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ACADEMIC PROPERTIES INC: Form 990, tax year 2011

View the entire original 990 at ProPublica ↗

Organization
ACADEMIC PROPERTIES INC (EIN 23-2411680)
Tax period
2011-07-01 to 2012-06-30
Filed
2013-05-15
IRS object ID
201311359349305336
Schema version
2011v1.5
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)
Timestamp2013-05-15T12:56:59-05:00Timestamp
Tax Period End Date2012-06-30TaxPeriodEndDate
Return Type990ReturnType
Tax Period Begin Date2011-07-01TaxPeriodBeginDate

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 Signed2013-05-02DateSigned
FieldValueIRS element (for citing)
Tax Year2011TaxYear
Build TS2016-02-25 16:41:14ZBuildTS

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 Receipts12323552GrossReceipts
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 Year3861481ProgramServiceRevenuePriorYear
Program Service Revenue CY4320973ProgramServiceRevenueCY
Investment Income Prior Year131901InvestmentIncomePriorYear
Investment Income Current Year16968InvestmentIncomeCurrentYear
Other Revenue Prior Year4174392OtherRevenuePriorYear
Other Revenue Current Year3089484OtherRevenueCurrentYear
Total Revenue Prior Year8167774TotalRevenuePriorYear
Total Revenue Current Year7427425TotalRevenueCurrentYear
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 Year308310SalariesEtcPriorYear
Salaries Etc Current Year410043SalariesEtcCurrentYear
Total Prof Fundrsng Exp Prior Year0TotalProfFundrsngExpPriorYear
Total Prof Fundrsng Exp CY0TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year0TotalFundrsngExpCurrentYear
Other Expense Prior Year2503651OtherExpensePriorYear
Other Expenses Current Year3718440OtherExpensesCurrentYear
Total Expenses Prior Year2811961TotalExpensesPriorYear
Total Expenses Current Year4128483TotalExpensesCurrentYear
Revenues Less Expenses Prior Year5355813RevenuesLessExpensesPriorYear
Revenues Less Expenses CY3298942RevenuesLessExpensesCY
Total Assets BOY22877184TotalAssetsBOY
Total Assets EOY25821260TotalAssetsEOY
Total Liabilities BOY1579402TotalLiabilitiesBOY
Total Liabilities EOY1224536TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY21297782NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY24596724NetAssetsOrFundBalancesEOY
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
Expense2642926Expense
Revenue1961155Revenue
DescriptionHOUSING FOR STUDENTS OF DREXEL UNIVERSITY.Description

Activity2 Activity2

FieldValueIRS element (for citing)
Expense1485557Expense
Revenue2359818Revenue
DescriptionRENTAL OF CLASSROOM SPACE TO DREXEL UNIVERSITY; RENTAL OF OFFICE SPACE TO DREXEL E-LEARNING.Description
FieldValueIRS element (for citing)
Total Program Service Expense4128483TotalProgramServiceExpense
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 Assets1ReportOtherAssets
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 With109628NumberFormsTransmittedWith1096
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
FieldValueIRS element (for citing)
Info In Schedule O Part VIIXInfoInScheduleOPartVII

Form990 Part VII Section A Form990PartVIISectionA (10 entries)

TitleTitleAverage Hours Per WeekAverageHoursPerWeekIndividual Trustee Or DirectorIndividualTrusteeOrDirectorReportable Comp From OrganizationReportableCompFromOrganizationReportable Comp From Related OrgsReportableCompFromRelatedOrgsOther CompensationOtherCompensationOfficerOfficerHighest Compensated EmployeeHighestCompensatedEmployeeFormerFormer
ROBERT BUCKLEY
DIRECTOR2.00X000
CARL DRANOFF
DIRECTOR2.00X000
PATRICK S PASQUARIELLO III
DIRECTOR2.00X000
JOHN A FRY
DIRECTOR2.00X0879217142522
HELEN BOWMAN
DIRECTOR,TREASURER & SECRETARY2.00X032615932094X
JAMES R TUCKER
CHAIRMAN & PRESIDENT2.00X045749627520X
MARTIN J ONZIK
DIRECTOR, VICE PRESIDENT40.00X179987053049X
CARMEN PICCOLO
PROPERTY MANAGER40.00118782036572X
TIGIST TESFAYE
CONTROLLER40.00117494023797X
ERIC J OLSON
FORMER TREASURER & SECRETARY0.00026882537557X
FieldValueIRS element (for citing)
Total Reportable Comp From Org416263TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs1931697TotalReportableCompFrmRltdOrgs
Total Other Compensation353111TotalOtherCompensation
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 SERVICES876974
PALMER INC
2175 BENNETT ROADPHILADELPHIAPA19116BUILDING REPAIRS754340
ABM ENGINEERING SERVICES
5300 S EASTERN AVE STE 100LOS ANGELESCA90040BUILDING SERVICES544244
ALLIED BARTON SECURITY SERVICES LLC
PO BOX 828854PHILADELPHIAPA19182SECURITY SERVICES270246
UNITED ELEVATOR COMPANY
2108 SANSOM STREETPHILADELPHIAPA19103BUILDING SERVICES208965
FieldValueIRS element (for citing)
Number Of Contractors GT100 K6NumberOfContractorsGT100K

Program Service Revenue ProgramServiceRevenue (3 entries)

DescriptionDescriptionBusiness CodeBusinessCodeTotal Revenue ColumnTotalRevenueColumnRelated Or Exempt Function IncomeRelatedOrExemptFunctionIncome
CLASSROOM RENTAL53112020101622010162
RESIDENTIAL RENTAL53111019611551961155
OFFICE RENTAL531120349656349656
FieldValueIRS element (for citing)
Total Program Service Revenue4320973TotalProgramServiceRevenue

Investment Income InvestmentIncome

FieldValueIRS element (for citing)
Total Revenue Column16968TotalRevenueColumn
Exclusion$16,968ExclusionAmount

Gross Rents GrossRents

FieldValueIRS element (for citing)
Real7812954Real

Less Rental Expenses LessRentalExpenses

FieldValueIRS element (for citing)
Real4896127Real

Rental Income Or Loss RentalIncomeOrLoss

FieldValueIRS element (for citing)
Real2916827Real

Net Rental Income Or Loss NetRentalIncomeOrLoss

FieldValueIRS element (for citing)
Total Revenue Column2916827TotalRevenueColumn
Exclusion$2,916,827ExclusionAmount

Other Revenue Misc OtherRevenueMisc

FieldValueIRS element (for citing)
DescriptionMANAGEMENT FEESDescription
Business Code531310BusinessCode
Total Revenue Column172657TotalRevenueColumn
Exclusion$172,657ExclusionAmount
FieldValueIRS element (for citing)
Total Other Revenue172657TotalOtherRevenue

Total Revenue TotalRevenue

FieldValueIRS element (for citing)
Total Revenue Column7427425TotalRevenueColumn
Related Or Exempt Function Income4320973RelatedOrExemptFunctionIncome
Unrelated Business Revenue0UnrelatedBusinessRevenue
Exclusion$3,106,452ExclusionAmount

Comp Current Officers Directors CompCurrentOfficersDirectors

FieldValueIRS element (for citing)
Total37891Total
Program Services37891ProgramServices

Other Salaries And Wages OtherSalariesAndWages

FieldValueIRS element (for citing)
Total268494Total
Program Services268494ProgramServices

Other Employee Benefits OtherEmployeeBenefits

FieldValueIRS element (for citing)
Total81288Total
Program Services81288ProgramServices

Payroll Taxes PayrollTaxes

FieldValueIRS element (for citing)
Total22370Total
Program Services22370ProgramServices

Fees For Services Legal FeesForServicesLegal

FieldValueIRS element (for citing)
Total2072Total
Program Services2072ProgramServices

Fees For Services Other FeesForServicesOther

FieldValueIRS element (for citing)
Total15559Total
Program Services15559ProgramServices

Advertising Advertising

FieldValueIRS element (for citing)
Total1226Total
Program Services1226ProgramServices

Office Expenses OfficeExpenses

FieldValueIRS element (for citing)
Total63134Total
Program Services63134ProgramServices

Occupancy Occupancy

FieldValueIRS element (for citing)
Total1434236Total
Program Services1434236ProgramServices

Travel Travel

FieldValueIRS element (for citing)
Total5084Total
Program Services5084ProgramServices

Interest Interest

FieldValueIRS element (for citing)
Total535Total
Program Services535ProgramServices

Payments To Affiliates PaymentsToAffiliates

FieldValueIRS element (for citing)
Total1500000Total
Program Services1500000ProgramServices

Depreciation Depletion DepreciationDepletion

FieldValueIRS element (for citing)
Total674978Total
Program Services674978ProgramServices

Other Expenses OtherExpenses (3 entries)

DescriptionDescriptionTotalTotalProgram ServicesProgramServices
PROF DEVELOPMENT1124211242
MISCELLANEOUS EXPENSE95429542
FINES AND PENALTIES832832

Total Functional Expenses TotalFunctionalExpenses

FieldValueIRS element (for citing)
Total4128483Total
Program Services4128483ProgramServices
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)
BOY2816666BOY
EOY3761977EOY

Accounts Receivable AccountsReceivable

FieldValueIRS element (for citing)
BOY107400BOY
EOY120681EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

FieldValueIRS element (for citing)
BOY447324BOY
EOY330436EOY
FieldValueIRS element (for citing)
Land Buildings Equipment Basis36665199LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec16541519LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

FieldValueIRS element (for citing)
BOY17942984BOY
EOY20123680EOY

Other Assets Total OtherAssetsTotal

FieldValueIRS element (for citing)
BOY1561610BOY
EOY1483286EOY

Total Assets TotalAssets

FieldValueIRS element (for citing)
BOY22877184BOY
EOY25821260EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

FieldValueIRS element (for citing)
BOY318802BOY
EOY521631EOY

Deferred Revenue DeferredRevenue

FieldValueIRS element (for citing)
BOY574452BOY
EOY377366EOY

Unsecured Notes Loans Payable UnsecuredNotesLoansPayable

FieldValueIRS element (for citing)
BOY138905BOY
EOY75914EOY

Other Liabilities OtherLiabilities

FieldValueIRS element (for citing)
BOY547243BOY
EOY249625EOY

Total Liabilities TotalLiabilities

FieldValueIRS element (for citing)
BOY1579402BOY
EOY1224536EOY
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)
BOY21297782BOY
EOY24596724EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY21297782BOY
EOY24596724EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY22877184BOY
EOY25821260EOY
FieldValueIRS element (for citing)
Reconcilation Revenue Expenses3298942ReconcilationRevenueExpenses
Reconcilation Other Changes0ReconcilationOtherChanges
Info In Schedule O Part XIIXInfoInScheduleOPartXII
Method Of Accounting AccrualXMethodOfAccountingAccrual
Accountant Compile Or Review0AccountantCompileOrReview
FS Audited1FSAudited
Audit Committee1AuditCommittee
Financial Statement BothXFinancialStatementBoth
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
Depreciation4473807Depreciation
Book Value6641812BookValue

Leasehold Improvements LeaseholdImprovements

FieldValueIRS element (for citing)
Investment Cost Or Other Basis20836454InvestmentCostOrOtherBasis
Depreciation11802327Depreciation
Book Value9034127BookValue

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
Depreciation218126Depreciation
Book Value20086BookValue
FieldValueIRS element (for citing)
Total Of Book Value Land Buildings20123680TotalOfBookValueLandBuildings

Other Assets OtherAssets (2 entries)

DescriptionDescriptionBook ValueBookValue
DEFERRED RENT REVENUE1256298
TENANT ESCROW ACCOUNTS226988
FieldValueIRS element (for citing)
Total Book Value Other Assets1483286TotalBookValueOtherAssets

Other Liabilities OtherLiabilities (2 entries)

DescriptionDescriptionAmountAmount
PAYABLE TO AFFILIATE$22,637
TENANT ESCROW DEPOSITS$226,988
FieldValueIRS element (for citing)
Total Of Amounts249625TotalOfAmounts
Total Revenue7427425TotalRevenue
Total Expenses4128483TotalExpenses
Excess Or Deficit For Year3298942ExcessOrDeficitForYear
Excess Or Deficit Per FS3298942ExcessOrDeficitPerFS
Tot Revenue Etc Audited Fincl Stmt12323552TotRevenueEtcAuditedFinclStmt
Other Revenues4896127OtherRevenues
Revenue Not Rptd F9904896127RevenueNotRptdF990
Revenue Subtotal7427425RevenueSubtotal
Revenue Not Rptd On Fin Stmt0RevenueNotRptdOnFinStmt
Total Revenue Per Form9907427425TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt9024610TotExpensesEtcAuditedFinclStmt
Other Expenses Included4896127OtherExpensesIncluded
Expenses Not Rptd F9904896127ExpensesNotRptdF990
Expenses Subtotal4128483ExpensesSubtotal
Expenses Not Rptd On Fin Stmt0ExpensesNotRptdOnFinStmt
Total Expenses Per Form9904128483TotalExpensesPerForm990

Form990 Schedule D Part XIV Form990ScheduleDPartXIV (2 entries)

IdentifierIdentifierReturn ReferenceReturnReferenceExplanationExplanation
DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:PART X: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 XII, 2D: RENTAL PROPERTY EXPENSES PART VIII, LINE 6B - $4,896,127 PART XIII, 2D: RENTAL PROPERTY EXPENSES PART VIII, LINE 6B - $4,896,127

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)

Base 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
067921702000000001269500155720102173900
HELEN BOWMAN
0255420025000045739022050010044035825300
JAMES R TUCKER
03424960115000000269500570048501600
MARTIN J ONZIK
17998700000158600371890233036000
CARMEN PICCOLO
11878200000129100236620155354000
ERIC J OLSON
022882504000000022500015057030638200

Form990 Schedule J Part III Form990ScheduleJPartIII

FieldValueIRS element (for citing)
IdentifierSUPPLEMENTAL INFORMATIONIdentifier
Return ReferencePART IIIReturnReference
ExplanationPART I, LINE 4B AND PART II, COLUMN C; THE UNIVERSITY WILL PROVIDE JOHN FRY WITH DEFERRED COMPENSATION. THE 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 THE 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 THE UNIVERSITY ON THAT DATE.Explanation

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (13 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 2012, 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.
FORM 990, PART VII, COLUMN BJOHN A. FRY ALSO DEVOTES 40 HOURS PER WEEK TO A RELATED ORGANIZATION, DREXEL UNIVERSITY.HOURS FOR RELATED ORGANIZATION
HELEN BOWMAN ALSO DEVOTES 40 HOURS PER WEEK TO A RELATED ORGANIZATION, DREXEL UNIVERSITY.
JAMES R. TUCKER ALSO DEVOTES 40 HOURS PER WEEK TO A RELATED ORANIZATION, DREXEL UNIVERSITY.
ERIC J. OLSON DEVOTES 40 HOURS PER WEEK TO A RELATED ORGANIZATION, DREXEL UNIVERSITY.
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$1,500,000 REPRESENTS A TRANSFER TO A 501(C)(3) AFFILIATE ORGANIZATION ENDOWMENT.PAYMENTS TO AFFILIATES
FORM 990, PART XTHE BALANCE SHEET FOR FISCAL YEAR 2011 HAS BEEN RESTATED FOR A PRIOR PERIOD ADJUSTMENT TO BE CONSISTENT WITH THE GAAP AUDITED FINANCIAL STATEMENTS.BALANCE SHEET

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
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
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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