Key School INC: FY2021 Nonprofit Profile & Form 990 (EIN 52-0701774)

Revenue by fiscal year
FY2020	$19.6M
FY2021	$20.2M
FY2022	$23.3M
FY2023	$24.7M
FY2024	$23.1M
FY2025	$23.8M

Expenses by fiscal year
FY2020	$20.0M
FY2021	$20.1M
FY2022	$21.6M
FY2023	$23.3M
FY2024	$24.8M
FY2025	$31.8M

Net assets by fiscal year
FY2020	$30.0M
FY2021	$34.3M
FY2022	$33.4M
FY2023	$36.8M
FY2024	$37.7M
FY2025	$32.1M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 1962.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

73 cents of each dollar spent went to programs.

73%

24%

Program services 73% · $14.7M Management & general 24% · $4.7M Fundraising 3% · $627K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? Claim to fix it

Who runs it and what they're paid

36 people listed on the 990; $1.1M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII

Matthew Nespole

Head of School

$359,984Pt VII · Sec A

Caroline Ewing

Director of Finance & Operations

$136,965Pt VII · Sec A

David Magnus

Middle School Head

$133,514Pt VII · Sec A

Brian Michaels

Upper School Head

$120,328Pt VII · Sec A

Thomas Rossini

Director of Enrollment & Outreach

$118,793Pt VII · Sec A

Stephen Ginter

Director of Advancement

$106,917Pt VII · Sec A

Laura Baxter Burrell

College Advisor

$104,911Pt VII · Sec A

Mark Baganz

Board Member

$0Pt VII · Sec A

Matthew Nespole’s $471K as Head of School is at the 86th percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Matthew Nespole	$471,016	$446,695	$417,961	$405,916	$359,984	$329,468
Caroline Ewing	$184,280	$168,387	$149,712	$145,326	$136,965	$129,745
David Magnus	$164,008	$153,709	$137,474	$134,339	$133,514	$130,491
Brian Michaels	$150,569	$131,095	$125,861	$122,338	$120,328	$117,157
Kimberly Teter	$147,775	—	—	—	—	—
Kristen Addison Catlett	$147,733	$144,625	$138,702	$134,478	—	—
Thomas Rossini	$132,074	—	$118,447	$119,041	$118,793	$113,503
Tom Rossini	—	$125,580	—	—	—	—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Key School INC executive salaries →

On this list? Claim this org

Something off? Claim to fix it

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Educates children from preschool through high school in an independent, non-sectarian setting.

Questions for Key School INC

Tap to ask. Key School INC sees how many people are interested.

Your first name shows with your question. Key School INC answers here, for everyone.

Provided by the organization

Know this org? Add your story

1 program · $14.7M · in their own filed words · FY2020

01

Provides education for students from preschool through grade 12, approximately 644 students.

$14.7Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid

Grants received · FY2025

Community Foundation of Anne Arundel County INCFY2025$205K

T Rowe Price Program for Charitable Giving INCFY2025$10K

Total grants receivedfrom 2 funders$215K

Grants paid · 6 grants · $15.2M · 2019–2024

Unitemized GrantFY2024$2,882,668

Unitemized GrantFY2023$2,801,501

Unitemized GrantFY2022$2,556,760

Unitemized GrantFY2021$2,455,457

Unitemized GrantFY2020$2,297,339

Unitemized GrantFY2019$2,198,458

By the numbers

The FY2021 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$20.2M

Ln 12

Fees for servicesLn 2g$16.9M

Gifts and grantsLn 1h$2.9M

Investment incomeLn 3$397K

Money outPt IX

$20.1M

Ln 25

Programscol B$14.7M

Managementcol C$4.7M

Fundraisingcol D$627K

Owns and owesPt X

$34.3M

net assets · Ln 32

Cash and savingsLn 1–2$8.1M

Total assetsLn 16$66.4M

LiabilitiesLn 26$32.1M

PeoplePt VI, VII

36

listed · VII A

PaidVII A7

Voting boardVI 1a30

IndependentVI 1b27

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$2.9M

Government grantsLn 1e$1.7M

Noncash giftsLn 1g$99K

Fundraising eventsLn 1c$103K

Fees for servicesLn 2g$16.9M

Investment incomeLn 3$397K

Other incomeLn 4–11$108K

Total revenueLn 12$20.2M

Assets in detailPt X, end of year

CashLn 1$605

SavingsLn 2$8.1M

Cash and savings togetherLn 1–2$8.1M

InvestmentsLn 11–13$17.6M

Land, buildings, equipmentLn 10c$26.5M

Total assetsLn 16$66.4M

LiabilitiesLn 26$32.1M

Net assetsLn 32$34.3M

OperationsPt I, VI

EmployeesI 5249

VolunteersI 6300

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY21	End FY21
Cash and savingsLn 1–2	$9.5M	$8.1M
InvestmentsLn 11–13	$12.9M	$17.6M
Land, buildings, equipmentLn 10c	$27.7M	$26.5M
Total assetsLn 16	$50.5M	$66.4M
LiabilitiesLn 26	$20.5M	$32.1M
Net assetsLn 32	$30.0M	$34.3M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$2.3M	$2.3M
Pay of current officers, directors and key staffLn 5	$601K	$396K	$180K	$25K
Other salaries and wagesLn 7	$8.8M	$5.8M	$2.6M	$364K
Pension plan contributionsLn 8	$356K	$235K	$107K	$15K
Other employee benefitsLn 9	$2.2M	$1.4M	$645K	$85K
Payroll taxesLn 10	$693K	$457K	$208K	$29K
Legal feesLn 11b	$50K	$1K	$48K	$408
Accounting feesLn 11c	$52K		$52K
Advertising and promotionLn 12	$66K	$10K	$55K
Office expensesLn 13	$150K	$120K	$20K	$10K
Information technologyLn 14	$85K	$75K	$10K	$1K
OccupancyLn 16	$1.8M	$1.6M	$208K	$24K
TravelLn 17	$25K	$25K
InterestLn 20	$448K	$393K	$50K	$6K
Depreciation, depletion and amortizationLn 22	$1.5M	$1.3M	$166K	$19K
InsuranceLn 23	$76K	$67K	$9K	$977
Other expenses (24a–d)Ln 24	$710K	$476K	$186K	$49K
All other expensesLn 24e	$175K	$17K	$158K
Total functional expensesLn 25	$20.1M	$14.7M	$4.7M	$627K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$23.8M	$31.8M	−$7.9M	$32.1M	990 PDF
FY2024	$23.1M	$24.8M	−$1.8M	$37.7M	990 PDF
FY2023	$24.7M	$23.3M	$1.5M	$36.8M	990 PDF
FY2022	$23.3M	$21.6M	$1.7M	$33.4M	990 PDF
FY2021 Viewing	$20.2M	$20.1M	$142K	$34.3M	990 PDF
FY2020	$19.6M	$20.0M	−$397K	$30.0M	990 PDF

More to add? Claim this org

Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2021 990 (6 parts)

Part I · Summary $20,232,729 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $1,039,779$2,864,791

I-9 Program service revenuePrior year $17,998,239$16,862,440

I-10 Investment incomePrior year $459,551$397,145

I-11 Other revenuePrior year $79,036$108,353

I-12 Total revenuePrior year $19,576,605$20,232,729

I-13 Grants and similar amounts paidPrior year $2,198,458$2,297,339

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $12,440,145$12,621,971

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $5,335,418$5,171,182

I-18 Total expensesPrior year $19,974,021$20,090,492

I-19 Revenue less expensesPrior year −$397,416$142,237

Part VI · Governance 27 of 30 board members independent, 1 to look at

VI-1a Voting members of the governing body30

VI-1b Independent voting members27

VI-15a Process for setting top official's payNo

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

Part VIII · Statement of revenue $20,232,729 across 12 lines filed

Lines not itemized here account for $10,538 of total revenue; see the IRS return.

VIII-1a Federated campaigns$7,055

VIII-1c Fundraising events$102,736

VIII-1e Government grants$1,700,000

VIII-1f All other contributions, gifts and grants$1,055,000

VIII-1g Noncash contributions (included above)$98,931

VIII-1h Total contributions, gifts and grants$2,864,791

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $16,862,440$16,862,440

VIII-3 Investment incomeExcluded from tax $397,145$397,145

VIII-6 Net rental income or lossExcluded from tax $26,123$26,123

VIII-8 Net income from fundraising eventsExcluded from tax −$3,773−$3,773

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $75,465$75,465

VIII-12 Total revenueRelated to mission $16,862,440 · Unrelated business $0 · Excluded from tax $505,498$20,232,729

Part IX · Statement of functional expenses $20,090,492 across 18 lines filed

IX-2 Grants to domestic individualsPrograms $2,297,339$2,297,339

IX-5 Pay of current officers, directors and key staffPrograms $396,159 · Management $180,103 · Fundraising $24,806$601,068

IX-7 Other salaries and wagesPrograms $5,812,726 · Management $2,642,601 · Fundraising $363,977$8,819,304

IX-8 Pension plan contributionsPrograms $234,647 · Management $106,676 · Fundraising $14,693$356,016

IX-9 Other employee benefitsPrograms $1,422,621 · Management $644,505 · Fundraising $85,407$2,152,533

IX-10 Payroll taxesPrograms $456,783 · Management $207,664 · Fundraising $28,603$693,050

IX-11b Legal feesPrograms $1,445 · Management $47,916 · Fundraising $408$49,769

IX-11c Accounting feesManagement $52,460$52,460

IX-12 Advertising and promotionPrograms $10,492 · Management $55,064$65,556

IX-13 Office expensesPrograms $120,070 · Management $20,296 · Fundraising $9,911$150,277

IX-14 Information technologyPrograms $74,831 · Management $9,528 · Fundraising $1,094$85,453

IX-16 OccupancyPrograms $1,615,616 · Management $207,541 · Fundraising $23,825$1,846,982

IX-17 TravelPrograms $25,426$25,426

IX-20 InterestPrograms $392,742 · Management $50,007 · Fundraising $5,741$448,490

IX-22 Depreciation, depletion and amortizationPrograms $1,300,844 · Management $165,632 · Fundraising $19,014$1,485,490

IX-23 InsurancePrograms $66,846 · Management $8,511 · Fundraising $977$76,334

IX-24 Other expenses (24a–d)Programs $476,130 · Management $185,698 · Fundraising $48,534$710,362

IX-24e All other expensesPrograms $16,993 · Management $157,590$174,583

IX-25 Total functional expensesPrograms $14,721,710 · Management $4,741,792 · Fundraising $626,990$20,090,492

Part X · Balance sheet $66,395,927 assets, 19 lines filed

X-1 Cash, non-interest-bearingStart of year $8,128$605

X-2 Savings and temporary cash investmentsStart of year $9,454,790$8,058,236

X-3 Pledges and grants receivableStart of year $52,535$24,281

X-4 Accounts receivable$13,605,556

X-8 Inventories for sale or useStart of year $5,510$3,627

X-9 Prepaid expenses and deferred chargesStart of year $302,384$603,257

X-10c Land, buildings and equipment, netStart of year $27,720,057$26,485,622

X-11 Publicly traded securitiesStart of year $12,511,576$13,109,605

X-12 Other securitiesStart of year $414,613$4,505,138

X-16 Total assetsStart of year $50,469,593$66,395,927

X-17 Accounts payable and accrued expensesStart of year $1,307,009$1,336,069

X-19 Deferred revenueStart of year $1,675,633$15,373,232

X-20 Tax-exempt bond liabilitiesStart of year $15,323,535$14,920,702

X-25 Other liabilitiesStart of year $407,122$272,450

X-26 Total liabilitiesStart of year $20,514,927$32,100,134

X-27 Net assets without donor restrictionsStart of year $20,370,448$21,513,754

X-28 Net assets with donor restrictionsStart of year $9,584,218$12,782,039

X-32 Total net assets or fund balancesStart of year $29,954,666$34,295,793

X-33 Total liabilities and net assetsStart of year $50,469,593$66,395,927

Part XI · Reconciliation of net assets $34,295,793 net assets at year end

XI-1 Total revenue$20,232,729

XI-2 Total expenses$20,090,492

XI-3 Revenue less expenses$142,237

XI-4 Net assets at start of year$29,954,666

XI-5 Net unrealized gains (losses) on investments$4,198,890

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$34,295,793

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

Your org? Add context

Made it to the end? Claim this org

Key School INC FY2021 filing

Before you give