2012-11-14T17:19:57-06:00 2011-12-31 233022325 ZELENKOFSKE AXELROD LLC 2370 YORK ROAD SUITE A-5 JAMISON PA 18929 990 2011-01-01 231352000 THE ACADEMY OF NATURAL SCIENCES OF PHILADELPHIA ACAD 2152991000 1900 BENJAMIN FRANKLIN PARKWAY PHILADELPHIA PA 191031101 DAVID RUSENKO 2152991000 2012-11-14 1 ZELENKOFSKE AXELROD LLC P00671750 2159182277 2011 2016-02-24 21:20:13Z THE ACADEMY OF NATURAL SCIENCES OF DREXEL UNIVERSITY DAVID RUSENKO 1900 BENJAMIN FRANKLIN PARKWAY PHILADELPHIA PA 19103 29674160 0 X WWW.ANSP.ORG X 1812 PA THE ACADEMY OF NATURAL SCIENCES (ACADEMY) WAS ESTABLISHED IN 1812 AND IS THE OLDEST NATURAL SCIENCE RESEARCH INSTITUTION AND MUSEUM IN THE AMERICAS. IT'S MISSION IS "WE ADVANCE RESEARCH, EDUCATION, AND PUBLIC ENGAGEMENT IN BIODIVERSITY AND ENVIRONMENTAL SCIENCE". THE ACADEMY IS AFFILIATED WITH DREXEL UNIVERSITY AND IS RECOGNIZED INTERNATIONALLY FOR ITS SYSTEMATIC AND ENVIRONMENTAL RESEARCH, DIVERSE NATURAL SCIENCE COLLECTIONS, EXHIBITS AND EDUCATIONAL PROGRAMS. 25 19 367 490 -42250 0 5430352 7384123 3284238 3205788 2847857 6071944 813911 636088 12376358 17297943 0 0 0 0 7470081 8312292 0 0 917602 6267537 6513438 13737618 14825730 -1361260 2472213 76126251 71111666 7061441 8903297 69064810 62208369 X THE MISSION IS "WE ADVANCE RESEARCH, EDUCATION, AND PUBLIC ENGAGMEENT IN BIODIVERSITY AND ENVIROMENTAL SCIENCE." THE ACADEMY IMPLEMENTS ITS MISSION THROUGH IMPROVING UNDERSTANDING OF THE DIVERSITY OF LIFE, DEVELOPING AND APPLYING SCIENCE TO PROTECT THE ENVIRONMENT, ADVANCING PUBLIC INTEREST AND ENGAGEMENT OF NATURAL SCIENCE AND ENVIROMENTAL ISSUES, AND PRESERVING THE HERITAGE OF NATURAL SCINECE IN SPECIMENS, IMAGES, WORDS AND NUMBERS. 0 0 6492639 2654656 RESEARCH - ACADEMY ENVIRONMENTAL SCIENTISTS CONTIUNE TO BE TRAILBLAZERS IN THE USE OF BIOTIC CENSUSES AS INDICATORS OF ENVIRONMENTAL HEALTH, PARTICULARLY IN SURVEYS OF DIATOMS, FISH AND MACROINVERTIBRATES IN AQUATIC SYSTEMS. ACADEMY SYSTEMATIC SCIENTISTS WORK TO UNDERSTAND AND RECORD THE HISTORY OF LIFE, AND TO MAKE THAT KNOWLEDGE ACCESSIBLE TO FELLOW SCIENTISTS AND THE PUBLIC. SCIENTISTS DESCRIBED SEVEN NEW SPECIES AND ADDED 240,000 ITEMS TO THE COLLECTION. ACADEMY SCIENTISTS STUDIED THE POTENTIAL IMPACT OF MARCELLUS SHALE DRILLING ON THE ECOLOGY OF STREAMS IN THE UPPER SUSQUEHANNA AND DELAWARE RIVER BASINS. STAFF CONTINUED MONITORING POLLUTANT CONCENTRATIONS OF FISH COLLECTED FROM NEW JERSEY LAKES AND STREAMS AND STUDIED THE IMPACTS OF LAND USE AND CLIMATE CHANGE ON PENNSYLVANIA'S TINICUM MARSH. THEY ALSO INVESTIGATED ALGAE BLOOMS IN THE EAST CHINA SEA. SCIENTISTS FROM BOTH THE ACADEMY AND DREXEL UNIVERSITY JOINED FORCES TO DESIGN A NEW DEPARTMENT AT DREXEL UNIVERSITY CALLED BIODIVERSITY, EARTH, AND ENVIRONMENTAL SCIENCE (BEES) WHICH WILL ACCEPT ITS FIRST STUDENTS IN FALL 2012 AND OFFER TEACHING OPPORTUNITIES FOR ACADEMY SCIENTISTS. 4740110 2382114 EDUCATION - EDUCATION IS CENTRAL TO THE MISSION OF THE ACADEMY. ACADEMY STAFF AND VOLUNTEERS PROVIDE A WIDE VARIETY OF SERVICES AND RESOURCES FOR SCHOOLS, HOME SCHOOLING FAMILIES, YOUTH CAMPS AND EDUCATORS. IN ADDITION TO FORMAL PROGRAMS THE PUBLIC MUSEUM OFFERS A VARIETY OF ACTIVITIES AND EVENTS THAT CELEBRATED THE ACADEMY'S CORE STRENGTHS OF COLLECTIONS AND SCIENTIFIC RESEARCH. THE ACADEMY'S EDUCATION DEPARTMENT LAUNCHED SEVERAL NEW PROGRAMS FOR ADULTS AND FAMILIES. NEW FIELDTRIPS AND WORKSHOPS GAVE PARTICIPANTS THE OPPORTUNITY TO WORK DIRECTLY WITH ACADEMY SCIENTISTS AND EXPERTS ON TOPICS RANGING FROM BEGINNING NATURE PHOTOGRAPHY TO GOING BEHIND THE SCENES TO CONNECT WITH THE COLLECTIONS. THE GROW UP GREAT WITH SCIENCE PROGRAM WORKED WITH EARLY CHILDHOOD EDUCATORS TO EVALUATE TEACHING METHODS IN LOW INCOME NEIGHBORHOODS. 1,200 PHILADELPHIA SIXTH THROUGH EIGTH GRADERS AND THEIR TEACHERS CAME TO THE ACADEMY TO LEARN ABOUT CAREER OPPORTUNITIES IN THE SCIENCES DURING TWO CAREER DAYS. 1076532 381068 LIBRARY AND ARCHIVES - NUMBERING MORE THAN 200,000 BOOKS AND 250,000 MANUSCRIPTS, MAPS, ARCHIVAL OBJECTS AND WORKS OF ART, THESE HOLDINGS PROIVDE AN UNPARALLELED RESOURCE FOR RESEARCHERS AND EDUCATORS ALIKE. THE ACADEMY'S SCIENTIFIC PUBLICATION "PROCEEDINGS OF THE ACADEMY OF NATURAL SCIENCES" REPRESENTS AMERICA'S LONGEST RUNNING SERIAL PUBLISHING PROGRAM DEVOTED TO THE NATURAL WORLD. THE LIBRARY AND ARCHIVES STAFF CREATED NEARLY 700 HIGH RESOLUTION DIGITAL IMAGES OF RARE BOOK PLATES AND ARCHIVAL ITEMS TO ENHANCE ACCESIBILITY AND INCREASE USE OF THE ITEMS. 4538232 4538232 12309281 1 1 0 1 0 0 0 1 0 1 1 1 1 0 1 1 1 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 1 0 0 0 1 0 0 0 0 1 134 0 1 367 1 0 1 CJ EI 0 0 1 1 1 1 0 0 0 0 X 25 19 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY X X X DAVID RUSENKO VP OF FINANCE AND AD 2152991000 ANS - 1900 BENJAMIN FRANKLIN PHILADELPHIA PA 191031101 GEORGE W GEPHART JR 45.00 X X 290643 0 19303 CYNTHIA P HECKSHER 10.00 X X 0 0 0 MICHAEL H REED ESQ 3.00 X X 0 0 0 PETER AUSTEN 1.00 X 0 0 0 HELEN Y BOWMAN 1.00 X 0 0 0 BYRON T CLARK 1.00 X 0 0 0 CARL S CUTLER 1.00 X 0 0 0 ABBIE DEAN 1.00 X 0 0 0 HARVEY I FORMAN ESQUIRE 1.00 X 0 0 0 JOHN A FRY 1.00 X 0 0 0 MARK L GREENBERG 1.00 X 0 0 0 JAMES R MACALEER 1.00 X 0 0 0 SANDRA L MCLEAN 1.00 X 0 0 0 ALLEN J MODEL 1.00 X 0 0 0 ANTHONY K MOORE 1.00 X 0 0 0 I WISTER MORRIS III 1.00 X 0 0 0 JOHN NYHEIM 1.00 X 0 0 0 PATRICK M OATES PHD 1.00 X 0 0 0 SEYMOUR S PRESTON III 1.00 X 0 0 0 ANN L REED 1.00 X 0 0 0 GERALD B RORER 1.00 X 0 0 0 JOHN J SOROKO 1.00 X 0 0 0 KENNETH J WARRWN ESQUIRE 1.00 X 0 0 0 JOHN F BALES III 1.00 X 0 0 0 EDWARD A MONTGOMERY JR 1.00 X 0 0 0 MINTURN T WRIGHT III 1.00 X 0 0 0 ANDREW LEWIS 1.00 X 0 0 0 RUTH PATRICK 0.00 X 0 0 0 DAVID P LAZAR SR 3.00 X X 0 0 0 JUDITH E SOLTZ ESQ 3.00 X X 0 0 0 DAVID RUSENKO 45.00 X 101643 0 8019 SARA A HERTZ 45.00 X 175717 0 15974 568003 0 43296 3 0 1 0 KEYSTONE HEALTH PLAN PO BOX 70250 PHILADELPHIA PA 191760250 MEDICAL INSURANCE 512723 JS CORNELL & SON INC 1528 CHERRY STREET PHILADELPHIA PA 19102 BUILDING CONTACTORS 390334 ART GUILD INC 300 WOLF DRIVE WEST DEPTFORD NJ 08086 DESIGN FIRM 333483 HAMADA ROOFING 2848 FRANKFORD AVE PHILADELPHIA PA 19134 ROOFING CONTRACTOR 243400 CLEAN TECH SERVICES INC 114 CHESTNUT ST PHILADELPHIA PA 19106 CLEANING SERVICES 233621 15 371628 1722316 5290179 1301682 7384123 MUSEUM ADMISSIONS 900099 1160662 1160662 ENVIRONMENTAL RESEARCH 541700 1080711 1080711 EDUCATION & MUSEUM PRO 611600 837254 837254 SYSTEMATIC BIOLOGY RES 541700 105371 105371 LIBRARY 519100 21790 21790 3205788 2977123 3024163 -47040 84687 84687 15248386 12153565 3094821 3094821 3094821 450524 222652 227872 223082 4790 EATERY FOR MUSEUM GUES 722210 102746 102746 220783 220783 323529 17297943 9956070 -42250 0 611299 378894 232405 6189629 5092906 847467 249256 571615 403420 112666 55529 464753 328002 91102 45649 474996 335231 92889 46876 371565 20893 350672 51385 51385 24000 24000 68814 68814 215249 36383 176553 2313 713936 618130 10359 85447 942061 816978 98308 26775 97647 23933 73714 34414 34414 1333140 26468 1306672 293743 277399 12085 4259 15746 11398 2899 1449 41726 41726 1308424 32899 1263414 12111 162278 37029 125249 EXHIBITS AND RESEARCH 378051 340434 34497 3120 EATERY FOR MUSEUM GUEST 216916 216916 BUILDING ALLOCATION 0 1645687 -1667129 21442 ADMINISTRATIVE ALLOCATI 0 1788404 -1893253 104849 244343 222357 19864 2122 14825730 12309281 1598847 917602 281900 461356 59497 62858 581190 510255 1270548 1204336 217000 152210 351553 644686 44145652 29452048 15103859 14693604 32475133 26795888 18145324 19484285 7211074 7102188 429173 0 76126251 71111666 626206 599426 195740 552226 1100000 1100000 5139495 6651645 7061441 8903297 X 13641322 8782679 7850404 7147476 47573084 46278214 69064810 62208369 76126251 71111666 X 2472213 -9328654 X 0 1 1 X 1 1 X 10819590 6876128 5810719 5430352 7384123 36320912 4168118 3607442 3693605 3975761 3757189 19202115 14987708 10483570 9504324 9406113 11141312 55523027 603069 480203 612033 406589 1192630 3294524 1551150 993097 759206 636948 850111 4790512 2154219 1473300 1371239 1043537 2042741 8085036 47437991 2804228 3240583 3557521 3289252 3061810 15953394 8765 8765 2812993 3240583 3557521 3289252 3061810 15962159 -8861428 -319007 3094821 -6085614 17800701 13724153 4200417 12376358 17297943 65399572 0.72540 0.79010 0.24410 0.24900 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 25440 25440 15116962 15142402 907120 226780 0 0 892371 903100 854742 907120 3557333 5336000 147672 116280 98013 25440 387405 223093 225775 213686 226780 889334 1334001 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: THE ACADEMY IS AN AFFILIATE OF DREXEL UNIVERSITY (EIN 23-1352630). DREXEL IS EXEMPT UNDER 501(C)(3) AND HAS NOT FILED FORM 5768. DREXEL OPERATES ON A JULY 1 TO JUNE 30 FISCAL YEAR. THE TOTAL LOBBYING COSTS FOR THE PERIOD JULY 1, 2010 TO JUNE 30, 2011 WERE $476,290. DREXEL LOBBYING COSTS CONSIST OF $71,295 OF MAILINGS AND $404,995 OF COSTS ASSOCIATED WITH DIRECT CONTACT. X X X X 1 50024054 1623397 -776448 5076869 45794134 47438833 374640 6248863 4038282 50024054 43115074 1428304 7377655 4418612 63588 47438833 0.06030 0.85550 0.08420 1 0 33518630 19921006 13597624 10627022 9531042 1095980 0 14693604 MORGAN STANLEY INSTITUTIONAL 697102 F GOLDMAN SACHS FUNDS 5757002 F MADISON INTERNATIONAL RE 1837183 F FIR TREE CAPITAL 2456005 F VERDIS REAL ASSETS FUND 1190069 F FLAG ENERGY 214808 F FLAG REAL ESTATE 222114 F OWL CREEK 829584 F ADDISON CLARK 1010608 F MASON CAPITAL 1034696 F CALAMOS INTERNATIONAL 2406904 F VARIOUS 1828210 F 19484285 WOODWARD TRUST 3493372 F SHARPE TRUST 3110170 F CARPENTER TRUST 375488 F MORRIS TRUST 123158 F 7102188 ADDITIONAL MINIMUM LIABILITY-PENSION PLAN 6181466 PAYROLL TAXES AND BENEFITS PAYABLE 123941 LIFE INCOME GIFTS 284518 OTHER LIABILITIES 61720 6651645 17297943 14825730 2472213 -7119538 -2209116 -9328654 -6856441 10495077 -7119538 1056 315616 -6802866 17297943 0 17297943 15142402 1056 315616 316672 14825730 0 14825730 PART III, LINE 1A: THE COLLECTIONS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE ACADEMY'S INCEPTION, ARE NOT RECOGNIZED AS ASSETS ON THE STATEMENT OF FINANCIAL POSITION. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED OR AS TEMPORARILY OR PERMANENTLY RESTRICTED NET ASSETS IF THE ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. CONTRIBUTED COLLECTION ITEMS ARE NOT REFLECTED ON THE FINANCIAL STATEMENTS. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. THE ACADEMY'S COLLECTIONS ARE MADE UP OF LIBRARY HOLDINGS, SCIENTIFIC SPECIMENS, MINERALS, GEMS, EXHIBITS, AND ART OBJECTS THAT ARE HELD FOR EDUCATIONAL RESEARCH, SCIENTIFIC, AND CURATORIAL PURPOSES. EACH OF THE ITEMS IS CATALOGED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. PART III, LINE 4: THE ACADEMY'S COLLECTIONS OF MORE THAN 17 MILLION CATALOGED NATURAL HISTORY SPECIMENS AND ARTIFACTS ARE COLLECTIVELY AMONG THE 10 LARGEST IN THE UNITED STATES. THROUGH ITS THREE MAIN COMPONENTS-RESEARCH, EDUCATION AND MUSEUM-THE ACADEMY WORKS TO SHARE IT SCIENTIFIC KNOWLEDGE GAINED FROM THE COLLECTIONS AND OTHER ORGANIZATIONS, GOVERNMENTS, BUSINESSES, AND INDIVIDUALS TO INSPIRE STEWARDSHIP IN THE ENVIRONMENT AND TO PROMOTE AND ENCOURAGE CONTINUED INVESTMENT IN THE NATURAL SCIENCES. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT FUNDS WERE ESTABLISHED TO SUPPORT SPECIFIC COLLECTIONS AND RESEARCH, EDUCATION, PUBLICATIONS, THE LIBRARY, DEPARTMENTAL CHAIRS AND POSITIONS, AND THE OVERALL OPERATION OF THE ACADEMY OF NATURAL SCIENCES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: PART X-LINE 25: THE ACADEMY DID NOT HAVE A FIN 48 LIABILITY FOR AN UNCERTAIN TAX POSITION IN ITS AUDITED FINANCIAL STATEMENTS. PART XI, LINE 8 - OTHER ADJUSTMENTS: EFFECT OF FASB STMT NO 158 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINC. -2,209,116. BENEFIT RETIREMENT PLAN LIABILITY PART XIII-LINE 2D-EXPENSES OF $92,964 ASSOCIATED WITH GENERATING MISCELLANEOUS REVENUE. COST OF GOODS SOLD $222,652 (SEE PART VIII FORM 990 LINE 10B). EAST ASIA & THE PACIFIC 0 0 PROGRAM SERVICES RESEARCH / COLLECTING 72004 EUROPE 0 0 PROGRAM SERVICES RESEARCH / COLLECTING 3213 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES RESEARCH / COLLECTING 4000 SOUTH AMERICA 0 1 PROGRAM SERVICES RESEARCH / COLLECTING 51502 0 1 0 0 0 1 130719 0 130719 0 0 0 0 0 0 METHOD USED TO ACCCOUNT FOR EXPENDITURES: SCHEDULE F, PART I, LINE 3: THE EXPENDITURES INCURRED IN ACTIVITIES OUTSIDE THE UNITED STATES ARE TRACKED ON EXPENSE REPORTS SUBMITTED BY THE SCIENTISTS AND EMPLOYEES. THE EXPENSE REPORTS DOCUMENT THE ACTUAL EXPENDITURES AND DISBURSEMENTS MADE WITHIN THE FOREIGN LOCATION. X X X X X 0 0 0 0 0 0 0 0 0 GEORGE W GEPHART JR 290643 0 0 0 0 0 7265 0 12038 0 309946 0 0 0 SARA A HERTZ 175717 0 0 0 0 0 3936 0 12038 0 191691 0 0 0 MIGUEL PEREZ-PEREZ RELATED TO BOARD MEMBER 21553 EMPLOYMENT 0 PETER AUSTEN BOARD MEMBER 177229 INSURANCEINSURANCE 0 SCHEDULE L-PART IV-SUPPLEMENTAL INFORMATION BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS THE ACADEMY HAS UTILIZED WILLIS OF PA TO PROVIDE INSURANCE BROKERAGE SERVICES FOR MANY YEARS. IN 2010, PETER AUSTEN JOINED THE ACADEMY'S BOARD OF TRUSTEES. MR. AUSTEN IS THE REGIONAL PARTNER FOR WILLIS NORTH AMERICA, WHICH INCLUDES WILLIS OF PA. WILLIS PROVIDES BROKERAGE SERVICE CONNECTING INSURANCE CARRIERS WITH CLIENTS TO FIND THE BEST COVERAGE AT THE BEST PRICE. WILLIS COLLECTS BOTH THE PREMIUM PAYMENTS FOR THE INSURANCE CARRIERS AND A SERVICE COMMISSION FOR THEIR BROKERAGE AND RISK MANAGEMENT CONSULTING SERVICES. THE $177,229 OF INSURANCE PAYMENTS TO WILLIS OF PA INCLUDES $36,672 OF SERVICE COMMISSION. X 1 0 N/A X 35 1301682 SELLING PRICE X 5 0 N/A X 1 0 N/A X 1 0 N/A X 1 0 N/A X PARKING SPACE 2 0 N/A X CARPET 2 0 N/A X MICROSCOPE/COMP. 3 0 N/A X DENTAL INS, & MODEL 2 0 N/A 0 0 1 0 THIRD PARTY USE: PART I, LINE 32B: THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS IN COLUMN (B) NOT THE NUMBER OF ITEMS. FORM 990, PART VI, SECTION A, LINE 4 FORM 990, PART VI, SECTION A, LINE 7A: ON SEPTEMBER 30, 2011, THE ACADEMY OF NATURAL SCIENCES OF PHILADELPHIA EXECUTED AN AFFILIATION AGREEMENT WITH DREXEL UNIVERSITY ESTABLISHING THE ACADEMY AS A NON-PROFIT SUBSIDIARY OF DREXEL. NO MENETARY CONSIDERATION WAS EXCHANGED IN THIS TRANSACTION. BOTH THE ACADEMY AND DREXEL RETAIN THEIR SEPARATE CORPORATE IDENTITIES AND MISSIONS. THE ACADEMY REMAINS A SEPARATE 501(C)(3) NON-PROFIT ORGANIZATION WITH ITS OWN BOARD OF TRUSTEES AND RETAINS ITS CORPORATE NAME. DREXEL BECOMES THE SOLE VOTING MEMBER OF THE ACADEMY. THE ACADEMY WILL BE CONVERTING FROM A CALENDAR YEAR ORGANIZATION TO A JULY 1 FISCAL YEAR ORGANIZATION, BEGINNING JULY 1, 2012, MATCHING DREXEL'S FISCAL YEAR. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERSHIP OF THE ACADEMY CONSISTS OF ONE VOTING MEMBER WHICH IS DREXEL UNIVERSITY. FORM 990, PART VI, SECTION A, LINE 7A DREXEL UNIVERSITY AS THE SOLE VOTING MEMBER HAS THE AUTHORITY TO APPOINT OR REMOVE AN ACADEMY TRUSTEE. FORM 990, PART VI, SECTION A, LINE 7B TO THE FULLEST EXTENT PERMITTED UNDER THE PENNSYLVANIA NON-PROFIT CORPORATION LAW OF 1988, AS AMENDED, CERTAIN CORPORATE ACTIONS REQUIRE THE APPROVAL OF THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11 THE DRAFT 990 IS PREPARED INTERNALLY AND REVIEWED BY OUR EXTERNAL AUDITORS ZELENKOFSKE AXELROD LLC. THE DRAFT 990 IS THEN REVIEWED BY THE ACADEMY'S AUDIT COMMITTEE, WITH THE EXTERNAL AUDITORS PRESENT. THE AUDIT COMMITTEE WILL APPROVE THE FINAL VERSION AND DIRECT THE EXTERNAL AUDITORS TO FILE THE RETURN. A COPY OF THE FINAL VERSION IS DISTRIBUTED TO ALL MEMBERS OF THE BOARD OF TRUSTEES AND POSTED ON THE WEBSITE. FORM 990, PART VI, SECTION B, LINE 12C ALL TRUSTEES AND APPROPRIATE ACADEMY STAFF REVIEW AND SIGN A CONFLICT OF INTEREST POLICY EACH YEAR WHICH IS MONITORED FOR COMPLIANCE. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE ACADEMY'S CEO WAS RECOMMENDED BY THE ACADEMY'S SEARCH COMMITTEE WORKING WITH AN EXECUTIVE SEARCH FIRM AND APPROVED BY THE BOARD OF TRUSTEES. THE COMPENSATION WAS BASED ON DATA PROVIDED BY THE SEARCH FIRM THAT FACTORED IN THE SPECIFIC INDUSTRY ALONG WITH THE GEOGRAPHIC REGION. THE SEARCH FIRM ALSO PROVIDED DATA ON THE OTHER NON-PROFIT CEO'S WITHIN THE REGION TO HELP RECOMMEND AN APPROPRIATE SALARY RANGE. A THIRD PARTY COMPENSATION SPECIALIST REVIEWED ALL POSITIONS AT THE ACADEMY AND RECOMMENDED A COMPENSATION STRUCTURE BASED ON JOB CLASS, INDUSTRY SECTOR AND GEOGRAPHIC REGION. INDIVIDUAL COMPENSATION LEVELS ARE ESTABLISHED WITHIN THE RANGE FOR THE GIVEN POSITION BASED ON EXPERIENCE AND YEARS OF SERVICE. FORM 990, PART VI, SECTION C, LINE 19 THROUGH THE ACADEMY PUBLIC WEBSITE THE PUBLIC MAY REQUEST AND PRINT THE ACADEMY'S BY-LAWS, ARTICLES OF INCORPORATION, FORM 990, CODE OF ETHICS AND CONDUCT AND THE CURRENT AUDIT FINANCIAL STATEMENTS. THE ACADEMY WILL ALSO RESPOND TO WRITTEN REQUESTS AS WELL AS PHONE REQUESTS FOR INFORMATION FOR THOSE WITHOUT COMPUTER ACCESS. THE ACADEMY'S 990 ALSO APPEARS ON INDEPENDENT NON-PROFIT WEBSITES LIKE GUIDESTAR AND CHARITY NAVIGATOR. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -7,119,538. EFFECT OF FASB STMT NO 158 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINC. -2,209,116. BENEFIT RETIREMENT PLAN LIABILITY TOTAL TO FORM 990, PART XI, LINE 5: -9,328,654. SCHEDULE L PART IV: INTERESTED PERSONS MIGUEL PEREZ-PEREZ IS THE SON-IN-LAW OF A MEMBER OF THE ACADEMY'S BOARD OF TRUSTEES. MIGUEL WORKS IN THE BOTANY DEPARTMENT OF THE ACADEMY AS A CURATORIAL ASSISTANT. DREXEL UNIVERSITY 3141 CHESTNUT ST PHILADELPHIA PA 19104 231352630 HIGHER EDUCATION PA 501(C)(3) LINE 2 N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DREXEL UNIVERSITY C 350000 CASH