2022-05-16T11:05:29-05:00 2021-06-30 390859910 BAKER TILLY US LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2020-07-01 820571540 UNIVERSITY STUDENT HOUSING UNIV 6104362868 202 CARTER DRIVE WEST CHESTER PA 19382 CINDY RAY CHIEF FINANCIAL OFFICER 6104362868 2022-05-16 1 CINDY RAY XXX-XX-XXXX KERRI N BOGDA CPA P00760402 7177404863 X 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z CHRISTOPHER MOMINEY 202 CARTER DRIVE WEST CHESTER PA 19382 4613865 0 X WWW.WCUHOUSING.COM X LLC 2002 PA OWNS, CONSTRUCTS, MANAGES, AND MAINTAINS STUDENT HOUSING FACILITIES USED BY WEST CHESTER UNIVERSITY 19 19 71 55 8768 7768 0 21916 24348577 4345743 360668 32911 107969 136263 24817214 4536833 387853 94717 0 0 2854572 1218458 0 0 0 21760685 16747357 25003110 18060532 -185896 -13523699 177922754 161564607 239769124 227720651 -61846370 -66156044 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 17394086 94717 4345743 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 FIVE 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, CABLE TV AND ETHERNET SERVICE, AND FULL KITCHEN AND VENDING AREAS.DUE TO THE COVID PANDEMIC, STUDENT HOUSING WAS CLOSED TO ALL BUT STUDENTS WITH SPECIFIC NEEDS FOR HOUSING. THE NUMBER OF STUDENT RESIDENTS SERVED IN FY21 WAS 595. 17394086 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 23 0 71 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 19 19 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 PA X CINDY RAY CFO 6104362534 202 CARTER DRIVE WEST CHESTER PA 19382 DR JOHN H BAKER PRESIDENT 0.20 0.20 X X 0 0 0 KATHLEEN LEIDHEISER TREASURER 0.20 0.20 X X 0 0 0 DR SANDRA F MATHER SECRETARY 0.20 0.20 X X 0 0 0 ROBERT PLUCIENIK TRUSTEE 0.20 0.20 X 0 0 0 KEITH BEALE TRUSTEE 0.20 0.20 X 0 0 0 DR DAVID HOLVECK TRUSTEE 0.20 0.20 X 0 0 0 DR TAHANY NAGGAR TRUSTEE 0.20 0.20 X 0 0 0 JOHN N NICKOLAS TRUSTEE 0.20 0.20 X 0 0 0 MILLIE CASSIDY TRUSTEE 0.20 0.20 X 0 0 0 DR MAURY HOBERMAN TRUSTEE 0.20 0.20 X 0 0 0 EDWARD N COLLISON TRUSTEE 0.20 0.20 X 0 0 0 PAUL D EMRICK TRUSTEE 0.20 0.20 X 0 0 0 DR JOAN M KAMINSKI TRUSTEE 0.20 0.20 X 0 0 0 MAY VAN VICE PRESIDENT 0.20 0.20 X X 0 0 0 ERIC BOSSARD TRUSTEE 0.20 0.20 X 0 0 0 MARISA TILGHMAN TRUSTEE 0.20 0.20 X 0 0 0 DR DAWN APGAR TRUSTEE 0.20 0.20 X 0 0 0 RANDALL WARREN TRUSTEE 0.20 0.20 X 0 0 0 DR STANLEY YAROSEWICK TRUSTEE 0.20 0.20 X 0 0 0 CHRISTOPHER MOMINEY CHIEF EXECUTIVE OFFICER 15.00 30.00 X 0 264728 50293 MICHELLE GINSBERG CHIEF HOUSING OFFICER 40.00 X 91035 0 34827 MARIE COLAPRETE CHIEF HUMAN RESOURCES 15.00 30.00 X 0 119561 12296 CINDY RAY CFO 22.50 22.50 X 0 135307 21338 91035 519596 118754 0 0 1 0 CALDWELL HECKLES & EGAN INC 1270 GROFFTOWN RD LANCASTER PA 17602 CONSTRUCTION 6146402 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 15251 JANITORIAL SERVICES 1124458 WEST CHESTER UNIVERSITY 700 S HIGH STREET WEST CHESTER PA 19383 PUBLIC SAFETY, RESID LIFE, TELECOM 991444 NEW LINE COMMUNICATIONS 831 LINCOLN AVE UNIT 15 WEST CHESTER PA 19380 COMMUNICATION SERVICES/MAINTENANCE 781814 WEST CHESTER MECHANICAL CONTRACTORS 20 MCDONALD BLVD STE 3 ASTON PA 19014 HVAC SERVICES 331436 13 21916 21916 STUDENT HOUSING REVENU 531110 4345743 4345743 4345743 30596 30596 99145 77032 22113 22113 8768 13345 2315 0 2315 2315 2315 CUSTODIAL SERVICES 900099 62850 62850 INSURANCE CLAIMS 900099 48716 48716 KEY SWIPE CHARGES 900099 2584 2584 114150 4536833 4345743 8768 160406 94717 94717 122014 122014 766996 415373 351623 85335 53623 31712 164214 108266 55948 79899 48491 31408 178934 178934 73741 73741 693900 693900 441 441 59257 59257 306755 306755 9275554 9275554 5766584 5766584 123124 123124 RESIDENCE LIFE 132737 132737 PUBLIC SAFETY 104827 104827 BAD DEBTS 18436 18436 LAUNDRY EXPENSE 4943 4943 8124 8124 18060532 17394086 666446 0 120508 101718 35618946 19303656 914777 881213 468836 257910 215829129 77234268 140786965 138594861 2389952 12722 35297 177922754 161564607 6765128 3796278 90977 43953 169560978 166711275 26375128 25920665 420000 727777 36556913 30520703 239769124 227720651 X -61846370 -66156044 -61846370 -66156044 177922754 161564607 X -13523699 9214025 X 0 1 X 1 0 X X 1 WCU FOUNDATION 233054174 5 1 0 0 1 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 FORM 990, SCHEDULE A, PART IV, SECTION A, LINE 6: THE ORGANIZATION SUPPLIES HOUSING FACILITIES TO A STATE-SUPPORTED UNIVERSITY, WEST CHESTER UNIVERSITY (WCU). ITS FACILITIES ARE DORMITORIES FOR STUDENTS ATTENDING WCU. THE ORGANIZATION PROVIDED CONTRIBUTIONS TO WCU TO SUPPORT AND PROMOTE SCHOLARSHIPS AND UNIVERSITY PROGRAMS. THE INFLUX OF YOUNG PEOPLE EACH YEAR STRAINS THE LOCAL POLICE FORCE, WHICH HIRES A LOCAL SECURITY FIRM TO HANDLE THE INCREASED INTERACTION BETWEEN STUDENT CITIZENS AND LAW ENFORCEMENT. USH ALSO PROVIDES DIRECT SUPPORT FOR WEST CHESTER UNIVERSITY, WHOSE STUDENTS ARE OF THE SAME CHARITABLE CLASS AS THE SUPPORTED ORGANIZATION, WEST CHESTER UNIVERSITY FOUNDATION. USH ALSO PROVIDES DIRECT SUPPORT TO WEST CHESTER UNIVERSITY AS THE UNIVERSITY IS CONSIDERED THE DIRECT BENEFICIARY OF THE SUPPORTED ORGANIZATION, WEST CHESTER UNIVERSITY FOUNDATION. FORM 990, SCHEDULE A, PART I, LINE 12G(I): DUE TO THE COVID PANDEMIC WHICH ERUPTED IN THE SPRING OF 2020 AND CONTINUED THROUGH THE END OF FY21, THE UNIVERSITY MADE THE DECISION TO MOVE CLASSES TO AN ON-LINE ENVIRONMENT, AND CLOSED NEARLY ALL CAMPUS STUDENT HOUSING FOR THE ENTIRE ACADEMIC YEAR. AS SUCH, USH SUFFERED A 90% REDUCTION IN INCOME AND WAS UNABLE TO PROVIDE MONETARY SUPPORT IN FY2021 TO ITS SUPPORTED ORGANIZATION, WCU FOUNDATION. 203420973 72855435 130565538 181939 37831 144108 12120588 4341002 7779586 105629 105629 138594861 INTEREST RATE SWAP LIABILITY 25755338 DUE TO WEST CHESTER UNIVERSITY FOUNDATION 68346 DUE TO WEST CHESTER UNIVERSITY 4697019 30520703 X 14135770 307880 9214025 9521905 4613865 -77032 -77032 4536833 18445444 307880 77032 384912 18060532 0 18060532 PART X, LINE 2: MANAGEMENT HAS EVALUATED SUBSTANTIVE TAX POSITIONS TAKEN BY THE FOUNDATION AS OF JUNE 30, 2021 AND 2020. 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, 2021 AND 2020, THE FOUNDATION HAD NO MATERIAL UNRECOGNIZED TAX BENEFITS OR LIABILITIES. THE FOUNDATION'S AND USH'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS FOR 2020, 2019 AND 2018 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 9,200,275. ADJUSTMENT TO GRANT OVERACCRUAL 13,750. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE -77,032. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 77,032. 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 32 55500 SUBSIDIZED HOUSING 46 39217 PART I, LINE 2: USH PROVIDED 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. 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 CHRISTOPHER MOMINEY CHIEF EXECUTIVE OFFICER 0 264728 0 0 0 0 0 24593 0 25700 0 315021 0 0 CINDY RAY CFO 0 135307 0 0 0 0 0 12570 0 8768 0 156645 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 16559PAW5 2014-11-03 96938953 SEE PART VI 0 0 0 C CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232667137 2016-05-19 19241435 CURRENT REFUNDING OF BONDS ISSUED 8/28/12 0 0 0 D CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232667137 2016-05-19 38205000 CURRENT REFUNDING OF BONDS ISSUED 9/5/13 0 0 0 A 33184809 58599809 1867500 3449067 1000281 49068091 3214870 2014 0 0 1 1 B 10349570 96938953 838953 96100000 2009 1 0 1 1 C 2346005 19241435 19241435 2013 1 0 1 1 D 7770000 38205000 38205000 2004 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 1 1 1 0 0.01070 0.00000 0.01070 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 1 MORGAN KEEGAN FINANCIAL 348 31.800000000000 0 0 1 CITIGROUP FINANCIAL 7.000000000000 1 0 1 C 0 0 0 1 0 0 0 0 1 D 0 0 0 1 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: 10/31/2019 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. BOND B: BUILDING PROJECTS FORM SCHEDULE K: BOND C: PART I, COLUMN (C): NEW BOND ISSUE HAD TWO SERIES: CUSIP #16559PAW5 AND 16559PAX3. BOND C: 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 2020-01-17 9000000 REPAIRS AND RENOVATIONS TO VILLAGE APARTMENTS 0 0 0 A 65059 7669391 147222 7522169 2020 0 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 1 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 SIX EX-OFFICIO MEMBERS AND TWENTY-SIX OTHER MEMBERS, WHO ARE DIVIDED INTO THREE APPROXIMATELY EQUAL CLASSES. THE TERM OF OFFICE OF ONE CLASS EXPIRES EACH YEAR. EACH CLASS IS ELECTED BY THE BOARD FOR TERMS OF THREE YEARS. EACH MANAGER, EXCLUDING EX-OFFICIO MANAGERS, IS ENTITLED TO ONE VOTE. 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. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT-OF-INTEREST FORMS ARE COMPLETED ANNUALLY BY EACH MANAGER DISCLOSING CIRCUMSTANCES THAT MIGHT DISSUADE THEM FROM ACTING IN THE BEST INTEREST OF UNIVERSITY STUDENT HOUSING. IN ADDITION, MANAGERS 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 EXECUTIVE DIRECTOR AND THE BOARD MEMBER SHOULD PROMPTLY RESOLVE THE MATTER AND THE RESOLUTION SHOULD BE RECORDED IN THE MINUTES OF THE BOARD. MANAGERS WITH CONFLICTS SHALL REMOVE THEMSELVES FROM NEGOTIATIONS, DECISIONS, DELIBERATIONS, OR VOTES INVOLVING THE CONFLICT. THIS SHALL NOT BE CONSTRUED AS PREVENTING THE MANAGER FROM STATING HIS/HER 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 EXECUTIVE DIRECTOR. THE EXECUTIVE DIRECTOR DETERMINES WHETHER A CONFLICT OF INTEREST EXISTS, AND REQUESTS THE MANAGER OR EMPLOYEE TO RECUSE HIMSELF OR HERSELF 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 9,200,275. ADJUSTMENT TO GRANT OVERACCRUAL 13,750. 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 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0