2012-04-24T09:42:39-05:00 2011-06-30 PARENTEBEARD LLC 1200 ATWATER DRIVE SUITE 225 MALVERN PA 19355 990 2010-07-01 820571540 UNIVERSITY STUDENT HOUSING LLC UNIV 6104362534 PO BOX 541 WEST CHESTER PA 19381 RICHARD T PRZYWARA 6104362534 2012-04-19 1 JULIUS GREEN CPA 6106478100 2010 2016-02-24 21:20:13Z X RICHARD T PRZYWARA PO BOX 541 WEST CHESTER PA 19381 17356358 0 X WWW.WCUHOUSING.COM X LLC 2002 PA OWNS, CONSTRUCTS, MANAGES, AND MAINTAINS STUDENT HOUSING FACILITIES USED BY WEST CHESTER UNIVERSITY 29 28 16 30 0 0 0 0 16050967 16891534 404212 464824 0 0 16455179 17356358 0 50000 0 0 1112683 1262806 0 0 0 16544408 17848041 17657091 19160847 -1201912 -1804489 137798668 133354819 161853550 157262792 -24054882 -23907973 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 TO BE USED BY STUDENTS OF WEST CHESTER UNIVERSITY. 0 0 18660586 50000 16891534 UNIVERSITY STUDENT HOUSING, LLC ("USH") OPERATES AND MANAGES STUDENT HOUSING FACILITIES FOR 2,047 RESIDENTS FOR THE BENEFIT OF WEST CHESTER UNIVERSITY OF PENNSYLVANIA ("WCU"). USH MANAGES FOUR 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, 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. 18660586 1 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 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 1 10 0 1 16 1 0 0 0 0 0 0 0 0 0 0 X 29 28 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X TERESA JOHN CFO 6104362534 202 CARTER DRIVE WEST CHESTER PA 19382 X PAULA D SHAFFNER ESQ 2.00 X X 0 0 0 JOHN J CICCARONE 2.00 X X 0 0 0 JOHN A MCCARTHY 2.00 X X 0 0 0 CHRISTOPHER FRANKLIN 2.00 X X 0 0 0 FRANCIS P BRANCA 2.00 X 0 0 0 MILLIE C CASSIDY 2.00 X 0 0 0 KATE CIPRIANO 2.00 X 0 0 0 THOMAS A FILLIPPO 2.00 X 0 0 0 JANE B FONTAINE 2.00 X 0 0 0 CHERYL FULGINITI 2.00 X 0 0 0 DR MAURY HOBERMAN 2.00 X 0 0 0 DAVID P HOLVECK 2.00 X 0 0 0 DR DONALD E LEISEY 2.00 X 0 0 0 EMILY JANE LEMOLE 2.00 X 0 0 0 JAMES E MCERLANE ESQ 2.00 X 0 0 0 DONALD R MCILVAIN 2.00 X 0 0 0 GUSTAVE C MEYER 2.00 X 0 0 0 RAY MINCARELLI 2.00 X 0 0 0 DR H VISCOUNT NELSON 2.00 X 0 0 0 JOHN N NICKOLAS 2.00 X 0 0 0 MICHAEL O'ROURKE 2.00 X 0 0 0 JOHN R PANICHELLO 2.00 X 0 0 0 DAVID L PEIRCE 2.00 X 0 0 0 MILTON R PRATT JR 2.00 X 0 0 0 JAMES SHINEHOUSE 2.00 X 0 0 0 JOHN STODDART 2.00 X 0 0 0 SAMUEL C THOMPSON JR 2.00 X 0 0 0 MAY VAN 2.00 X 0 0 0 BRIGADIER GENERAL GEORGE WALLS JR 2.00 X 0 0 0 TERESA JOHN 20.00 X 44428 44428 29478 RICHARD T PRZYWARA 36.00 X 140603 15623 28146 185031 60051 57624 1 0 1 0 WEST CHESTER UNIVERSITY 700 S HIGH STREET WEST CHESTER PA 19383 PUBLIC SAFETY/RESIDENCE LIFE/SHUTTLE 1433327 ARAMARK 1101 MARKET STREET PHILADELPHIA PA 19107 JANITORIAL SERVICES 573142 REMINGTON GROUP INC 351 EAST CONESTOGA ROAD WAYNE PA 19087 CONSTRUCTION CONSULTANT 167006 BRICKMAN GROUP LLC 3630 SOLUTIONS CENTER CHICAGO IL 60677 LANDSCAPING 125998 4 STUDENT HOUSING REVENU 531110 16891534 16891534 16891534 464824 464824 17356358 16891534 0 464824 50000 50000 218471 218471 841380 668830 172550 36667 20637 16030 112302 82950 29352 53986 28042 25944 27993 27993 23589 23589 145687 132762 12925 51677 51677 58562 58109 453 57684 57684 2836438 2836438 2008 2008 5176688 5176688 5101874 5101874 341922 341922 BANK AND CREDIT FEES 2325962 2325015 947 PUBLIC SAFETY/SECURITY 676427 676427 MGMT RESIDENCE LIFE 543957 543957 DEBT SERVICE TO WCU 324031 324031 BAD DEBT EXPENSE 59940 59940 93602 93602 19160847 18660586 500261 0 400 400 17274240 16834724 171568 465204 79713 128267034 16143138 116818371 112123896 1563640 953288 2580801 2287242 137798668 133354819 549023 418627 368666 374116 140975000 139075000 264000 19960861 17131049 161853550 157262792 X -24054882 -23907973 -24054882 -23907973 137798668 133354819 X -1804489 1951398 X X 0 1 1 X 0 X X X 0 0 0 WCU FOUNDATION 233054174 5 1 1 1 1472898 1 1472898 124013944 13450523 110563421 114772 25681 89091 4138318 2666934 1471384 112123896 INTEREST RATE SWAP LIABILITY 16058296 DUE TO WEST CHESTER UNIVERSITY 1003801 DUE TO WEST CHESTER UNIVERSITY FOUNDATION 68952 17131049 17356358 19160847 -1804489 1951398 1951398 146909 20580654 3224296 3224296 17356358 0 17356358 20433745 1272898 1272898 19160847 0 19160847 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: MANAGEMENT HAS EVALUATED SUBSTANTIVE TAX POSITIONS TAKEN BY THE ORGANIZATION AS OF JUNE 30, 2011 AND 2010. 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. UNDER THE "MORE-LIKELY-THAN-NOT" THRESHOLD GUIDELINES, THE 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, 2011 AND 2010, THE ORGANIZATION HAD NO MATERIAL UNRECOGNIZED TAX BENEFITS OR LIABILITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP LIABILITY 3,224,296. TRANSFER TO WEST CHESTER UNIVERSITY FOUNDATION -1,272,898. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP LIABILITY 3,224,296. PART XIII, LINE 2D - OTHER ADJUSTMENTS: TRANSFER TO WEST CHESTER UNIVERSITY FOUNDATION 1,272,898. 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 WEST CHESTER BOROUGH POLICE 401 EAST GAY STREET WEST CHESTER PA 19380 PA 50000 CHARITABLE OPERATIONS 2 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE ORGANIZATION ONLY PROVIDES GRANTS TO OTHER TAX-EXEMPT ORGANIZATIONS OR GOVERNMENTAL ENTITIES. X X X X 0 0 0 0 0 0 0 1 0 RICHARD T PRZYWARA 125225 13914 6300 700 9078 1009 13062 1451 12270 1363 165935 18437 0 0 PART I, LINE 7 EXECUTIVE DIRECTOR RECEIVED EARLY PAYOUT OF 150 HOURS OF ACCRUED VACATION. CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232667137 16559PAC9 2009-08-05 41145000 SEE PART V 0 0 0 CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232667137 16559PAD7 2009-08-03 100340000 SEE PART V 0 0 0 1095000 41145000 2889750 41145000 2004 1 0 1 1 1315000 100340000 5982900 100340000 2009 1 0 1 1 0 0 1 0 1 0.00000 0.00000 0.00000 1 0 0 1 0 1 0.00000 0.00000 0.00000 1 0 1 1 SEE PART V 0 0 0 1 1 0 1 1 SEE PART V 0 0 0 1 1 SCHEDULE K SUPPLENTAL INFORMATION PART I, COLUMN (F): BOND A: CURRENT REFUNDING OF BONDS ISSUED AUGUST 19, 2003 TO FUND CONSTRUCTION OF STUDENT HOUSING AT WEST CHESTER UNIVERSITY. BOND B: CURRENT REFUNDING OF BONDS ISSUED MARCH 25, 2008 TO FUND CONSTRUCTION OF STUDENT HOUSING AT WEST CHESTER UNIVERSITY. PART II, LINE 11: ALL PROCEEDS OF BONDS A AND B WERE APPLIED TO REFUND THE 2003 AND 2008 BONDS. PART IV, LINES 3B AND 3C: BOND A: CITIZENS BANK OF PA, 10 YEARS (AUGUST 2008 - AUGUST 2018) BOND B: CITIZENS BANK OF PA, 10.3 YEARS (APRIL 2008 - AUGUST 2018) AND MORGAN KEEGAN FINANCIAL PRODUCTS, 34.8 YEARS (APRIL 2008 - FEBRUARY 2043). PART IV, LINE 5: BOND A: GROSS PROCEEDS OF $123,360 (.3% OF TOTAL ISSUANCE) WERE INVESTED BELOW BOND YIELD THREE YEARS AFTER ISSUANCE. BOND B: GROSS PROCEEDS OF $462,257 (.5% OF TOTAL ISSUANCE) WERE INVESTED BELOW BOND YIELD THREE YEARS AFTER ISSUANCE. O'ROURKE & SONS INC PRESIDENT OF O'ROURKE & SONS, INC. IS A BOARD MEMBER OF THE ORGANIZATION 185694 O'ROURKE & SONS, INC. PROVIDED CONSTRUCTION SERVICES FOR STAIRWELL REPLACEMENT. 0 FORM 990, PART VI, SECTION A, LINE 2 THE FOLLOWING TRUSTEES HAVE A FAMILY RELATIONSHIP: DR. H. VISCOUNT NELSON, BRIGADIER GENERAL GEORGE H. WALLS, JR., AND MR. SAMUEL C. THOMPSON, JR. THE FOLLOWING TRUSTEES HAVE A BUSINESS RELATIONSHIP AS THEY BOTH SERVE ON THE BOARD OF ANOTHER ORGANIZATION: MR. THOMAS A. FILLIPPO AND MR. JAMES E. MCERLANE, ESQ. 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 BUSINESS AND AFFAIRS OF THE ORGANIZATION ARE MANAGED UNDER DIRECTION OF A BOARD OF MANAGERS. THESE MANAGERS SHALL SERVE EX-OFFICIO BY VIRTUE OF THEIR POSITIONS AS TRUSTEES OF THE ORGANIZATION'S SOLE MEMBER, WEST CHESTER UNIVERSITY FOUNDATION. EACH MEMBER OF THE BOARD OF MANAGERS SHALL HAVE THE SAME VOTING RIGHTS AS A MANAGER AS HE OR SHE HAS AS A TRUSTEE OF THE WEST CHESTER UNIVERSITY FOUNDATION. 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 11 THE CHIEF FINANCIAL OFFICER REVIEWS THE 990 DRAFT IN DETAIL AND RECONCILES TO THE AUDITED FINANCIAL STATEMENTS AND APPROPRIATE LEGAL AND OTHER DOCUMENTS. CHANGES ARE SENT TO THE TAX PREPARER. ONCE ALL CHANGES HAVE BEEN MADE AND APPROVED BY THE CHIEF FINANCIAL OFFICER, THE DRAFT 990 IS PROVIDED TO EACH TRUSTEE FOR THEIR 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 TRUSTEE AND OFFICER DISCLOSING CIRCUMSTANCES THAT MIGHT DISSUADE THEM FROM ACTING IN THE BEST INTEREST OF UNIVERSITY STUDENT HOUSING. IN ADDITION, TRUSTEES 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 TRUSTEE 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 REVIEWED ANNUALLY BY THE BOARD OF TRUSTEES' NOMINATING AND HUMAN RESOURCE COMMITTEE. ALL BOARD MEMBERS ARE INVITED TO OFFER FEEDBACK TO THE COMMITTEE ON THE PERFORMANCE-BASED GOALS ESTABLISHED FOR THE POSITION. COMPENSATION IS DEFINED IN THE EXECUTIVE DIRECTOR'S THREE-YEAR EMPLOYMENT CONTRACT. ANNUAL SALARY DATA PRESENTED IN THE CHRONICLE OF HIGHER EDUCATION IS USED TO ESTABLISH A FAIR SALARY RANGE. THE FINAL COMPENSATION LEVEL IS APPROVED BY THE PRESIDENT OF THE BOARD AND THE COMMITTEE BEFORE THE EMPLOYMENT CONTRACT IS FINALIZED. FOR THE CHIEF FINANCIAL OFFICER POSITION, THE EXECUTIVE DIRECTOR RECOMMENDS SALARY INCREASES TO THE NOMINATING AND HUMAN RESOURCE COMMITTEE BASED ON PERFORMANCE. THE REMAINING EMPLOYEES ARE COMPENSATED BASED ON MERIT UTILIZING A DEFINED RAISE POOL. 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. AVERAGE HOURS PER WEEK FORM 990, PART VII, SECTION A, COLUMN (B) AVERAGE HOURS PER WEEK LISTED IN PART VII ARE FOR THIS LEGAL ENTITY ONLY. BOARD MEMBERS AND OFFICERS ALSO DEVOTE TIME TO WEST CHESTER UNIVERSITY FOUNDATION (THE "FOUNDATION"), A RELATED ORGANIZATION. HOURS DEVOTED TO THE FOUNDATION ARE AS FOLLOWS: RICHARD T. PRZYWARA, EXECUTIVE DIRECTOR - 4 HOURS TERESA JOHN - CFO/ASSISTANT TREASURER - 20 HOURS BOARD MEMBERS - 2 HOURS CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP LIABILITY 3,224,296. TRANSFER TO WEST CHESTER UNIVERSITY FOUNDATION -1,272,898. TOTAL TO FORM 990, PART XI, LINE 5: 1,951,398. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE METHODS FOLLOWED BY THE COMMITTEE FOR THIS OVERSIGHT AND SELECTION HAVE NOT CHANGED FROM THE PRIOR YEAR. 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