2015-05-15T14:02:40-05:00 2014-06-30 990 2013-07-01 232411680 ACADEMIC PROPERTIES INC ACAD 2156621500 3601 POWELTON AVE LOWER LEVEL PHILADELPHIA PA 19104 MARTIN ONZIK VICE PRESIDENT 2156621500 2015-05-05 2013 2016-02-25 16:41:14Z JAMES R TUCKER 3141 CHESTNUT ST PHILADELPHIA PA 19104 13211181 0 X N/A X 1986 PA ACQUIRES AND IMPROVES PROPERTIES OF STRATEGIC IMPORTANCE TO THE FUTURE GROWTH OF DREXEL UNIVERSITY. 7 3 12 0 0 0 0 0 4768993 5953587 27367 37738 3501767 3176266 8298127 9167591 0 0 0 0 459492 570664 0 0 0 4215069 8757626 4674561 9328290 3623566 -160699 29308026 29036703 1087736 977112 28220290 28059591 MAXIMIZING DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY. 0 0 3823777 2102370 HOUSING FOR STUDENTS OF DREXEL UNIVERSITY. 5504513 3851217 RENTAL OF CLASSROOM SPACE TO DREXEL UNIVERSITY; RENTAL OF OFFICE SPACE TO DREXEL E-LEARNING. 9328290 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 1 1 0 0 1 20 0 1 12 1 0 0 0 0 0 0 0 0 0 0 X 7 3 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 ROBERT BUCKLEY DIRECTOR 2.00 X 0 0 0 CARL DRANOFF DIRECTOR 2.00 X 0 0 0 PATRICK S PASQUARIELLO III DIRECTOR 2.00 X 0 0 0 JOHN A FRY DIRECTOR 2.00 40.00 X 0 1271335 231264 HELEN BOWMAN DIRECTOR,TREASURER & SECRE 2.00 40.00 X X 0 576126 39783 JAMES R TUCKER CHAIRMAN & PRESIDENT 2.00 40.00 X X 0 444917 28746 MARTIN J ONZIK DIRECTOR, VICE PRESIDENT 40.00 X X 197910 0 55731 CARMEN PICCOLO PROPERTY MANAGER 40.00 X 123330 0 51897 TIGIST TESFAYE CONTROLLER 40.00 X 123179 0 26507 ERIC J OLSON FORMER TREASURER & SECRETA 0.00 40.00 X 0 170001 26512 444419 2462379 460440 3 1 1 0 FMC SERVICES INC PO BOX 645005 CINCINNATI OH 45264 CLEANING SERVICES 895329 ABM ENGINEERING SERVICES 5300 S EASTERN AVE STE 100 LOS ANGELES CA 90040 BUILDING SERVICES 634704 GRAYSTON CONSTRUCTION CORPORATION 2015 OLCOTT AVE ARDMORE PA 19003 BUILDING SERVICES 523858 ALLIED BARTON SECURITY SERVICES LLC PO BOX 828854 PHILADELPHIA PA 19182 SECURITY SERVICES 302325 PREMIER BUILDING RESTORATION INC 5 MONTGOMERY AVE ERDENHEIM PA 19038 BUILDING SERVICES 182752 6 CLASSROOM RENTAL 531120 3456037 3456037 RESIDENTIAL RENTAL 531110 2102370 2102370 OFFICE RENTAL 531120 395180 395180 5953587 37738 37738 7030175 4043590 2986585 2986585 2986585 MANAGEMENT FEES 531310 189681 189681 189681 9167591 5953587 0 3214004 72504 72504 326948 326948 140137 140137 31075 31075 1153 1153 16356 16356 380 380 54410 54410 2206174 2206174 2393 2393 13 13 5700000 5700000 738164 738164 PROF DEVELOPMENT 22368 22368 MISCELLANEOUS EXPENSE 15881 15881 FINES AND PENALTIES 334 334 9328290 9328290 0 0 1200 1200 7607138 7338805 80408 132530 264701 140745 39005693 18776741 19915380 20228952 1439199 1194471 29308026 29036703 344016 335522 404935 503338 11008 0 327777 138252 1087736 977112 X 0 0 0 0 28220290 28059591 28220290 28059591 29308026 29036703 -160699 0 X X 0 1 X 1 0 X X X 0 0 0 DREXEL UNIVERSITY 231352630 02 1 1 1 0 1 0 4427655 4427655 11115619 5214848 5900771 23176948 13292425 9884523 47259 47259 0 238212 222209 16003 20228952 PAYABLE TO AFFILIATE -149241 TENANT ESCROW DEPOSITS 287493 138252 X 13211182 4043591 4043591 9167591 0 9167591 13371880 4043590 4043590 9328290 0 9328290 PART X, LINE 2: THE UNIVERSITY HAS BEEN GRANTED TAX-EXEMPT STATUS AS A NONPROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND, ACCORDINGLY, FILES FEDERAL TAX FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) ANNUALLY. NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE UNIVERSITY FINANCIAL STATEMENTS. HOWEVER, DEL, A FOR-PROFIT SUBSIDIARY OF THE UNIVERSITY DOES RECORD A PROVISION FOR INCOME TAXES WHICH IS IMMATERIAL TO THE UNIVERSITY'S CONSOLIDATED FINANCIAL STATEMENTS. THE UNIVERSITY FILES U.S. FEDERAL, STATE AND LOCAL INFORMATION RETURNS AND NO RETURNS ARE CURRENTLY UNDER EXAMINATION. THE STATUTE OF LIMITATIONS ON THE UNIVERSITY'S U.S. FEDERAL INFORMATION RETURNS REMAIN OPEN FOR THREE YEARS FOLLOWING THE YEAR THEY ARE FILED. THE UNIVERSITY AND ITS AFFILIATES DO FROM TIME TO TIME INCUR INCIDENTAL ACTIVITIES THAT ARE SUBJECT TO UNRELATED BUSINESS INCOME FOR WHICH APPROPRIATE INCOME TAX RETURNS ARE FILED. THIS PRIMARILY INCLUDES INCOME FROM INVESTMENTS HELD IN THE ENDOWMENT FUND FOR WHICH THE INVESTMENT MANAGER HAS REPORTED UNRELATED BUSINESS INCOME ON A SCHEDULE K-1 ALONG WITH INCOME FROM CERTAIN CONSULTING AND CONFERENCE SERVICES. THE FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") ISSUED ACCOUNTING STANDARDS CODIFICATION ("ASC") 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH REQUIRES THAT A TAX POSITION BE RECOGNIZED OR DERECOGNIZED BASED ON A "MORE LIKELY THAN NOT" THRESHOLD. THE UNIVERSITY DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL PROPERTY EXPENSES FROM PART VIII, LINE 6B - $4,043,590 4,043,590. ROUNDING 1. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL PROPERTY EXPENSES FROM PART VIII, LINE 6B - $4,043,590 4,043,590. 1 0 1 0 0 0 0 0 0 0 JOHN A FRY DIRECTOR 0 806335 0 225000 0 240000 0 213954 0 17310 0 1502599 0 0 HELEN BOWMAN DIRECTOR,TREASURER & SECRE 0 421371 0 80000 0 74755 0 22950 0 16833 0 615909 0 0 JAMES R TUCKER CHAIRMAN & PRESIDENT 0 374917 0 70000 0 0 0 28050 0 696 0 473663 0 0 MARTIN J ONZIK DIRECTOR, VICE PRESIDENT 187910 0 10000 0 0 0 16912 0 38819 0 253641 0 0 0 CARMEN PICCOLO PROPERTY MANAGER 123330 0 0 0 0 0 13566 0 38331 0 175227 0 0 0 ERIC J OLSON FORMER TREASURER & SECRETA 0 170001 0 0 0 0 0 13940 0 12572 0 196513 0 0 PART I, LINE 4B PART I, LINE 4B AND PART II, COLUMN C; DREXEL UNIVERSITY (RELATED ORGANIZATION) WILL PROVIDE JOHN FRY WITH DEFERRED COMPENSATION. DREXEL UNIVERSITY SHALL CREDIT MR. FRY WITH $100,000 ON JULY 31, 2011, AND ON EACH FOLLOWING JULY 31 THROUGH 2015 WHILE HE REMAINS EMPLOYED BY DREXEL UNIVERSITY AS PRESIDENT AND CHIEF EXECUTIVE OFFICER. VESTING AND PAYMENT OF THE DEFERRED COMPENSATION SHALL OCCUR ON JULY 31, 2015, PROVIDED MR. FRY IS EMPLOYED BY DREXEL UNIVERSITY ON THAT DATE. IN ADDITION, 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 UNIVERSITY 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. 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. THERE IS ONE DIRECTOR VACANCY DURING THIS FISCAL YEAR. 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 11 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 B, LINE 15 ACADEMIC PROPERTIES INC. CONDUCTS AN EXECUTIVE COMPENSATION ANALYSIS USING CEL & ASSOCIATE, INC. TO ENSURE THAT THE COMPENSATION IS FAIR AND COMPETITIVE. FOR FISCAL YEAR 2014, API USED THE PRIOR STUDY PERFORMED BY CEL & ASSOCIATE, INC. TO DETERMINE COMPENSATION. 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. 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 TO OVERSEE THE AUDIT OF THE FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUTANT. FORM 990, PART IX, LINE 21 $5,700,000 REPRESENTS A TRANSFER TO A 501(C)(3) AFFILIATE ORGANIZATION ENDOWMENT. DREXEL UNIVERSITY 3141 CHESTNUT STREET PHILADELPHIA PA 19104 231352630 EDUCATIONAL INSTITUTION PA 501(C)(3) 170(B)(1)(A)(II) N/A 1 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 DREXEL UNIVERSITY J 1224000 BOOK AMOUNT DREXEL UNIVERSITY L 125000 BOOK AMOUNT