2014-05-15T13:47:51-05:00 2013-06-30 990 2012-07-01 232411680 ACADEMIC PROPERTIES INC ACAD 2156621500 3601 POWELTON AVE LOWER LEVEL PHILADELPHIA PA 19104 MARTIN ONZIK 2156621500 2014-05-12 2012 2015-11-30 17:44:51Z JAMES R TUCKER 3141 CHESTNUT ST PHILADELPHIA PA 19104 13121661 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 4320973 4768993 16968 27367 3089484 3501767 7427425 8298127 0 0 0 0 410043 459492 0 0 0 3718440 4215069 4128483 4674561 3298942 3623566 25821260 29308026 1224536 1087736 24596724 28220290 MAXIMIZING DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY. 0 0 2688928 2032467 HOUSING FOR STUDENTS OF DREXEL UNIVERSITY. 1985633 2736526 RENTAL OF CLASSROOM SPACE TO DREXEL UNIVERSITY; RENTAL OF OFFICE SPACE TO DREXEL E-LEARNING. 4674561 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 0 0 0 1 25 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 2.00 X 0 0 0 CARL DRANOFF 2.00 X 0 0 0 PATRICK S PASQUARIELLO III 2.00 X 0 0 0 JOHN A FRY 2.00 40.00 X 0 1058504 186377 HELEN BOWMAN 2.00 40.00 X X 0 539548 38406 JAMES R TUCKER 2.00 40.00 X X 0 417869 28070 MARTIN J ONZIK 40.00 X X 182707 0 52660 CARMEN PICCOLO 40.00 X 121326 0 49294 TIGIST TESFAYE 40.00 X 121034 0 24057 ERIC J OLSON 0.00 40.00 X 0 218860 36286 425067 2234781 415150 3 1 1 0 FMC SERVICES INC PO BOX 645005 CINCINNATI OH 45264 CLEANING SERVICES 907383 ABM ENGINEERING SERVICES 5300 S EASTERN AVE STE 100 LOS ANGELES CA 90040 BUILDING SERVICES 616544 GRAYSTON CONSTRUCTION CORPORATION 2015 OLCOTT AVE ARDMORE PA 19003 BUILDING SERVICES 383740 ALLIED BARTON SECURITY SERVICES LLC PO BOX 828854 PHILADELPHIA PA 19182 SECURITY SERVICES 282134 PALMER INC 2175 BENNETT ROAD PHILADELPHIA PA 19116 BUILDING REPAIRS 112435 6 CLASSROOM RENTAL 531120 2366434 2366434 RESIDENTIAL RENTAL 531110 2032467 2032467 OFFICE RENTAL 531120 370092 370092 4768993 27367 27367 8137925 4823534 3314391 3314391 3314391 MANAGEMENT FEES 531310 187376 187376 187376 8298127 4768993 0 3529134 51025 51025 280274 280274 101321 101321 26872 26872 2585 2585 10007 10007 30824 30824 1548 1548 49901 49901 1630155 1630155 2351 2351 285 285 1750000 1750000 704951 704951 PROF DEVELOPMENT 18194 18194 MISCELLANEOUS EXPENSE 12680 12680 FINES AND PENALTIES 1588 1588 4674561 4674561 0 0 1200 1200 3761977 7607138 120681 80408 330436 264701 37671334 17755954 20123680 19915380 1483286 1439199 25821260 29308026 521631 344016 377366 404935 75914 11008 249625 327777 1224536 1087736 X 0 0 0 0 24596724 28220290 24596724 28220290 25821260 29308026 3623566 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 4844328 6271291 21842589 12643854 9198735 47259 47259 0 238212 220513 17699 19915380 PAYABLE TO AFFILIATE 40704 TENANT ESCROW DEPOSITS 287073 327777 X 13121661 4823534 4823534 8298127 0 8298127 9498095 4823534 4823534 4674561 0 4674561 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. 1 0 1 0 0 0 0 0 0 0 JOHN A FRY 0 714120 0 200000 0 144384 0 170067 0 16310 0 1244881 0 0 HELEN BOWMAN 0 376765 0 70000 0 92783 0 22500 0 15906 0 577954 0 0 JAMES R TUCKER 0 357869 0 60000 0 0 0 27500 0 570 0 445939 0 0 MARTIN J ONZIK 182707 0 0 0 0 0 16419 0 36241 0 235367 0 0 0 CARMEN PICCOLO 121326 0 0 0 0 0 13300 0 35994 0 170620 0 0 0 ERIC J OLSON 0 213860 0 5000 0 0 0 20448 0 15838 0 255146 0 0 SUPPLEMENTAL INFORMATION PART III 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. 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 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. OVERSIGHT OF THE AUDIT 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. PAYMENTS TO AFFILIATES FORM 990, PART IX, LINE 21 $1,750,000 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 N/A 1 JANUS HOUSING CORPORATION 3601 POWELTON AVE LOWER LEVEL PHILADELPHIA PA 19104 043721325 INACTIVE PA ACADEMIC PROPERTIES INC C 1.00000 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0