Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $110,650

• 1f · All other contributions, gifts and grants

  $721,559

• 1g · Noncash contributions included above

  $24,701

• 2a · Program service revenue: TUITION & FEES

  total $20,468,362 · related or exempt $20,468,362

• 2b · Program service revenue: SUMMER PROGRAMS

  total $934,645 · related or exempt $934,645

• 3 · Investment income

  total $827,131 · excluded $827,131

• 6a · Gross rents

  real property $41,025

• 6b · Less rental expenses

  real property $27,060

• 6c · Rental income or loss

  real property $13,965

• 6d · Net rental income or loss

  total $13,965 · excluded $13,965

• 8a · Fundraising events: gross income

  $91,934

• 8a · Fundraising events: contributions included on line 1c

  $110,650

• 8b · Fundraising events: direct expenses

  $114,215

• 8c · Net income from fundraising events

  total -$22,281 · excluded -$22,281

• 9a · Gaming: gross income

  $16,778

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $16,778 · excluded $16,778

• 10a · Gross sales of inventory

  $2,250

• 10b · Cost of goods sold

  $1,036

• 10c · Net income from sales of inventory

  total $1,214 · excluded $1,214

• 11a · Other revenue: OTHER REVENUE

  total $19,959 · excluded $19,959

• 11e · Other revenue, total

  $19,959

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $2,801,501 · program services $2,801,501

• 5 · Compensation of officers, directors and key employees

  total $719,313 · program services $466,412 · management and general $225,705 · fundraising $27,196

• 7 · Other salaries and wages

  total $10,424,952 · program services $6,759,674 · management and general $3,271,122 · fundraising $394,156

• 8 · Pension plan contributions

  total $396,621 · program services $257,174 · management and general $124,451 · fundraising $14,996

• 9 · Other employee benefits

  total $2,359,711 · program services $1,624,506 · management and general $685,398 · fundraising $49,807

• 10 · Payroll taxes

  total $829,792 · program services $538,048 · management and general $260,370 · fundraising $31,374

• 11b · Fees: legal

  total $349,757 · program services $303,904 · management and general $41,411 · fundraising $4,442

• 11c · Fees: accounting

  total $47,854 · management and general $47,854

• 12 · Advertising and promotion

  total $94,738 · program services $2,282 · management and general $92,456

• 13 · Office expenses

  total $199,846 · program services $145,385 · management and general $47,266 · fundraising $7,195

• 14 · Information technology

  total $319,035 · program services $253,363 · management and general $64,827 · fundraising $845

• 16 · Occupancy

  total $1,713,510 · program services $1,512,380 · management and general $179,025 · fundraising $22,105

• 17 · Travel

  total $133,766 · program services $133,766

• 20 · Interest

  total $414,789 · program services $360,411 · management and general $49,110 · fundraising $5,268

• 22 · Depreciation, depletion and amortization

  total $1,499,596 · program services $1,302,849 · management and general $177,552 · fundraising $19,195

• 23 · Insurance

  total $80,887 · program services $70,283 · management and general $9,577 · fundraising $1,027

• 24a · Other expenses: PROGRAM SUPPLIES & EXP

  total $1,375,653 · program services $1,375,653

• 24b · Other expenses: FOOD/FOOD SERVICE

  total $301,553 · program services $301,553

• 24c · Other expenses: OFFICE MANAGEMENT

  total $228,330 · management and general $183,489 · fundraising $44,841

• 24d · Other expenses: PROF. DEVELOPMENT

  total $142,208 · program services $133,050 · management and general $9,158

• 24e · All other expenses

  total $411,825 · program services $91,464 · management and general $308,977 · fundraising $11,384

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $55,930 · end of year $86,459

• 2 · Savings and temporary cash investments

  beginning of year $7,675,940 · end of year $5,364,176

• 3 · Pledges and grants receivable

  beginning of year $1,803,249 · end of year $1,404,004

• 4 · Accounts receivable

  beginning of year $13,996,566 · end of year $14,027,332

• 8 · Inventories for sale or use

  beginning of year $2,237 · end of year $1,954

• 9 · Prepaid expenses and deferred charges

  beginning of year $470,853 · end of year $390,050

• 10a · Land, buildings and equipment: cost or other basis

  $44,246,260

• 10b · Land, buildings and equipment: accumulated depreciation

  $17,042,369

• 10c · Land, buildings and equipment, net

  beginning of year $25,449,740 · end of year $27,203,891

• 11 · Investments: publicly traded securities

  beginning of year $15,035,110 · end of year $9,390,214

• 12 · Investments: other securities

  beginning of year $4,789,467 · end of year $11,471,976

• 15 · Other assets

  beginning of year $278,055 · end of year $216,533

• 17 · Accounts payable and accrued expenses

  beginning of year $1,860,022 · end of year $1,565,640

• 19 · Deferred revenue

  beginning of year $16,293,207 · end of year $16,323,665

• 20 · Tax-exempt bond liabilities

  beginning of year $14,079,681 · end of year $13,641,927

• 23 · Secured mortgages and notes payable

  beginning of year $178,804 · end of year $119,886

• 24 · Unsecured notes and loans payable

  beginning of year $15,000 · end of year $10,455

• 25 · Other liabilities

  beginning of year $298,947 · end of year $238,697

• 27 · Net assets without donor restrictions

  beginning of year $22,195,745 · end of year $23,653,141

• 28 · Net assets with donor restrictions

  beginning of year $14,635,741 · end of year $14,003,178

The filer's explanations (Part III)

PART I, LINE 7

MATTHEW NESPOLE, HEAD OF SCHOOL, RECEIVED A PERFORMANCE BONUS IN THE AMOUNT OF $25,000 DURING THE CALENDAR YEAR 2023.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• DOVE LANE LLC

  REAL ESTATE HOLDING COMPANY · MD · income $41,025 · assets $125,480

  Directly controlled by KEY SCHOOL INC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• THE KEY SCHOOL BUILDING & FINANCE CORP

  C · DORMANT · MD · 100% owned

  Directly controlled by KEY SCHOOL INC