Civic Intelligence

Keystone College

990 • Fiscal year 2023 • EIN 24-0795441

Jun 01, 2022 to May 31, 2023 • Filed on Apr 15, 2024

One College GreenLA Plume, PA 18440

(570) 945-8000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

85th percentile

0.74x

Higher debt load relative to assets than 85% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

78th percentile

1.09x

Higher debt load relative to revenue than 78% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

11th percentile

-24%

Higher net margin than 11% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

20th percentile

$147,240

Higher top officer pay than 20% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

9th percentile

-8.0%

Faster asset growth than 9% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

16th percentile

-21%

Faster revenue growth than 16% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Assets

Down

$35,227,437

Down $3,082,592 (-8.0%) from 2022

Net Assets

Down

$9,099,178

Down $4,920,893 (-35%) from 2022

Liabilities

Up

$26,128,259

Up $1,838,301 (+7.6%) from 2022

Revenue

Down

$23,875,115

Down $6,187,539 (-21%) from 2022

Expenses

Down

$29,589,984

Down $3,024,027 (-9.3%) from 2022

Net Income

Down

-$5,714,869

Down $3,163,512 (-124%) from 2022

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$30M$20M$10M$0Assets 2010: $28,866,901Liabilities 2010: $15,823,318Net Assets 2010: $13,043,5832010Assets 2011: $33,468,218Liabilities 2011: $18,216,852Net Assets 2011: $15,251,3662011Assets 2012: $32,892,341Liabilities 2012: $18,576,063Net Assets 2012: $14,316,2782012Assets 2013: $35,926,479Liabilities 2013: $20,112,286Net Assets 2013: $15,814,1932013Assets 2014: $38,927,286Liabilities 2014: $22,186,320Net Assets 2014: $16,740,9662014Assets 2015: $38,945,239Liabilities 2015: $23,816,806Net Assets 2015: $15,128,4332015Assets 2016: $38,908,872Liabilities 2016: $24,136,383Net Assets 2016: $14,772,4892016Assets 2017: $38,664,825Liabilities 2017: $23,225,056Net Assets 2017: $15,439,7692017Assets 2018: $37,579,216Liabilities 2018: $23,376,743Net Assets 2018: $14,202,4732018Assets 2019: $36,260,691Liabilities 2019: $24,268,920Net Assets 2019: $11,991,7712019Assets 2020: $39,147,400Liabilities 2020: $28,339,964Net Assets 2020: $10,807,4362020Assets 2021: $35,973,065Liabilities 2021: $22,574,253Net Assets 2021: $13,398,8122021Assets 2022: $38,310,029Liabilities 2022: $24,289,958Net Assets 2022: $14,020,0712022Assets 2023: $35,227,437Liabilities 2023: $26,128,259Net Assets 2023: $9,099,1782023Assets 2024: $36,217,596Liabilities 2024: $32,765,155Net Assets 2024: $3,452,4412024

Highlighted filing

2023

Assets$35,227,437
Liabilities$26,128,259
Net Assets$9,099,178

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0-$20MExpenses 2010: $34,650,6912010Expenses 2011: $37,163,1212011Expenses 2012: $37,992,2662012Expenses 2013: $38,552,7722013Revenue 2014: $39,368,546Expenses 2014: $38,728,246Net Income 2014: $640,3002014Revenue 2015: $37,270,672Expenses 2015: $38,879,558Net Income 2015: -$1,608,8862015Revenue 2016: $38,702,180Expenses 2016: $38,649,532Net Income 2016: $52,6482016Revenue 2017: $38,609,807Expenses 2017: $38,872,603Net Income 2017: -$262,7962017Revenue 2018: $39,548,441Expenses 2018: $40,531,654Net Income 2018: -$983,2132018Revenue 2019: $38,427,209Expenses 2019: $40,121,862Net Income 2019: -$1,694,6532019Revenue 2020: $39,678,812Expenses 2020: $40,970,025Net Income 2020: -$1,291,2132020Revenue 2021: $32,307,027Expenses 2021: $30,082,658Net Income 2021: $2,224,3692021Revenue 2022: $30,062,654Expenses 2022: $32,614,011Net Income 2022: -$2,551,3572022Revenue 2023: $23,875,115Expenses 2023: $29,589,984Net Income 2023: -$5,714,8692023Revenue 2024: $24,763,187Expenses 2024: $30,967,501Net Income 2024: -$6,204,3142024

Highlighted filing

2023

Revenue$23,875,115
Expenses$29,589,984
Net Income-$5,714,869
Jump To
Filing Snapshot
Filing Period
Jun 1, 2022 to May 31, 2023
Signed
Apr 15, 2024
Return Version
2022v5.0
Gross Receipts
$23,906,127
Mission and Program Overview

Mission

Keystone college educates students in a liberal arts tradition that values civility, integrity, and curiousity, fostering a global perspective on cultural diversity, environmental sustainability, and life-long learning.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$25,871,324$25,561,854▼ $309,470
Investments in Publicly Traded Securities$3,377,529$2,098,197▼ $1,279,332
Accounts Receivable$872,668$1,466,742▲ $594,074
Cash and Non-Interest-Bearing Accounts$3,915,645$1,091,838▼ $2,823,807
Investments Program Related$837,445$837,491▲ $46
Savings and Temporary Cash Investments$313,171$594,426▲ $281,255
Prepaid Expenses and Deferred Charges$162,519$396,348▲ $233,829
Inventories for Sale or Use$94,028$47,596▼ $46,432
Pledges and Grants Receivable$37,044$30,180▼ $6,864
Total Assets$38,310,029$35,227,437▼ $3,082,592
Other Assets Total$2,828,656$3,102,765▲ $274,109
Liabilities
Mortgage Notes Payable Secured by Investment Property$15,671,366$17,663,516▲ $1,992,150
Accounts Payable and Accrued Expenses$3,216,834$4,256,993▲ $1,040,159
Deferred Revenue$2,534,274$2,859,595▲ $325,321
Other Liabilities$2,867,484$1,348,155▼ $1,519,329
Total Liabilities$24,289,958$26,128,259▲ $1,838,301
Net Assets / Fund Balance
Net Assets With Donor Restrictions$9,259,679$9,144,341▼ $115,338
Net Assets Without Donor Restrictions$4,760,392$-45,163▼ $4,805,555
Total Net Assets Fund Balance$14,020,071$9,099,178▼ $4,920,893
Total Liabilities and Net Assets / Fund Balance$38,310,029$35,227,437▼ $3,082,592

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$21,438,759$32,292,835$53,731,594
Equipment$3,458,416$17,872,541$21,330,957
Land$612,310-$612,310
Other Land Buildings$52,369-$52,369
Other Assets Org$23,105--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$5,950,250$69,215▲ $117,045-$5,888,051
2021$6,451,940$120,319▼ $223,512-$5,950,250
2020$6,315,261$144,139▲ $181,900-$6,451,940
2019$6,660,167$230,290▲ $183,099-$6,315,261
2018$8,090,764$219,893▲ $233,570-$6,660,167
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
F Stuart RendaVP Finance &FT$140,000$7,240$147,240
Tracy Brundage Terminated 7292022PresidentFT$140,350$831$141,181
Frances LanganVP InsititutFT$120,000$6,898$126,898
John Pullo Started 812022PresidentFT$100,000-$100,000

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Kc Facilities LLCMaintenanceSOUTH MAIN AVENUE, Scranton, PA 18504$1,154,220
Sodexo Dining ServicesFood ServicesPO BOX 360170, Pittsburgh, PA 15251$1,082,728
Atr Laplume LLCConstructionSOUTH MAIN AVENUE, Scranton, PA 18504$846,200
Capital EducationEduc Services1650 TYSONS BLVD, Mclean, VA 22102$534,119
Keystone Commons Development LLCConstructionSOUTH MAIN AVENUE, Scranton, PA 18504$300,000
Revenue and Support

Revenue Composition

Contributions and Grants
$2,882,553
Program Service Revenue
$20,461,193
Investment Income
$44,082
Other Revenue
$487,287
All Other Contributions
$964,331
Change in Net Assets
$-5,714,869

Audited Revenue Reconciliation

Revenue per Audited Statements
$19,856,551
Revenue Not Reported on Financial Statements
$4,018,564
Revenue Not Reported on Form 990
$550,879
Other Revenue Adjustments
$4,018,564
Total Revenue per Audited Statements
$20,407,430
Total Revenue per Form 990
$23,875,115
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$14,090,459
Salaries, Compensation, and Employee Benefits$11,480,961
Grants and Similar Amounts Paid$4,018,564
Total Fundraising Expense$385,834
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$7,163,900$1,636,772$293,990$9,094,662
Grants to Domestic Individuals$4,018,564--$4,018,564
Fees for Services Other$2,521,764$234,821-$2,756,585
Depreciation Depletion-$2,170,295-$2,170,295
Other Employee Benefits$1,054,604$240,290$40,048$1,334,942
Payroll Taxes$830,572$189,244$31,541$1,051,357
Occupancy$823,600$109,277-$932,877
Interest-$874,209-$874,209
Insurance$70,254$425,654-$495,908
Travel$338,978$6,317$1,522$346,817
Advertising$142,625$6,285-$148,910
Other Expenses$132,394$1,118,705$15,567$132,394
Information Technology$8,577$45,602-$54,179
Office Expenses$37,994$9,918$3,091$51,003
Conferences and Meetings$29,880$1,911$75$31,866
Total Functional Expenses$22,134,850$7,069,300$385,834$29,589,984

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$29,589,984
Total Expenses per Audited Statements$25,602,432
Expenses per Audited Statements$25,571,420
Expenses Not Reported on Financial Statements$4,018,564
Other Expense Adjustments$4,018,564
Expenses Not Reported on Form 990$31,012
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$50,596
Fundraising Direct Expenses$31,012
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Mould Gala$25,406$25,406-$25,406
Golf Tournament$25,190$25,190-$25,190
Total Events$50,596$50,596$31,012$19,584
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Finance Lease Liability$1,348,155
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The final form 990 is reviewed by members of the audit committee of the board of trustees prior to filing. The full board is provided with access to the form 990 via the board portal prior to filing with the irs.

Form 990, Page 6, Part VI, 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. In addition, the vice president of finance & administration reviews the approved vendor list on an annual basis noting any potential conflicts which may have been improperly disclosed. The conflict of interest policy addresses family and business relationships as a source of potential conflicts.

Form 990, Page 6, Part VI, Line 15A

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 and with the chief human resources officer. Salary decisions are documented in the board committee minutes.

Form 990, Page 6, Part VI, Line 15B

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 and with the chief human resources officer. Salary decisions are documented in the board committee minutes.

Form 990, Page 6, Part VI, Line 19

The college makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Keystone College
EIN
24-0795441
Phone
5709458000
Address
ONE COLLEGE GREEN, LA PLUME, PA 18440

Signing Officer

Name
John Pullo Started 812022
Title
President
Phone
5709458000
Signed
2024-04-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Pullo Started 812022
Formed
1935
Legal Domicile
Pa
Voting Board Members
26
Independent Board Members
25
Employees
534

Preparer

Firm
Kohanski & Co Pc
Address
4 MEADOW AVENUE STE C, SCRANTON, PA 18505
Preparer
Kelley Lindsay CPA
Phone
5709412248
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item B

Changes to the original 990 were necessary to reflect adjustments identified upon completion of the financial statement audit.

Form 990, Page 2, Part III, Line 4D

See other program description.

Form 990, Part XI, Line 9

Proceeds from insurance claims reported as revenue 438,695 change in value of benefiial interest in trusts 374,911 change in value of beneficial interest in trusts -100,802 total 712,804

Financial Statement Notes

Schedule D, Page 2, Part III, Line 4

Collection items acquired after june 1, 1996 are capitalized at cost, if purchased, or fair value, such items include artwork, glass, crystal and other items. Collection items acquired prior to june 1, 1996 were not capitalized. 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.

Schedule D, Page 2, Part V, Line 4

Earnings on endowment funds are used to support scholarships for students, faculty salaries, and awards.

Schedule D, Page 3, Part X

The college qualifies as a tax-exempt, not-for-profit organization under section 501(c)(3) of the internal revenue code (irc). Accordingly, there is no provision for federal or state income taxes. The college accounts for uncertainties in income taxes in accordance with authoritative guidance, which prescribes a recognition threshold of more likely than not to be sustained upon examination by the appropriate taxing authority. Mangement has determined that there were no tax uncertanties that met the recognition threshold at may 31, 2023. The college's policy is to recognize interest expense related to unrecognized tax benefits in interest expense and penalties (if any) in operating expenses.

Schedule D, Page 4, Part XI, Line 2D

Proceeds from insurance claims reported as revenue 438,695 fundraising event expenses 31,012

Schedule D, Page 4, Part XI, Line 4B

Scholarships netted with tuition and fees 4,018,564

Schedule D, Page 4, Part XII, Line 2D

Fundraising event expenses 31,012

Schedule D, Page 4, Part XII, Line 4B

Scholarhips netted with tuition and fees 4,018,564

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IRS990/Form990PartVIISectionAGrp/TitleTxt4FIRST VICE C
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IRS990/Form990PartVIISectionAGrp/TitleTxt6VP FINANCE &
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$36.2$32.8$3.45$24.8$31.0$6.20
2023Detailed filing. Detailed filing data is available for this year.$35.2$26.1$9.10$23.9$29.6$5.71
2022Detailed filing. Detailed filing data is available for this year.$38.3$24.3$14.0$30.1$32.6$2.55
2021Detailed filing. Detailed filing data is available for this year.$36.0$22.6$13.4$32.3$30.1$2.22
2020Detailed filing. Detailed filing data is available for this year.$39.1$28.3$10.8$39.7$41.0$1.29
2019Detailed filing. Detailed filing data is available for this year.$36.3$24.3$12.0$38.4$40.1$1.69
2018Detailed filing. Detailed filing data is available for this year.$37.6$23.4$14.2$39.5$40.5$0.98
2017Detailed filing. Detailed filing data is available for this year.$38.7$23.2$15.4$38.6$38.9$0.26
2016Detailed filing. Detailed filing data is available for this year.$38.9$24.1$14.8$38.7$38.6$0.05
2015Detailed filing. Detailed filing data is available for this year.$38.9$23.8$15.1$37.3$38.9$1.61
2014Detailed filing. Detailed filing data is available for this year.$38.9$22.2$16.7$39.4$38.7$0.64
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$35.9$20.1$15.8$38.6
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.9$18.6$14.3$38.0
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$33.5$18.2$15.3$37.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.9$15.8$13.0$34.7