2018-01-12T14:50:07-06:00 2017-06-30 420714325 RSM US LLP 9737 WASHINGTONIAN BLVD 400 GAITHERSBURG MD 208787340 990 2016-07-01 520701774 KEY SCHOOL INC KEYS 4102639231 534 HILLSMERE DRIVE ANNAPOLIS MD 21403 CAROLINE EWING DIRECTOR OF FINANCE 4102639231 2018-01-11 1 WILLIAM E TURCO CPA P00369217 3012963600 108.171.131.188 2018-01-11 16:36:58 ES P B807BA4C69A73CA6C24C1450FD5847F62F078646 C19F5D3F195EC13517A150B69ABBCB37DF598FBC 2016 2021-01-29 14:40:06Z MATTHEW NESPOLE 534 HILLSMERE DRIVE ANNAPOLIS MD 21403 18991717 0 X WWW.KEYSCHOOL.ORG X 1959 MD INDEPENDENT, NON-SECTARIAN, NON-PROFIT, PK - GRADE 12 SCHOOL 26 24 220 300 0 0 1413347 1552124 16547009 16768804 376561 297109 112091 290202 18449008 18908239 1893951 1974748 0 0 10886812 11055082 0 0 576768 4282527 4450164 17063290 17479994 1385718 1428245 36612862 39497762 12225097 12594135 24387765 26903627 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 13368068 1974748 16768804 PROVIDES EDUCATION FOR STUDENTS FROM PRESCHOOL THROUGH GRADE 12 - APPROXIMATELY 644 STUDENTS. 13368068 1 1 0 0 0 0 1 0 0 1 1 0 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 1 0 0 0 1 1 1 0 0 0 1 51 0 1 220 1 0 0 0 0 0 1 1 0 0 0 0 X 26 24 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 DRIVE ANNAPOLIS MD 21403 JOSEPH A JANNEY PRESIDENT 1.00 X X 0 0 0 MISSY ATTRIDGE 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 MARK BAGANZ BOARD MEMBER 1.00 X 0 0 0 MARCH K BISHOP BOARD MEMBER 1.00 X 0 0 0 MARIE BROCKHURST 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 COLIN HARRINGTON BOARD MEMBER 1.00 X 0 0 0 JAMES HAYES BOARD MEMBER 1.00 X 0 0 0 NIELS HOLCH BOARD MEMBER 1.00 X 0 0 0 DAVID IRVING 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 TROY MAYER BOARD MEMBER 1.00 X 0 0 0 F MICHAEL SMITH BOARD MEMBER 1.00 X 0 0 0 N STEPHEN STAVROU BOARD MEMBER 1.00 X 0 0 0 TREVOR WILBY BOARD MEMBER 1.00 X 0 0 0 PAM WILLIAMS BOARD MEMBER 1.00 X 0 0 0 SIMEON WOOTEN 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 329877 0 27957 CAROLINE EWING DIRECTOR, FINANCE & OPS 55.00 X 115985 0 12137 DAVID MAGNUS MIDDLE SCHOOL HEAD 55.00 X 124976 0 19443 STEPHEN GINTER ADVANCEMENT DIRECTOR 55.00 X 107153 0 11559 BRIAN MICHAELS UPPER SCHOOL HEAD 55.00 X 101918 0 37576 THOMAS ROSSINI ADMISSIONS DIRECTOR 55.00 X 100938 0 19418 880847 0 128090 6 0 1 0 CJ MAINTENANCE 9254 BENDIX ROAD COLUMBIA MD 21401 CLEANING SERVICE 162430 LINOWES & BLOCHER LLP 7200 WISCONSIN AVE STE 800 BETHESDA MD 208144842 LEGAL 136542 DRUM LOYKA & ASSOC LLP 1410 FOREST DR STE 35 ANNAPOLIS MD 21403 CIVIL ENGINEERING 117389 CLUB SCIKIDZ MD 6209 KNOLLS CT ELKRIDGE MD 21075 AFTER-SCHOOL ACTIVITIES/CLUBS 106640 4 6236 101931 1443957 29351 1552124 TUITION & FEES 900099 16033547 16033547 SUMMER PROGRAMS 900099 735257 735257 16768804 312819 312819 39180 7050 32130 32130 32130 15710 -15710 -15710 -15710 38106 101931 51771 -13665 -13665 9075 0 9075 9075 11825 8947 2878 2878 OTHER REVENUE (BOND) 900099 213785 213785 OTHER REVENUE 900099 45999 45999 259784 18908239 16768804 0 587311 1974748 1974748 504508 347863 133909 22736 7585175 5230062 2013312 341801 325983 224765 86516 14702 2010901 1407007 501400 102494 628515 433361 166808 28346 7936 7731 149 56 43315 43315 35 35 91338 91338 176080 171539 3308 1233 111624 110019 1170 435 1012893 972136 40757 15306 11413 3893 258099 258099 672482 655132 12643 4707 68082 66325 1280 477 INSTRUCTIONAL EXPENSES 762473 762473 SUMMER PROGRAMS 536481 536481 ADMINISTRATIVE EXPENSES 224124 168644 55480 BAD DEBT 218075 218075 251821 210327 41086 408 17479994 13368068 3535158 576768 766 499 9022335 10190901 703141 718310 84993 57356 6866 5500 237129 234623 25335022 8839092 16402262 16495930 10063914 11488673 91456 305970 36612862 39497762 1129114 1288833 2065174 2494815 7850000 8181343 415249 493559 765560 135585 12225097 12594135 X 15528392 16816662 3842064 5008620 5017309 5078345 24387765 26903627 36612862 39497762 X 1428245 1165890 -78273 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 1.00 1 0 10612062 186036 1432212 21068 12209242 10405979 202362 23958 20237 10612062 9945142 293490 186693 19346 10405979 8374535 252671 1352540 34604 9945142 7144071 327943 972199 69678 8374535 0.35770 0.41590 0.22640 0 0 1214212 1214212 18430943 7965968 10464975 2771202 873124 1898078 2918665 2918665 16495930 OBLIGATIONS UNDER CAPITAL LEASE 135585 135585 X 18115343 1165890 -1974748 -808858 18924201 35 -15997 -15962 18908239 15521208 15997 15997 15505211 35 1974748 1974783 17479994 PART II, LINE 9: WE DO NOT REPORT ON CONSERVATION EASEMENTS IN OUR REVENUE, 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, 2017, 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 2014. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE -1,974,748. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON LINE 6B -7,050. COST OF GOODS SOLD REPORTED ON LINE 10B -8,947. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON LINE 6B 7,050. COST OF GOODS SOLD REPORTED ON LINE 10B 8,947. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE 1,974,748. 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. BOOK FESTIVAL 122575 95642 26933 42523 5K/10K RACE 10722 6289 4433 3980 1 6740 6740 140037 101931 38106 46503 46503 -8397 1 FINANCIAL AID TO STUDENTS 171 1974748 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 274812 0 10000 0 45065 0 9480 0 27832 0 367189 0 0 0 PART I, LINE 7 MATTHEW NESPOLE, HEAD OF SCHOOL, RECEIVED $10,000 BONUS AND THIS IS REPORTED IN PART II, COLUMN B(II). A MARYLAND HEALTH & HIGHER EDUCATION FACILITIES AUTHORITY 520936091 2016-07-21 15999265 DEBT REFINANCING & RENOVATIONS 0 0 0 A 8181344 304927 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. AT JUNE 30, 2017, THE SCHOOL HAD $7,817,921 IN AVAILABLE DRAWS WHICH WHICH AT YEAR END HAVE NOT BEEN RECEIVED, ESCROWED OR INVESTED. 10000 FINANCIAL AID TUITION ASSISTANCE X 4 29351 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. FORM 990, PART XI, LINE 9: UNREALIZED GAIN/(LOSS) ON INTEREST RATE SWAP 13,183. EXTINGUISHMENT OF BOND ISSUANCE COSTS -91,456. DOVE LANE LLC 543 HILLSMERE DRIVE ANNAPOLIS MD 21403 521356766 REAL ESTATE HOLDING COMPANY MD 39180 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