2018-03-01T13:10:51-06:00 2017-06-30 390859910 baker tilly virchow krause llp 1650 market street suite 4500 philadelphia PA 19103 990 2016-07-01 820571540 University Student Housing UNIV 6104362868 202 CARTER DRIVE West Chester PA 19382 Jennifer Coffey CHIEF FINANCIAL OFFICER 6104362868 2018-02-28 1 JULIUS C GREEN CPA P00350393 2159720701 X 174.59.42.130 2018-02-28 21:53:50 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 41D52B76DFE0CA0C5E5ED141E25DBC48D8427C36 2016 2021-01-29 14:40:06Z X Susan Vanscovich 202 CARTER DRIVE West Chester PA 19382 29816060 0 X www.wcuhousing.com X LLC 2002 PA OWNS, CONSTRUCTS, MANAGES, AND MAINTAINS STUDENT HOUSING FACILITIES USED BY WEST CHESTER UNIVERSITY 26 26 110 335 0 0 0 0 28493521 29405896 320679 323573 104970 16193 28919170 29745662 282000 5110431 0 0 2519670 2802793 0 0 0 24866808 24492644 27668478 32405868 1250692 -2660206 192275036 185095360 254330070 239399749 -62055034 -54304389 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 31823455 5110431 29405896 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. 31823455 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 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 30 0 1 110 1 0 0 0 0 0 0 0 0 0 0 X 26 26 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X Jennifer Coffey CFO 6104362534 202 Carter Drive West Chester PA 19382 Keith Beale PREsident 0.20 0.20 X X 0 0 0 THOMAS E MILLS IV VICE President 0.20 0.20 X X 0 0 0 Sandra F Mather Secretary 0.20 0.20 X X 0 0 0 CHRISTOPHER J DIGIUSEPPE TReasurer 0.20 0.20 X X 0 0 0 FRANK BRANCA TRUSTEE 0.20 0.20 X 0 0 0 COLONEL DEBORAH J CHASE TRUSTEE 0.20 0.20 X 0 0 0 DAVID A GANSKY TRUSTEE 0.20 0.20 X 0 0 0 CARL GERSBACH TRUSTEE 0.20 0.20 X 0 0 0 JOHN A GONTARZ TRUSTEE 0.20 0.20 X 0 0 0 MICHAEL O'ROURKE TRUSTEE 0.20 0.20 X 0 0 0 JOHN R PANICHELLO TRUSTEE 0.20 0.20 X 0 0 0 PAULA D SHAFFNER ESQ TRUSTEE 0.20 0.20 X 0 0 0 CHRISTINE WARREN TRUSTEE 0.20 0.20 X 0 0 0 James P Argires trusTEE 0.20 0.20 X 0 0 0 J Alan Butcher Trustee 0.20 0.20 X 0 0 0 Michael Peich TrusTEE 0.20 0.20 X 0 0 0 James Shinehouse Trustee 0.20 0.20 X 0 0 0 JOhn h baker TrusTEE 0.20 0.20 X 0 0 0 David Holveck TrusTEE 0.20 0.20 X 0 0 0 Kathleen Leidheiser TrustEE 0.20 0.20 X 0 0 0 Tahany Naggar TrustEE 0.20 0.20 X 0 0 0 John N Nickolas TrusTEE 0.20 0.20 X 0 0 0 Donald E Leisey TrusTEE 0.20 0.20 X 0 0 0 MILLIE CASSIDY TruSTEE 0.20 0.20 X 0 0 0 Roger Ware TrusTEE 0.20 0.20 X 0 0 0 DR MAURY HOBERMAN TrusTEE 0.20 0.20 X 0 0 0 Richard T Przywara Executive Director 24.50 13.00 X 115889 63847 34784 terESA JOHN ASST TREASURER (RES. jULY '16) 18.70 18.80 X 71730 69274 36000 Jennifer Coffey Chief FInancial Officer 2.90 34.60 X 6904 75949 37305 michael selby DIRECTOR OF HOUSING 40.00 X 125279 0 17882 319802 209070 125971 2 0 1 0 WEST CHESTER UNIVERSITY 700 S HIGH STREET WEST CHEster PA 19383 PUBLIC SAFETY, resid life, telecom 1834478 Sodexo Inc & Affiliates PO Box 360170 Pittsburgh PA 15251 Janitorial Services 1385003 Budget Maintenance Construction Services 1045 Boot Road Downingtown PA 19335 Cleaning/Painting 396291 SimplexGrinnell LP Dept CH10320 Palatine IL 60055 Fire System Services 357330 ARAMARK 1101 MARKET STREET PHILADELPHIA PA 19107 JANITORIAL SERVICES 260000 14 student housing revenue 531110 29405896 29405896 29405896 323573 323573 80516 70398 10118 10118 10118 LINEN commissions 900099 3860 3860 Misc Income 900099 2215 2215 6075 29745662 29405896 0 339766 4906055 4906055 204376 204376 249824 249824 2056923 1850818 206105 73171 52532 20639 276474 253592 22882 146401 129812 16589 23947 23947 66374 66374 1374097 1374097 105463 105463 169164 169164 157323 157323 11982059 11982059 3852 3852 8243292 8243292 186603 186603 Public Safety 1123108 1123108 Residence Life 799439 799439 Shuttle 86294 86294 Laundry Expense 64769 64769 106860 106860 32405868 31823455 582413 0 1900 400 25596642 27001162 869933 881553 371949 396932 203336475 54409446 156087475 148927029 7832126 7842643 1515011 45641 192275036 185095360 3857092 3819746 1359666 1277601 210499144 177328172 27686144 38614168 29288086 254330070 239399749 X -62055034 -54304389 -62055034 -54304389 192275036 185095360 X -2660206 10410851 X 0 1 X 1 0 X X 1 WCU FOUNDATION 233054174 5 1 4872855 0 1 4872855 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 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. THE ORGANIZATION SUPPORTS THE LOCAL BOROUGH OF POLICE BY CONTRIBUTING TO THE BOROUGH'S POLICE DEPARTMENT AS A GESTURE OF GOODWILL. THE ORGANIZATION CONSIDERS THE CONTRIBUTION TO BE AN EXTENSION OF ITS SUPPORT FOR ITS SUPPORTED ORGANIZATION, WEST CHESTER UNIVERSITY FOUNDATION AND WCU. 193184210 47464589 145719621 105080 52013 53067 10047185 6892844 3154341 148927029 Interest Rate Swap Liability 23086679 due to west chester university foundation 4575360 DUE TO WEST chester university 1626047 29288086 X 40226911 10410851 10410851 29816060 -70398 -70398 29745662 32476266 70398 70398 32405868 0 32405868 Part X, Line 2: Management has evaluated substantive tax positions taken by the Foundation as of June 30, 2017 and 2016. 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 non-recognition of an existing tax benefit. As of June 30, 2017 and 2016, the Foundation had no material unrecognized tax benefits or liabilities. THE organization'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS FOR 2016, 2015, AND 2014 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 10,410,851. Part XI, Line 4b - Other Adjustments: RENTAL EXPENSE -70,398. Part XII, Line 2d - Other Adjustments: RENTAL EXPENSE 70,398. 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 borough of WEST CHESTER 401 E GAY STREET WEST CHESTER PA 19380 236002957 33000 TO FUND A security patrol program DURING HIGH STUDENT ACTIVITY WEST CHESTER UNIVERSITY FOUNDATION 202 CARTER DRIVE WEST CHESTER PA 19382 233054174 501(C)(3) 4872855 SUPPORT WCUF'S CHARITABLE PURPOSE 2 Scholarships 74 166000 Subsidized Housing 38376 Part I, Line 2: USH provided funding to the Borough of West Chester for a security firm to provide security patrols within the Borough. The Borough 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. 1 0 0 0 0 0 0 1 0 Richard T Przywara Executive Director 108208 58266 3131 3131 4550 2450 9690 5217 12920 6957 138499 76021 0 0 terESA JOHN ASST TREASURER (RES. jULY '16) 41303 41303 2456 0 27971 27971 5421 5421 12579 12579 89730 87274 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. Part I, Line 4a A former office received severance payments. Part I, Line 7 The Executive Director's contract provides for the following bonuses: 1. Annual bonus based on the amount of gift income received above the established total fundraising goal for each year. The amount is based on exceeding certain thresholds. 2. Annual bonus based on the occupancy results for University Student Housing-owned residence halls. The amount of bonus is based upon occupancy thresholds. 3. Bonus at the completion of a housing construction project if the certificate of occupancy is received prior to the scheduled student move-in day. 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 29825304 58599809 1867500 3449067 1000281 49068091 3214870 2014 0 0 1 1 B 2587392 96938953 838953 96100000 2009 1 0 1 1 C 468332 19241435 19241435 2013 1 0 1 1 D 1440000 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 1 0 0 0 0 1 NATIXIS FUNDING CORP 1.900000000000 1 0 1 B 0 1 0 0 0 0 1 citigroup financial 10.000000000000 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: 03/01/2017 Issuer Name: Chester County Industrial Development Authority Date the Rebate Computation was Performed: 03/01/2017 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 990, Part VI, Section A, line 1 The Executive Committee is composed of the officers of UNIVERSITY STUDENT HOUSING, the President of West Chester University (WCU), the Vice President for Advancement OF WCU, the Vice President for Administration and Finance, and the Executive Director 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 manager for review and comments in advance of the filing deadline. Form 990, Part VI, Section B, line 12c Annually conflict-of-interest forms are completed 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 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 from topics and voting on issues related to the conflict. Form 990, Part VI, Section B, line 15 THE EXECUTIVE DIRECTOR'S COMPENSATION IS APPROVED IN ADVANCE BY THE BOARD OF TRUSTEES' NOMINATING AND HUMAN RESOURCE COMMITTEE. PRIOR TO MAKING THE DETERMINATION, THE COMMITTEE OBTAINS COMPENSATION DATA OF AT LEAST THREE COMPARABLE ORGANIZATIONS IN SIMILAR COMMUNITIES FOR SIMILAR SERVICE. IN ADDITION, BOARD MEMBERS ARE INVITED TO OFFER FEEDBACK TO THE COMMITTEE ON THE PERFORMANCE-BASED GOALS ESTABLISHED FOR THE POSITION. THE COMMITTEE DOCUMENTS THE BASIS FOR ITS DECISION CONCURRENTLY WITH MAKING THE DETERMINATION. COMPENSATION IS DEFINED IN THE EXECUTIVE DIRECTOR'S THREE-YEAR EMPLOYMENT CONTRACT. IN DECEMBER 2012, A THREE-YEAR CONTRACT WAS EXECUTED FOR THE PERIOD JULY 1, 2013 THROUGH JUNE 30, 2016 AND IN DECEMBER 2015, A THREE-YEAR CONTRACT WAS EXECUTED FOR THE PERIOD JULY 1, 2016 THROUGH JUNE 30, 2019. The Chief Financial Officer and other key employee compensation is evaluated by the board as part of the process used to determine the compensation for the organization's employees. 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 10,410,851. 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 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0