2014-04-12T06:54:20-05:00 2013-05-31 232932984 PARENTEBEARD LLC 46 PUBLIC SQUARE SUITE 400 WILKESBARRE PA 18701 990 2012-06-01 240795441 KEYSTONE COLLEGE KEYS 5709458000 ONE COLLEGE GREEN LAPLUME PA 18440 KEVIN M WILSON 5709458000 2014-04-11 1 JULIUS GREEN CPA P00350393 5708200100 2014-04-11 2012 2015-11-30 17:44:51Z DR EDWARD G BOEHM JR ONE COLLEGE GREEN LAPLUME PA 18440 41962004 0 X WWW.KEYSTONE.EDU X 1935 PA EDUCATING STUDENTS IN A LIBERAL ARTS TRADITION FOSTERING A GLOBAL PERSPECTIVE ON LIFE-LONG LEARNING. 36 30 1042 36 0 0 2166740 3225176 35248082 35213504 230573 959697 348543 428317 37993938 39826694 11372558 11791581 0 0 14435850 14335481 0 0 676450 12183858 12425710 37992266 38552772 1672 1273922 32892341 35926479 18576063 20112286 14316278 15814193 X 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 33902181 11791581 35497324 HIGHER EDUCATION SERVICES - KEYSTONE COLLEGE PROVIDES EDUCATION AND RELATED SUPPORT SERVICES TO OVER 1,650 STUDENTS FROM 14 STATES AND 12 COUNTRIES. WE OFFER A WIDE RANGE OF BACCALAUREATE AND ASSOCIATE DEGREES, WHILE PROVIDING FINANCIAL AID TO MEET 96% OF OUR STUDENTS' OVERALL DEMONSTRATED FINANCIAL NEED. WE OFFERED OVER $11 MILLION IN SCHOLARSHIPS FROM INTERNAL RESOURCES TO OVER 1,300 STUDENTS. OVER 500 OF OUR STUDENTS RESIDE ON CAMPUS, WHILE THE REMAINDER COMMUTE FROM HOME OR LIVE IN PRIVATE RESIDENCES NEAR CAMPUS. WE MAINTAIN A 10:1 RATIO OF STUDENTS TO FACULTY IN ORDER TO PROMOTE A CARING AND SUPPORTIVE ENVIRONMENT DEDICATED TO MEETING OUR STUDENTS' LEARNING NEEDS. WE PROVIDE OUR STUDENTS CO-CURRICULAR OPPORTUNITIES TO LEARN AND GROW; THESE INCLUDE: VARSITY ATHLETICS (NCAA DIVISION III - 8 SPORTS FOR WOMEN AND 7 SPORTS FOR MEN); FACULTY-LED STUDY ABROAD EXCURSIONS; FOREIGN AND DOMESTIC INTERNSHIP OPPORTUNITIES; AND STUDENT CLUBS AND ORGANIZATIONS. ALSO, OUR CAMPUS COMMUNITY ENJOYS A WIDE VARIETY OF EDUCATIONAL RESOURCES, FACILITIES, AND OPPORTUNITIES THAT WE MAKE AVAILABLE TO THE PUBLIC. 33902181 1 1 0 0 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 0 0 0 0 1 6 0 1 1042 1 0 0 0 0 0 1 1 0 0 0 0 X 36 30 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 1 0 PA X KEVIN M WILSON 5709458000 ONE COLLEGE GREEN LAPLUME PA 18440 THOMAS G SPEICHER 2.00 X X 0 0 0 SUSAN S BELIN 2.00 X X 0 0 0 SUSAN SCRANTON DAWSON 2.00 X X 0 0 0 MARK A CARPENTER 2.00 X X 0 0 0 DR EDWARD G BOEHM JR 40.00 X X 209000 0 37512 WILLIAM E AUBREY II 2.00 X X 0 0 0 JOYCE M AVILA 10.00 X 23725 0 0 JACK MICHAEL DUFF 2.00 X 0 0 0 DR JACK C CASSELL 2.00 X 0 0 0 JON S CRAIGHEAD 2.00 X 0 0 0 THOMAS W DAVIS 2.00 X 0 0 0 MICHELE DEMPSEY 2.00 X 0 0 0 MARK DESTEFANO 2.00 X 0 0 0 NANCY DRESSEL 2.00 X 0 0 0 DR DAVID L ELLIOTT 10.00 X 23074 0 0 HOMA FERDOWSKI 10.00 X 12000 0 0 ALEX FRIED 2.00 X 0 0 0 GEORGE W GINADER CPA 2.00 X 0 0 0 JANE JULIUS HONCHELL 40.00 X 69752 0 0 ROBERT L KAGLER 2.00 X 0 0 0 DR FRANCES LANGAN 40.00 X 101915 0 13768 RICHARD T KREBS 2.00 X 0 0 0 GERARD O'DONNELL 2.00 X 0 0 0 JANE OPPENHEIM 2.00 X 0 0 0 JOSEPH J QUINN CPA 2.00 X 0 0 0 DIANE C PAPARO 2.00 X 0 0 0 SUZANNE FISHER STAPLES 10.00 X 7500 0 0 CURTIS N STEVENS 2.00 X 0 0 0 ROBERT SWARTLEY 2.00 X 0 0 0 JOYCE E TRESSLER 2.00 X 0 0 0 DR BETTY J TUROCK 2.00 X 0 0 0 DR DAVID L TUROCK 2.00 X 0 0 0 FAFI KEATING KARAM 2.00 X 0 0 0 EARLE WOOTTON 2.00 X 0 0 0 JOHN PULLO 2.00 X X 0 0 0 DOROTHY D MACKIE 2.00 X 0 0 0 KEVIN M WILSON 40.00 X 92080 0 15439 THEA HARRINGTON 40.00 X 110388 0 14445 PATRICIA MILLER 40.00 X 114548 0 15211 763982 0 96375 4 0 1 0 SODEXO 6081 HAMILTON BOULEVARD ALLENTOWN PA 18106 FOOD SERVICES 2211724 AJ GUZZI CONTRACTORS 6 SKYLINE DR E SOUTH ABINGTON TWP PA 18411 CONSTRUCTION 1223343 C&J COMMERCIAL CONTRACTORS INC 43 MARSHWOOD BEND CLARKS SUMMIT PA 18411 CONSTRUCTION 588277 JENZABAR 101 HUNTINGTON AVENUE SUITE 2200 BOSTON MA 02199 SOFTWARE DEVELOPERS 409974 CONDRON & CO 220 PENN AVE 303 SCRANTON PA 18503 CONSULTING 206886 7 33365 1499889 1691922 3225176 TUITION & FEES 611600 30871978 30871978 ROOM & BOARD 721000 4341526 4341526 35213504 134530 134530 73916 55997 17919 17919 17919 2831778 39654 2046265 0 785513 39654 825167 825167 20379 33365 33048 -12669 -12669 EARLY ED TRAINING CTR 611710 195724 195724 INCENTIVE PAYMENT 900099 71129 71129 BOOK STORE COMMISSION 900099 45772 45772 110442 42324 68118 423067 39826694 35497324 0 1104194 X 11791581 11791581 594855 198850 396005 11167715 9157526 1563480 446709 467986 374388 79558 14040 1238788 755661 396412 86715 866137 710233 121259 34645 51278 51278 62850 62850 3888272 3382796 466593 38883 314602 273704 40898 190887 143165 45813 1909 616194 544475 64997 6722 372186 338689 29775 3722 172646 105314 60426 6906 525484 430897 89332 5255 1963735 1610263 333835 19637 249506 204595 42416 2495 BAD DEBT EXPENSE 493494 409600 83894 STUDENT ACTIVITIES/SERV 180515 180515 DUES, MEMBERSHIPS & SUB 125889 71757 45320 8812 STUDENT INSURANCE 7691 7691 3210481 3210481 38552772 33902181 3974141 676450 233922 68420 3652 3656 381029 1473016 2691507 2612634 107740 110397 523193 495276 51526750 29258763 20855330 22267987 6834071 7565333 1261897 1329760 32892341 35926479 2398859 3005567 421867 1333509 8200000 7900000 3734000 3590000 0 792920 3821337 3490290 18576063 20112286 X 6371619 6268797 1412039 2875854 6532620 6669542 14316278 15814193 32892341 35926479 X 1273922 223993 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 6740623 69059 969146 269059 47769 7462000 7165858 223500 -180657 423500 44578 6740623 6597857 99755 780408 261471 50691 7165858 5989385 163342 982828 414625 72785 50288 6597857 8037018 107582 -1576822 424218 102784 51391 5989385 0.14000 0.78000 0.08000 0 0 665582 665582 35373044 18717881 16655163 15105324 10540882 4564442 382800 382800 22267987 CAPITAL LEASES 238277 ANNUITY PAYABLE 195313 REFUNDABLE ADVANCES FROM GOVERNMENT AGENCIES 1011573 STUDENT DEPOSITS 1131212 AGENCY FUNDS PAYABLE 107620 INTEREST RATE SWAP 806295 3490290 X 28320081 216302 216302 28103779 11722915 11722915 39826694 26822166 68666 68666 26753500 11799272 11799272 38552772 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. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: EARNINGS ON ENDOWMENT FUNDS ARE USED TO SUPPORT SCHOLARSHIPS FOR STUDENTS, FACULTY SALARIES, AND AWARDS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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. THE COLLEGE'S FORM 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX FOR THE YEARS ENDED MAY 31, 2010 THROUGH MAY 31,2013 REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED GAIN ON INTEREST RATE SWAP 190,473. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 67,863. CHANGE IN VALUE OF ANNUITY OBLIGATIONS -34,343. RECLASSIFICATION OF NET STUDENT INSURANCE CHARGES -7,691. PART XI, LINE 4B - OTHER ADJUSTMENTS: GOLF TOURNAMENT NET EXPENSE -12,669. RENTAL EXPENSES -55,997. STUDENT AID NETTED AGAINST REVENUE ON FINANCIAL STATEMENTS 11,791,581. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 55,997. GOLF TOURNAMENT EXPENSE, NET 12,669. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID 11,791,581. STUDENT INSURANCE 7,691. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION 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. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE 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 53744 27410 26334 9674 22362 1012 1 5955 -5955 53744 33365 20379 9674 22362 1012 33048 -12669 1 SCHOLARSHIPS (INTERNAL TUITION DISCOUNTS) 1321 11791581 CASH N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 X 0 0 0 0 0 0 0 0 0 DR EDWARD G BOEHM JR 209000 0 0 0 0 0 0 0 37512 0 246512 0 0 0 PART I, LINE 1A DR. BOEHM'S EMPLOYMENT AGREEMENT CALLS FOR THE COLLEGE TO PROVIDE HOUSING ON CAMPUS AND TO PAY MEMBERSHIPS TO GLEN OAK COUNTRY CLUB AND BIRCHWOOD RACQUET CLUB. THESE AMOUNTS ARE NOT INCLUDED IN HIS TAXABLE INCOME AS THEY ARE FOR THE BENEFIT OF THE COLLEGE. 0 0 0 THIRD PARTY USE: PART I, LINE 32B: KEYSTONE COLLEGE MAINTAINS BROKERAGE ACCOUNTS AND UTILIZES THE BROKERAGE SERVICES TO SELL NON-CASH CONTRIBUTIONS OF PUBLICLY TRADED SECURITIES. 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. FAFI KARAM, A TRUSTEE, IS THE SISTER-IN-LAW OF SARAH KEATING WHO IS AN EMPLOYEE OF THE COLLEGE AND IS CONSIDERED A KEY EMPLOYEE BY THE COLLEGE. SHE IS IN NOT REPORTED ON SECTION VII, SECTION A, BECAUSE HER GROSS COMPENSATION IS LESS THAN THE $150,000 REPORTING THRESHOLD. FORM 990, PART VI, SECTION B, LINE 11 COPIES OF THE FINAL FORM 990 WERE PROVIDED TO ALL MEMBERS OF THE BOARD OF TRUSTEES PRIOR TO ITS 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 REVIEW THE APPROVED VENDOR LIST ON AN ANNUAL BASIS NOTING ANY POTENTIAL CONFLICTS WHICH MAY NOT HAVE BEEN PROPERLY 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 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. 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. OTHER FEES FORM 990, PART IX, LINE 11G CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 3,382,796. MANAGEMENT AND GENERAL EXPENSES 466,593. FUNDRAISING EXPENSES 38,883. TOTAL EXPENSES 3,888,272. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: UNREALIZED GAIN ON INTEREST RATE SWAP 190,473. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 67,863. CHANGE IN VALUE OF ANNUITY OBLIGATIONS -34,343.