2018-05-15T13:55:22-05:00 2017-06-30 990 2016-07-01 232411680 ACADEMIC PROPERTIES INC ACAD 2156621500 3601 POWELTON AVE LOWER LEVEL PHILADELPHIA PA 19104 MARTIN J ONZIK VICE PRESIDENT 2156621500 2018-05-14 2016 2022-09-23 18:48:47Z MARTIN J ONZIK 3601 POWELTON AVE LOWER LEVEL PHILADELPHIA PA 19104 13823767 0 X N/A X 1986 PA ACQUIRES AND IMPROVES PROPERTIES OF STRATEGIC IMPORTANCE TO THE FUTURE GROWTH OF DREXEL UNIVERSITY. 8 2 10 0 0 0 0 0 5813206 6251278 16641 10780 4059569 3812090 9889416 10074148 0 0 0 0 622188 545273 0 0 0 9225542 6681603 9847730 7226876 41686 2847272 30230798 33199134 825993 947057 29404805 32252077 MAXIMIZING DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY. 0 0 3314197 2162566 HOUSING FOR STUDENTS OF DREXEL UNIVERSITY. 3912679 4088712 RENTAL OF CLASSROOM AND OFFICE SPACE TO DREXEL UNIVERSITY. 7226876 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 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 22 0 1 10 1 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 40.00 X X 0 746151 90391 MELISSA W BROWN DIRECTOR & SECRETARY 2.00 40.00 X X 0 118625 27711 ROBERT BUCKLEY DIRECTOR 2.00 X 0 0 0 ROBERT FRANCIS DIRECTOR 2.00 40.00 X 0 297538 37480 JOHN A FRY DIRECTOR & CHAIRMAN 2.00 40.00 X X 0 1343353 328079 MARTIN J ONZIK DIRECTOR & VICE PRESIDENT 40.00 X X 200336 0 53859 KEITH A ORRIS DIRECTOR 2.00 40.00 X 0 457896 42074 PATRICK S PASQUARIELLO III DIRECTOR 2.00 X 0 0 0 JEFFREY EBERLY 7116-11916 TREASURER 2.00 40.00 X 0 430575 37490 CARMEN PICCOLO PROPERTY MANAGER 40.00 X 130854 0 55755 TIGIST TESFAYE CONTROLLER 40.00 X 130693 0 28238 JAMES R TUCKER FORMER DIRECTOR & VICE CHAIR & PR 0.00 0.00 X 0 191209 0 461883 3585347 701077 3 1 1 0 GDI SERVICE INC 780 FIFTH AVENUE STE 115 KING OF PRUSSIA PA 19406 FACILITY SERVICES 981424 ABM ENGINEERING SERVICES 5300 S EASTERN AVE STE 100 LOS ANGELES CA 90040 BUILDING SERVICES 716052 WATTS RESTORATION CO INC 1704 BUTLER PIKE FEASTERVILLE PA 19053 BUILDING SERVICES 639000 ALLIED BARTON SECURITY SERVICES LLC PO BOX 828854 PHILADELPHIA PA 19182 SECURITY SERVICES 363184 GRAY STONE CONSTRUCTION CORPORATION 2015 OLCOTT AVE ARDMORE PA 19003 BUILDING SERVICES 345103 7 CLASSROOM RENTAL 531120 3597620 3597620 RESIDENTIAL RENTAL 531110 2162566 2162566 OFFICE RENTAL 531120 491092 491092 6251278 10780 10780 7365013 3749619 3615394 3615394 3615394 MANAGEMENT FEES 531310 196696 196696 196696 10074148 6251278 0 3822870 X 90697 90697 306703 306703 119313 119313 28560 28560 824 824 4013 4013 17366 17366 3175 3175 24565 24565 2399818 2399818 1410 1410 3385009 3385009 836243 836243 PROFESSIONAL DEVELOPMEN 6873 6873 MISCELLANEOUS EXPENSE 2307 2307 7226876 7226876 0 0 1200 1200 6239571 9445818 672654 433252 58951 24668 44078991 22112534 22160330 21966457 1098092 1327739 30230798 33199134 339545 511469 282654 193265 203794 242323 825993 947057 X 0 0 0 0 29404805 32252077 29404805 32252077 30230798 33199134 2847272 0 X X 0 1 X 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: 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. PART IV, SECTION E, LINE 2A: ALL OF 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 11115619 4128457 6987162 28250246 17749222 10501024 47259 47259 0 238212 187596 50616 21966457 TENANT ESCROW DEPOSITS 242323 242323 X 13823767 3749619 3749619 10074148 0 10074148 10976495 3749619 3749619 7226876 0 7226876 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL PROPERTY EXPENSES FROM PART VIII, LINE 6B 3,749,619. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL PROPERTY EXPENSES FROM PART VIII, LINE 6B 3,749,619. 1 1 1 0 0 0 0 0 0 0 HELEN Y BOWMAN DIRECTOR,PRESIDENT, VICE CHAIR, TREA 0 621151 0 125000 0 0 0 73850 0 16541 0 836542 0 0 ROBERT FRANCIS DIRECTOR 0 297538 0 0 0 0 0 29150 0 8330 0 335018 0 0 JOHN A FRY DIRECTOR & CHAIRMAN 0 782273 0 220000 0 341080 0 312008 0 16071 0 1671432 0 0 MARTIN J ONZIK DIRECTOR & VICE PRESIDENT 200336 0 0 0 0 0 22037 0 31822 0 254195 0 0 0 KEITH A ORRIS DIRECTOR 0 362896 0 95000 0 0 0 29150 0 12924 0 499970 0 0 JEFFREY EBERLY 7116-11916 TREASURER 0 306956 0 0 0 123619 0 29150 0 8340 0 468065 0 0 CARMEN PICCOLO PROPERTY MANAGER 130854 0 0 0 0 0 14394 0 41361 0 186609 0 0 0 TIGIST TESFAYE CONTROLLER 130693 0 0 0 0 0 14376 0 13862 0 158931 0 0 0 JAMES R TUCKER FORMER DIRECTOR & VICE CHAIR & PR 0 0 0 0 0 191209 0 0 0 0 0 191209 0 0 PART I, LINES 4A-B IN RECOGNITION OF AND CONSIDERATION FOR THE GOODS AND VALUABLE SERVICES MR. FRY HAS PROVIDED, AND WILL CONTINUE TO PROVIDE, TO DREXEL UNIVERSITY DURING HIS EMPLOYMENT, DREXEL UNIVERSITY (RELATED ORGANIZATION) AGREES TO PROVIDE MR. FRY WITH CERTAIN SUPPLEMENTAL RETIREMENT AND DEATH BENEFITS, EFFECTIVE AS OF JULY 1, 2012. MR. FRY'S ACCOUNT SHALL BE CREDITED WITH AN ALLOCATION BY DREXEL UNIVERSITY IN THE FALL OF EACH YEAR (AND NOT LATER THAN DECEMBER 15), BEGINNING IN THE FALL OF 2013, AND ENDING IN THE FALL OF 2020, IN ACCORDANCE WITH THE FOLLOWING FORMULA. THE ALLOCATION FOR EACH YEAR SHALL BE CONDITIONED ON MR. FRY'S CONTINUED EMPLOYMENT THROUGH THE END OF THE FISCAL YEAR ENDING ON THE IMMEDIATELY PRECEDING JUNE 30 (OR UPON THE DATE OF DEATH, TOTAL DISABILITY, OR INVOLUNTARY TERMINATION, IF EARLIER). THE FORMULA IS 11% OF THE SUM OF MR. FRY'S PAID COMPENSATION (BASE SALARY AND ANNUAL PERFORMANCE BONUS (IF ANY)) FOR THE FISCAL YEAR ENDING ON THE IMMEDIATELY PRECEDING JUNE 30 THAT IS IN EXCESS OF THE COMPENSATION LIMIT UNDER SECTION 401(A)(17) OF THE INTERNAL REVENUE CODE AS IN EFFECT DURING SUCH PERIOD IN DETERMINING THE MAXIMUM COMPENSATION UNDER DREXEL UNIVERSITY'S PENSION PLAN. JAMES TUCKER, FORMER SVP ADMINISTRATIVE & BUSINESS SERVICES, FOLLOWING THE DECEMBER 31, 2015 RETIREMENT DATE, MR. TUCKER RECEIVED AN ADDITIONAL SIX MONTH SEVERANCE PAYMENT IN THE AMOUNT OF $191,209. SCHEDULE J, PART II DREXEL UNIVERSITY (RELATED ORGANIZATION) WILL PROVIDE JOHN FRY WITH DEFERRED COMPENSATION. DREXEL UNIVERSITY SHALL CREDIT MR. FRY WITH $200,000 ON JUNE 30, 2016, AND ON EACH FOLLOWING JUNE 30 THROUGH 2020 WHILE HE REMAINS EMPLOYED BY DREXEL UNIVERSITY AS PRESIDENT AND CHIEF EXECUTIVE OFFICER. THE AMOUNT SO CREDITED SHALL ALSO BE CREDITED WITH EARNINGS, GAINS, AND LOSSES BASED ON DEEMED INVESTMENT OPTIONS SELECTED IN ADVANCE BY MR. FRY, SHALL OCCUR ON JUNE 30, 2020, PROVIDED MR. FRY IS EMPLOYED BY DREXEL UNIVERSITY ON THAT DATE. IN THE EVENT MR. FRY'S EMPLOYMENT WITH DREXEL UNIVERSITY IS TERMINATED PRIOR TO JUNE 30, 2020 ON ACCOUNT OF DEATH, DISABILITY, NON-RENEWAL OF THIS AGREEMENT BY THE UNIVERSITY, OR TERMINATION OF HIS EMPLOYMENT BY THE UNIVERSITY OTHER THAN FOR CAUSE, OR HIS RESIGNATION FOR GOOD REASON, THE DEFERRED COMPENSATION, AS ADJUSTED FOR EARNINGS, GAINS AND LOSSES, SHALL BECOME VESTED AND PAYABLE UPON HIS TERMINATION OF EMPLOYMENT. 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. DREXEL UNIVERSITY (RELATED ORGANIZATION) WILL PROVIDE HELEN BOWMAN WITH A DEFERRED COMPENSATION ARRANGEMENT. ON EACH SEPTEMBER 1, BEGINNING WITH SEPTEMBER 1, 2016 AND ENDING SEPTEMBER 1, 2020, THE UNIVERSITY WILL CREDIT $50,000 TO HER ACCOUNT, PLUS INTEREST ACCRUED 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 THIS 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 $3,385,009 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) 170(B)(1)(A)(II) N/A 0 ACADEMIC ASSETS INC 3601 POWELTON AVE LOWER LEVEL PHILADELPHIA PA 19104 232455915 REAL ESTATE MANAGEMENT PA 501(C)(3) 509(A)(3) - TYPE III DREXEL UNIVERSITY 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0