2023-05-23T12:50:43-05:00 2022-06-30 990 2021-07-01 232411680 ACADEMIC PROPERTIES INC ACAD 2156621500 3201 ARCH STREET 400 PHILADELPHIA PA 19104 HELEN Y BOWMAN TREASURER 2158952803 2023-05-23 HELEN BOWMAN 999009999 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z HELEN Y BOWMAN 3201 ARCH ST STE 400 PHILADELPHIA PA 19104 9320520 0 X N/A X 1986 PA ACQUIRES AND IMPROVES PROPERTIES OF STRATEGIC IMPORTANCE TO THE FUTURE GROWTH OF DREXEL UNIVERSITY. 8 2 11 0 0 0 0 0 6054715 6197954 4205 4247 1468049 1949599 7526969 8151800 0 0 0 0 555999 590260 0 0 0 5033890 5332336 5589889 5922596 1937080 2229204 27629572 29565241 1572275 1278740 26057297 28286501 MAXIMIZING DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY. 0 0 2249773 1493115 HOUSING FOR STUDENTS OF DREXEL UNIVERSITY. 3662523 4704839 RENTAL OF CLASSROOM AND OFFICE SPACE TO DREXEL UNIVERSITY. 5912296 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 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 25 0 1 11 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 2 0 0 0 0 0 1 0 1 0 0 0 1 1 1 1 0 0 0 0 0 PA X DREXEL UNIVERSITY COMPTROLLER'S OFFICE 2158951442 3141 CHESTNUT STREET STE 225 PHILADELPHIA PA 19104 JOHN A FRY CHAIRMAN OF THE BOARD 2.00 45.00 X X 0 2584592 181085 HELEN Y BOWMAN VICE CHAIR, TREASURER 2.00 43.00 X X 0 854055 109427 DAVID RUSENKO DIRECTOR 2.00 42.00 X 0 367194 30051 CARMEN PICCOLO VICE PRESIDENT 40.00 0.00 X X 148173 0 22268 REBECCA LACHER SECRETARY 2.00 43.00 X X 0 162792 24619 ROBERT BUCKLEY DIRECTOR 2.00 0.00 X 0 0 0 PATRICK S PASQUARIELLO III DIRECTOR 2.00 0.00 X 0 0 0 ALAN GREENBERGER PRESIDENT, CHIEF OPERATING OFFICER 2.00 43.00 X X 0 316437 25493 148173 4285070 392943 1 0 1 0 B & S CONSTRUCTION GROUP LLC 145 CINNAMON HILL RD KING OF PRUSSIA PA 19406 CONSTRUCTION SERVICES 487600 ABM FACILITY SERVICES INC PO BOX 419860 BOSTON MA 02241 BUILDING SERVICES 395783 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 828854 PHILADELPHIA PA 19182 SECURITY SERVICES 383486 PALMER WATERPROOFING INC 2175 BENNETT RD PHILADELPHIA PA 19116 CONSTRUCTION SERVICES 326380 JONES LANG LASALLE BROKERAGE INC 71700 TREASURY CENTER CHICAGO IL 60694 PROFESSIONAL SERVICES 236429 17 CLASSROOM RENTAL 531120 4704839 4704839 RESIDENTIAL RENTAL 531110 1493115 1493115 6197954 4247 4247 2989948 1168720 1821228 1821228 1821228 MANAGEMENT FEES 531310 128371 128371 128371 8151800 6197954 0 1953846 X 90748 90748 303109 303109 166273 166273 30130 30130 10300 10300 95567 95567 10302 10302 23894 23894 2258154 2258154 2073894 2073894 794671 794671 COMMISSIONS 42518 42518 DUES AND LICENSES 13869 13869 MISCELLANEOUS 9167 9167 5922596 5912296 10300 0 6838499 8043526 93518 94642 1698111 2158822 31505674 12783339 18506025 18722335 493419 545916 27629572 29565241 332597 362954 1118740 763867 120938 151919 1572275 1278740 X 0 0 0 0 26057297 28286501 26057297 28286501 27629572 29565241 2229204 0 X X 1 X 1 X 1 0 X X 1 DREXEL UNIVERSITY 231352630 2 1 2073894 0 1 2073894 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 X 1 1 PART IV, SECTION D, LINE 3: ACADEMIC PROPERTIES, INC. CHAIRMAN, JOHN FRY, IS THE PRESIDENT OF ACADEMIC PROPERTIES, INC.'S SOLE SUPPORTED ORGANIZATION, DREXEL UNIVERSITY. ACADEMIC PROPERTIES, INC. VICE CHAIR AND TREASURER, HELEN BOWMAN, IS THE EXECUTIVE VICE PRESIDENT, TREASURER, AND CHIEF OPERATING OFFICER OF ACADEMIC PROPERTIES, INC.'S SOLE SUPPORTED ORGANIZATION, DREXEL UNIVERSITY. PART IV, SECTION E, LINE 2A: ALL ACADEMIC PROPERTIES, INC. (API) ACTIVITIES AND FUNCTIONS DIRECTLY FURTHER THE EXEMPT PURPOSE OF DREXEL UNIVERSITY. PART IV, SECTION E, LINE 2B: ACADEMIC PROPERTIES, INC. (API) ACQUIRES AND IMPROVES PROPERTIES OF STRATEGIC IMPORTANCE TO THE FUTURE GROWTH OF DREXEL UNIVERSITY. 4427655 4427655 7768972 4858674 2910298 19074192 7689810 11384382 47259 47259 0 187596 187596 0 18722335 TENANT ESCROW DEPOSITS 146688 OPERATING LEASE LIABILITY 5231 151919 X PART X, LINE 2: ACADEMIC PROPERTIES, INC. IS A NONPROFIT ORGANIZATION THAT HAS BEEN GRANTED TAX EXEMPT STATUS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND FILES FEDERAL TAX RETURN FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX). NO PROVISION OR BENEFIT FOR INCOME TAXES HAS BEEN INCLUDED IN THESE FINANCIAL STATEMENTS. THE ORGANIZATION IS PART OF CONSOLIDATED FINANCIAL STATEMENTS THAT INCLUDES A FOOTNOTE THAT ADDRESSES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (ASC NO. 740-10), BUT IT IS NOT RELATED TO THE OPERATIONS OF THIS ORGANIZATION. 1 0 1 0 0 0 0 0 0 0 JOHN A FRY CHAIRMAN OF THE BOARD 0 765164 0 350000 0 1469428 0 166041 0 15044 0 2765677 0 900000 HELEN Y BOWMAN VICE CHAIR, TREASURER 0 631499 0 200000 0 22556 0 90950 0 18477 0 963482 0 0 DAVID RUSENKO DIRECTOR 0 317694 0 49500 0 0 0 15950 0 14101 0 397245 0 0 ALAN GREENBERGER PRESIDENT, CHIEF OPERATING OFFICER 0 316437 0 0 0 0 0 15950 0 9543 0 341930 0 0 REBECCA LACHER SECRETARY 0 162792 0 0 0 0 0 7695 0 16924 0 187411 0 0 CARMEN PICCOLO VICE PRESIDENT 148173 0 0 0 0 0 8250 0 14018 0 170441 0 0 0 PART I, LINE 4B DREXEL UNIVERSITY, A RELATED ORGANIZATION, PAID MR. FRY'S DEFERRED COMPENSATION OF $912,816, WHICH BEGAN EFFECTIVE JUNE 30, 2019. MR. FRY HAD BEEN CREDITED $300,000 ON EACH JUNE 30, BEGINNING JUNE 30, 2019, AND ENDING ON JUNE 30, 2021. IN ADDITION, THE DEFERRED COMPENSATION WAS CREDITED WITH INTEREST EARNED ANNUALLY. ON JUNE 30, 2021, MR. FRY BECAME FULLY VESTED IN THE DEFERRED COMPENSATION ARRANGEMENT. DREXEL UNIVERSITY, A RELATED ORGANIZATION, PAID MR. FRY'S DEFERRED COMPENSATION OF $156,347, WHICH BEGAN EFFECTIVE JULY 31, 2021. MR. FRY HAD BEEN CREDITED $25,000 PER MONTH, BEGINNING JULY 31, 2021, THROUGH DECEMBER 31, 2021, PROVIDED MR. FRY IS EMPLOYED BY THE UNIVERSITY ON THE LAST DAY OF THE MONTH. IN ADDITION, THE DEFERRED COMPENSATION WAS CREDITED WITH INTEREST EARNED MONTHLY. MR. FRY WAS VESTED IN THE MONTHLY CREDITS AND EARNINGS IN THE DEFERRED COMPENSATION ARRANGEMENT FROM JULY 31, 2021, THROUGH DECEMBER 31, 2021. DREXEL UNIVERSITY, A RELATED ORGANIZATION, PROVIDES MR. FRY WITH A SUPPLEMENTAL RETIREMENT BENEFIT PLAN, AMENDED AND RESTATED EFFECTIVE APRIL 1, 2022, WHICH APPLIES TO CONTRIBUTION CREDITS COMMENCING FOR THE FISCAL YEARS ENDING ON JUNE 30, 2021, THROUGH JUNE 30, 2028. THE ALLOCATION FOR EACH FISCAL YEAR SHALL BE CONDITIONED ON MR. FRY'S CONTINUED EMPLOYMENT THROUGH THE END OF THE FISCAL YEAR (OR UPON THE DATE OF DEATH, TOTAL DISABILITY, OR INVOLUNTARY TERMINATION, IF EARLIER). THE ANNUAL ALLOCATION AMOUNT IS EQUAL TO 11% OF THE SUM OF MR. FRY'S BASE SALARY AND ANNUAL PERFORMANCE BONUS (IF ANY) FOR SUCH FISCAL YEAR THAT IS IN EXCESS OF THE COMPENSATION LIMIT UNDER SECTION 401(A)(17) OF THE INTERNAL REVENUE CODE. PART II: DREXEL UNIVERSITY, A RELATED ORGANIZATION, PROVIDES JOHN FRY AND HELEN BOWMAN WITH DEFERRED COMPENSATION ARRANGEMENTS. THE UNIVERSITY WILL CREDIT MR. FRY WITH $25,000 ON JANUARY 31, 2022, AND ON EACH FOLLOWING MONTH THROUGH JUNE 30, 2023, WHILE HE REMAINS EMPLOYED BY THE UNIVERSITY AS PRESIDENT AND CHIEF EXECUTIVE OFFICER. THE DEFERRED COMPENSATION CREDITED, AND INTEREST EARNED IS VESTED MONTHLY, PROVIDED THAT MR. FRY IS EMPLOYED BY THE UNIVERSITY ON THE LAST DAY OF EACH MONTH. THE UNIVERSITY WILL CREDIT MS. BOWMAN WITH $75,000 EACH SEPTEMBER 1, BEGINNING WITH SEPTEMBER 1, 2021, AND ENDING SEPTEMBER 1, 2022, IF SHE REMAINS EMPLOYED WITH THE UNIVERSITY. THE ACCOUNT WILL BE CREDITED ANNUALLY WITH INTEREST. MS. BOWMAN WILL BECOME FULLY VESTED IN THE BALANCE OF THE ACCOUNT UPON THE EARLIEST OF THE FOLLOWING: (I) SEPTEMBER 1, 2022, (II) INVOLUNTARY TERMINATION BY THE UNIVERSITY FOR ANY REASON OTHER THAN CAUSE, (III) DEATH, OR (IV) TERMINATION DUE TO TOTAL AND PERMANENT DISABILITY. IF MS. BOWMAN RESIGNS OR IS TERMINATED BY THE UNIVERSITY FOR CAUSE BEFORE THE ACCOUNT IS VESTED, THE ENTIRE ACCOUNT WILL BE FORFEITED. FORM 990, PART VI, SECTION A, LINE 7A THE CORPORATION SHALL BE OPERATED IN CONNECTION WITH DREXEL UNIVERSITY WITHIN THE MEANING OF SECTION 509(A)(3) OF THE CODE. THE DIRECTORS AND OFFICERS OF THE CORPORATION SHALL MAINTAIN A CLOSE AND CONTINUOUS WORKING RELATIONSHIP WITH THE OFFICERS OF DREXEL UNIVERSITY. THERE SHALL BE EIGHT DIRECTORS OF THE CORPORATION. ACADEMIC ASSETS, INC. SHALL APPOINT SIX DIRECTORS; DREXEL UNIVERSITY SHALL APPOINT TWO DIRECTORS. FORM 990, PART VI, SECTION A, LINE 8B THERE WERE NO SUBCOMMITTEES FORMED WITHIN THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS SUBMITTED TO THE TREASURER OF ACADEMIC PROPERTIES, INC. FOR REVIEW AND SIGNING. FORM 990 IS PROVIDED TO EACH MEMBER OF THE BOARD OF DIRECTORS OF ACADEMIC PROPERTIES, INC. FOR REVIEW BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE DIRECTORS AND OFFICERS MUST COMPLETE A CONFLICT OF INTEREST DISCLOSURE STATEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE LOCATED AT THE OFFICE OF ACADEMIC PROPERTIES, INC. AND MADE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 21: $2,073,894 REPRESENTS A TRANSFER TO A 501(C)(3) AFFILIATE ORGANIZATION. FORM 990, PART XII, LINE 2C: THE ORGANIZATION'S GOVERNING BODY DELEGATES TO ITS RELATED ORGANIZATION'S AUDIT COMMITTEE OF THE BOARD OF TRUSTEES OF DREXEL UNIVERSITY THE TASK OF SELECTING THE INDEPENDENT AUDITOR AND APPROVING THE AUDIT PLAN. DREXEL UNIVERSITY 3201 ARCH STREET SUITE 400 PHILADELPHIA PA 19104 231352630 EDUCATIONAL INSTITUTION PA 501(C)(3) 2 N/A 0 ACADEMIC ASSETS INC 3201 ARCH STREET SUITE 400 PHILADELPHIA PA 19104 232455915 REAL ESTATE MANAGEMENT PA 501(C)(3) 12C, III-FI DREXEL UNIVERSITY 1 0 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0