2022-06-14T21:50:16-05:00 2021-06-30 990 2020-07-01 232411680 ACADEMIC PROPERTIES INC ACAD 2156621500 3201 ARCH STREET NO 400 PHILADELPHIA PA 19104 HELEN Y BOWMAN PRESIDENT 2158952803 2022-06-14 HELEN BOWMAN 999009999 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z X HELEN Y BOWMAN 3201 ARCH ST STE 420 PHILADELPHIA PA 19104 8585210 0 X N/A X 1986 PA ACQUIRES AND IMPROVES PROPERTIES OF STRATEGIC IMPORTANCE TO THE FUTURE GROWTH OF DREXEL UNIVERSITY. 8 2 11 0 0 0 0 0 6867721 6054715 5852 4205 360112 1468049 7233685 7526969 0 0 0 0 1020017 555999 0 0 0 10568600 5033890 11588617 5589889 -4354932 1937080 25045725 27629572 925508 1572275 24120217 26057297 MAXIMIZING DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY. 0 0 2254767 1437557 HOUSING FOR STUDENTS OF DREXEL UNIVERSITY. 3325372 4617158 RENTAL OF CLASSROOM AND OFFICE SPACE TO DREXEL UNIVERSITY. 5580139 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 29 0 1 11 1 0 0 0 0 0 0 0 0 0 0 X 8 2 0 0 0 0 0 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 2.00 45.00 X X 0 2037295 346976 HELEN Y BOWMAN VICE CHAIR, TREASURER 2.00 43.00 X X 0 880901 43992 DONALD E MOORE PRESIDENT (THROUGH 10/20) 2.00 43.00 X X 0 271560 17978 DAVID RUSENKO DIRECTOR 2.00 42.00 X 0 277216 29383 CARMEN PICCOLO VICE PRESIDENT 40.00 0.00 X X 133066 0 48820 REBECCA LACHER SECRETARY 2.00 43.00 X X 0 51173 4106 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 204557 19143 TIGIST TESFAYE AVP, FINANCE AND ADMIN 40.00 0.00 X 106935 0 21356 240001 3722702 531754 2 0 1 0 GRAYSTONE CONSTRUCTION 2015 OLCOTT AVENUE ARDMORE PA 19003 CONSTRUCTION SERVICES 795955 ALLIED BARTON SECURITY SERVICES LLC PO BOX 828854 PHILADELPHIA PA 19182 SECURITY SERVICES 308740 ABM FACILITY SERVICES INC PO BOX 419860 BOSTON MA 02241 BUILDING SERVICES 288829 NEWMARK KNIGHT FRANK 1735 MARKET STREET PHILADELPHIA PA 19103 BUILDING SERVICES 248414 GDI SERVICE INC 780 FIFTH AVENUE KING OF PRUSSIA PA 19406 CLEANING SERVICES 237258 12 CLASSROOM RENTAL 531120 4617158 4617158 RESIDENTIAL RENTAL 531110 1437557 1437557 6054715 4205 4205 2401270 1058241 1343029 1343029 1343029 MANAGEMENT FEES 531310 125020 125020 125020 7526969 6054715 0 1472254 X 114801 114801 277815 277815 129408 129408 33975 33975 9750 9750 154384 154384 7626 7626 28941 28941 2405390 2405390 1541000 1541000 805604 805604 MISCELLANEOUS 50697 50697 COMMISSIONS 30498 30498 5589889 5580139 9750 0 4603770 6838499 69994 93518 489152 1698111 39956902 21450877 18853393 18506025 1029416 493419 25045725 27629572 216612 332597 537293 1118740 171603 120938 925508 1572275 X 0 0 0 0 24120217 26057297 24120217 26057297 25045725 27629572 1937080 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: ACADEMIC PROPERTIES, INC. CHAIRMAN, JOHN FRY, IS THE PRESIDENT OF ACADEMIC PROPERTIES, INC.'S SOLE SUPPORTED ORGANIZATION, DREXEL UNIVERSITY. ACADEMIC PROPERTIES, INC. VICE CHAIR AND TREASURER, HELEN BOWMAN, IS THE EXECUTIVE VICE PRESIDENT, TREASURER, AND CHIEF OPERATING OFFICER OF ACADEMIC PROPERTIES, INC.'S SOLE SUPPORTED ORGANIZATION, DREXEL UNIVERSITY. 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. 4427655 4427655 8591658 4636027 3955631 26702734 16579995 10122739 47259 47259 0 187596 187596 0 18506025 TENANT ESCROW DEPOSITS 112828 OPERATING LEASE LIABILITY 8110 120938 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. 1 0 1 0 0 0 0 0 0 0 JOHN A FRY CHAIRMAN OF THE BOARD 0 762051 0 0 0 1275244 0 331350 0 15626 0 2384271 0 574959 HELEN Y BOWMAN VICE CHAIR, TREASURER 0 624618 0 0 0 256283 0 25650 0 18342 0 924893 0 200000 DAVID RUSENKO DIRECTOR 0 277216 0 0 0 0 0 15372 0 14011 0 306599 0 0 DONALD E MOORE PRESIDENT (THROUGH 10/20) 0 257577 0 0 0 13983 0 17293 0 685 0 289538 0 0 ALAN GREENBERGER PRESIDENT, CHIEF OPERATING OFFICER 0 204557 0 0 0 0 0 9673 0 9470 0 223700 0 0 CARMEN PICCOLO VICE PRESIDENT 133066 0 0 0 0 0 14637 0 34183 0 181886 0 0 0 PART I, LINE 4B DREXEL UNIVERSITY, A RELATED ORGANIZATION, PAID MR. FRY'S SUPPLEMENTAL RETIREMENT PLAN OF $887,307 IN DECEMBER 2020, WHICH BEGAN EFFECTIVE JULY 1, 2012. MR. FRY HAD BEEN CREDITED AN AMOUNT EQUAL TO 11% OF THE PREVIOUS FISCAL YEAR'S TOTAL BASE AND BONUS COMPENSATION THAT EXCEEDS THE COMPENSATION LIMIT UNDER THE IRC SECTION 401(A)(17) ON JUNE 30, 2013, AND ON EACH FOLLOWING JUNE 30 THROUGH 2020. IN ADDITION, THE SUPPLEMENTAL RETIREMENT PLAN EARNED EARNINGS BASED ON INVESTMENT OPTIONS SELECTED BY MR. FRY. ON JUNE 30, 2020, MR. FRY BECAME FULLY VESTED IN THE SUPPLEMENTAL RETIREMENT PLAN. DREXEL UNIVERSITY, A RELATED ORGANIZATION, PAID HELEN BOWMAN'S DEFERRED COMPENSATION OF $256,283 IN SEPTEMBER 2020, WHICH BEGAN EFFECTIVE SEPTEMBER 1, 2016. MS. BOWMAN HAD BEEN CREDITED $50,000 ON EACH SEPTEMBER 1, BEGINNING ON SEPTEMBER 1, 2016, AND ENDING ON SEPTEMBER 1, 2020. IN ADDITION, THE DEFERRED COMPENSATION WAS CREDITED WITH INTEREST EARNED ANNUALLY. ON SEPTEMBER 1, 2020, MS. BOWMAN BECAME FULLY VESTED IN THE DEFERRED COMPENSATION ARRANGEMENT. PART II: DREXEL UNIVERSITY, A RELATED ORGANIZATION, PROVIDES JOHN FRY WITH A DEFERRED COMPENSATION ARRANGEMENT. THE UNIVERSITY WILL CREDIT MR. FRY WITH $300,000 ON JUNE 30, 2019, AND ON EACH FOLLOWING JUNE 30 THROUGH 2021 WHILE HE REMAINS EMPLOYED BY THE UNIVERSITY AS PRESIDENT AND CHIEF EXECUTIVE OFFICER. THE AMOUNT CREDITED ON JUNE 30, 2021 WILL ALSO INCLUDE INVESTMENT EARNINGS, GAINS, AND LOSSES, PROVIDED MR. FRY IS EMPLOYED BY THE UNIVERSITY ON THAT DATE. IN THE EVENT MR. FRY VOLUNTARILY TERMINATES HIS EMPLOYMENT WITHOUT GOOD REASON WITH THE UNIVERSITY PRIOR TO JUNE 30, 2021, OR THE UNIVERSITY TERMINATES MR. FRY'S EMPLOYMENT FOR CAUSE, THE DEFERRED COMPENSATION SHALL BE FORFEITED. 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 MUST COMPLETE A CONFLICT OF INTEREST DISCLOSURE STATEMENT. 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 1 0 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0