2025-03-21T06:02:51-05:00 2024-06-30 390859910 BAKER TILLY ADVISORY GROUP LP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2023-07-01 820571540 UNIVERSITY STUDENT HOUSING UNIV 6104362868 202 CARTER DRIVE WEST CHESTER PA 19382 CHRIS GERENZA CHIEF FINANCIAL OFFICER 6104362868 2025-03-20 1 1 KERRI N BOGDA CPA P00760402 7177404863 2025-03-04 2023 2025-03-06 01:10:19Z DEBRA CORNELIUS 202 CARTER DRIVE WEST CHESTER PA 19382 35202291 0 X WWW.USHCOMMUNITIES.ORG X LLC 2002 PA OWNS, CONSTRUCTS, MANAGES, AND MAINTAINS STUDENT HOUSING FACILITIES USED BY WEST CHESTER UNIVERSITY 16 16 93 36 17225 16225 307777 0 33120825 33549413 665614 1312527 105054 232736 34199270 35094676 550491 560784 0 0 2412006 2525771 0 0 0 21281934 22211356 24244431 25297911 9954839 9796765 170051932 173350026 199693770 190688685 -29641838 -17338659 X UNIVERSITY STUDENT HOUSING WAS ORGANIZED FOR THE CHARITABLE, SCIENTIFIC AND EDUCATIONAL PURPOSES EXCLUSIVELY FOR THE BENEFIT AND SUPPORT OF THE WEST CHESTER UNIVERSITY FOUNDATION, AND AS SUCH OWNS, CONSTRUCTS, OPERATES, MANAGES, AND MAINTAINS HOUSING FACILITIES FOR THE BENEFIT OF WEST CHESTER UNIVERSITY AND ITS STUDENTS. 0 0 25014491 560784 33549413 UNIVERSITY STUDENT HOUSING, LLC ("USH") OPERATES AND MANAGES STUDENT HOUSING FACILITIES FOR 2,962 RESIDENTS FOR THE BENEFIT OF WEST CHESTER UNIVERSITY OF PENNSYLVANIA ("WCU"). USH MANAGES SIX COMFORTABLE RESIDENT COMMUNITIES LOCATED ON THE WEST CHESTER UNIVERSITY CAMPUS. USH IS RESPONSIBLE FOR THE DAY-TO-DAY MANAGEMENT OF THE COMMUNITIES. THE RESIDENCE LIFE STAFF FOR EACH COMMUNITY HANDLES ALL STUDENT-RELATED ISSUES AND IS MANAGED BY WCU. ALL USH COMMUNITIES ARE PATROLLED AND MONITORED BY WCU PUBLIC SAFETY. EACH USH COMMUNITY FEATURES PRIVATE AND SEMI-PRIVATE AIR-CONDITIONED SUITES, AN ON-SITE FITNESS CENTER, SPACIOUS STUDENT LOUNGES AND GAME ROOMS, FREE LAUNDRY AT THE RESIDENCE HALLS, ETHERNET SERVICE, AND FULL KITCHEN AND VENDING AREAS.USH WAS AT 100% OCCUPANCY FOR BOTH FALL 2023 AND SPRING 2024. 25014491 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 24 0 93 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 16 16 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 PA X CHRIS GERENZA CFO 6104362534 202 CARTER DRIVE WEST CHESTER PA 19382 DR JOAN M KAMINSKI PRESIDENT 0.20 0.20 X X 0 0 0 DR JOHN H BAKER PRESIDENT (UNTIL 07/23) 0.20 0.20 X X 0 0 0 ROBERT PLUCIENIK VICE PRESIDENT 0.20 0.20 X X 0 0 0 KEITH BEALE TREASURER 0.20 0.20 X X 0 0 0 DR SANDRA F MATHER SECRETARY 0.20 0.20 X X 0 0 0 DR DAWN APGAR TRUSTEE 0.20 0.20 X 0 0 0 ERIC BOSSARD TRUSTEE 0.20 0.20 X 0 0 0 COL DEBORAH J CHASE TRUSTEE 0.20 0.20 X 0 0 0 DAVID FLAMER TRUSTEE 0.20 0.20 X 0 0 0 DR MAURY HOBERMAN TRUSTEE 0.20 0.20 X 0 0 0 MATTHEW HOLLIDAY TRUSTEE 0.20 0.20 X 0 0 0 JESSICA KIENLE TRUSTEE 0.20 0.20 X 0 0 0 MICHAEL MELE TRUSTEE 0.20 0.20 X 0 0 0 THOMAS E MILLS IV TRUSTEE 0.20 0.20 X 0 0 0 JACQUI NORTH TRUSTEE 0.20 0.20 X 0 0 0 DOUGLAS A PACITTI TRUSTEE 0.20 0.20 X 0 0 0 WILLIAM SCOTTOLINE TRUSTEE 0.20 0.20 X 0 0 0 DR STANLEY YAROSEWICK TRUSTEE (UNTIL 01/24) 0.20 0.20 X 0 0 0 MAY VAN TRUSTEE (UNTIL 07/23) 0.20 0.20 X 0 0 0 RANDALL WARREN TRUSTEE (UNTIL 07/23) 0.20 0.20 X 0 0 0 EDWARD N COLLISON TRUSTEE (UNTIL 07/23) 0.20 0.20 X 0 0 0 ALEXA LABRESCO SR. DIRECTOR OF HOUSING 45.00 0.00 X 120994 0 26229 DEBRA CORNELIUS EXECUTIVE DIRECTOR 13.50 31.50 X 67631 157806 35948 CHRISTINA GERENZA CFO 27.00 18.00 X 96272 64182 29911 284897 221988 92088 1 0 1 0 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 15251 JANITORIAL SERVICES 1684912 ELLIOTT LEWIS CORPORATION 2900 BLACK LAKE PLACE PHILADELPHIA PA 19154 REPAIRS & SERVICES 1251164 INVISION SECURITY GROUP 1008 W NINTH AVENUE SUITE 120 KING OF PRUSSIA PA 19406 LOCK INSTALLATION 1069029 MILEX CONSTRUCTION LLC 231 BIG OAK ROAD LANGHORNE PA 19047 CONSTRUCTION SERVICES 605222 WEST CHESTER MECHANICAL CONTRACTORS 20 MCDONALD BLVD STE 3 ASTON PA 19014 REPAIRS & SERVICES 311017 9 STUDENT HOUSING REVENUE 531110 33549413 33549413 33549413 1312527 1312527 145445 107615 37830 37830 17225 20605 INSURANCE CLAIMS 900099 147046 147046 LEGAL FEE REIMBURSEMENT 900099 31188 31188 MISC. STUDENT CHARGES 900099 16472 16472 200 200 194906 35094676 33549413 17225 1528038 560784 560784 354056 354056 1820373 1820373 78039 78039 148477 148477 124826 124826 200000 200000 19968 19968 83420 83420 144436 144436 8349 8349 74632 74632 588621 588621 12572296 12572296 1212 1212 5694 5694 6293928 6293928 223692 223692 UBI TAXES 8141 8141 PUBLIC SAFETY 947100 947100 RESIDENCE LIFE 699765 699765 BAD DEBTS 158587 158587 181515 181515 25297911 25014491 283420 0 158219 108823 35738468 41738806 813991 753985 1049378 612600 223183487 95234689 130054422 127948798 2200734 2103460 36720 83554 170051932 173350026 3961386 4136682 54046 51577 156265257 149856676 26165599 25651725 13247482 10992025 199693770 190688685 X -29641838 -17338659 -29641838 -17338659 170051932 173350026 X 9796765 2506414 X 0 1 X 1 0 X X 1 WCU FOUNDATION 233054174 5 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 FORM 990, SCHEDULE A, PART I, LINE 12G(I): AS A RESULT OF COVID, USH DID NOT HAVE ANY SURPLUS DUE TO THE MULTIPLE DEFERMENT AND REPAYMENT PLANS ON DEBT AND SERVICES. THEREFORE, NO MONETARY SUPPORT WAS AVAILABLE IN FY2024 TO SUPPORT WCU FOUNDATION. THEREFORE, DIRECT FUNDING TO WCUF WAS INCREASED FROM WEST CHESTER UNIVERSITY. 206526831 89623875 116902956 203279 86459 116820 15706897 5524355 10182542 746480 746480 127948798 INTEREST RATE SWAP LIABILITY 5048815 DUE TO WEST CHESTER UNIVERSITY FOUNDATION 120744 DUE TO WEST CHESTER UNIVERSITY 5822466 10992025 X 37708705 2506414 2506414 35202291 -107615 -107615 35094676 25405526 107615 107615 25297911 0 25297911 PART X, LINE 2: MANAGEMENT HAS EVALUATED SUBSTANTIVE TAX POSITIONS TAKEN BY THE FOUNDATION AS OF JUNE 30, 2024 AND 2023. A TAX POSITION IS RECOGNIZED AS A BENEFIT ONLY IF IT IS "MORE-LIKELY-THAN-NOT" THAT THE TAX POSITION WOULD BE SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. THE AMOUNT RECOGNIZED IS THE LARGEST AMOUNT OF TAX BENEFIT THAT HAS A LIKELIHOOD OF BEING REALIZED ON EXAMINATION OF MORE THAN 50 PERCENT. FOR TAX POSITIONS NOT MEETING THE "MORE-LIKELY-THAN-NOT" TEST, NO TAX BENEFIT IS RECORDED. MANAGEMENT BELIEVES NO SIGNIFICANT UNCERTAIN TAX POSITIONS EXIST, EITHER INDIVIDUALLY OR IN THE AGGREGATE, THAT WOULD GIVE RISE TO THE NONRECOGNITION OF AN EXISTING TAX BENEFIT. AS OF JUNE 30, 2024 AND 2023, THE FOUNDATION HAD NO MATERIAL UNRECOGNIZED TAX BENEFITS OR LIABILITIES. THE FOUNDATION'S AND USH'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS FOR 2023, 2022 AND 2021 REMAIN SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THE DATE THE RETURNS WERE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP LIABILITY 2,506,414. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE -107,615. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 107,615. SCHEDULE D, PARTS XI, XII AND XIII: THE ORGANIZATION DID NOT PARTICIPATE IN SEPARATE, STAND-ALONE AUDITED FINANCIAL STATEMENTS. CONSOLIDATING SCHEDULES ARE LOCATED IN THE BACK OF THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS. SCHEDULE D PARTS XI, XII, AND XIII, ALTHOUGH NOT REQUIRED, HAVE BEEN PREPARED TO RECONCILE THESE CONSOLIDATING SCHEDULES TO THE FINANCIAL INFORMATION ON THIS FORM 990. 1 SCHOLARSHIPS 149 380240 SUBSIDIZED HOUSING 196 175934 REDUCED HOUSING 13 4610 PART I, LINE 2: USH NORMALLY PROVIDES FUNDING TO WEST CHESTER UNIVERSITY OF PENNSYLVANIA TO SUPPORT AND PROMOTE SCHOLARSHIPS AND UNIVERSITY PROGRAMS. THE UNIVERSITY PROVIDES SUPPORT FOR THE EXPENDITURES AND IS IN COMMUNICATION WITH USH ON A REGULAR BASIS. LAST YEAR, USH DID NOT PROVIDE ANY FUNDS TO WEST CHESTER UNIVERSITY DUE TO CLOSURE AND LOW OCCUPANCY DURING THE COVID PANDEMIC. USH NEEDED TO PUT CERTAIN CAPITAL PROJECTS ON HOLD DURING THIS PERIOD, AND NEGOTIATED DEFERMENT PLANS ON THEIR DEBT WITH LENDERS. DEFERMENT PLANS RANGE FROM ONE TO TEN YEARS. USH HAS BEEN WORKING ON PAYING DOWN THE DEFERMENT, INCREASING THEIR CAPITAL PROJECTS, AND REPLENISHING RESERVES, HENCE, IT HAS NOT BEEN SENDING FUNDS TO WEST CHESTER UNIVERSITY. USH PROVIDES HOUSING SCHOLARSHIPS TO STUDENTS OF WEST CHESTER UNIVERSITY (WCU) BY WORKING IN COLLABORATION WITH THE WCU FINANCIAL AID OFFICE. THE WCU FINANCIAL AID OFFICE SELECTS THE HOUSING SCHOLARSHIP RECIPIENTS AND DETERMINES THE AMOUNTS AWARDED. 0 0 0 0 0 0 0 0 0 DEBRA CORNELIUS EXECUTIVE DIRECTOR 67631 157806 0 0 0 0 6283 14660 4502 10503 78416 182969 0 0 CHRISTINA GERENZA CFO 96272 64182 0 0 0 0 8944 5962 9003 6002 114219 76146 0 0 PART I, LINE 3 COMPENSATION FOR OFFICERS IS DETERMINED BY A RELATED ORGANIZATION, WEST CHESTER UNIVERSITY FOUNDATION. METHODS INCLUDE THE USE OF A COMPENSATION COMMITTEE, FORMS 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEYS OR STUDIES, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE. A CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232667137 16559PAT2 2013-03-05 58599809 SEE PART VI 0 0 0 B CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232667137 2016-05-19 19241435 CURRENT REFUNDING OF BONDS ISSUED 8/28/12 0 0 0 C CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232667137 2016-05-19 38205000 CURRENT REFUNDING OF BONDS ISSUED 9/5/13 0 0 0 D CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232667137 2020-01-17 9000000 REPAIRS AND RENOVATIONS TO VILLAGE APARTMENTS 0 0 0 A 34979809 58599809 1867500 3449067 1000281 49068091 3214870 2014 0 0 1 1 B 3913181 19241435 19241435 2013 1 0 1 1 C 12636869 38205000 38205000 2004 1 0 1 1 D 1627802 7669391 147222 7522169 2020 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 1 1 1 0 0.01070 0.00000 0.01070 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 D 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 03/09/2018 ISSUER NAME: CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 05/19/2021 ISSUER NAME: CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 04/30/2021 SCHEDULE K SUPPLENTAL INFORMATION PART I, COLUMN (F): BOND A: CURRENT REFUNDING OF BONDS ISSUED MARCH 5, 2013. FORM SCHEDULE K: ENTITY 2, BOND A: PART I, COLUMN (C): NEW BOND ISSUE HAD TWO SERIES: CUSIP #16559PAW5 AND 16559PAX3. ENTITY 2, BOND A: PART I, COLUMN (F): CURRENT REFUNDING OF BONDS ISSUED FEBRUARY 1, 2012. FORM SCHEDULE K: ENTITY 2, BOND A: PART I AND PART II: THE AMOUNT IN PART I, COLUMN (E) DIFFERS FROM THE AMOUNT IN PART II, LINE 3. THIS IS A DRAW DOWN BOND. THE AMOUNT IN PART II REPRESENTS THE AMOUNT DRAWN AS OF THE END OF THE FISCAL YEAR. A CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232667137 16559PAW5 2023-04-11 81205000 SEE PART VI 0 0 0 A 2470000 81205000 708920 81205000 2009 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE IS COMPOSED OF THE OFFICERS OF UNIVERSITY STUDENT HOUSING BOARD OF TRUSTEES AND THE (NON-VOTING) CEO AND CFO OF WCU FOUNDATION. THE EXECUTIVE COMMITTEE IS AUTHORIZED TO ACT FOR THE BOARD BETWEEN ITS REGULAR MEETINGS. THE EXECUTIVE COMMITTEE HAS AND MAY EXERCISE ALL OF THE POWERS AND AUTHORITY OF THE BOARD IN THE MANAGEMENT OF UNIVERSITY STUDENT HOUSING, LLC. FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF UNIVERSITY STUDENT HOUSING, LLC IS THE WEST CHESTER UNIVERSITY FOUNDATION, A TAX-EXEMPT ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD CONSISTS OF FIVE EX-OFFICIO MEMBERS, SIXTEEN BOARD OF TRUSTEE MEMBERS AND ONE ADVISORY BOARD MEMBER. A TRUSTEE IS ELECTED TO SERVE UP TO 2 CONSECUTIVE, THREE-YEAR TERMS. EACH TRUSTEE IS ENTITLED TO ONE VOTE. EX-OFFICIO AND ADVISORY MEMBERS ARE NOT ENTITLED TO VOTE. THE BOARD OF MANAGERS ALSO SERVE AS TRUSTEES OF THE SOLE MEMBER. FORM 990, PART VI, SECTION A, LINE 7B THE ORGANIZATION'S SOLE MEMBER, WEST CHESTER UNIVERSITY FOUNDATION, HAS CERTAIN RIGHTS, INCLUDING THE FOLLOWING: 1) THE ORGANIZATION MAY BE DISSOLVED UPON THE DECISION OF THE SOLE MEMBER. 2) THE ORGANIZATION'S OPERATING AGREEMENT SHALL NOT BE AMENDED WITHOUT THE CONSENT OF THE SOLE MEMBER. FORM 990, PART VI, SECTION B, LINE 11B THE CHIEF FINANCIAL OFFICER REVIEWS THE 990 DRAFT IN DETAIL AND CHANGES ARE SENT TO THE TAX PREPARER. ONCE THE FINAL 990 HAS BEEN APPROVED BY THE CHIEF FINANCIAL OFFICER, THE DRAFT 990 IS PROVIDED TO EACH TRUSTEE FOR REVIEW AND COMMENTS IN ADVANCE OF THE FILING DEADLINE. ONCE THE TRUSTEES HAVE HAD TIME TO REVIEW THE RETURN, THE FORM 990 IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY CONFLICT-OF-INTEREST FORMS ARE COMPLETED BY EACH TRUSTEE AND OFFICER DISCLOSING CIRCUMSTANCES THAT MIGHT DISSUADE THEM FROM ACTING IN THE BEST INTEREST OF UNIVERSITY STUDENT HOUSING. IN ADDITION, TRUSTEES SHALL MAKE PROMPT AND FULL DISCLOSURE TO THE BOARD OF A PROSPECTIVE SITUATION THAT MAY INVOLVE A CONFLICT OF INTEREST AS SOON AS THAT CONFLICT IS KNOWN. THIS DISCLOSURE SHOULD BE MADE A MATTER OF THE RECORD, EITHER THROUGH AN ANNUAL PROCEDURE OR WHEN THE INTEREST BECOMES A MATTER OF BOARD ACTION. IF A CONFLICT OF INTEREST SHOULD ARISE, THE CEO AND THE BOARD MEMBER SHOULD PROMPTLY RESOLVE THE MATTER AND THE RESOLUTION SHOULD BE RECORDED IN THE MINUTES OF THE BOARD. TRUSTEES WITH CONFLICTS SHALL REMOVE THEMSELVES FROM NEGOTIATIONS, DECISIONS, DELIBERATIONS, OR VOTES INVOLVING THE CONFLICT. THIS SHALL NOT BE CONSTRUED AS PREVENTING THE TRUSTEE FROM STATING HIS POSITION IN THE MATTER OR FROM ANSWERING PERTINENT QUESTIONS FROM THE BOARD WHEN HIS/HER KNOWLEDGE MAY BE OF ASSISTANCE. FAMILY AND BUSINESS RELATIONSHIPS ARE EXPLICITLY MENTIONED IN THE POLICY AS SOURCES OF POTENTIAL CONFLICTS. MANAGERS AND EMPLOYEES ARE EXPECTED TO VOLUNTEER CONFLICTS OF INTEREST AS THEY ARISE TO THE CEO. THE CEO DETERMINES WHETHER A CONFLICT OF INTEREST EXISTS, AND REQUESTS THE MANAGER OR EMPLOYEE TO RECUSE HIM/HER FROM TOPICS AND VOTING ON ISSUES RELATED TO THE CONFLICT. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP LIABILITY 2,506,414. WEST CHESTER UNIVERSITY FOUNDATION 202 CARTER DRIVE WEST CHESTER PA 19382 233054174 SUPPORT FOR WEST CHESTER UNIVERSITY OF PENNSYLVANIA PA 501(C)(3) LINE 5 N/A 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 0