 11881411 0 0 14150329 13637718 0 0 687054 12996876 13130403 38879558 38649532 -1608886 52648 38945239 38908872 23816806 24136383 15128433 14772489 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 33282455 11881411 35300780 KEYSTONE COLLEGE IS 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 1400 STUDENTS COME FROM NEARBY STATES SUCH AS NEW YORK, NEW JERSEY, AND MARYLAND, AS WELL AS NATIONALLY AND INTERNATIONALLYKEYSTONE COLLEGE IS FULLY ACCREDITED AND HIGHLY RESPECTED INSTITUTION OF HIGHER EDUCATION OFFERING ASSOCIATE, BACHELOR'S AND MASTER'S DEGREES. 33282455 1 1 0 1 0 0 0 1 0 1 1 0 0 0 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 72 0 1 751 1 0 0 0 0 0 1 1 0 0 0 0 X 28 25 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 1 1 0 PA X F STUART RENDA 5709458000 ONE COLLEGE GREEN LAPLUME PA 18440 SUSAN S BELIN CHAIR 2.00 X X 0 0 0 ROBERT SWARTLEY FIRST VICE CHAIR 2.00 X X 0 0 0 DOROTHY D MACKIE SECRETARY 2.00 X X 0 0 0 JOHN F PULLO ASSISTANT SECRETARY/ TREAS 2.00 X X 0 0 0 JON S CRAIGHEAD ASSISTANT SECRETARY/ TREAS 2.00 X X 0 0 0 THOMAS G SPEICHER TRUSTEE 2.00 X 0 0 0 ALEX P FRIED TRUSTEE 2.00 X 0 0 0 JOYCE M AVILA TRUSTEE/ADJUNCT INSTRUCTOR 10.00 X 16650 0 0 MICHAEL E BELICOVE TRUSTEE 2.00 X 0 0 0 SUSAN SCRANTON DAWSON TRUSTEE 2.00 X 0 0 0 JOHN M DUFF TRUSTEE 2.00 X 0 0 0 JONATHAN VIPOND III 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 GERARD T O'DONNELL TRUSTEE 2.00 X 0 0 0 JANE E OPPENHEIM TRUSTEE 2.00 X 0 0 0 DIANE C PAPARO TRUSTEE 2.00 X 0 0 0 LETHA WELLS REINHEIMER TRUSTEE 2.00 X 0 0 0 SUZANNE FISHER STAPLES TRUSTEE/ADJUNCT INSTRUCTOR 10.00 X 7500 0 0 JOYCE E TRESSLER TRUSTEE 2.00 X 0 0 0 DR BETTY J TUROCK TRUSTEE 2.00 X 0 0 0 DR DAVID L TUROCK TRUSTEE 2.00 X 0 0 0 JONATHAN L DAVIS TRUSTEE 2.00 X 0 0 0 GRETCHEN LUDDERS TRUSTEE 2.00 X 0 0 0 BERNADINE MUNLEY TRUSTEE 2.00 X 0 0 0 JUDITH GARDENER PRICE TRUSTEE 2.00 X 0 0 0 DAVID L COPPOLA PRESIDENT 50.00 X X 214225 0 4617 JAMES C CLARK TRUSTEE 2.00 X 0 0 0 MARIE A GEORGE EXECUTIVE VICE PRESIDENT 50.00 X 146058 0 0 CHARLOTTE M RAVAIOLI VP OF INSTITUTIONAL ADVANCEMENT 50.00 X 120885 0 3584 KEVIN M WILSON - LEFT EMPLOY 51316 VP OF FINANCE & ADMINISTRATION 50.00 X 110995 0 4742 KAREN K YARISH VP OF ACADEMIC AFFAIRS 50.00 X 110193 0 4491 FRANCES G LANGAN PROFESSOR 40.00 X 105728 0 0 832234 0 17434 6 0 1 0 SODEXO PO BOX 360170 PITTSBURGH PA 15251 FOOD SERVICES 2421763 FOLLETT HIGHER EDUCATION GROUP 624 S MICHIGAN AVE CHICAGO IL 606930142 BOOK STORE 1089166 ROYALL & CO 1920 EAST PARHAM ROAD RICHMOND VA 23228 RECRUITMENT SERVICES 472089 GC WALL INC 918 EXETER AVE EXETER PA 18643 GENERAL CONTRACTORS 307786 CONDRON & CO 225 WYOMING AVENUE SCRANTON PA 18503 ADVERTISING 238104 9 41130 1334823 1642297 3018250 TUITION & FEES 611600 29519679 29519679 ROOM & BOARD 721000 4534190 4534190 SUMMER AND WEEKENDER 721000 938231 938231 BOOK STORE COMMISSION 611600 99440 99440 35091540 229269 229269 70273 53637 16636 16636 16636 5013937 5013937 0 28889 41130 28942 -53 -53 EARLY ED TRAINING CTR 611710 209240 209240 BAD DEBT & GRANT RECOVERY 900099 99863 99863 OTHER PROGRAM SERVICE 900099 37435 37435 346538 38702180 35300780 0 383150 X 11881411 11881411 842167 113854 728313 9332761 7652864 1306587 373310 45590 36472 7750 1368 2462148 1501911 787887 172350 955052 783143 133707 38202 129327 129327 74750 74750 9600 9600 4575454 3988998 540606 45850 278298 242119 36179 296563 222422 71175 2966 767817 621932 138207 7678 302598 275364 24208 3026 40497 24703 14174 1620 766804 628779 130357 7668 2197523 1801969 373579 21975 319153 261705 54256 3192 OTHER ADMINISTRATIVE EX 2636700 2636700 BAD DEBT EXPENSE 464682 385686 78996 STUDENT ACTIVITIES/SERV 158511 158511 DUES, MEMBERSHIPS & SUB 112126 63912 40365 7849 38649532 33282455 4680023 687054 342348 1773663 1166620 881872 1911870 2106853 120831 132201 278730 502886 60123920 35516469 25598705 24607451 7995364 7489408 1530771 1414538 38945239 38908872 2748153 3067219 1175581 1978520 7145726 6857919 5954414 7408463 3205950 2978145 3586982 1846117 23816806 24136383 X 4663031 4962253 2941268 2170401 7524134 7639835 15128433 14772489 38945239 38908872 X 52648 -324699 -83893 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 9600 0 0 9600 0 PART II-B, LINE 1: KEYSTONE COLLEGE CONTRACTED SCANLON GOVERNMENT SERVICES, WHO PROVIDED AN OPPORTUNITY FOR THE UNIVERSITY PRESIDENT TO HAVE BRIEF INTRODUCTIONS WITH FEDERAL AND STATE POLICY MAKERS WHO HAVE INFLUENCE OVER GOVERNMENTAL GRANT AND POLICIES REGARDING EDUCATION. 1000 356954 X X 0 1 0 7768045 231934 -52129 661934 48500 7237416 8106759 325267 486286 1101767 48500 7768045 7462000 234595 889874 432395 47315 8106759 6740623 69059 969146 269059 47769 7462000 7165858 223500 -180657 423500 44578 6740623 0.00000 0.85000 0.15000 0 0 735910 735910 41656254 22348025 19308229 16925148 13168444 3756704 806608 806608 24607451 CAPITAL LEASES 514962 REFUNDABLE ADVANCES FROM GOVERNMENT AGENCIES 687200 INTEREST RATE SWAP 643955 1846117 X 26412177 -324699 -11965304 -12290003 38702180 0 38702180 26768121 0 26768121 11881411 11881411 38649532 PART III, LINE 4: COLLECTION ITEMS ACQUIRED AFTER JUNE 1, 1996 ARE CAPITALIZED AT COST, IF PURCHASED, OR FAIR VALUE. SUCH COLLECTION 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 MEMORABILIA 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 IV, LINE 1B: CERTAIN STUDENTS OF THE COLLEGE WERE RECIPIENTS OF GRANTS UNDER THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE ACT (PHEAA) AND THE PELL GRANTS PROGRAMS. THE GRANTS ARE SIMILIAR TO AGENCY FUNDS BECAUSE THE COLLEGE ACTED ONLY AS CUSTODIAN AND DISBURSING AGENT FOR THESE FUNDS. THE BALANCE TO BE REFUNDED TO PHEAA OF $3,651 IS INCLUDED ON THE BALANCE SHEET AS OF MAY 31,2016 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 IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. INCOME DETERMINED TO BE UNRELATED BUSINESS INCOME IS TAXABLE. THE COLLEGE BELIEVES ALL ITS INCOME IS RELATED INCOME AND ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS INCLUDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED GAIN ON INTEREST RATE SWAP 45,953. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -116,233. CHANGE IN VALUE OF ANNUITY OBLIGATIONS 80,421. STUDENT AID -11,881,411. LOSS ON DEBT REFINANCING -94,034. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID 11,881,411. 1 1 0 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 GRANTS PROGRAM AND INSTITUTIONAL ASSISTANCE GRANTS PROGRAM. GOLF TOURNAMENT 70019 41130 28889 22012 5683 1247 70019 41130 28889 22012 5683 1247 28942 -53 1 SCHOLARSHIPS (INTERNAL TUITION DISCOUNTS) 1116 11881411 CASH N/A 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 THE INDIVIDUAL STUDENT IS ELIGIBLE FOR. 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 1 0 0 0 0 0 0 0 DAVID L COPPOLA PRESIDENT 214225 0 0 0 0 0 0 0 4617 0 218842 0 0 0 PART I, LINE 4B DAVID L. COPPOLA, PRESIDENT OF THE COLLEGE PARTICIPATES IN A DEFERRED COMPENSATION PLAN. FORM 990, PART VI, SECTION A, LINE 2 DR. BETTY J. TUROCK AND DR. DAVID L. TUROCK, BOTH TRUSTEES, ARE RELATED TO EACH OTHER AS MOTHER AND SON. IN ORDER TO DETERMINE WHETHER OR NOT THERE ARE ANY BUSINESS OR FAMILY RELATIONSHIPS BETWEEN OFFICERS, DIRECTORS, TRUSTEES OR KEY EMPLOYEES, INTERVIEWS ARE PERFORMED BY HUMAN RESOURCES, FOLLOWED BY THE RESPONSIBLE MANAGERS, VICE PRESIDENT, AND POSSIBLY THE PRESIDENT AND/OR A SEARCH COMMITTEE COMPRISED OF SEVERAL EMPLOYEES AND BOARD MEMBERS. THE DIRECTOR OF HUMAN RESOURCES CONDUCTS THE CONFLICT OF INTEREST QUESTION AND BUSINESS AND FAMILY RELATIONSHIP QUESTIONS, AND PREPARES A LOG OF THE RESPONSES. THIS INFORMATION IS FORWARDED TO THE PRESIDENT. FORM 990, PART VI, SECTION B, LINE 11 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. 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. 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 HER 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. 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 IX, LINE 11G CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 2,222,967. MANAGEMENT AND GENERAL EXPENSES 297,016. FUNDRAISING EXPENSES 25,551. TOTAL EXPENSES 2,545,534. FOOD SERVICE: PROGRAM SERVICE EXPENSES 1,766,031. MANAGEMENT AND GENERAL EXPENSES 243,590. FUNDRAISING EXPENSES 20,299. TOTAL EXPENSES 2,029,920. FORM 990, PART XI, LINE 9: UNREALIZED GAIN ON INTEREST RATE SWAP 45,953. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -116,233. CHANGE IN VALUE OF ANNUITY OBLIGATIONS 80,421. LOSS ON DEBT REFINANCING -94,034. PART XII, LINE 3B THE ORGANIZATION UNDERWENT THE REQUIRED A-133 AUDIT FOR THE YEAR ENDED MAY 31,2016. PERPETUAL TRUSTS (3) PERPETUAL TRUSTS PA KEYSTONE COLLEGE T 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 PART IV - BENEFICIAL INTEREST IN TRUST 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.