2024-03-25T11:11:48-05:00 2023-06-30 390859910 BAKER TILLY US LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2022-07-01 820571540 UNIVERSITY STUDENT HOUSING UNIV 6104362868 202 CARTER DRIVE WEST CHESTER PA 19382 CHRIS GERENZA CHIEF FINANCIAL OFFICER 6104362868 2024-03-20 1 CHRIS GERENZA XXX-XX-XXXX 0 KERRI N BOGDA CPA P00760402 7177404863 2024-03-20 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DEBRA CORNELIUS 202 CARTER DRIVE WEST CHESTER PA 19382 34287783 0 X WWW.USHCOMMUNITIES.ORG X LLC 2002 PA OWNS, CONSTRUCTS, MANAGES, AND MAINTAINS STUDENT HOUSING FACILITIES USED BY WEST CHESTER UNIVERSITY 14 14 105 33 39768 38768 420000 307777 32106881 33120825 15652 665614 210365 105054 32752898 34199270 514531 550491 0 0 2123144 2412006 0 0 0 21755964 21281934 24393639 24244431 8359259 9954839 167513595 170051932 212271422 199693770 -44757827 -29641838 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 23966924 550491 33120825 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 SIX 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, ETHERNET SERVICE, AND FULL KITCHEN AND VENDING AREAS.USH WAS AT 100% OCCUPANCY FOR BOTH FALL 2022 AND SPRING 2023. 23966924 1 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 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 21 0 105 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 PA X CHRIS GERENZA CFO 6104362534 202 CARTER DRIVE WEST CHESTER PA 19382 DR JOHN H BAKER PRESIDENT 0.20 0.20 X X 0 0 0 KEITH BEALE TREASURER 0.20 0.20 X X 0 0 0 DR SANDRA F MATHER SECRETARY 0.20 0.20 X X 0 0 0 DR DAWN APGAR TRUSTEE 0.20 0.20 X 0 0 0 ERIC BOSSARD 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 (UNTIL 3/31/23) 0.20 0.20 X 0 0 0 MATTHEW HOLLIDAY TRUSTEE 0.20 0.20 X 0 0 0 DR JOAN M KAMINSKI TRUSTEE 0.20 0.20 X 0 0 0 MICHAEL MELE TRUSTEE 0.20 0.20 X 0 0 0 ROBERT PLUCIENIK TRUSTEE 0.20 0.20 X 0 0 0 WILLIAM SCOTTOLINE TRUSTEE 0.20 0.20 X 0 0 0 MAY VAN 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 ALEXA LABRESCO SR. DIRECTOR OF HOUSING 45.00 0.00 X 115260 0 24484 CINDY RAY CFO (UNTIL 8/22) 15.00 30.00 X 0 105637 15666 DEBRA CORNELIUS INTERIM EXECUTIVE DIRECTOR 10.00 35.00 X 0 161128 28745 CHRISTINA GERENZA CFO (AS OF 8/22) 22.50 22.50 X 58068 63244 18118 CHRISTOPHER MOMINEY FORMER CEO (UNTIL 6/22) 15.00 30.00 X 0 277647 46199 173328 607656 133212 1 1 1 0 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 15251 JANITORIAL SERVICES 1612914 AVALON FLOORING 2030 SPRINGDALE RD SUITE 400 CHERRY HILL NJ 08003 CARPET AND INSTALL 397268 WEST CHESTER MECHANICAL CONTRACTORS 20 MCDONALD BLVD STE 3 ASTON PA 19014 HVAC SERVICES 135146 JOHNSON CONTROLS FIRE PROTECTION LP DEPT CH10320 PALATINE IL 600550320 REPAIRS & SERVICES 120706 RMA PAINTING INC PO BOX 6132 ELKINS PARK PA 19027 PAINTING SERVICES 117820 7 307777 307777 STUDENT HOUSING REVENUE 531110 33120825 33120825 33120825 665574 665574 148363 88513 59850 59850 39768 20082 40 0 40 40 40 INSURANCE CLAIMS 900099 32023 32023 MISC. STUDENT CHARGES 900099 13181 13181 45204 34199270 33120825 39768 730900 550491 550491 145161 145161 1925889 1925889 86478 86478 131363 131363 123115 123115 200000 200000 35839 35839 77507 77507 113394 113394 14115 14115 73217 73217 543441 543441 12391623 12391623 3 3 1444 1444 6012111 6012111 209313 209313 UBI TAXES 5570 5570 PUBLIC SAFETY 730165 730165 RESIDENCE LIFE 621186 621186 OVERHEAD CHARGES 101900 101900 151106 151106 24244431 23966924 277507 0 123007 158219 30055004 35738468 798969 813991 583136 1049378 219090743 89036321 133626967 130054422 2296191 2200734 30321 36720 167513595 170051932 3995228 3961386 78809 54046 162563785 156265257 25822744 26165599 307777 19503079 13247482 212271422 199693770 X -44757827 -29641838 -44757827 -29641838 167513595 170051932 X 9954839 5161150 X 0 1 X 1 0 X X 1 WCU FOUNDATION 233054174 5 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 FORM 990, SCHEDULE A, PART I, LINE 12G(I): AS A RESULT OF COVID, USH DID NOT HAVE ANY SURPLUS DUE TO THE MULTIPLE DEFERMENT AND REPAYMENT PLANS ON DEBT AND SERVICES. THEREFORE, NO MONETARY SUPPORT WAS AVAILABLE IN FY2023 TO SUPPORT WCU FOUNDATION. THEREFORE, DIRECT FUNDING TO WCUF WAS INCREASED FROM WEST CHESTER UNIVERSITY. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 204220480 83790688 120429792 196714 80832 115882 13797804 5164801 8633003 875745 875745 130054422 INTEREST RATE SWAP LIABILITY 7555230 DUE TO WEST CHESTER UNIVERSITY FOUNDATION 115745 DUE TO WEST CHESTER UNIVERSITY 5576507 13247482 X 39448933 5161150 5161150 34287783 -88513 -88513 34199270 24332944 88513 88513 24244431 0 24244431 PART X, LINE 2: MANAGEMENT HAS EVALUATED SUBSTANTIVE TAX POSITIONS TAKEN BY THE FOUNDATION AS OF JUNE 30, 2023 AND 2022. 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, 2023 AND 2022, THE FOUNDATION HAD NO MATERIAL UNRECOGNIZED TAX BENEFITS OR LIABILITIES. THE FOUNDATION'S AND USH'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS FOR 2022, 2021 AND 2020 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 5,161,150. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE -88,513. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 88,513. 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 171 387220 SUBSIDIZED HOUSING 117 162071 REDUCED HOUSING 3 1200 PART I, LINE 2: USH NORMALLY PROVIDES 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. LAST YEAR, USH DID NOT PROVIDE ANY FUNDS TO WEST CHESTER UNIVERSITY DUE TO COVID-RELATED HOUSING LEVELS. 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 0 0 CHRISTOPHER MOMINEY FORMER CEO (UNTIL 6/22) 0 167477 0 0 0 110170 0 25793 0 20406 0 323846 0 0 DEBRA CORNELIUS INTERIM EXECUTIVE DIRECTOR 0 161128 0 0 0 0 0 14969 0 13776 0 189873 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 CHRISTOPHER MOMINEY, FORMER CEO, RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $110,170 UPON HIS DEPARTURE FROM THE ORGANIZATION DURING CALENDAR YEAR 2022. 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 2016-05-19 19241435 CURRENT REFUNDING OF BONDS ISSUED 8/28/12 0 0 0 C CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232667137 2016-05-19 38205000 CURRENT REFUNDING OF BONDS ISSUED 9/5/13 0 0 0 D CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232667137 2020-01-17 9000000 REPAIRS AND RENOVATIONS TO VILLAGE APARTMENTS 0 0 0 A 34359809 58599809 1867500 3449067 1000281 49068091 3214870 2014 0 0 1 1 B 3375594 19241435 19241435 2013 1 0 1 1 C 10350619 38205000 38205000 2004 1 0 1 1 D 1064205 7669391 147222 7522169 2020 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 1 1 1 0 0.01070 0.00000 0.01070 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 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 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 1 0 0 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: 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. FORM SCHEDULE K: ENTITY 2, BOND A: PART I, COLUMN (C): NEW BOND ISSUE HAD TWO SERIES: CUSIP #16559PAW5 AND 16559PAX3. ENTITY 2, BOND A: 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 16559PAW5 2023-04-11 81205000 SEE PART VI 0 0 0 A 81205000 708920 81205000 2009 1 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 1A 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, FIFTEEN BOARD OF TRUSTEE MEMBERS AND ONE ADVISORY BOARD MEMBER. DURING FY 23, ONE BOT MEMBER RESIGNED LEAVING FOURTEEN TRUSTEES. A TRUSTEE IS ELECTED TO SERVE UP TO 2 CONSECUTIVE, THREE-YEAR TERMS. EACH TRUSTEE IS ENTITLED TO ONE VOTE. EX-OFFICIO AND ADVISORY MEMBERS ARE NOT ENTITLED TO VOTE. THE BOARD OF MANAGERS ALSO SERVE AS TRUSTEES OF THE SOLE MEMBER. 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. ONCE THE TRUSTEES HAVE HAD TIME TO REVIEW THE RETURN, THE FORM 990 IS FILED WITH THE INTERNAL REVENUE SERVICE. 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 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 CEO AND THE BOARD MEMBER SHOULD PROMPTLY RESOLVE THE MATTER AND THE RESOLUTION SHOULD BE RECORDED IN THE MINUTES OF THE BOARD. TRUSTEES WITH CONFLICTS SHALL REMOVE THEMSELVES FROM NEGOTIATIONS, DECISIONS, DELIBERATIONS, OR VOTES INVOLVING THE CONFLICT. THIS SHALL NOT BE CONSTRUED AS PREVENTING THE TRUSTEE 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 CEO. THE CEO DETERMINES WHETHER A CONFLICT OF INTEREST EXISTS, AND REQUESTS THE MANAGER OR EMPLOYEE TO RECUSE HIM/HER 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 5,161,150. 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 1 0 0 0 0 0 0 0 0 1 1 1 1 0 0