2013-02-15T08:59:48-06:00 2012-05-31 232932984 PARENTEBEARD LLC 46 PUBLIC SQUARE SUITE 400 WILKESBARRE PA 18701 990 2011-06-01 240795441 KEYSTONE COLLEGE KEYS 5709458000 ONE COLLEGE GREEN LAPLUME PA 18440 KEVIN M WILSON 5709458000 2013-02-16 1 JULIUS GREEN CPA P00350393 5708200100 2013-02-11 2011 2016-02-25 16:41:14Z DR EDWARD G BOEHM JR ONE COLLEGE GREEN LAPLUME PA 18440 41859272 0 X WWW.KEYSTONE.EDU X 1935 PA EDUCATING STUDENTS IN A LIBERAL ARTS TRADITION FOSTERING A GLOBAL PERSPECTIVE ON LIFE-LONG LEARNING. 36 30 432 0 0 0 3682270 2166740 34132617 35248082 206891 230573 385870 348543 38407648 37993938 11198937 11372558 0 0 13673412 14435850 0 0 695203 12290772 12183858 37163121 37992266 1244527 1672 33468218 32892341 18216852 18576063 15251366 14316278 X KEYSTONE COLLEGE EDUCATES STUDENTS IN A LIBERAL ARTS TRADITION THAT VALUES CIVILITY, INTEGRITY, AND CURIOSITY, FOSTERING A GLOBAL PERSPECTIVE ON CULTURAL DIVERSITY, ENVIRONMENTAL SUSTAINABILITY, AND LIFE-LONG LEARNING. 0 0 33073870 11372558 35483287 HIGHER EDUCATION SERVICES - KEYSTONE COLLEGE PROVIDES EDUCATION AND RELATED SUPPORT SERVICES TO OVER 1,650 STUDENTS FROM 14 STATES AND 12 COUNTRIES. WE OFFER A WIDE RANGE OF BACCALAUREATE AND ASSOCIATE DEGREES, WHILE PROVIDING FINANCIAL AID TO MEET 96% OF OUR STUDENTS' OVERALL DEMONSTRATED FINANCIAL NEED. WE OFFERED OVER $11 MILLION IN SCHOLARSHIPS FROM INTERNAL RESOURCES TO OVER 1,500 STUDENTS. OVER 500 OF OUR STUDENTS RESIDE ON CAMPUS, WHILE THE REMAINDER COMMUTE FROM HOME OR LIVE IN PRIVATE RESIDENCES NEAR CAMPUS. WE MAINTAIN A 10:1 RATIO OF STUDENTS TO FACULTY IN ORDER TO PROMOTE A CARING AND SUPPORTIVE ENVIRONMENT DEDICATED TO MEETING OUR STUDENTS' LEARNING NEEDS. WE PROVIDE OUR STUDENTS CO-CURRICULAR OPPORTUNITIES TO LEARN AND GROW; THESE INCLUDE: VARSITY ATHLETICS (NCAA DIVISION III - 8 SPORTS FOR WOMEN AND 7 SPORTS FOR MEN); FACULTY-LED STUDY ABROAD EXCURSIONS; FOREIGN AND DOMESTIC INTERNSHIP OPPORTUNITIES; AND STUDENT CLUBS AND ORGANIZATIONS. ALSO, OUR CAMPUS COMMUNITY ENJOYS A WIDE VARIETY OF EDUCATIONAL RESOURCES, FACILITIES, AND OPPORTUNITIES THAT WE MAKE AVAILABLE TO THE PUBLIC. 33073870 1 1 0 0 0 0 0 1 0 1 1 0 0 0 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 0 0 0 0 0 1 6 0 1 432 1 0 0 0 0 0 1 1 0 0 0 0 X 36 30 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 1 0 PA X KEVIN M WILSON 5709458000 ONE COLLEGE GREEN LAPLUME PA 18440 HARRY E DOWLING 2.00 X X 0 0 0 THOMAS G SPEICHER 2.00 X X 0 0 0 SUSAN S BELIN 2.00 X X 0 0 0 SUSAN SCRANTON DAWSON 2.00 X X 0 0 0 MARILYN W BARBE 2.00 X X 0 0 0 KEVIN M WILSON 40.00 X X 89505 0 13256 DR EDWARD G BOEHM JR 40.00 X X 209000 0 37300 WILLIAM E AUBREY II 2.00 X 0 0 0 JOYCE M AVILA 10.00 X 11300 0 0 DR HARMAR BRERETON 2.00 X 0 0 0 DR JACK C CASSELL 2.00 X 0 0 0 JON S CRAIGHEAD 2.00 X 0 0 0 THOMAS W DAVIS 2.00 X 0 0 0 MICHELE DEMPSEY 2.00 X 0 0 0 MARK DESTEFANO 2.00 X 0 0 0 NANCY DRESSEL 2.00 X 0 0 0 DR DAVID L ELLIOTT 40.00 X 0 0 0 HOMA FERDOWSKI 10.00 X 10200 0 0 ALEX FRIED 2.00 X 0 0 0 GEORGE W GINADER CPA 2.00 X 0 0 0 JANE JULIUS HONCHELL 2.00 X 0 0 0 ROBERT L KAGLER 2.00 X 0 0 0 DR FRANCES LANGAN 40.00 X 99358 0 13672 GRETCHEN ZEIDLER MILLER 2.00 X 0 0 0 GERARD O'DONNELL 2.00 X 0 0 0 JANE OPPENHEIM 2.00 X 0 0 0 JOSEPH J QUINN CPA 2.00 X 0 0 0 LETHA WELLS REINHEIMER 2.00 X 0 0 0 SUZANNE FISHER STAPLES 10.00 X 7500 0 0 CURTIS N STEVENS 2.00 X 0 0 0 ROBERT SWARTLEY 2.00 X 0 0 0 JOYCE E TRESSLER 2.00 X 0 0 0 DR BETTY J TUROCK 2.00 X 0 0 0 DR DAVID L TUROCK 2.00 X 0 0 0 FAFI KEATING KARAM 2.00 X 0 0 0 EARLE WOOTTON 2.00 X 0 0 0 THEA HARRINGTON 40.00 X 110000 0 14869 536863 0 79097 2 0 1 0 SODEXHO INC 9801 WASHINGTONIAN BLVD GAITHERSBURG MD 20878 DINING SERVICES/FACILITIES MANAGEMENT 3026956 CONDRON & COMPANY 225 WYOMING AVENUE SCRANTON PA 18503 MARKETING 316040 2 31147 1158631 976962 2166740 TUITION & FEES 611600 31091376 31091376 ROOM & BOARD 721000 4156706 4156706 35248082 123400 123400 53219 51225 1994 1994 1994 3438080 451391 3782298 0 -344218 451391 107173 107173 28527 31147 31811 -3284 -3284 EARLY ED TRAINING CTR 611710 196922 196922 BOOK STORE COMMISSION 900099 47596 47596 STUDENT FEES 900099 34657 34657 70658 3626 67032 349833 37993938 35483287 0 343911 11372558 11372558 594855 198850 396005 11460329 9397470 1604446 458413 458842 367074 78003 13765 1083051 660661 346576 75814 838773 687794 117428 33551 38137 38137 69400 69400 3511784 3055252 421414 35118 325379 283080 42299 314491 235868 75478 3145 2095715 1739022 335224 21469 427551 389071 34204 4276 89928 54856 31475 3597 538619 441668 91565 5386 2085442 1710063 354525 20854 204304 167529 34732 2043 BAD DEBT EXPENSE 358128 297246 60882 STUDENT ACTIVITIES/SERV 314594 314594 DUES, MEMBERSHIPS & SUB 253889 144717 91400 17772 STUDENT INSURANCE 48475 48475 1508022 1508022 37992266 33073870 4223193 695203 3112 233922 291865 3652 1565043 381029 2650600 2691507 129821 107740 459572 523193 48258189 27402859 19780604 20855330 7264543 6834071 1323058 1261897 33468218 32892341 2143592 2398859 500660 421867 8500000 8200000 3814257 3734000 3258343 3821337 18216852 18576063 X 5780288 6371619 3100797 1412039 6370281 6532620 15251366 14316278 33468218 32892341 X 1672 -936760 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 350954 X X 0 7165858 223500 -180657 423500 44578 6740623 6597857 99755 780408 261471 50691 7165858 5989385 163342 982828 414625 72785 50288 6597857 8037018 107582 -1576822 424218 102784 51391 5989385 0.14000 0.78000 0.08000 0 0 665582 665582 32871222 17625599 15245623 13955278 9777260 4178018 766107 766107 20855330 CAPITAL LEASES 281451 ANNUITY PAYABLE 196320 REFUNDABLE ADVANCES FROM GOVERNMENT AGENCIES 930153 STUDENT DEPOSITS 1285390 AGENCY FUNDS PAYABLE 131255 INTEREST RATE SWAP 996768 3821337 37993938 37992266 1672 20 -936780 -936760 -935088 25690654 20 -936780 -936760 26627414 11366524 11366524 37993938 26625742 54509 54509 26571233 11421033 11421033 37992266 PART III, LINE 4: COLLECTION ITEMS ACQUIRED AFTER JUNE 1, 1996 ARE CAPITALIZED AT COST, IF PURCHASED, OR FAIR VALUE. SUCH COLLECTION 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 MATHEWSON, 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. MATHEWSON'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. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: EARNINGS ON ENDOWMENT FUNDS ARE USED TO SUPPORT SCHOLARSHIPS FOR STUDENTS, FACULTY SALARIES, AND AWARDS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. INCOME DETERMINED TO BE UNRELATED BUSINESS INCOME IS TAXABLE. THE COLLEGE BELIEVES ALL ITS INCOME IS RELATED INCOME AND ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS INCLUDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. THE COLLEGE'S FORM 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX FOR THE YEARS ENDED MAY 31, 2009 THROUGH 2012 REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. PART XI, LINE 8 - OTHER ADJUSTMENTS: UNREALIZED GAIN ON INTEREST RATE SWAP -873,334. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -61,161. CHANGE IN VALUE OF ANNUITY OBLIGATIONS -2,285. TOTAL TO SCHEDULE D, PART XI, LINE 8: -936,780. PART XII, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED LOSS ON INTEREST RATE SWAP -873,334. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -61,161. CHANGE IN VALUE OF ANNUITY OBLIGATIONS -2,285. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID 11,372,558. RECLASS OF STUDENT INSURANCE 48,475. GOLF TOURNAMENT NET EXPENSE -3,284. RENTAL EXPENSES -51,225. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 51,225. GOLF TOURNAMENT EXPENSE, NET 3,284. PART XIII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID 11,372,558. STUDENT INSURANCE 48,475. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION 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. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE 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 GRANTS PROGRAM AND INSTITUTIONAL ASSISTANCE GRANTS PROGRAM. GOLF TOURNAMENT 59674 31147 28527 5473 25008 1330 59674 31147 28527 5473 25008 1330 31811 -3284 1 SCHOLARSHIPS (INTERNAL TUITION DISCOUNTS) 1245 11372558 CASH N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 THE 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 1 1 X X X X 0 0 0 0 0 0 0 0 0 DR EDWARD G BOEHM JR 209000 0 0 0 0 0 0 0 37300 0 246300 0 0 0 PART I, LINE 1A DR. BOEHM'S EMPLOYMENT AGREEMENT CALLS FOR THE COLLEGE TO PROVIDE HOUSING ON CAMPUS AND TO PAY MEMBERSHIPS TO GLEN OAK COUNTRY CLUB AND BIRCHWOOD RACQUET CLUB. THESE AMOUNTS ARE NOT INCLUDED IN HIS TAXABLE INCOME AS THEY ARE FOR THE BENEFIT OF THE COLLEGE. X 4 28500 APPRAISAL X EQUIPMENT 1 3599 BOOK VALUE 0 0 0 THIRD PARTY USE: PART I, LINE 32B: KEYSTONE COLLEGE MAINTAINS BROKERAGE ACCOUNTS AND UTILIZES THE BROKERAGE SERVICES TO SELL NON-CASH CONTRIBUTIONS OF PUBLICLY TRADED SECURITIES. FORM 990, PART VI, SECTION A, LINE 2 DR. BETTY J. TUROCK AND DR. DAVID L. TUROCK, BOTH TRUSTEES, ARE RELATED TO EACH OTHER AS MOTHER AND SON. IN ORDER TO DETERMINE WHETHER OR NOT THERE ARE ANY BUSINESS OR FAMILY RELATIONSHIPS BETWEEN OFFICERS, DIRECTORS, TRUSTEES OR KEY EMPLOYEES, INTERVIEWS ARE PERFORMED BY HUMAN RESOURCES, FOLLOWED BY THE RESPONSIBLE MANAGERS, VICE PRESIDENT, AND POSSIBLY THE PRESIDENT AND/OR A SEARCH COMMITTEE COMPRISED OF SEVERAL EMPLOYEES AND BOARD MEMBERS. THE DIRECTOR OF HUMAN RESOURCES CONDUCTS THE CONFLICT OF INTEREST QUESTION AND BUSINESS AND FAMILY RELATIONSHIP QUESTIONS, AND PREPARES A LOG OF THE RESPONSES. THIS INFORMATION IS FORWARDED TO THE PRESIDENT. FORM 990, PART VI, SECTION B, LINE 11 COPIES OF THE FINAL FORM 990 WERE PROVIDED TO ALL TRUSTEES PRIOR TO ITS FILING. THE FORM WAS REVIEWED AND APPROVED BY KEVIN M. WILSON, VICE PRESIDENT OF FINANCE AND ADMINISTRATION/TREASURER BEFORE FILING. 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. 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 MEMBERS OF THE BOARD OF TRUSTEES, AT HIS DISCRETION. HE ALSO REVIEWED INFORMATION FROM INDUSTRY SOURCES, SUCH AS THOSE LISTED ABOVE. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 20. UNREALIZED GAIN ON INTEREST RATE SWAP -873,334. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -61,161. CHANGE IN VALUE OF ANNUITY OBLIGATIONS -2,285. TOTAL TO FORM 990, PART XI, LINE 5: -936,760. AUDIT COMMITTEE PAGE 12, PART XII, LINE 2C THE PROCESS USED BY THE COMMITTEE THAT ASSUMES RESPONSIBLITY FOR OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR.