2024-10-23T09:02:31-05:00 2022-05-31 231144520 TAIT WELLER & BAKER LLP 50 SOUTH 16TH STREET SUITE 2900 PHILADELPHIA PA 19102 990 2021-06-01 240795441 KEYSTONE COLLEGE KEYS 5709458000 ONE COLLEGE GREEN LA PLUME PA 18440 F STUART RENDA VP OF FINANCE & ADMINISTRATION 5709458000 2024-10-23 1 HARRISON PEREIRA P00746867 2159798800 2024-10-17 2021 2024-10-15 13:58:12Z F STUART RENDA ONE COLLEGE GREEN LA PLUME PA 18440 30688299 0 X WWW.KEYSTONE.EDU X 1935 PA EDUCATING STUDENTS IN A LIBERAL ARTS TRADITION FOSTERING A GLOBAL PERSPECTIVE ON LIFE-LONG LEARNING. 16 15 534 15 0 0 10012299 7883506 22230219 21831224 255985 31561 2766099 316363 35264602 30062654 5533294 3514308 0 0 11270104 11481734 0 0 0 13322871 17617969 30126269 32614011 5138333 -2551357 37238669 38310029 20920239 24289958 16318430 14020071 KEYSTONE COLLEGE EDUCATES STUDENTS IN A LIBERAL ARTS TRADITION THAT VALUES CIVILITY, INTEGRITY, AND CURIOUSITY, FOSTERING A GLOBAL PERSPECTIVE ON CULTURAL DIVERSITY, ENVIRONMENTAL SUSTAINABILITY, AND LIFE-LONG LEARNING. 0 0 26910451 3514308 21831224 KEYSTONE COLLEGE IS A VIBRANT AND DIVERSE CAMPUS WHEREBY OUR GRADUATES ARE LIFE-LONG LEARNERS WHO ARE ACTIVELY ENGAGED, CONTRIBUTES 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, BACHELORS AND MASTERS DEGREES. 26910451 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 5 0 534 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 16 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X F STUART RENDA VP OF FINANCE AD 5709458000 ONE COLLEGE GREEN LA PLUME PA 18440 TRACY BRUNDAGE PRESIDENT 50.00 X X 227998 0 27666 JAMES CLARK CHAIR 2.00 X X 0 0 0 DAN HAGGERTY CHAIR ELECT 2.00 X X 0 0 0 KIRBY HICKEY FIRST VICE CHAIR 2.00 X X 0 0 0 JOHN S MORRISON SECRETARY 2.00 X X 0 0 0 MICHAEL NARCAVAGE III TRUSTEE 2.00 X 0 0 0 JOHNATHAN VIPOND III TRUSTEE 2.00 X 0 0 0 DR BERNADINE AHONKHAI TRUSTEE 2.00 X 0 0 0 SAM CECCACCI TRUSTEE 2.00 X 0 0 0 JENNIFER J WALSH TRUSTEE 2.00 X 0 0 0 JANE OPPENHEIM TRUSTEE 2.00 X 0 0 0 JAMES B DAVIS 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 GRETCHEN LUDDERS TRUSTEE 2.00 X 0 0 0 JASON WASHO TRUSTEE 2.00 X 0 0 0 F STUART RENDA VP OF FINANCE & ADMINISTRATION 50.00 X 146242 0 7242 JANINE BECKER VP FOR ENROLLMENT & MARKETING 50.00 X 0 0 0 FRANCES LANGAN VP FOR INSTITUTIONAL ADVANCEMENT 40.00 X 124353 0 6963 498593 0 41871 5 0 1 0 SODEXO DINING SERVICES PO BOX 360170 PITTSBURGH PA 15251 FOOD SERVICES 2028925 SODEXO FACILITIES PO BOX 360170 PITTSBURGH PA 15251 GROUNDS AND FACILITIES 1321550 ATR LAPLUME LLC SOUTH MAIN AVENUE SCRANTON PA 18504 CONSTRUCTION, RENTALS 664607 CAPITAL EDUCATION 1650 TYSONS BLVD MCLEAN VA 22102 EDUCATION SERVICES 646599 RUTLEDGE EXCAVATING 88 GAILLEE ROAD TYLER HILL PA 18469 CONSTRUCTION/EXCAVATION 609065 17 59252 7142124 682130 7883506 TUITION & FEES 611310 17654949 17654949 ROOM & BOARD 611310 4110416 4110416 AUXILIARY ENTERPRISES 611310 65859 65859 21831224 23419 23419 91105 0 91105 91105 91105 574913 566771 8142 8142 8142 42434 59252 58874 -16440 -16440 OTHER SOURCES 241698 241698 241698 30062654 21831224 0 347924 X 3514308 3514308 236504 197355 39149 8922533 7446211 1476322 41000 34148 6852 1492627 1243176 249451 789070 657199 131871 30268 30268 63605 63605 3581655 2281864 1299791 261308 16770 244538 82167 23204 58963 127354 113106 14248 1484573 1258682 225891 331118 57014 274104 49543 36776 12767 1038053 823201 214852 2486392 1971768 514624 413754 364477 49277 FOOD SERVICE 2316557 2192123 124434 REPAIRS AND MAINTENANCE 959539 740612 218927 BAD DEBTS 389012 389012 DUES & MEMBERSHIP 234212 206895 27317 3768859 3342550 426309 32614011 26910451 5703560 0 1286908 3915645 313171 74821 37044 2382644 872668 164325 94028 438816 162519 74153906 48282582 26123665 25871324 3091538 3377529 0 848382 837445 2827570 2828656 37238669 38310029 2118302 3216834 2726252 2534274 10247265 15671366 2424414 0 3404006 2867484 20920239 24289958 X 6541311 4760392 9777119 9259679 16318430 14020071 37238669 38310029 X -2551357 -257558 510556 X 0 1 X 0 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 6451940 120319 -223512 250997 147500 5950250 6315261 144139 181900 185380 3980 6451940 6660167 230290 183099 747669 10626 6315261 8090764 219893 233570 1822871 61189 6660167 7764036 201710 500929 349489 26422 8090764 0.00000 0.88914 0.11086 0 0 612310 612310 50528208 30688801 19839407 22683967 17593781 5090186 329421 329421 25871324 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 2276584 OTHER ASSETS 23105 COLLECTIONS ACQUIRED SINCE JUNE 1, 1996 360954 BENEFICIAL INTEREST IN REMAINDER TRUSTS 168013 2828656 CAPITAL LEASE OBLIGATIONS 2867484 2867484 X 27021780 -257558 100000 630992 473434 26548346 3514308 3514308 30062654 29258577 100000 58874 158874 29099703 3514308 3514308 32614011 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 MATTHEWSON, 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. MATTHEWSON'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 IN ENDOWMENT FUNDS ARE USED TO SUPPORT SCHOLARSHIPS FOR STUDENTS, FACULTY SALARIES, AND AWARDS. PART X, LINE 2: THE COLLEGE QUALIFIES AS A TAX-EXEMPT, NOT-FOR-PROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). ACCORDINGLY, THERE IS NO PROVISION FOR FEDERAL OR STATE INCOME TAXES. 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, 2022 AND 2021 OR FOR ANY OTHER PERIODS WHICH REMAIN OPEN TO INSPECTION. 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: FUNDRAISING EVENT EXPENSES PROCEEDS FROM INSURANCE CLAIMS REPORTED AS REVENUE PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED WITH TUITION AND FEES PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED WITH TUITION AND FEES 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. GALA 54636 36388 18248 14133 6653 11430 GOLF TOURNAMENT 47050 22864 24186 17739 8919 101686 59252 42434 14133 24392 20349 58874 -16440 1 SCHOLARSHIPS 1042 3514308 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 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 0 0 X X X 0 0 0 0 0 0 0 0 0 TRACY BRUNDAGE PRESIDENT 227998 0 0 0 0 0 18000 0 9666 0 255664 0 0 0 F STUART RENDA VP OF FINANCE & ADMINISTRATION 146242 0 0 0 0 0 0 0 7242 0 153484 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 TEH 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 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 IX, LINE 11G OTHER: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 48,539. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 48,539. CONSULTING: PROGRAM SERVICE EXPENSES 220,093. MANAGEMENT AND GENERAL EXPENSES 218,923. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 439,016. CONTRACT SERVICES: PROGRAM SERVICE EXPENSES 2,061,771. MANAGEMENT AND GENERAL EXPENSES 1,032,329. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,094,100. FORM 990, PART XI, LINE 9: RETURN OF CONTRIBUTION -147,500. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -166,928. CHANGE IN VALUE OF ANNUITY OBLIGATION -2,400. GAIN ON DEBT FORGIVENESS 255,266. PROCEEDS FROM INSURANCE CLAIMS REPORTED AS REVENUE 572,118. PERPETUAL TRUSTS PA T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0