2011-04-15T14:21:59-05:00 2010-05-31 ParenteBeard LLC 46 Public Square Suite 400 WilkesBarre PA 18701 990 2009-06-01 240795441 KEYSTONE COLLEGE KEYS 5709458000 ONE COLLEGE GREEN LAPLUME PA 18440 Kevin M Wilson 5709458000 2011-04-15 1 Julius Green CPA 5708200100 2009 2016-02-24 21:20:13Z Dr Edward G Boehm Jr ONE COLLEGE GREEN LAPLUME PA 18440 41786832 0 X www.keystone.edu X 1935 PA Educating STUDENTS IN A LIBERAL ARTS TRADITION FOSTERING A GLOBAL PERSPECTIVE ON LIFE-LONG LEARNING. 37 33 918 250 0 0 2965564 3358030 30125496 31046550 -767633 -3008 375802 407484 32699229 34809056 9120490 9741873 0 13468728 13255837 0 656335 11026501 11652981 33615719 34650691 -916490 158365 27344435 28866901 15260734 15823318 12083701 13043583 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 29610973 9741873 31323312 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 $9 million in scholarships from internal resources to over 1,500 students. Over 400 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. 29610973 1 1 0 0 0 0 1 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 6 0 918 1 0 0 0 0 0 1 1 0 0 0 37 33 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 1 1 0 PA X Kevin M Wilson 5709458000 ONE COLLEGE GREEN LAPLUME PA 18440 JON S CRAIGHEAD 2.00 X 0 0 0 THOMAS W DAVIS 2.00 X 0 0 0 JOHN ATKINS 2.00 X 0 0 0 WILLIAM E AUBREY II 2.00 X 0 0 0 Susan S BELIN 2.00 X X 0 0 0 Dr HarMAR BRERETON 2.00 X 0 0 0 Dr JACK C CASSELL 2.00 X 0 0 0 SUSAN Scranton DAWSON 2.00 X X 0 0 0 MARK DESTEFANO 2.00 X 0 0 0 NANCY DRESSEL 2.00 X 0 0 0 Alex Fried 2.00 X 0 0 0 GEORGE W GINADER CPA 2.00 X 0 0 0 ROBERT L KAGLER 2.00 X 0 0 0 MICHELE DEMPSEY 2.00 X 0 0 0 GRETCHEN Zeidler MILLER 2.00 X 0 0 0 JANE JULIUS HONCHELL 2.00 X 0 0 0 JANE OPPENHEIM 2.00 X 0 0 0 FAFI KEATING KARAM 2.00 X 0 0 0 JOSEPH J QUINN CPA 2.00 X 0 0 0 GERARD O'DONNELL 2.00 X 0 0 0 LETHA Wells REINHEIMER 2.00 X 0 0 0 CURTIS N STEVENS 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 Joyce M Avila 10.00 X 8625 0 0 Homa Ferdowski 10.00 X 8075 0 0 SUZANNE FISHER STAPLES 10.00 X 5000 0 0 Dr DAVID L ELLIOTT 40.00 X 72088 0 9941 Dr Frances Langan 40.00 X 73167 0 10040 HARRY E DOWLING 2.00 X 0 0 0 Thomas G Speicher 2.00 X X 0 0 0 Marilyn W Barbe 2.00 X X 0 0 0 DR EDWARD G BOEHM JR 40.00 X X 209000 0 22953 KEVIN M WILSON 40.00 X X 89505 0 13015 ROBERT SWARTLEY 2.00 X 0 0 0 EARLE WOOTTON 2.00 X 0 0 0 C RAVIOLI 40.00 X 130000 0 10863 595460 0 66812 2 0 1 0 SODEXHO INC 9801 WASHINGTONIAN BLVD GAITHERSBURG MD 20878 DINING SERVICES/FACILITIES MANAGEMENT 3330410 CONDRON & COMPANY 225 WYOMING AVENUE SCRANTON PA 18503 MARKETING 246925 2 29737 1823012 1505281 3358030 TUITION & FEES 611600 27866394 27866394 ROOM & BOARD 721000 3117950 3117950 MISCELLANEOUS PROGRAM 611600 62206 62206 31046550 194402 194402 29626 45951 -16325 -16325 -16325 6705480 6902890 -197410 -197410 -197410 21695 29737 28935 -7240 -7240 EARLY ED TRAINING CTR 611710 202314 202314 CHEF'S TABLE 722210 74448 74448 STUDENT ACTIVITIES FEE 900099 48736 48736 105551 105551 431049 34809056 31323312 0 127714 9741873 9741873 521409 186936 334473 10342227 8480626 1447912 413689 461947 369558 78531 13858 1110189 691363 337196 81630 820065 672453 114809 32803 71768 71768 61390 61390 3323170 2897457 399649 26064 246975 214868 32107 2579787 1934840 619149 25798 1320617 1064613 242530 13474 332074 302187 26566 3321 91036 55532 31863 3641 642951 525928 110522 6501 1913436 1566858 327324 19254 BAD DEBT EXPENSE 375042 311285 63757 STUDENT ACTIVITIES/SERV 365590 365590 DUES, MEMBERSHIPS & SUB 232881 132742 83837 16302 miscellaneous expense 96264 96264 34650691 29610973 4383383 656335 50650 33365 231161 516999 314385 800627 2000730 2541849 134834 132446 454371 475658 40057021 23500087 16928789 16556934 6071032 6597857 1158483 1211166 27344435 28866901 1595190 1787720 863021 546303 9100000 8800000 919063 1390308 2783460 3298987 15260734 15823318 X 3429082 3819217 2671699 3065732 5982920 6158634 12083701 13043583 27344435 28866901 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 322154 322154 X X 0 5989385 163342 982828 414625 72785 50288 6597857 8037018 107582 -1576822 424218 102784 51391 5989385 0.15000 0.75000 0.10000 0 0 665582 665582 27019984 15450808 11569176 11728485 8049279 3679206 642970 642970 16556934 CAPITAL LEASES 450221 ANNUITY PAYABLE 237664 REFUNDABLE ADVANCES FROM GOVERNMENT AGENCIES 869264 STUDENT DEPOSITS 1298366 AGENCY FUNDS PAYABLE 169501 INTEREST RATE SWAP 273971 3298987 34809056 34650691 158365 586220 215297 801517 959882 25921891 586220 -9526576 -8940356 34862247 -53191 -53191 34809056 24962009 53191 53191 24908818 9741873 9741873 34650691 Part III, Line 4: Collection items acquired after June 1, 1996 are capitalized at cost if purchased or at 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. Part V, Line 4: Description of Intended Use of Endowment Funds: EARNINGS ON ENDOWMENT FUNDS ARE USED TO SUPPORT SCHOLARSHIPS FOR STUDENTS, FACULTY SALARIES, AND AWARDS. Part XI, Line 8 - Other Adjustments: UNREALIZED GAIN ON INTEREST RATE SWAP: 175114. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS: 52683. CHANGE IN VALUE OF ANNUITY OBLIGATIONS: -12500. Part XII, Line 2d - Other Adjustments: STUDENT AID: -9741873. UNREALIZED GAIN ON INTEREST RATE SWAP: 175114. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS: 52683. CHANGE IN VALUE OF ANNUITY OBLIGATIONS: -12500. Part XII, Line 4b - Other Adjustments: GOLF TOURNAMENT EXPENSES: -7240. RENTAL EXPENSES: -45951. Part XIII, Line 2d - Other Adjustments: GOLF TOURNAMENT EXPENSES INCLUDED IN INCOME: 45951. RENTAL EXPENSES INCLUDED IN INCOME: 7240. Part XIII, Line 4b - Other Adjustments: STUDENT AID: 9741873. 1 1 1 WE SOLICIT STUDENTS THROUGHOUT THE YEAR AND MAKE THEM AWARE OF THE POLICY THROUGH OUR WRITTEN ADMISSIONS MATERIALS, OUR CATALOGUE, AND OUR WEBSITE. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 KEYSTONE COLLEGE PARTICIPATES IN THE TITLE IV FEDERAL STUDENT ASSISTANCE PROGRAMS. WE ALSO PARTICIPATE IN THE COMMONWEALTH OF PENNSYLVANIA STATE GRANTS PROGRAM AND INSTITUTIONAL ASSISTANCE GRANTS PROGRAM. 1 Golf Tournament 51432 29737 21695 4575 20615 3745 51432 29737 21695 4575 20615 3745 28935 -7240 1 Scholarships (internal tuition discounts) 1229 9741873 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 Dept. of Ed., the 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 22953 0 231953 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 GRAND PIANO 1 8406 Fair Market Value 0 1 1 Third Party Use: Part I, Line 32b: Keystone College maintains brokerage accounts and utilize 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 conflict of interest question and business and family relationship questions will be asked and logged by the director of human resources. 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 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 our 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. FORM 990, PART XI, LINE 2C AUDIT COMMITTEE RESPONSIBILITY THERE WAS NO CHANGE IN THE SELECTION OR OVERSIGHT PROCESSES FROM THE PRIOR YEAR