2026-03-13T15:00:16-05:00 2025-06-30 420714325 RSM US LLP 9801 WASHINGTONIAN BLVD STE 500 GAITHERSBURG MD 20878 990 2024-07-01 520701774 THE KEY SCHOOL INC KEYS 4102639231 534 HILLSMERE DR ANNAPOLIS MD 21403 CAROLINE EWING DIRECTOR OF FINANCE 4102639231 2026-03-12 1 0 JULIA FLANNERY P00928918 3012963600 2026-03-12 2024 2025-03-06 01:10:19Z MATTHEW NESPOLE 534 HILLSMERE DR ANNAPOLIS MD 21403 23981332 0 X WWW.KEYSCHOOL.ORG X 1958 MD INDEPENDENT, NON-SECTARIAN, NON-PROFIT, PK - GRADE 12 SCHOOL 24 22 311 100 0 0 832209 945547 21403007 22066660 827131 758075 29635 78643 23091982 23848925 2801501 2882668 0 0 14730389 15322005 0 0 620137 7313347 13561324 24845237 31765997 -1753255 -7917072 69556589 70793779 31900270 38698198 37656319 32095581 X 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 18989642 2882668 22066660 KEY SCHOOL PROVIDES EDUCATION TO OVER 600 STUDENTS FROM AGES 2.5 THROUGH GRADE 12. 18989642 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 0 0 0 0 1 1 1 0 0 0 1 36 0 1 311 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 24 22 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 MD X CAROLINE EWING 4102639231 534 HILLSMERE DR ANNAPOLIS MD 21403 JOHN HILBERT PRESIDENT 1.00 X X 0 0 0 COURTNEY SPANGLER VICE PRESIDENT 1.00 X X 0 0 0 COLIN HARRINGTON TREASURER 1.00 X X 0 0 0 LAKSHMI RAMANI SECRETARY 1.00 X X 0 0 0 JULITA ANTHONY BOARD MEMBER 1.00 X 0 0 0 PETER BICHE BOARD MEMBER 1.00 X 0 0 0 MARCH BISHOP BOARD MEMBER 1.00 X 0 0 0 BROOKE BOWMAN 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 JOAN GILLECE BOARD MEMBER 1.00 X 0 0 0 MICHAEL GLASS BOARD MEMBER 1.00 X 0 0 0 JOSEPH A JANNEY III BOARD MEMBER 1.00 X 0 0 0 WESLEY R JONES BOARD MEMBER 1.00 X 0 0 0 ELIZABETH LAPCZYNSKI BOARD MEMBER 1.00 X 0 0 0 WILLIAM MAPP BOARD MEMBER 1.00 X 0 0 0 TROY MAYER BOARD MEMBER 1.00 X 0 0 0 MATTHEW MCCABE BOARD MEMBER 1.00 X 0 0 0 KATE MCGUIRK-ALLISON BOARD MEMBER 1.00 X 0 0 0 WALDO MCMILLAN BOARD MEMBER 1.00 X 0 0 0 SONG PAK BOARD MEMBER 1.00 X 0 0 0 SHANNON TOWER BOARD MEMBER 1.00 X 0 0 0 JOANN WARRICK BOARD MEMBER 1.00 X 0 0 0 MATTHEW NESPOLE HEAD OF SCHOOL 60.00 X 471016 0 41975 CAROLINE EWING DIRECTOR/FINANCE & OPS 55.00 X 184280 0 22231 KRISTEN ADDISON CATLETT LOWER SCHOOL HEAD 55.00 X 147733 0 45254 DAVID MAGNUS MIDDLE SCHOOL HEAD 55.00 X 164008 0 26678 BRIAN MICHAELS UPPER SCHOOL HEAD 55.00 X 150569 0 68826 THOMAS ROSSINI DIRECTOR/ENROLLMENT/OUTREACH 55.00 X 132074 0 64321 KIMBERLY TETER DIRECTOR/ADVANCEMENT 55.00 X 147775 0 275 1397455 0 269560 19 0 1 0 THE WHITING-TURNER CONTRACTING CO 300 E JOPPA RD BALTIMORE MD 21286 CONSTRUCTION 361095 CLEAN NET OF BALTIMORE WASHINGTON 9861 BROKEN LAND PKWY 208 COLUMBIA MD 21046 CLEANING SERVICE PROVIDERS 332788 BROCK FOOD SERVICE 257 GREAT VALLEY PKWAY MALVERN PA 19355 FOOD SERVICE PROVIDER 312517 BRIGHTVIEW LANDSCAPE SERVICES PO BOX 740655 ATLANTA GA 30374 LANDSCAPING SERVICES 254039 DEAN ADVENTURE CAMPS LLC PO BOX 1114 MEDIA PA 19063 SUMMER CAMP PROVIDER 228597 9 97250 848297 4387 945547 TUITION & FEES 611110 21044316 21044316 SUMMER PROGRAMS 611110 1022344 1022344 22066660 758075 758075 44718 5552 39166 39166 39166 135199 97250 126072 9127 9127 3927 0 3927 3927 912 783 129 129 OTHER REVENUE 900099 26294 26294 26294 23848925 22066660 0 836718 X 2882668 2882668 712091 464668 222293 25130 10902864 7114556 3403540 384768 414419 270425 129369 14625 2415259 1705936 659229 50094 877372 572520 273889 30963 463903 402004 53932 7967 48475 48475 90675 3042 87633 180232 149648 28991 1593 193213 126935 65915 363 1784390 1555280 215685 13425 90053 90053 399626 347235 49394 2997 1551618 1348201 191780 11637 83348 72421 10302 625 OTHER EXPENSES 6436097 19528 6403113 13456 PROGRAM SUPPLIES & EXP 1379563 1379563 FOOD/FOOD SERVICE 316516 316516 OFFICE MANAGEMENT 256948 194454 62494 286667 168443 118224 31765997 18989642 12156218 620137 86459 120300 5364176 4207907 1404004 1036060 14027332 15466189 1954 390050 378958 44466820 18431808 27203891 26035012 9390214 9802008 11471976 13408501 216533 338844 69556589 70793779 1565640 7241342 16323665 17853875 13641927 13190559 119886 58676 10455 10455 238697 343291 31900270 38698198 X 23653141 16970514 14003178 15125067 37656319 32095581 69556589 70793779 -7917072 2356334 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 1.00 1 0 21980944 55870 2921194 7825959 17132049 19486763 19097 3133906 658822 21980944 17479447 21118 2383604 397406 19486763 19459963 118700 -2073493 25723 17479447 14875367 25684 4583052 24140 19459963 0.14000 0.86000 0 0 16902351 16902351 24752259 17226982 7525277 2812210 1204826 1607384 26035012 16,572- INDEX FD ADM (VFIAX) 9591821 F 18,648- VANGUARD STOCK-VIG 3816680 F 13408501 FINANCE LEASE LIABILITY 343291 343291 X 23399645 2356334 -2882668 -526334 23925979 -77054 -77054 23848925 28960383 77054 77054 28883329 2882668 2882668 31765997 PART II, LINE 9: WE DO NOT REPORT ON CONSERVATION EASEMENTS IN OUR REVENUE AND EXPENSE STATEMENTS AND BALANCE SHEET. PART V, LINE 4: INCOME GENERATED FROM THE ENDOWMENT IS USED TO SUPPORT THE SCHOOL'S MISSION TO EDUCATE CHILDREN SO THAT THEY EMBRACE LIFELONG LEARNING AND BECOME THOUGHTFUL AND CONSTRUCTIVE MEMBERS OF SOCIETY. PART X, LINE 2: 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 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE -2,882,668. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON LINE 6B -5,552. COST OF GOODS SOLD REPORTED ON LINE 10B -783. FUNDRAISING EVENT EXPENSE REPORTED ON LINE 8B -70,719. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON LINE 6B 5,552. COST OF GOODS SOLD REPORTED ON LINE 10B 783. FUNDRAISING EVENT EXPENSE REPORTED ON LINE 8B 70,719. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE 2,882,668. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 IN ALL PRINTED MATERIAL AS WELL AS ON THE SCHOOL'S WEBSITE, FACULTY/STAFF AND PARENT/TEACHER HANDBOOKS. BOOK FESTIVAL 141600 85400 56200 81974 AUCTION EVENT 78251 5000 73251 20441 1200 14527 1 12598 6850 5748 400 7530 232449 97250 135199 400 20441 1200 104031 126072 9127 1 FINANCIAL AID TO STUDENTS 242 2882668 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 443516 0 27500 0 0 0 12075 0 29900 0 512991 0 0 0 BRIAN MICHAELS UPPER SCHOOL HEAD 150569 0 0 0 0 0 7886 0 60940 0 219395 0 0 0 CAROLINE EWING DIRECTOR/FINANCE & OPS 184280 0 0 0 0 0 8949 0 13282 0 206511 0 0 0 THOMAS ROSSINI DIRECTOR/ENROLLMENT/OUTREACH 132074 0 0 0 0 0 7252 0 57069 0 196395 0 0 0 KRISTEN ADDISON CATLETT LOWER SCHOOL HEAD 147733 0 0 0 0 0 7254 0 38000 0 192987 0 0 0 DAVID MAGNUS MIDDLE SCHOOL HEAD 164008 0 0 0 0 0 8259 0 18419 0 190686 0 0 0 PART I, LINE 7 MATTHEW NESPOLE, HEAD OF SCHOOL, RECEIVED A PERFORMANCE BONUS IN THE AMOUNT OF $27,500 DURING THE CALENDAR YEAR 2024. A MARYLAND HEALTH & HIGHER EDUCATION FACILITIES AUTHORITY 520936091 2016-07-21 15999265 DEBT REFINANCING & RENOVATIONS 0 0 0 A 2618264 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 0 0 1 0 0 0 0 1 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MARYLAND HEALTH & HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 08/09/2022 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. 51200 FINANCIAL AID TUITION ASSISTANCE 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 OUR 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 TRUSTEES OF THE SCHOOL WITH DONOR INFORMATION REDACTED. FORM 990, PART VI, SECTION B, LINE 12C THE KEY SCHOOL BOARD OF TRUSTEES IS GOVERNED BY A SET OF BY-LAWS WHICH INCLUDES A CONFLICT OF INTEREST STATEMENT. THIS STATEMENT MANDATES THAT ANY DUALITY OF INTEREST OR CONFLICT OF INTEREST ON THE PART OF ANY TRUSTEE MUST BE DISCLOSED TO THE OTHER MEMBERS OF THE BOARD AND MADE A MATTER OF RECORD. THIS DISCLOSURE IS CONDUCTED ANNUALLY BY THE COMMITTEE ON TRUSTEES WITH RESULTS REVIEWED BY THE HEAD OF SCHOOL'S OFFICE. ANY ACKNOWLEDGED CONFLICTS ARE SHARED BACK TO THE COMMITTEE ON TRUSTEES FOR DISPOSITION PER ARTICLE IX IN THE BY-LAWS. KEY SCHOOL EMPLOYEES ALSO HAVE A CONFLICT OF INTEREST POLICY IN THEIR EMPLOYEE HANDBOOK. THIS POLICY MANDATES THAT CONFLICTS SHOULD BE REPORTED TO THE EMPLOYEE'S MANAGER. ANY CONFLICTS NOT REPORTED MAY RESULT IN DISCIPLINARY ACTION, UP TO AND INCLUDING TERMINATION. EACH MANAGER IS RESPONSIBLE FOR COMPLIANCE WITHIN THEIR AREA OF OVERSIGHT. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION COMMITTEE OF THE KEY SCHOOL BOARD OF TRUSTEES ANNUALLY REVIEWS THE COMPENSATION OF THE HEAD OF SCHOOL TO CONFIRM ALIGNMENT WITH INDUSTRY NORMS. FACTORS TAKEN INTO CONSIDERATION INCLUDE BENCHMARKED SALARY DATA FROM THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS ON SIMILARLY ALIGNED AND SIZED INDEPENDENT SCHOOLS IN THE AREA. THE COMMITTEE REVIEWS THIS DATA BEFORE MAKING A RECOMMENDATION TO THE BOARD OF TRUSTEES REGARDING APPROPRIATE COMPENSATION. 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. FORM 990, PART IX, LINE 24 AND PART X, LINE 17 A SETTLEMENT PAYMENT IS INCLUDED WITHIN THE ACCOUNTS PAYABLE AND ACCRUED EXPENSES LINE ON PART X AND IN OTHER EXPENSES ON PART IX. FORM 990, PART XII, LINE 2C: KEY SCHOOL DID NOT CHANGE THE OVERSIGHT OR SELECTION PROCESS FROM THE PRIOR YEAR. DOVE LANE LLC 543 HILLSMERE DR ANNAPOLIS MD 21403 521356766 REAL ESTATE HOLDING COMPANY MD 44718 125480 KEY SCHOOL INC THE KEY SCHOOL BUILDING & FINANCE CORP 534 HILLSMERE DR ANNAPOLIS MD 21403 521745985 DORMANT MD KEY SCHOOL INC C 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0