The Key School Inc

Nonprofit profile at a glance

EIN
520701774
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Annapolis, MD, USA
Phone
4102639231
Rating
75
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Elementary, Secondary Education, K - 12

Official website

Reported finances

Revenue
$23,848,925
Expenses
$31,765,997
Assets
$70,793,779
Liabilities
$38,698,198

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

31 people listed

Executive titles in this filing

  • JOHN HILBERT (PRESIDENT)
  • COURTNEY SPANGLER (VICE PRESIDENT)

Highest reported compensation

  • MATTHEW NESPOLE (HEAD OF SCHOOL): $512,991 total reported compensation
  • BRIAN MICHAELS (UPPER SCHOOL HEAD): $219,395 total reported compensation
  • CAROLINE EWING (DIRECTOR/FINANCE & OPS): $206,511 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The key school is founded upon the conviction that children are innately curious about themselves and the world; they want to learn, they want to discover, and they want to create. (continued on schedule o)

What it reported doing in 2024

Key school provides education to over 600 students from ages 2.5 through grade 12.

Operating model

Revenue model
Earned-program. 93% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 85% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 89
  • Accountability: 85
  • Sustainability: 29
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 77.1%; rating input score 77
  • Program expense ratio: 59.8%; rating input score 60
  • Fundraising efficiency: $1.52 raised per $1 spent on fundraising; rating input score 4; 4th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.4%; rating input score 94; 22nd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 91.7%; rating input score 92; 24th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -33.2%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 2.23; rating input score 65; 65th percentile among comparable filings
  • Liabilities to assets ratio: 0.55; rating input score 25; 25th percentile among comparable filings
  • Officer compensation ratio: 5.2%; rating input score 49; 49th percentile among comparable filings

Growth

  • Program expense growth: 3.5% per year; rating input score 100; 30th percentile among comparable filings
  • Revenue growth: 2.5% per year; rating input score 100; 22nd percentile among comparable filings
  • Asset growth: 7.2% per year; rating input score 100; 50th percentile among comparable filings

Details

  • Where the money goes: 77.1% of revenue deployed · 59.8% of spending went to programs
  • Governance: 22 of 24 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $19M in reported program spending
  • Leadership: top reported pay $513K · 31 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.5M reported
  • Consistency: 36 of 37 current checks pass · 1 finding to review
  • Schedules: 11 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 4/100.
  • High — Sustainability: Operating margin scored 3/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 25/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 49/100.