2020-01-14T14:45:12-06:00 2019-06-30 420714325 RSM US LLP 9801 WASHINGTONIAN BLVD STE 500 GAITHERSBURG MD 20878 990 2018-07-01 520701774 KEY SCHOOL INC KEYS 4102639231 534 HILLSMERE DR ANNAPOLIS MD 21403 CAROLINE EWING DIRECTOR OF FINANCE 4102639231 2020-01-14 1 WILLIAM E TURCO CPA P00369217 3012963600 66.98.98.134 2020-01-14 12:32:43 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 00BFBB601F26E6691F3C42FDB75EEBE807206D5E 2018 2020-09-22 18:59:49Z MATTHEW NESPOLE 534 HILLSMERE DR ANNAPOLIS MD 21403 20090717 0 X WWW.KEYSCHOOL.ORG X 1959 MD INDEPENDENT, NON-SECTARIAN, NON-PROFIT, PK - GRADE 12 SCHOOL 29 26 244 300 0 0 1524977 1466070 17412710 17841033 391053 589238 68203 102776 19396943 19999117 1979900 2154745 0 0 11205066 11877744 0 0 583206 4917787 5109212 18102753 19141701 1294190 857416 43189746 50358713 14186334 20118580 29003412 30240133 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 13818539 2154745 17841033 PROVIDES EDUCATION FOR STUDENTS FROM PRESCHOOL THROUGH GRADE 12, APPROXIMATELY 645 STUDENTS. 13818539 1 1 0 0 0 0 1 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 1 60 0 1 244 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 JOSEPH A JANNEY III PRESIDENT 1.00 X X 0 0 0 JOHN HILBERT VICE-PRESIDENT 1.00 X X 0 0 0 PETER BICHE TREASURER 1.00 X X 0 0 0 M KENNETH KISSEL SECRETARY 1.00 X X 0 0 0 NANCY MARGARET ADLER BOARD MEMBER 1.00 X 0 0 0 MISSY ATTRIDGE BOARD MEMBER 1.00 X 0 0 0 MARK BAGANZ BOARD MEMBER 1.00 X 0 0 0 MARCH K BISHOP BOARD MEMBER 1.00 X 0 0 0 KATHERINE EDWARDS BOARD MEMBER 1.00 X 0 0 0 ELIZABETH FILTER BOARD MEMBER 1.00 X 0 0 0 LEANDER J FOLEY III BOARD MEMBER 1.00 X 0 0 0 KRISTIN FUSCO BOARD MEMBER 1.00 X 0 0 0 MICHAEL GLASS BOARD MEMBER 1.00 X 0 0 0 COLIN HARRINGTON BOARD MEMBER 1.00 X 0 0 0 JAMES HAYES BOARD MEMBER 1.00 X 0 0 0 DAVID IRVING BOARD MEMBER 1.00 X 0 0 0 CHANNING MARTIN JONES BOARD MEMBER 1.00 X 0 0 0 WESLEY R JONES BOARD MEMBER 1.00 X 0 0 0 STEVEN KAHLE 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 JEFF RINEHART BOARD MEMBER 1.00 X 0 0 0 F MICHAEL SMITH BOARD MEMBER 1.00 X 0 0 0 N STEVEN STAVROU BOARD MEMBER 1.00 X 0 0 0 TREVOR WILBY BOARD MEMBER 1.00 X 0 0 0 ANNA WOOD BOARD MEMBER 1.00 X 0 0 0 STEPHEN WRAGE BOARD MEMBER 1.00 X 0 0 0 ALANNA WRIGHT BOARD MEMBER 1.00 X 0 0 0 MATTHEW NESPOLE HEAD OF SCHOOL 60.00 X X 354980 0 63386 CAROLINE EWING DIRECTOR/FINANCE & OPS 55.00 X 128073 0 16095 DAVID MAGNUS MIDDLE SCHOOL HEAD 55.00 X 126211 0 27380 EMILY LEGUM LOWER SCHOOL HEAD 55.00 X 118337 0 15550 BRIAN MICHAELS UPPER SCHOOL HEAD 55.00 X 112833 0 39512 THOMAS ROSSINI DIRECTOR OF ENROLLMENT & OUTREACH 55.00 X 112390 0 41869 STEPHEN GINTER DIRECTOR OF ADVANCEMENT 55.00 X 105184 0 27723 1058008 0 231515 7 0 1 0 JAMES G DAVIS CONSTRUCTION 12530 PARKLAWN DR STE 100 ROCKVILLE MD 20852 CONSTRUCTION 1855170 BROCK FOOD SERVICE 257 GREAT VALLEY PARKWAY MALVERN PA 19355 FOOD SERVICE PROVIDERS 305691 CHARLES E ANTHONY ARCHITECTS 1608 WINCHESTER RD ANNAPOLIS MD 21409 ARCHITECTS 186003 DRUM LOYKA & ASSOC LLC 1410 FOREST DR SUITE 35 ANNAPOLIS MD 21403 ENGINEERS 138372 BRIGHTVIEW LANDSCAPE SERVICES PO BOX 740655 ATLANTA GA 303740655 LANDSCAPERS 120629 8 5968 115900 1344202 144962 1466070 TUITION & FEES 900099 17033274 17033274 SUMMER PROGRAMS 900099 807759 807759 17841033 589238 589238 40080 4155 35925 35925 35925 87242 115900 84935 2307 2307 11030 0 11030 11030 3787 2510 1277 1277 OTHER REVENUE 900099 52237 52237 52237 19999117 17841033 0 692014 2154745 2154745 563954 376555 164663 22736 8485439 5665773 2477568 342098 329261 219849 96137 13275 1839778 1144264 618973 76541 659312 440226 192505 26581 256592 12445 240632 3515 40761 40761 48 48 108549 11652 96897 181732 123642 56138 1952 165707 154419 10121 1167 1039318 901057 123965 14296 83121 83121 256678 220306 32611 3761 975251 846030 115860 13361 76571 66425 9097 1049 PROGRAM SUPPLIES & EXPE 994904 994904 FOOD/FOOD SERVICE 247769 247769 OFFICE MANAGEMENT 162379 101110 61269 PROFESSIONAL DEVELOPMEN 124678 92678 32000 395154 62679 330870 1605 19141701 13818539 4739956 583206 2760 4612 8325586 9546148 266483 98229 56298 3736 3265 4427 223004 344325 36038304 10487094 21615218 25551210 12280500 14418923 416632 387103 43189746 50358713 1793365 1674960 2487376 2526146 9413625 15681126 284172 117916 207796 118432 14186334 20118580 X 18106231 18674225 5785247 6433067 5111934 5132841 29003412 30240133 43189746 50358713 857416 379305 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 1.00 1 0 13415347 98625 829761 23461 14320272 12209242 96716 1131564 22175 13415347 10612062 186036 1432212 21068 12209242 10405979 202362 23958 20237 10612062 9945142 293490 186693 19346 10405979 0.36390 0.35840 0.27770 0 0 12252266 12252266 19133849 9613970 9519879 2924292 873124 2051168 1727897 1727897 25551210 OBLIGATIONS UNDER CAPITAL LEASE 118432 118432 X 18230294 379305 -2154745 -1775440 20005734 48 -6665 -6617 19999117 16993573 6665 6665 16986908 48 2154745 2154793 19141701 PART II, LINE 9: WE DO NOT REPORT ON CONSERVATION EASEMENTS IN OUR REVENUE AND EXPENSE STATEMENTS AND BALANCE SHEET. PART V, LINE 4: EVENTUALLY, INCOME GENERATED FROM THE ENDOWMENT WILL BE USED TO SUPPORT THE SCHOOL'S MISSION. CURRENTLY, NO INCOME IS DRAWN FROM ENDOWMENT FUNDS. PART X, LINE 2: THE SCHOOL IS GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). HOWEVER, THE SCHOOL IS SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME AS DEFINED BY THE INTERNAL REVENUE SERVICE (IRS). DURING THE YEAR ENDED JUNE 30, 2019, THE SCHOOL HAD NO TAXABLE UNRELATED BUSINESS INCOME, AND ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. 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 2016. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE -2,154,745. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON LINE 6B -4,155. COST OF GOODS SOLD REPORTED ON LINE 10B -2,510. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON LINE 6B 4,155. COST OF GOODS SOLD REPORTED ON LINE 10B 2,510. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE 2,154,745. 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 THE NEWSPAPER AND ALL PRINTED MATERIAL, AS WELL AS ON THE WEBSITE. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENT 387103 0 0 0 0 0 0 387103 0 387103 0 0 0 0 0 0 BOOK FESTIVAL 158899 108300 50599 58776 HARVEST DINNER 25610 25610 2123 4492 3901 2 18633 7600 11033 600 1009 2267 4511 203142 115900 87242 600 3132 6759 67188 77679 9563 1 FINANCIAL AID TO STUDENTS 184 2154745 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 288630 0 38000 0 28350 0 10457 0 53335 0 418772 0 0 0 DAVID MAGNUS MIDDLE SCHOOL HEAD 126211 0 0 0 0 0 6851 0 20897 0 153959 0 0 0 BRIAN MICHAELS UPPER SCHOOL HEAD 112833 0 0 0 0 0 1200 0 38630 0 152663 0 0 0 THOMAS ROSSINI DIRECTOR OF ENROLLMENT & OUTREACH 112390 0 0 0 0 0 6034 0 36158 0 154582 0 0 0 PART I, LINE 7 MATTHEW NESPOLE, HEAD OF SCHOOL RECEIVED PERFORMANCE BONUS IN THE AMOUNT OF $38,000. A MARYLAND HEALTH & HIGHER EDUCATION FACILITIES AUTHORITY 520936091 2016-07-21 15999265 DEBT REFINANCING & RENOVATIONS 0 0 0 A 50246 15999265 304927 15694338 7817921 7876417 1 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 1 0 0 0 0 0 0 1 A 1 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, NOTE PAYABLE AND 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 ATHLETIC PARK. AS OF 6/30/2019, $4,426,519.22 HAD BEEN EXPENDED ON FUSCO ATHLETIC 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 OF $3,391,401.91 TO AN ESCROW ACCOUNT AT WILMINGTON TRUST FOR FUTURE DISTRIBUTIONS. THE ACCOUNT BALANCE IS INVESTED IN US GOVERNMENT OBLIGATIONS, COMMERCIAL BANK CERTIFICATES OF DEPOSIT, COMMERCIAL PAPER AND OTHER INVESTMENTS APPROVED BY MHHEFA, SANDY SPRING BANK AND WILMINGTON TRUST, ACTING AS TRUSTEE. 32800 FINANCIAL AID TUITION ASSISTANCE X 7 144962 FMV 0 1 0 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 DIRECTORS OF THE SCHOOL. 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. DOVE LANE LLC 543 HILLSMERE DR ANNAPOLIS MD 21403 521356766 REAL ESTATE HOLDING COMPANY MD 40080 300875 KEY SCHOOL INC THE KEY SCHOOL BUILDING & FINANCE CORP 534 HILLSMERE DRIVE 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