2026-05-15T07:24:38-05:00 2025-06-30 990 2024-07-01 232411680 ACADEMIC PROPERTIES INC ACAD 2156621500 3201 ARCH STREET 400 PHILADELPHIA PA 19104 HELEN Y BOWMAN TREASURER 2158952803 2026-05-14 0 2024 2025-03-06 01:10:19Z ANTONIO MERLO 3201 ARCH STREET 400 PHILADELPHIA PA 19104 9481809 0 X N/A X 1986 PA ACQUIRES AND IMPROVES PROPERTIES OF STRATEGIC IMPORTANCE TO THE FUTURE GROWTH OF DREXEL UNIVERSITY. 7 3 0 0 0 0 45000 0 6635713 6692241 347900 221493 1399204 1459644 8427817 8373378 0 0 0 0 0 0 0 0 0 5839459 5862517 5839459 5862517 2588358 2510861 34608058 37307841 891881 1080803 33716177 36227038 MAXIMIZING DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY. 0 0 2184391 1590999 HOUSING FOR STUDENTS OF DREXEL UNIVERSITY. 3666926 5101242 RENTAL OF CLASSROOM AND OFFICE SPACE TO DREXEL UNIVERSITY. 5851317 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 33 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 3 0 0 0 0 1 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 (TO 9/24) 2.00 45.00 X X 0 1829538 51341 HELEN Y BOWMAN VICE CHAIR, TREASURER 2.00 45.00 X X 0 731029 132698 CARMEN PICCOLO VICE PRESIDENT (TO 1/25) 40.00 0.00 X X 0 162681 33137 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 330492 46245 DON LIBERATI DIRECTOR 2.00 41.00 X 0 203175 27726 REBECCA LACHER SECRETARY 2.00 43.00 X X 0 187484 17825 DENIS O'BRIEN CHAIRMAN OF THE BOARD (AS OF 10/24) 2.00 45.00 X X 0 0 0 0 3444399 308972 0 0 1 0 B & S CONSTRUCTION GROUP LLC 145 CINNAMON HILL RD KING OF PRUSSIA PA 19406 CONSTRUCTION SERVICES 850060 ABM FACILITY SERVICES INC PO BOX 419860 BOSTON MA 02241 BUILDING SERVICES 419560 ALLIED UNIVERSAL SECURITY SERVICES 180 S 40TH ST PHILADELPHIA PA 19104 SECURITY SERVICES 396748 PRO-TECH FLOORS 2 NEALY BLVD MARCUS HOOK PA 19061 CLEANING SERVICES 193100 J&M PRESERVATION STUDIOS LLC 105 RUTGERS AVE SWARTHMORE PA 19081 CONSTRUCTION SERVICES 137420 6 CLASSROOM RENTAL 531120 5101242 5101242 RESIDENTIAL RENTAL 531110 1590999 1590999 6692241 221493 221493 2379450 1108431 1271019 1271019 1271019 MANAGEMENT FEES 531310 188625 188625 188625 8373378 6692241 0 1681137 X 11200 11200 112592 112592 6358 6358 9241 9241 5593 5593 2467171 2467171 1541000 1541000 977799 977799 LEASED EMPLOYEE COSTS 565939 565939 COMMISSIONS 145771 145771 DUES AND LICENSES 19853 19853 5862517 5851317 11200 0 12423243 11911985 169891 135289 2392359 1142127 39441151 15894054 19098476 23547097 524089 571343 34608058 37307841 408510 560434 309300 343448 174071 176921 891881 1080803 X 0 0 0 0 33716177 36227038 33716177 36227038 34608058 37307841 2510861 0 X X 1 X 1 X 1 0 X X 1 DREXEL UNIVERSITY 231352630 2 1 1541000 0 1 1541000 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: THE CHAIRMAN OF ACADEMIC PROPERTIES, INC., JOHN FRY, SUBSEQUENTLY SUCCEEDED BY DENIS O'BRIEN, ALSO SERVED AS PRESIDENT OF ACADEMIC PROPERTIES, INC.'S SOLE SUPPORTED ORGANIZATION, DREXEL UNIVERSITY. ADDITIONALLY, ACADEMIC PROPERTIES, INC.'S VICE CHAIR AND TREASURER, HELEN BOWMAN, SERVES AS THE EXECUTIVE VICE PRESIDENT, CHIEF OPERATING AND FINANCIAL OFFICER, AND TREASURER OF DREXEL UNIVERSITY, ITS SOLE SUPPORTED ORGANIZATION. 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. 8233789 8233789 8268972 5551662 2717310 22703535 10107537 12595998 47259 47259 0 187596 187596 0 23547097 TENANT ESCROW DEPOSITS 176921 176921 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. 0 1 0 0 0 0 0 0 0 JOHN A FRY CHAIRMAN OF THE BOARD (TO 9/24) 0 934332 0 391755 0 503451 0 37950 0 13391 0 1880879 0 0 HELEN Y BOWMAN VICE CHAIR, TREASURER 0 723722 0 7307 0 0 0 112950 0 19748 0 863727 0 0 ALAN GREENBERGER PRESIDENT, CHIEF OPERATING OFFICER 0 327274 0 3218 0 0 0 35747 0 10498 0 376737 0 0 DON LIBERATI DIRECTOR 0 201125 0 2050 0 0 0 19999 0 7727 0 230901 0 0 REBECCA LACHER SECRETARY 0 185653 0 1831 0 0 0 17188 0 637 0 205309 0 0 CARMEN PICCOLO VICE PRESIDENT (TO 1/25) 0 161059 0 1622 0 0 0 18018 0 15119 0 195818 0 0 PART I, LINE 4B DREXEL UNIVERSITY, A RELATED ORGANIZATION, PROVIDES HELEN BOWMAN WITH A DEFERRED COMPENSATION ARRANGEMENT. THE UNIVERSITY WILL CREDIT MS. BOWMAN WITH $75,000 EACH JULY 1, BEGINNING WITH JULY 1, 2023, AND ENDING JULY 1, 2026, 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) JULY 1, 2026, (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. SCHEDULE J, PART I, LINE 7: IN JANUARY 2024, A 1% ONE-TIME PAYMENT WAS ISSUED TO FACULTY AND PROFESSIONAL STAFF WHO WERE EMPLOYED BY DREXEL OR THE ACADEMY BEFORE JULY 2023 AND DID NOT RECEIVE A SALARY INCREASE SINCE THAT TIME. TO BE ELIGIBLE FOR THE PAYMENT, ALL COMPLIANCE AND PERFORMANCE DEVELOPMENT REQUIREMENTS MUST HAVE BEEN COMPLETED ON TIME. FORM 990, PART VI, SECTION A, LINE 6 THE CORPORATION'S SOLE MEMBER IS ACADEMIC ASSETS, INC. 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 B, LINE 15 THERE ARE NO EMPLOYEES OF THE ORGANIZATION. 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: $1,541,000 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 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 1 0