2025-03-10T16:01:35-05:00 2024-06-30 420714325 RSM US LLP 100 INTERNATIONAL DRIVE SUITE 400 BALTIMORE MD 21202 990 2023-07-01 520701774 THE KEY SCHOOL INC KEYS 4102639231 534 HILLSMERE DR ANNAPOLIS MD 21403 CAROLINE EWING DIRECTOR OF FINANCE 4102639231 2025-03-06 1 0 JULIA FLANNERY P00928918 4102469300 2025-03-06 2023 2025-03-06 01:10:19Z MATTHEW NESPOLE 534 HILLSMERE DR ANNAPOLIS MD 21403 23234293 0 X WWW.KEYSCHOOL.ORG X 1958 MD INDEPENDENT, NON-SECTARIAN, NON-PROFIT, PK - GRADE 12 SCHOOL 29 26 299 100 0 0 3403734 832209 20536969 21403007 652389 827131 146156 29635 24739248 23091982 2556760 2801501 0 0 13909116 14730389 0 0 633831 6789263 7313347 23255139 24845237 1484109 -1753255 69557147 69556589 32725661 31900270 36831486 37656319 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 18433658 2801501 21403007 KEY SCHOOL PROVIDES EDUCATION TO OVER 600 STUDENTS FROM AGES 2.5 THROUGH GRADE 12. 18433658 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 1 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 21 0 1 299 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 29 26 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 446695 0 42301 JOHN HILBERT PRESIDENT 1.00 X X 0 0 0 ALANNA WRIGHT 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 MARK BAGANZ BOARD MEMBER 1.00 X 0 0 0 TOM BAUM 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 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 KEN KISSEL 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 KARA 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 MICHAEL SMITH BOARD MEMBER 1.00 X 0 0 0 COURTNEY SPANGLER 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 ANNA WOOD BOARD MEMBER 1.00 X 0 0 0 CAROLINE EWING DIRECTOR/FINANCE & OPS 55.00 X 168387 0 21175 DAVID MAGNUS MIDDLE SCHOOL HEAD 55.00 X 153709 0 29316 KRISTEN ADDISON CATLETT LOWER SCHOOL HEAD 55.00 X 144625 0 40196 TOM ROSSINI DIRECTOR/ENROLLMT/OUTREACH 55.00 X 125580 0 64718 KATE AUSTIN DIRECTOR/COMMUNICATIONS 55.00 X 122328 0 27534 BRIAN MICHAELS UPPER SCHOOL HEAD 55.00 X 131095 0 62134 1292419 0 287374 9 0 1 0 THE WHITING-TURNER CONTRACTING CO 300 E JOPPA RD BALTIMORE MD 21286 CONSTRUCTION 2837513 CLEAN NET OF BALTIMORE WASHINGTON 9861 BROKEN LAND PKWY 208 COLUMBIA MD 21046 CLEANING SERVICE PROVIDERS 322624 BROCK FOOD SERVICE 257 GREAT VALLEY PKWAY MALVERN PA 19355 FOOD SERVICE PROVIDER 307912 BRIGHTVIEW LANDSCAPE SERVICES PO BOX 740655 ATLANTA GA 30374 LANDSCAPING SERVICES 231166 HORD COPLAN MACHT INC PO BOX 69429 BALTIMORE MD 21264 CONSTRUCTION 213269 13 110650 721559 24701 832209 TUITION & FEES 611110 20468362 20468362 SUMMER PROGRAMS 611110 934645 934645 21403007 827131 827131 41025 27060 13965 13965 13965 91934 110650 114215 -22281 -22281 16778 0 16778 16778 2250 1036 1214 1214 OTHER REVENUE 900099 19959 19959 19959 23091982 21403007 0 856766 2801501 2801501 719313 466412 225705 27196 10424952 6759674 3271122 394156 396621 257174 124451 14996 2359711 1624506 685398 49807 829792 538048 260370 31374 349757 303904 41411 4442 47854 47854 94738 2282 92456 199846 145385 47266 7195 319035 253363 64827 845 1713510 1512380 179025 22105 133766 133766 414789 360411 49110 5268 1499596 1302849 177552 19195 80887 70283 9577 1027 PROGRAM SUPPLIES & EXP 1375653 1375653 FOOD/FOOD SERVICE 301553 301553 OFFICE MANAGEMENT 228330 183489 44841 PROF. DEVELOPMENT 142208 133050 9158 411825 91464 308977 11384 24845237 18433658 5777748 633831 55930 86459 7675940 5364176 1803249 1404004 13996566 14027332 2237 1954 470853 390050 44246260 17042369 25449740 27203891 15035110 9390214 4789467 11471976 278055 216533 69557147 69556589 1860022 1565640 16293207 16323665 14079681 13641927 178804 119886 15000 10455 298947 238697 32725661 31900270 X 22195745 23653141 14635741 14003178 36831486 37656319 69557147 69556589 -1753255 2578088 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 1.00 1 0 19486763 19097 3133906 658822 21980944 17479447 21118 2383604 397406 19486763 19459963 118700 -2073493 25723 17479447 14875367 25684 4583052 24140 19459963 14320272 129234 448795 22934 14875367 0.38000 0.62000 0 0 16871206 16871206 24445556 15837543 8608013 2929498 1204826 1724672 27203891 15452.042-500 INDEX FD ADM (VFIAX) 7784121 F 28313.659-STOCK MKT INDEX ADM (VTSAX) 3687855 F 11471976 FINANCE LEASE LIABILITIES 238697 238697 X 22959035 2578088 -2801501 -223413 23182448 -90466 -90466 23091982 22134202 90466 90466 22043736 2801501 2801501 24845237 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 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE -2,801,501. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON LINE 6B -27,060. COST OF GOODS SOLD REPORTED ON LINE 10B -1,036. FUNDRAISING EVENT EXPENSE REPORTED ON LINE 8B -62,370. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON LINE 6B 27,060. COST OF GOODS SOLD REPORTED ON LINE 10B 1,036. FUNDRAISING EVENT EXPENSE REPORTED ON LINE 8B 62,370. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE 2,801,501. 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 116494 97976 18518 71658 HARVEST DINNER 65152 2480 62672 3317 11158 20057 2 20938 10194 10744 600 2111 5314 202584 110650 91934 600 3317 13269 97029 114215 -22281 16778 1 0.70000 16778 16778 MD 0 IN MARYLAND, RAFFLES OF PERSONAL PROPERTY ARE GOVERNED AT THE COUNTY LEVEL. THE KEY SCHOOL RESIDES IN ANNE ARUNDEL COUNTY, MD, WHICH DOES NOT ISSUE PERMITS FOR RAFFLES. 0 0 0 1.00000 0.00000 CAROLINE EWING 534 HILLSMERE DR ANNAPOLIS MD 21403 0 REGINA SPRUILL 0 REGINA SPRUILL IS THE PARENTS' ASSOCIATION VICE PRESIDENT/VOLUNTEER. SHE OVERSEES THE ENTIRE RAFFLE BASKET PROCESS FOR THE ANNUAL BOOK FESTIVAL, INCLUDING GATHERING IDEAS FOR BASKET THEMES, COLLECTING DONATIONS AND PUTTING THE BASKETS TOGETHER TO BE RAFFLED OFF. X 0 0 1 FINANCIAL AID TO STUDENTS 227 2801501 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 421695 0 25000 0 0 0 11550 0 30751 0 488996 0 0 0 BRIAN MICHAELS UPPER SCHOOL HEAD 131095 0 0 0 0 0 6879 0 55255 0 193229 0 0 0 TOM ROSSINI DIRECTOR/ENROLLMT/OUTREACH 125580 0 0 0 0 0 6993 0 57725 0 190298 0 0 0 CAROLINE EWING DIRECTOR/FINANCE & OPS 168387 0 0 0 0 0 8148 0 13027 0 189562 0 0 0 KRISTEN ADDISON CATLETT LOWER SCHOOL HEAD 144625 0 0 0 0 0 6993 0 33203 0 184821 0 0 0 DAVID MAGNUS MIDDLE SCHOOL HEAD 153709 0 0 0 0 0 7960 0 21356 0 183025 0 0 0 PART I, LINE 7 MATTHEW NESPOLE, HEAD OF SCHOOL, RECEIVED A PERFORMANCE BONUS IN THE AMOUNT OF $25,000 DURING THE CALENDAR YEAR 2023. A MARYLAND HEALTH & HIGHER EDUCATION FACILITIES AUTHORITY 520936091 2016-07-21 15999265 DEBT REFINANCING & RENOVATIONS 0 0 0 A 2154851 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. 46000 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 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 TRUSTEES OF THE SCHOOL WITH DONOR INFORMATION REDACTED. 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. 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 41025 125480 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