2019-05-13T16:03:41-05:00 2018-06-30 990 2017-07-01 232411680 ACADEMIC PROPERTIES INC ACAD 2156621500 3201 ARCH STREET NO 420 PHILADELPHIA PA 19104 MARTIN J ONZIK VICE PRESIDENT 2156621500 2019-05-09 129.25.14.157 2019-05-09 16:35:55 US P C6DE77DF7EAFCE64E84CE20962AB172FB6FF0A8D 4754D9D176192595AE2A5FCC962F9F4630821E4D 2017 2019-02-21 02:37:17Z X MARTIN J ONZIK 3601 POWELTON AVE LOWER LEVEL PHILADELPHIA PA 19104 9574996 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 6251278 4880354 10780 -5882253 3812090 2418569 10074148 1416670 0 0 0 0 545273 555690 0 0 0 6681603 6259032 7226876 6814722 2847272 -5398052 33199134 27095937 947057 1127218 32252077 25968719 MAXIMIZING DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY. 0 0 1803344 1955336 HOUSING FOR STUDENTS OF DREXEL UNIVERSITY. 5011378 2925018 RENTAL OF CLASSROOM AND OFFICE SPACE TO DREXEL UNIVERSITY. 6814722 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 28 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 TIGIST TESFAYE 2156621500 3601 POWELTON AVE LOWER LEVEL PHILADELPHIA PA 19104 HELEN Y BOWMAN DIRECTOR, PRESIDENT, VICE CHAIR, TREASURER 2.00 45.00 X X 0 621112 91472 MELISSA W BROWN DIRECTOR & SECRETARY 2.00 43.00 X X 0 114784 28018 ROBERT BUCKLEY DIRECTOR 2.00 0.00 X 0 0 0 JOHN A FRY DIRECTOR & CHAIRMAN 2.00 45.00 X X 0 1094748 328888 MARTIN J ONZIK DIRECTOR & VICE PRESIDENT 40.00 0.00 X X 200336 0 56301 KEITH A ORRIS DIRECTOR 2.00 40.00 X 0 462787 43114 PATRICK S PASQUARIELLO III DIRECTOR 2.00 0.00 X 0 0 0 DAVID RUSENKO DIRECTOR 2.00 40.00 X 0 191176 24561 CARMEN PICCOLO PROPERTY MANAGER 40.00 0.00 X 130854 0 55162 TIGIST TESFAYE AVP, FINANCE AND ADMIN 40.00 0.00 X 130693 0 29380 461883 2484607 656896 3 0 1 0 GDI SERVICE INC 780 FIFTH AVENUE STE 115 KING OF PRUSSIA PA 19406 FACILITY SERVICES 792420 WATTS RESTORATION CO INC 1704 BUSTLETON PIKE FEASTERVILLE PA 19053 BUILDING SERVICES 681410 ABM FACILITY SERVICES INC PO BOX 419860 BOSTON MA 02241 BUILDING SERVICES 619858 ALLIED BARTON SECURITY SERVICES LLC PO BOX 828854 PHILADELPHIA PA 19182 SECURITY SERVICES 370404 GRAY STONE CONSTRUCTION CORPORATION 2015 OLCOTT AVE ARDMORE PA 19003 BUILDING SERVICES 149600 7 CLASSROOM RENTAL 531120 2925018 2925018 RESIDENTIAL RENTAL 531110 1955336 1955336 4880354 12643 12643 4111599 2263430 1848169 1848169 1848169 5894896 -5894896 -5894896 -5894896 MANAGEMENT FEES 531310 570400 570400 570400 1416670 4880354 0 -3463684 X 83277 83277 296780 296780 139652 139652 35981 35981 1048 1048 4851 4851 17445 17445 20337 20337 1998769 1998769 3401159 3401159 804939 804939 PROFESSIONAL DEVELOPMEN 10484 10484 6814722 6814722 0 0 1200 1200 9445818 10402763 433252 184906 24668 0 35281630 19068629 21966457 16213001 1327739 294067 33199134 27095937 511469 785333 193265 145852 242323 196033 947057 1127218 X 0 0 0 0 32252077 25968719 32252077 25968719 33199134 27095937 -5398052 -885306 0 X X 1 X 0 1 0 X X 1 DREXEL UNIVERSITY 231352630 2 1 0 0 1 0 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. PRESIDENT, VICE CHAIRMAN 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 7768973 3968084 3800889 22799531 14825157 7974374 47259 47259 0 238212 228129 10083 16213001 TENANT ESCROW DEPOSITS 196033 196033 X PART X, LINE 2: NO PROVISION OR BENEFIT FOR INCOME TAXES HAS BEEN INCLUDED IN THE ORGANIZATION'S FINANCIAL STATEMENTS. THE CORPORATION IS A NONPROFIT ORGANIZATION THAT HAS BEEN GRANTED TAX EXEMPT STATUS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION IS PART OF CONSOLIDATED FINANCIAL STATEMENTS THAT INCLUDES A FOOTNOTE THAT ADDRESSES UNCERTAIN TAX POSITIONS UNDER FIN 48 (ASC 740), BUT IT IS NOT RELATED TO THE OPERATIONS OF THIS ORGANIZATION. 1 0 1 0 0 0 0 0 0 0 HELEN Y BOWMAN DIRECTOR, PRESIDENT, VICE CHAIR, TRE 0 621112 0 0 0 0 0 74300 0 17172 0 712584 0 0 JOHN A FRY DIRECTOR & CHAIRMAN 0 787974 0 0 0 306774 0 314070 0 14818 0 1423636 0 0 MARTIN J ONZIK DIRECTOR & VICE PRESIDENT 200336 0 0 0 0 0 22037 0 34264 0 256637 0 0 0 KEITH A ORRIS DIRECTOR 0 362787 0 100000 0 0 0 29700 0 13414 0 505901 0 0 DAVID RUSENKO DIRECTOR 0 191176 0 0 0 0 0 21074 0 3487 0 215737 0 0 CARMEN PICCOLO PROPERTY MANAGER 130854 0 0 0 0 0 14394 0 40768 0 186016 0 0 0 TIGIST TESFAYE AVP, FINANCE AND ADMIN 130693 0 0 0 0 0 14376 0 15004 0 160073 0 0 0 PART I, LINE 4B THE UNIVERSITY PROVIDES MR. FRY WITH CERTAIN SUPPLEMENTAL RETIREMENT AND DEATH BENEFITS, EFFECTIVE AS OF JULY 1, 2012. THE ANNUAL ALLOCATION AMOUNT IS CONDITIONED ON MR. FRY'S CONTINUED EMPLOYMENT THROUGH THE END OF THE IMMEDIATELY PRECEDING FISCAL YEAR (OR UPON THE DATE OF DEATH, TOTAL DISABILITY, OR INVOLUNTARY TERMINATION, IF EARLIER). THIS ANNUAL ALLOCATION AMOUNT IS EQUAL TO 11% OF THE PREVIOUS FISCAL YEAR TOTAL BASE AND BONUS COMPENSATION PAID TO MR. FRY THAT EXCEEDS THE COMPENSATION LIMIT UNDER INTERNAL REVENUE CODE SECTION 401(A)(17). PART II: DREXEL UNIVERSITY, A RELATED ORGANIZATION, PROVIDES JOHN FRY AND HELEN BOWMAN WITH DEFERRED COMPENSATION ARRANGEMENTS. THE UNIVERSITY WILL CREDIT MR. FRY WITH $200,000 ON JUNE 30, 2016, AND ON EACH FOLLOWING JUNE 30 THROUGH 2020 WHILE HE REMAINS EMPLOYED BY THE UNIVERSITY AS PRESIDENT AND CHIEF EXECUTIVE OFFICER. THE AMOUNT CREDITED ON JUNE 30, 2020 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, 2020, OR THE UNIVERSITY TERMINATES MR. FRY'S EMPLOYMENT FOR CAUSE, THE DEFERRED COMPENSATION SHALL BE FORFEITED. THE UNIVERSITY WILL CREDIT MS. BOWMAN WITH $50,000 ON EACH SEPTEMBER 1, BEGINNING WITH SEPTEMBER 1, 2016 AND ENDING SEPTEMBER 1, 2020. INTEREST ACCRUED WILL ALSO BE PAID IF SHE REMAINS EMPLOYED WITH THE UNIVERSITY. MS. BOWMAN WILL BECOME FULLY VESTED IN THE BALANCE OF HER ACCOUNT UPON THE EARLIEST OF THE FOLLOWING: (I) SEPTEMBER 1, 2020, (II) HER 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. 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 VICE PRESIDENT 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: $3,401,159 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 3141 CHESTNUT STREET PHILADELPHIA PA 19104 231352630 EDUCATIONAL INSTITUTION PA 501(C)(3) 2 N/A 0 ACADEMIC ASSETS INC 3601 POWELTON AVE LOWER LEVEL PHILADELPHIA PA 19104 232455915 REAL ESTATE MANAGEMENT PA 501(C)(3) 12C, III-FI DREXEL UNIVERSITY 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0