BETA

ACADEMIC PROPERTIES INC: Form 990, tax year 2012

View the entire original 990 at ProPublica ↗

Organization
ACADEMIC PROPERTIES INC (EIN 23-2411680)
Tax period
2012-07-01 to 2013-06-30
Filed
2014-05-15
IRS object ID
201441359349306329
Schema version
2012v2.1
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Timestamp2014-05-15T13:47:51-05:00Timestamp
Tax Period End Date2013-06-30TaxPeriodEndDate
Return Type990ReturnType
Tax Period Begin Date2012-07-01TaxPeriodBeginDate

Filer Filer

FieldValueIRS element (for citing)
EIN232411680EIN

Name Name

FieldValueIRS element (for citing)
Business Name Line1ACADEMIC PROPERTIES INCBusinessNameLine1
FieldValueIRS element (for citing)
Name ControlACADNameControl
Phone2156621500Phone

US Address USAddress

FieldValueIRS element (for citing)
Address Line13601 POWELTON AVE LOWER LEVELAddressLine1
CityPHILADELPHIACity
StatePAState
ZIP Code19104ZIPCode

Officer Officer

FieldValueIRS element (for citing)
NameMARTIN ONZIKName
TitleVICE PRESIDENTTitle
Phone2156621500Phone
Date Signed2014-05-12DateSigned
FieldValueIRS element (for citing)
Tax Year2012TaxYear
Build TS2015-11-30 17:44:51ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Name Of Principal Officer PersonJAMES R TUCKERNameOfPrincipalOfficerPerson

Address Principal Officer US AddressPrincipalOfficerUS

FieldValueIRS element (for citing)
Address Line13141 CHESTNUT STAddressLine1
CityPHILADELPHIACity
StatePAState
ZIP Code19104ZIPCode
FieldValueIRS element (for citing)
Gross Receipts13121661GrossReceipts
Group Return For Affiliates0GroupReturnForAffiliates
Organization501c3XOrganization501c3
Web SiteN/AWebSite
Type Of Organization CorporationXTypeOfOrganizationCorporation
Year Formation1986YearFormation
State Legal DomicilePAStateLegalDomicile
Activity Or Mission DescriptionACQUIRES AND IMPROVES PROPERTIES OF STRATEGIC IMPORTANCE TO THE FUTURE GROWTH OF DREXEL UNIVERSITY.ActivityOrMissionDescription
Nbr Voting Members Governing Body7NbrVotingMembersGoverningBody
Nbr Independent Voting Members3NbrIndependentVotingMembers
Total Nbr Employees12TotalNbrEmployees
Total Nbr Volunteers0TotalNbrVolunteers
Total Gross UBI0TotalGrossUBI
Net Unrelated Business Txbl Income0NetUnrelatedBusinessTxblIncome
Contributions Grants Prior Year0ContributionsGrantsPriorYear
Contributions Grants Current Year0ContributionsGrantsCurrentYear
Program Service Revenue Prior Year4320973ProgramServiceRevenuePriorYear
Program Service Revenue CY4768993ProgramServiceRevenueCY
Investment Income Prior Year16968InvestmentIncomePriorYear
Investment Income Current Year27367InvestmentIncomeCurrentYear
Other Revenue Prior Year3089484OtherRevenuePriorYear
Other Revenue Current Year3501767OtherRevenueCurrentYear
Total Revenue Prior Year7427425TotalRevenuePriorYear
Total Revenue Current Year8298127TotalRevenueCurrentYear
Grants And Similar Amnts Prior Year0GrantsAndSimilarAmntsPriorYear
Grants And Similar Amnts CY0GrantsAndSimilarAmntsCY
Benefits Paid To Members Prior Year0BenefitsPaidToMembersPriorYear
Benefits Paid To Members CY0BenefitsPaidToMembersCY
Salaries Etc Prior Year410043SalariesEtcPriorYear
Salaries Etc Current Year459492SalariesEtcCurrentYear
Total Prof Fundrsng Exp Prior Year0TotalProfFundrsngExpPriorYear
Total Prof Fundrsng Exp CY0TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year0TotalFundrsngExpCurrentYear
Other Expense Prior Year3718440OtherExpensePriorYear
Other Expenses Current Year4215069OtherExpensesCurrentYear
Total Expenses Prior Year4128483TotalExpensesPriorYear
Total Expenses Current Year4674561TotalExpensesCurrentYear
Revenues Less Expenses Prior Year3298942RevenuesLessExpensesPriorYear
Revenues Less Expenses CY3623566RevenuesLessExpensesCY
Total Assets BOY25821260TotalAssetsBOY
Total Assets EOY29308026TotalAssetsEOY
Total Liabilities BOY1224536TotalLiabilitiesBOY
Total Liabilities EOY1087736TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY24596724NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY28220290NetAssetsOrFundBalancesEOY
Mission DescriptionMAXIMIZING DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY.MissionDescription
Significant New Program Services0SignificantNewProgramServices
Significant Change0SignificantChange
Expense2688928Expense
Revenue2032467Revenue
DescriptionHOUSING FOR STUDENTS OF DREXEL UNIVERSITY.Description

Activity2 Activity2

FieldValueIRS element (for citing)
Expense1985633Expense
Revenue2736526Revenue
DescriptionRENTAL OF CLASSROOM SPACE TO DREXEL UNIVERSITY; RENTAL OF OFFICE SPACE TO DREXEL E-LEARNING.Description
FieldValueIRS element (for citing)
Total Program Service Expense4674561TotalProgramServiceExpense
Described In501 C31DescribedIn501C3
Schedule B Required0ScheduleBRequired
Political Activities0PoliticalActivities
Lobbying Activities0LobbyingActivities
Subject To Proxy Tax0SubjectToProxyTax
Donor Advised Funds0DonorAdvisedFunds
Conservation Easements0ConservationEasements
Collections Of Art0CollectionsOfArt
Credit Counseling0CreditCounseling
Term Or Permanent Endowments0TermOrPermanentEndowments
Report Land Bldg Equip1ReportLandBldgEquip
Report Invest Oth Securities0ReportInvestOthSecurities
Report Prog Rel Invest0ReportProgRelInvest
Report Other Assets0ReportOtherAssets
Report Other Liabilities1ReportOtherLiabilities
Report Fin48 Footnote1ReportFin48Footnote
Independent Audit Financial Stmt1IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt1ConsolidatedAuditFinancialStmt
School0School
Foreign Office0ForeignOffice
Foreign Activities0ForeignActivities
More Than5000 K To Organizations0MoreThan5000KToOrganizations
More Than5000 K To Individuals0MoreThan5000KToIndividuals
Professional Fundraising0ProfessionalFundraising
Fundraising Activities0FundraisingActivities
Gaming0Gaming
Hospital0Hospital
Grants To Organizations0GrantsToOrganizations
Grants To Individuals0GrantsToIndividuals
Schedule J Required1ScheduleJRequired
Tax Exempt Bonds0TaxExemptBonds
Excess Benefit Transaction0ExcessBenefitTransaction
Prior Excess Benefit Transaction0PriorExcessBenefitTransaction
Loan To Officer Or DQP0LoanToOfficerOrDQP
Grant To Related Person0GrantToRelatedPerson
Bsnss Rltnshp With Organization0BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member0BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp0OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions0DeductibleNonCashContributions
Deductible Contributions Of Art0DeductibleContributionsOfArt
Terminated0Terminated
Partial Liquidation0PartialLiquidation
Disregarded Entity0DisregardedEntity
Related Entity1RelatedEntity
Related Org Controlled Entity1RelatedOrgControlledEntity
Transaction Related Entity0TransactionRelatedEntity
Transfers To Exempt Non Chrtbl Org0TransfersToExemptNonChrtblOrg
Activities Conducted Partnership0ActivitiesConductedPartnership
Schedule O Required1ScheduleORequired
Number Forms Transmitted With109625NumberFormsTransmittedWith1096
Number W2 G Included0NumberW2GIncluded
Compliance With Backup Witholding1ComplianceWithBackupWitholding
Number Of Employees12NumberOfEmployees
Employment Tax Returns Filed1EmploymentTaxReturnsFiled
Unrelated Business Income0UnrelatedBusinessIncome
Foreign Financial Account0ForeignFinancialAccount
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTrans
Taxable Party Notification0TaxablePartyNotification
Non Deductible Contributions0NonDeductibleContributions
Quid Pro Quo Contributions0QuidProQuoContributions
Form8282 Property Disposed Of0Form8282PropertyDisposedOf
Funds To Pay Premiums0FundsToPayPremiums
Premiums Paid0PremiumsPaid
Indoor Tanning Services0IndoorTanningServices
Info In Schedule O Part VIXInfoInScheduleOPartVI
Nbr Voting Governing Body Members7NbrVotingGoverningBodyMembers
Number Independent Voting Members3NumberIndependentVotingMembers
Family Or Business Relationship0FamilyOrBusinessRelationship
Delegation Of Management Duties0DelegationOfManagementDuties
Changes To Organizing Docs0ChangesToOrganizingDocs
Material Diversion Or Misuse0MaterialDiversionOrMisuse
Members Or Stockholders0MembersOrStockholders
Election Of Board Members1ElectionOfBoardMembers
Decisions Subject To Approval0DecisionsSubjectToApproval
Minutes Of Governing Body1MinutesOfGoverningBody
Minutes Of Committees0MinutesOfCommittees
Officer Mailing Address0OfficerMailingAddress
Local Chapters0LocalChapters
Form990 Provided To Governing Body1Form990ProvidedToGoverningBody
Conflict Of Interest Policy1ConflictOfInterestPolicy
Annual Disclosure Covered Persons1AnnualDisclosureCoveredPersons
Regular Monitoring Enforcement1RegularMonitoringEnforcement
Whistleblower Policy0WhistleblowerPolicy
Document Retention Policy0DocumentRetentionPolicy
Compensation Process CEO0CompensationProcessCEO
Compensation Process Other0CompensationProcessOther
Investment In Joint Venture0InvestmentInJointVenture
States Where Copy Of Return Is FiledPAStatesWhereCopyOfReturnIsFiled
Upon RequestXUponRequest

The Books Are In Care Of TheBooksAreInCareOf

Name Business NameBusiness

FieldValueIRS element (for citing)
Business Name Line1TIGIST TESFAYEBusinessNameLine1
FieldValueIRS element (for citing)
Telephone Number2156621500TelephoneNumber

Address US AddressUS

FieldValueIRS element (for citing)
Address Line13601 POWELTON AVE LOWER LEVELAddressLine1
CityPHILADELPHIACity
StatePAState
ZIP Code19104ZIPCode

Form990 Part VII Section A Form990PartVIISectionA (10 entries)

TitleTitleAverage Hours Per WeekAverageHoursPerWeekIndividual Trustee Or DirectorIndividualTrusteeOrDirectorReportable Comp From OrganizationReportableCompFromOrganizationReportable Comp From Related OrgsReportableCompFromRelatedOrgsOther CompensationOtherCompensationAverage Hours Per Week RelatedAverageHoursPerWeekRelatedOfficerOfficerHighest Compensated EmployeeHighestCompensatedEmployeeFormerFormer
ROBERT BUCKLEY
DIRECTOR2.00X000
CARL DRANOFF
DIRECTOR2.00X000
PATRICK S PASQUARIELLO III
DIRECTOR2.00X000
JOHN A FRY
DIRECTOR2.00X0105850418637740.00
HELEN BOWMAN
DIRECTOR,TREASURER & SECRE2.00X05395483840640.00X
JAMES R TUCKER
CHAIRMAN & PRESIDENT2.00X04178692807040.00X
MARTIN J ONZIK
DIRECTOR, VICE PRESIDENT40.00X182707052660X
CARMEN PICCOLO
PROPERTY MANAGER40.00121326049294X
TIGIST TESFAYE
CONTROLLER40.00121034024057X
ERIC J OLSON
FORMER TREASURER & SECRETA0.0002188603628640.00X
FieldValueIRS element (for citing)
Total Reportable Comp From Org425067TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs2234781TotalReportableCompFrmRltdOrgs
Total Other Compensation415150TotalOtherCompensation
Number Individuals GT100 K3NumberIndividualsGT100K
Formers Listed1FormersListed
Total Comp GT150 K1TotalCompGT150K
Compensation From Other Sources0CompensationFromOtherSources

Contractor Compensation ContractorCompensation (5 entries)

Address Line1AddressOfContractor/AddressUS/AddressLine1CityAddressOfContractor/AddressUS/CityStateAddressOfContractor/AddressUS/StateZIP CodeAddressOfContractor/AddressUS/ZIPCodeDescription Of ServicesDescriptionOfServicesCompensationCompensation
FMC SERVICES INC
PO BOX 645005CINCINNATIOH45264CLEANING SERVICES907383
ABM ENGINEERING SERVICES
5300 S EASTERN AVE STE 100LOS ANGELESCA90040BUILDING SERVICES616544
GRAYSTON CONSTRUCTION CORPORATION
2015 OLCOTT AVEARDMOREPA19003BUILDING SERVICES383740
ALLIED BARTON SECURITY SERVICES LLC
PO BOX 828854PHILADELPHIAPA19182SECURITY SERVICES282134
PALMER INC
2175 BENNETT ROADPHILADELPHIAPA19116BUILDING REPAIRS112435
FieldValueIRS element (for citing)
Number Of Contractors GT100 K6NumberOfContractorsGT100K

Program Service Revenue ProgramServiceRevenue (3 entries)

DescriptionDescriptionBusiness CodeBusinessCodeTotal Revenue ColumnTotalRevenueColumnRelated Or Exempt Function IncomeRelatedOrExemptFunctionIncome
CLASSROOM RENTAL53112023664342366434
RESIDENTIAL RENTAL53111020324672032467
OFFICE RENTAL531120370092370092
FieldValueIRS element (for citing)
Total Program Service Revenue4768993TotalProgramServiceRevenue

Investment Income InvestmentIncome

FieldValueIRS element (for citing)
Total Revenue Column27367TotalRevenueColumn
Exclusion$27,367ExclusionAmount

Gross Rents GrossRents

FieldValueIRS element (for citing)
Real8137925Real

Less Rental Expenses LessRentalExpenses

FieldValueIRS element (for citing)
Real4823534Real

Rental Income Or Loss RentalIncomeOrLoss

FieldValueIRS element (for citing)
Real3314391Real

Net Rental Income Or Loss NetRentalIncomeOrLoss

FieldValueIRS element (for citing)
Total Revenue Column3314391TotalRevenueColumn
Exclusion$3,314,391ExclusionAmount

Other Revenue Misc OtherRevenueMisc

FieldValueIRS element (for citing)
DescriptionMANAGEMENT FEESDescription
Business Code531310BusinessCode
Total Revenue Column187376TotalRevenueColumn
Exclusion$187,376ExclusionAmount
FieldValueIRS element (for citing)
Total Other Revenue187376TotalOtherRevenue

Total Revenue TotalRevenue

FieldValueIRS element (for citing)
Total Revenue Column8298127TotalRevenueColumn
Related Or Exempt Function Income4768993RelatedOrExemptFunctionIncome
Unrelated Business Revenue0UnrelatedBusinessRevenue
Exclusion$3,529,134ExclusionAmount

Comp Current Officers Directors CompCurrentOfficersDirectors

FieldValueIRS element (for citing)
Total51025Total
Program Services51025ProgramServices

Other Salaries And Wages OtherSalariesAndWages

FieldValueIRS element (for citing)
Total280274Total
Program Services280274ProgramServices

Other Employee Benefits OtherEmployeeBenefits

FieldValueIRS element (for citing)
Total101321Total
Program Services101321ProgramServices

Payroll Taxes PayrollTaxes

FieldValueIRS element (for citing)
Total26872Total
Program Services26872ProgramServices

Fees For Services Legal FeesForServicesLegal

FieldValueIRS element (for citing)
Total2585Total
Program Services2585ProgramServices

Fees For Services Accounting FeesForServicesAccounting

FieldValueIRS element (for citing)
Total10007Total
Program Services10007ProgramServices

Fees For Services Other FeesForServicesOther

FieldValueIRS element (for citing)
Total30824Total
Program Services30824ProgramServices

Advertising Advertising

FieldValueIRS element (for citing)
Total1548Total
Program Services1548ProgramServices

Office Expenses OfficeExpenses

FieldValueIRS element (for citing)
Total49901Total
Program Services49901ProgramServices

Occupancy Occupancy

FieldValueIRS element (for citing)
Total1630155Total
Program Services1630155ProgramServices

Travel Travel

FieldValueIRS element (for citing)
Total2351Total
Program Services2351ProgramServices

Interest Interest

FieldValueIRS element (for citing)
Total285Total
Program Services285ProgramServices

Payments To Affiliates PaymentsToAffiliates

FieldValueIRS element (for citing)
Total1750000Total
Program Services1750000ProgramServices

Depreciation Depletion DepreciationDepletion

FieldValueIRS element (for citing)
Total704951Total
Program Services704951ProgramServices

Other Expenses OtherExpenses (3 entries)

DescriptionDescriptionTotalTotalProgram ServicesProgramServices
PROF DEVELOPMENT1819418194
MISCELLANEOUS EXPENSE1268012680
FINES AND PENALTIES15881588

Total Functional Expenses TotalFunctionalExpenses

FieldValueIRS element (for citing)
Total4674561Total
Program Services4674561ProgramServices
Management And General0ManagementAndGeneral
Fundraising0Fundraising

Cash Non Interest Bearing CashNonInterestBearing

FieldValueIRS element (for citing)
BOY1200BOY
EOY1200EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

FieldValueIRS element (for citing)
BOY3761977BOY
EOY7607138EOY

Accounts Receivable AccountsReceivable

FieldValueIRS element (for citing)
BOY120681BOY
EOY80408EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

FieldValueIRS element (for citing)
BOY330436BOY
EOY264701EOY
FieldValueIRS element (for citing)
Land Buildings Equipment Basis37671334LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec17755954LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

FieldValueIRS element (for citing)
BOY20123680BOY
EOY19915380EOY

Other Assets Total OtherAssetsTotal

FieldValueIRS element (for citing)
BOY1483286BOY
EOY1439199EOY

Total Assets TotalAssets

FieldValueIRS element (for citing)
BOY25821260BOY
EOY29308026EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

FieldValueIRS element (for citing)
BOY521631BOY
EOY344016EOY

Deferred Revenue DeferredRevenue

FieldValueIRS element (for citing)
BOY377366BOY
EOY404935EOY

Unsecured Notes Loans Payable UnsecuredNotesLoansPayable

FieldValueIRS element (for citing)
BOY75914BOY
EOY11008EOY

Other Liabilities OtherLiabilities

FieldValueIRS element (for citing)
BOY249625BOY
EOY327777EOY

Total Liabilities TotalLiabilities

FieldValueIRS element (for citing)
BOY1224536BOY
EOY1087736EOY
FieldValueIRS element (for citing)
Do Not Follow SFAS117XDoNotFollowSFAS117

Cap Stck Trst Prin Current Funds CapStckTrstPrinCurrentFunds

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Paid In Cap Srpls Land Bldg Eqp Fund PaidInCapSrplsLandBldgEqpFund

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc

FieldValueIRS element (for citing)
BOY24596724BOY
EOY28220290EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY24596724BOY
EOY28220290EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY25821260BOY
EOY29308026EOY
FieldValueIRS element (for citing)
Reconcilation Revenue Expenses3623566ReconcilationRevenueExpenses
Reconcilation Other Changes0ReconcilationOtherChanges
Info In Schedule O Part XIIXInfoInScheduleOPartXII
Method Of Accounting AccrualXMethodOfAccountingAccrual
Accountant Compile Or Review0AccountantCompileOrReview
FS Audited1FSAudited

FS Audited Basis FSAuditedBasis

FieldValueIRS element (for citing)
Financial Statement BothXFinancialStatementBoth
FieldValueIRS element (for citing)
Audit Committee1AuditCommittee
Federal Grant Audit Required0FederalGrantAuditRequired

Schedule A IRS990ScheduleA

FieldValueIRS element (for citing)
Supporting Organization509a3XSupportingOrganization509a3
Supporting Org509a3 Type3 Func IntXSupportingOrg509a3Type3FuncInt
Certification CheckboxXCertificationCheckbox
Contrib By Controlling Individual0ContribByControllingIndividual
Contribution By Related Party0ContributionByRelatedParty
Contrib By35 Controlled Entity0ContribBy35ControlledEntity

Supported Org Information SupportedOrgInformation

Name Name

FieldValueIRS element (for citing)
Business Name Line1DREXEL UNIVERSITYBusinessNameLine1
FieldValueIRS element (for citing)
EIN231352630EIN
Type Of Organization02TypeOfOrganization
Listed In Governing Doc1ListedInGoverningDoc
Supported Organization Notified1SupportedOrganizationNotified
Organized In US1OrganizedInUS
Amount$0Amount
FieldValueIRS element (for citing)
Total Number Of Supported Orgs1TotalNumberOfSupportedOrgs
Sum Of Amounts0SumOfAmounts

Schedule D IRS990ScheduleD

Land Land

FieldValueIRS element (for citing)
Investment Cost Or Other Basis4427655InvestmentCostOrOtherBasis
Book Value4427655BookValue

Buildings Buildings

FieldValueIRS element (for citing)
Investment Cost Or Other Basis11115619InvestmentCostOrOtherBasis
Depreciation4844328Depreciation
Book Value6271291BookValue

Leasehold Improvements LeaseholdImprovements

FieldValueIRS element (for citing)
Investment Cost Or Other Basis21842589InvestmentCostOrOtherBasis
Depreciation12643854Depreciation
Book Value9198735BookValue

Equipment Equipment

FieldValueIRS element (for citing)
Investment Cost Or Other Basis47259InvestmentCostOrOtherBasis
Depreciation47259Depreciation
Book Value0BookValue

Other Land Buildings OtherLandBuildings

FieldValueIRS element (for citing)
Investment Cost Or Other Basis238212InvestmentCostOrOtherBasis
Depreciation220513Depreciation
Book Value17699BookValue
FieldValueIRS element (for citing)
Total Of Book Value Land Buildings19915380TotalOfBookValueLandBuildings

Other Liabilities OtherLiabilities (2 entries)

DescriptionDescriptionAmountAmount
PAYABLE TO AFFILIATE$40,704
TENANT ESCROW DEPOSITS$287,073
FieldValueIRS element (for citing)
Total Of Amounts327777TotalOfAmounts
Footnote In Part XIIIXFootnoteInPartXIII
Tot Revenue Etc Audited Fincl Stmt13121661TotRevenueEtcAuditedFinclStmt
Other Revenues4823534OtherRevenues
Revenue Not Rptd F9904823534RevenueNotRptdF990
Revenue Subtotal8298127RevenueSubtotal
Revenue Not Rptd On Fin Stmt0RevenueNotRptdOnFinStmt
Total Revenue Per Form9908298127TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt9498095TotExpensesEtcAuditedFinclStmt
Other Expenses Included4823534OtherExpensesIncluded
Expenses Not Rptd F9904823534ExpensesNotRptdF990
Expenses Subtotal4674561ExpensesSubtotal
Expenses Not Rptd On Fin Stmt0ExpensesNotRptdOnFinStmt
Total Expenses Per Form9904674561TotalExpensesPerForm990

Form990 Schedule D Part XIII Form990ScheduleDPartXIII (3 entries)

IdentifierIdentifierReturn ReferenceReturnReferenceExplanationExplanation
DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: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. 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 REMAINS 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 A 990T OR OTHER INCOME TAX RETURN IS FILED, AS APPROPRIATE. 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. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. 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 - $4,823,534 4,823,534.
PART XII, LINE 2D - OTHER ADJUSTMENTS:RENTAL PROPERTY EXPENSES FROM PART VIII, LINE 6B - $4,823,534 4,823,534.

Schedule J IRS990ScheduleJ

FieldValueIRS element (for citing)
Substantiation Required1SubstantiationRequired
Severance Payment0SeverancePayment
Supplemental Nonqual Retire Plan1SupplementalNonqualRetirePlan
Equity Based Comp Arrangement0EquityBasedCompArrangement
Comp Based On Revenue Of Filing Org0CompBasedOnRevenueOfFilingOrg
Comp Based On Revenue Related Orgs0CompBasedOnRevenueRelatedOrgs
Comp Based Net Earnings Filing Org0CompBasedNetEarningsFilingOrg
Comp Based Net Earnings Relate Orgs0CompBasedNetEarningsRelateOrgs
Any Non Fixed Payments0AnyNonFixedPayments
Initial Contract Exception0InitialContractException

Form990 Schedule J Part II Form990ScheduleJPartII (6 entries)

TitleTitleBase Compensation Filing OrgBaseCompensationFilingOrgComp Based On Related OrgsCompBasedOnRelatedOrgsBonus Filing OrgBonusFilingOrgBonus Related OrgsBonusRelatedOrgsOther Compensation Filing OrgOtherCompensationFilingOrgOther Compensation Related OrgsOtherCompensationRelatedOrgsDeferred Comp Filing OrgDeferredCompFilingOrgDeferred Comp Related OrgsDeferredCompRelatedOrgsNontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgNontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgsTotal Compensation Filing OrgTotalCompensationFilingOrgTotal Compensation Related OrgsTotalCompensationRelatedOrgsComp Report Prior990 Filing OrgCompReportPrior990FilingOrgComp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs
JOHN A FRY
DIRECTOR07141200200000014438401700670163100124488100
HELEN BOWMAN
DIRECTOR,TREASURER & SECRE0376765070000092783022500015906057795400
JAMES R TUCKER
CHAIRMAN & PRESIDENT0357869060000000275000570044593900
MARTIN J ONZIK
DIRECTOR, VICE PRESIDENT18270700000164190362410235367000
CARMEN PICCOLO
PROPERTY MANAGER12132600000133000359940170620000
ERIC J OLSON
FORMER TREASURER & SECRETA02138600500000020448015838025514600

Form990 Schedule J Part III Form990ScheduleJPartIII

FieldValueIRS element (for citing)
IdentifierSUPPLEMENTAL INFORMATIONIdentifier
Return ReferencePART IIIReturnReference
ExplanationPART 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.Explanation

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (8 entries)

Return ReferenceReturnReferenceExplanationExplanationIdentifierIdentifier
FORM 990, PART VI, SECTION A, LINE 7ATHE 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 8BTHERE WERE NO SUBCOMMITTEES FORMED WITHIN THE BOARD OF DIRECTORS.
FORM 990, PART VI, SECTION B, LINE 11THE 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 12CEACH YEAR THE DIRECTORS MUST COMPLETE A CONFLICT OF INTEREST DISCLOSURE STATEMENT.
ACADEMIC PROPERTIES INC. CONDUCTS AN EXECUTIVE COMPENSATION ANALYSIS USING CEL & ASSOCIATE, INC. TO ENSURE THAT THE COMPENSATION IS FAIR AND COMPETITIVE. FOR FISCAL YEAR 2013, API USED THE PRIOR STUDY PERFORMED BY CEL & ASSOCIATE, INC. TO DETERMINE COMPENSATION.
FORM 990, PART VI, SECTION C, LINE 19THE 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 2CTHE 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.OVERSIGHT OF THE AUDIT
FORM 990, PART IX, LINE 21$1,750,000 REPRESENTS A TRANSFER TO A 501(C)(3) AFFILIATE ORGANIZATION ENDOWMENT.PAYMENTS TO AFFILIATES

Schedule R IRS990ScheduleR

Form990 Schedule R Part II Form990ScheduleRPartII (2 entries)

Address Line1AddressUS/AddressLine1CityAddressUS/CityStateAddressUS/StateZIP CodeAddressUS/ZIPCodeEINEINPrimary ActivitiesPrimaryActivitiesLegal Domicile StateLegalDomicileStateExempt Code SectionExemptCodeSectionPublic Charity StatusPublicCharityStatusDirect Controlling Entity NADirectControllingEntityNAControlled OrgControlledOrg
DREXEL UNIVERSITY
3141 CHESTNUT STREETPHILADELPHIAPA19104231352630EDUCATIONAL INSTITUTIONPA501(C)(3)170(B)(1)(A)(II)N/A1
ACADEMIC ASSETS INC
3601 POWELTON AVE LOWER LEVELPHILADELPHIAPA19104232455915REAL ESTATE MANAGEMENTPA501(C)(3)509(A)(3) - TYPE IIIN/A1

Form990 Schedule R Part IV Form990ScheduleRPartIV

Name Of Related Org NameOfRelatedOrg

FieldValueIRS element (for citing)
Business Name Line1JANUS HOUSING CORPORATIONBusinessNameLine1

Address US AddressUS

FieldValueIRS element (for citing)
Address Line13601 POWELTON AVE LOWER LEVELAddressLine1
CityPHILADELPHIACity
StatePAState
ZIP Code19104ZIPCode
FieldValueIRS element (for citing)
EIN043721325EIN
Primary ActivityINACTIVEPrimaryActivity
Legal Domicile StatePALegalDomicileState

Direct Controlling Entity Name DirectControllingEntityName

FieldValueIRS element (for citing)
Business Name Line1ACADEMIC PROPERTIES INCBusinessNameLine1
FieldValueIRS element (for citing)
Type Of EntityCTypeOfEntity
Percentage Ownership1.00000PercentageOwnership
Controlled Org1ControlledOrg
FieldValueIRS element (for citing)
Receipt Of Int Ann Rents Royalties0ReceiptOfIntAnnRentsRoyalties
Gift Grant Or Cap Contr To Other Org0GiftGrantOrCapContrToOtherOrg
Gift Grant Or Cap Contr Fr Other Org0GiftGrantOrCapContrFrOtherOrg
Loans Or Guarantees To Other Org0LoansOrGuaranteesToOtherOrg
Loans Or Guarantees From Other Org0LoansOrGuaranteesFromOtherOrg
Dividends Related Organization0DividendsRelatedOrganization
Sale Of Assets To Other Org0SaleOfAssetsToOtherOrg
Purchase Of Assets From Other Org0PurchaseOfAssetsFromOtherOrg
Exchange Of Assets0ExchangeOfAssets
Rental Of Facilities To Other Orgs1RentalOfFacilitiesToOtherOrgs
Rental Of Facilities Fr Other Orgs0RentalOfFacilitiesFrOtherOrgs
Perform Of Services For Other Orgs1PerformOfServicesForOtherOrgs
Perform Of Services By Other Orgs0PerformOfServicesByOtherOrgs
Sharing Of Facilities0SharingOfFacilities
Sharing Of Paid Employees0SharingOfPaidEmployees
Reimbursement Paid To Other Org0ReimbursementPaidToOtherOrg
Reimbursement Paid By Other Org0ReimbursementPaidByOtherOrg
Other Transfer To Other Org0OtherTransferToOtherOrg
Other Transfer From Other Org0OtherTransferFromOtherOrg

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