2016-06-15T12:05:01-05:00 2015-07-31 420714325 RSM US LLP 20 N MARTINGALE RD STE 500 SCHAUMBURG IL 60173 990 2014-08-01 364480416 EDUCATIONAL ADVANCEMENT FUND INC EDUC 3129248000 525 SOUTH STATE STREET CHICAGO IL 606051616 JEFFREY BETHKE PRESIDENT 3129248000 2016-06-14 1 BRIANNA COOPER P00956450 8475177070 2014 2016-08-17 19:52:53Z UNIVERSITY CENTER OF CHICAGO JEFFREY BETHKE 525 SOUTH STATE STREET CHICAGO IL 606051616 30748072 0 X WWW.UNIVERSITYCENTER.COM X 2001 DE NONE 6 0 0 0 0 0 0 0 24809265 25804353 639458 672713 4464991 4026038 29913714 30503104 2300000 2000000 0 0 0 0 0 0 0 25075035 26526913 27375035 28526913 2538679 1976191 138370146 139176685 139648209 138478557 -1278063 698128 THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS THE MAINTENANCE OF A RESIDENTIAL HOUSING COMPLEX FOR THE BENEFIT OF THREE CHICAGO-AREA TAX-EXEMPT INSTITUTIONS OF HIGHER LEARNING AND PROVIDING HOUSING TO THE STUDENTS THEREOF. 0 0 28420673 2000000 28993345 EDUCATIONAL ADVANCEMENT FUND, INC. IS A NOT-FOR-PROFIT, TAX-EXEMPT ORGANIZATION FORMED TO ACQUIRE LAND AND CONSTRUCT, OPERATE, AND MAINTAIN A COLLEGE AND UNIVERSITY RESIDENTIAL COMPLEX. THE COMPLEX IS LOCATED AT STATE STREET AND CONGRESS PARKWAY IN CHICAGO, ILLINOIS (THE PROJECT). THE CORPORATION COMMENCED CONSTRUCTION OF THE PROJECT IN SPRING 2002, AND WAS SUBSTANTIALLY COMPLETED ON JULY 31, 2004. THE PROJECT BEGAN OPERATIONS IN AUGUST 2004. 28420673 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 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 0 0 0 0 0 0 0 0 0 0 0 X 6 0 1 1 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X JOHN D SIMON 3124567114 20 N MICHIGAN AVE SUITE 400 CHICAGO IL 60602 X DR ALI MALEKZADEH DIRECTOR 1.00 X 0 0 0 DR KWANG-WU KIM DIRECTOR 1.00 X 0 400488 156072 FR DENNIS HOLTSCHNEIDER DIRECTOR 1.00 X 0 809934 65875 MICHELLE GATES DIRECTOR 1.00 X 0 113900 3686 MIROSLAVA MEIJA KRUG TREASURER/DIRECTOR 1.00 X X 0 257490 6237 ROBERT KOZOMAN DIRECTOR 1.00 X 0 419802 34453 JEFFREY BETHKE PRESIDENT 1.00 X 0 245252 38806 RICHARD MORECI SECRETARY 8.00 X 0 115198 14567 0 2362064 319696 0 0 1 0 CHARTWELLS DINING SERVICES PO BOX 91337 CHICAGO IL 60693 DINING SERVICES 6297270 CBRE INC PO BOX 848844 LOS ANGELES CA 90084 PAYROLL AND MANAGEMENT SERVICES 2966529 CLASSIC CARPENTRY AND FINISHING INC 5 ROSLYN ROAD WESTMONT IL 60559 BUILDING IMPROVEMENT SERVICES 891109 MIDWAY BUILDING SERVICES LTD 1915 W HUBBARD STREET CHICAGO IL 60622 JANITORIAL SERVICES 852230 SENTINEL TECHNOLOGIES PO BOX 85080 CHICAGO IL 60680 INTERNET PROVIDER AND UPGRADES 755431 20 ROOM AND BOARD SVC 531110 25555053 25555053 RESIDENT LIFE SVC 531110 249300 249300 25804353 672713 672713 1082014 244968 837046 837046 837046 CONFERENCE HOUSING INCOME 532000 2587728 2587728 CONFERENCE CENTER INCOME 532000 449952 449952 MISCELLANEOUS INCOME 900099 151312 151312 3188992 30503104 28993345 0 1509759 2000000 2000000 1539859 1539859 53345 53345 38900 38900 152629 152629 89805 89805 227609 227609 1753919 1753919 170683 170683 7087560 7087560 4056576 4056576 287023 287023 FOOD SERVICE EXPENSE 5973766 5973766 CONTRACT SERVICES 3462740 3462740 CONFERENCE HOUSING EXPE 491627 491627 AMORTIZATION OF DEFERRE 451047 451047 689825 675830 13995 28526913 28420673 106240 0 11506900 12711013 1183672 1003840 147140 681328 142680400 38872385 103298166 103808015 22234268 20972489 138370146 139176685 4076609 3630155 135466953 131650468 104647 3197934 139648209 138478557 X -1278063 698128 -1278063 698128 138370146 139176685 1976191 0 X X 0 1 X 1 0 X X 3 COLUMBIA COLLEGE CHICAGO 366112087 2 1 11740655 0 DEPAUL UNIVERSITY 362167048 2 1 4976323 0 ROOSEVELT UNIVERSITY 362167854 2 1 4382833 0 3 21099811 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 139368570 37148927 102219643 1345108 215685 1129423 1966722 1507773 458949 103808015 INTEREST RECEIVABLE 163559 DEFERRED FINANCING COSTS, NET 280487 DEFERRED LEASING COMMISSIONS, NET 200123 DEBT SERVICE RESERVE FUND 11359011 CAPITAL MAINTENANCE RESERVE FUND 6129323 PLEDGED REVENUE FUND 6250 SERIES 2006B INTEREST FUND 1174858 SERIES 2006A INTEREST FUND 557621 SERIES 2006B PRINCIPAL FUND 1073757 SERIES 2006A PRINCIPAL FUND 27500 20972489 SECURITY DEPOSITS 115434 DEFERRED CONTRACT COMMITTMENT 900000 OTHER CURRENT LIABILITIES 242500 OTHER LONG-TERM LIABILITIES 1940000 3197934 X 30748072 244968 244968 30503104 0 30503104 26771881 244968 244968 26526913 2000000 2000000 28526913 PART X, LINE 2: THE CORPORATION HAS RECEIVED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE INDICATING IT IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501 (C)(3) OF THE INTERNAL REVENUE CODE AND, EXCEPT FOR TAXES PERTAINING TO UNRELATED BUSINESS INCOME, IS EXEMPT FROM FEDERAL INCOME TAXES. NO PROVISION FOR THE INCOME TAXES WAS REQUIRED FOR THE YEARS ENDED JULY 31, 2015 AND 2014. THE CORPORATION FOLLOWS THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE CORPORATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE CORPORATION, AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME. THERE WERE NO UNRECOGNIZED TAX BENEFITS IDENTIFIED OR RECORDED AS LIABILITIES FOR THE YEARS ENDED JULY 31, 2015 AND 2014. THE CORPORATION FILES FORM 990 IN THE U.S. FEDERAL JURISDICTION AND IN THE STATE OF ILLINOIS. THE CORPORATION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE FISCAL 2012. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 244,968. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 244,968. PART XII, LINE 4B - OTHER ADJUSTMENTS: MEMBER SCHOOL DISTRIBUTIONS 2,000,000. 1 COLUMBIA COLLEGE CHICAGO 600 S MICHIGAN AVENUE CHICAGO IL 60605 366112087 170(B)(1)(A)(II) 828137 SUPPORTING EDUCATIONAL PROGRAMS AND ACTIVITIES DEPAUL UNIVERSITY 1 EAST JACKSON BLVD CHICAGO IL 60604 362167048 170(B)(1)(A)(II) 750138 SUPPORTING EDUCATIONAL PROGRAMS AND ACTIVITIES ROOSEVELT UNIVERSITY 430 S MICHIGAN AVENUE CHICAGO IL 60605 362167854 170(B)(1)(A)(II) 421725 SUPPORTING EDUCATIONAL PROGRAMS AND ACTIVITIES 3 0 PART I, LINE 2: EDUCATIONAL ADVANCEMENT FUND OPERATES FOR THE SOLE BENEFIT OF DEPAUL UNIVERSITY, COLUMBIA COLLEGE CHICAGO, AND ROOSEVELT UNIVERSITY. ASSISTANCE IS PROVIDED TO THESE INSTITUTIONS AND NO GRANTS ARE MADE. 0 0 0 0 0 0 0 0 0 DR KWANG-WU KIM DIRECTOR 0 368801 0 20000 0 11687 0 17550 0 138522 0 556560 0 0 FR DENNIS HOLTSCHNEIDER DIRECTOR 0 509326 0 207000 0 93608 0 20800 0 51459 0 882193 0 0 MIROSLAVA MEIJA KRUG TREASURER/DIRECTOR 0 257310 0 0 0 180 0 2667 0 3570 0 263727 0 0 ROBERT KOZOMAN DIRECTOR 0 417822 0 0 0 1980 0 20800 0 19557 0 460159 0 0 JEFFREY BETHKE PRESIDENT 0 244802 0 0 0 450 0 20005 0 22185 0 287442 0 0 A ILLINOIS FINANCE AUTHORITY 861091967 45202QBE2 2006-10-20 123570960 STUDENT HOUSING REVENUE REFUNDING BONDS 0 0 0 B ILLINOIS FINANCE AUTHORITY 861091967 45202QAR4 2007-02-01 42337296 STUDENT HOUSING REVENUE REFUNDING BONDS 0 0 0 A 123570960 121510012 2060948 2006 0 1 1 1 B 42337296 41492344 844952 2007 1 0 1 1 A 0 0 0 0 0.04000 0.00000 0.04000 0 0 0 B 0 0 0 0 0.04000 0.00000 0.04000 0 0 0 A 1 1 0 1 WACHOVIA BANK 27.500000000000 1 0 0 B 1 0 0 1 WACHOVIA BANK 27.500000000000 1 0 0 A 0 B 0 FORM 990, PART VI, SECTION A, LINE 2 SEVERAL OFFICERS OF THE EDUCATIONAL ADVANCEMENT FUND ARE ALSO OFFICERS OF MEMBER SCHOOLS. FORM 990, PART VI, SECTION A, LINE 3 DAY-TO-DAY MANAGEMENT OF UNIVERSITY CENTER (UCC) HAS BEEN DELEGATED TO U.S. EQUITIES STUDENT HOUSING LLC (USESH), PURSUANT TO THE TERMS OF A FACILITY MANAGEMENT AGREEMENT. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER SCHOOL IS ALLOWED TO APPOINT DIRECTORS TO THE BOARD. FORM 990, PART VI, SECTION B, LINE 11 THE ORGANIZATION'S TAX ADVISOR PREPARES THE FORM 990 BASED ON INFORMATION PROVIDED BY FINANCIAL MANAGEMENT. THE RETURNS ARE REVIEWED BY THE TAX ADVISOR AND FINANCIAL MANAGEMENT BEFORE BEING ELECTRONICALLY PROVIDED TO THE BOARD OF DIRECTORS AND SUBSEQUENTLY FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CERTIFICATE OF COMPLIANCE WILL BE COMPLETED BY ALL DIRECTORS AND OFFICERS OF EAF ANNUALLY. THE EAF OPERATING COMMITTEE WILL REVIEW AND ACT UPON ALL CONFLICT DISCLOSURES AS SOON AS THEY ARE BROUGHT TO THEIR ATTENTION. FORM 990, PART VI, SECTION B, LINE 15 FORM 990, PART VI, SECTION B, LINE 15: NO COMPENSATION IS PAID TO DIRECTORS AND OFFICERS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE SUCH DOCUMENTS AVAILABLE TO THE GENERAL PUBLIC. FORM 990, PART VII, SECTION A IN ADDITION TO THE TIME DEVOTED TO EDUCATIONAL ADVANCEMENT FUND, INC., EACH MEMBER OF THE GOVERNING BODY ALSO CONTRIBUTES TIME TO ONE OF THREE CHICAGO AREA TAX-EXEMPT INSTITUTIONS THAT ARE SUPPORTED BY EDUCATIONAL ADVANCEMENT FUND, INC. MIROSLAVA MEIJA KRUG, ROOSEVELT UNIVERSITY, AVG. 40 HOURS PER WEEK DR. ALI MALEKZADEH, ROOSEVELT UNIVERSITY, AVG. 40 HOURS PER WEEK DR. KWANG-WU KIM, COLUMBIA COLLEGE CHICAGO, AVG. 40 HOURS PER WEEK MICHELLE GATES, COLUMBIA COLLEGE CHICAGO, AVG. 40 HOURS PER WEEK FR. DENNIS HOLTSCHNEIDER, DEPAUL UNIVERSITY, AVG. 40 HOURS PER WEEK JEFFREY BETHKE, DEPAUL UNIVERSITY, AVG. 40 HOURS PER WEEK ROBERT KOZOMAN, DEPAUL UNIVERSITY, AVG. 40 HOURS PER WEEK RICHARD MORECI, DEPAUL UNIVERSITY, AVG. 40 HOURS PER WEEK FORM 990, PART XII, LINE 2(C) THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. COLUMBIA COLLEGE CHICAGO 600 S MICHIGAN AVENUE CHICAGO IL 60605 366112087 EDUCATION IL 170(B)(1)(A)(II) 02 N/A 0 DEPAUL UNIVERSITY 1 EAST JACKSON BLVD CHICAGO IL 60604 362167048 EDUCATION IL 170(B)(1)(A)(II) 02 N/A 0 ROOSEVELT UNIVERSITY 430 S MICHIGAN AVENUE CHICAGO IL 60605 362167854 EDUCATION IL 170(B)(1)(A)(II) 02 N/A 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 COLUMBIA COLLEGE CHICAGO L 10912518 CASH TRANSFERS DEPAUL UNIVERSITY L 4226185 CASH TRANSFERS ROOSEVELT UNIVERSITY L 3961108 CASH TRANSFERS COLUMBIA COLLEGE CHICAGO R 828137 CASH DISTRIBUTIONS DEPAUL UNIVERSITY R 750138 CASH DISTRIBUTIONS ROOSEVELT UNIVERSITY R 421725 CASH DISTRIBUTIONS