2013-05-15T12:56:59-05:00 2012-06-30 990 2011-07-01 232411680 ACADEMIC PROPERTIES INC ACAD 2156621500 3601 POWELTON AVE LOWER LEVEL PHILADELPHIA PA 19104 MARTIN ONZIK 2156621500 2013-05-02 2011 2016-02-25 16:41:14Z JAMES R TUCKER 3141 CHESTNUT ST PHILADELPHIA PA 19104 12323552 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 3861481 4320973 131901 16968 4174392 3089484 8167774 7427425 0 0 0 0 308310 410043 0 0 0 2503651 3718440 2811961 4128483 5355813 3298942 22877184 25821260 1579402 1224536 21297782 24596724 MAXIMIZING DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY. 0 0 2642926 1961155 HOUSING FOR STUDENTS OF DREXEL UNIVERSITY. 1485557 2359818 RENTAL OF CLASSROOM SPACE TO DREXEL UNIVERSITY; RENTAL OF OFFICE SPACE TO DREXEL E-LEARNING. 4128483 1 0 0 0 0 0 0 0 0 0 1 0 0 1 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 28 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 X 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 X 0 879217 142522 HELEN BOWMAN 2.00 X X 0 326159 32094 JAMES R TUCKER 2.00 X X 0 457496 27520 MARTIN J ONZIK 40.00 X X 179987 0 53049 CARMEN PICCOLO 40.00 X 118782 0 36572 TIGIST TESFAYE 40.00 X 117494 0 23797 ERIC J OLSON 0.00 X 0 268825 37557 416263 1931697 353111 3 1 1 0 FMC SERVICES INC PO BOX 645005 CINCINNATI OH 45264 CLEANING SERVICES 876974 PALMER INC 2175 BENNETT ROAD PHILADELPHIA PA 19116 BUILDING REPAIRS 754340 ABM ENGINEERING SERVICES 5300 S EASTERN AVE STE 100 LOS ANGELES CA 90040 BUILDING SERVICES 544244 ALLIED BARTON SECURITY SERVICES LLC PO BOX 828854 PHILADELPHIA PA 19182 SECURITY SERVICES 270246 UNITED ELEVATOR COMPANY 2108 SANSOM STREET PHILADELPHIA PA 19103 BUILDING SERVICES 208965 6 CLASSROOM RENTAL 531120 2010162 2010162 RESIDENTIAL RENTAL 531110 1961155 1961155 OFFICE RENTAL 531120 349656 349656 4320973 16968 16968 7812954 4896127 2916827 2916827 2916827 MANAGEMENT FEES 531310 172657 172657 172657 7427425 4320973 0 3106452 37891 37891 268494 268494 81288 81288 22370 22370 2072 2072 15559 15559 1226 1226 63134 63134 1434236 1434236 5084 5084 535 535 1500000 1500000 674978 674978 PROF DEVELOPMENT 11242 11242 MISCELLANEOUS EXPENSE 9542 9542 FINES AND PENALTIES 832 832 4128483 4128483 0 0 1200 1200 2816666 3761977 107400 120681 447324 330436 36665199 16541519 17942984 20123680 1561610 1483286 22877184 25821260 318802 521631 574452 377366 138905 75914 547243 249625 1579402 1224536 X 0 0 0 0 21297782 24596724 21297782 24596724 22877184 25821260 3298942 0 X X 0 1 1 X 0 X X X 0 0 0 DREXEL UNIVERSITY 231352630 02 1 1 1 0 1 0 4427655 4427655 11115619 4473807 6641812 20836454 11802327 9034127 47259 47259 0 238212 218126 20086 20123680 DEFERRED RENT REVENUE 1256298 TENANT ESCROW ACCOUNTS 226988 1483286 PAYABLE TO AFFILIATE 22637 TENANT ESCROW DEPOSITS 226988 249625 7427425 4128483 3298942 3298942 12323552 4896127 4896127 7427425 0 7427425 9024610 4896127 4896127 4128483 0 4128483 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 1 0 1 0 0 0 0 0 0 0 JOHN A FRY 0 679217 0 200000 0 0 0 126950 0 15572 0 1021739 0 0 HELEN BOWMAN 0 255420 0 25000 0 45739 0 22050 0 10044 0 358253 0 0 JAMES R TUCKER 0 342496 0 115000 0 0 0 26950 0 570 0 485016 0 0 MARTIN J ONZIK 179987 0 0 0 0 0 15860 0 37189 0 233036 0 0 0 CARMEN PICCOLO 118782 0 0 0 0 0 12910 0 23662 0 155354 0 0 0 ERIC J OLSON 0 228825 0 40000 0 0 0 22500 0 15057 0 306382 0 0 SUPPLEMENTAL INFORMATION PART III PART 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. 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 2012, 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. HOURS FOR RELATED ORGANIZATION FORM 990, PART VII, COLUMN B JOHN A. FRY ALSO DEVOTES 40 HOURS PER WEEK TO A RELATED ORGANIZATION, DREXEL UNIVERSITY. 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. 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 $1,500,000 REPRESENTS A TRANSFER TO A 501(C)(3) AFFILIATE ORGANIZATION ENDOWMENT. BALANCE SHEET FORM 990, PART X THE BALANCE SHEET FOR FISCAL YEAR 2011 HAS BEEN RESTATED FOR A PRIOR PERIOD ADJUSTMENT TO BE CONSISTENT WITH THE GAAP AUDITED FINANCIAL STATEMENTS. 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 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0