2012-05-15T08:55:49-05:00 2011-06-30 990 2010-07-01 232411680 ACADEMIC PROPERTIES INC ACAD 2156621500 3601 POWELTON AVE LOWER LEVEL PHILADELPHIA PA 19104 MARTIN ONZIK 2156621500 2012-05-08 2010 2016-02-24 21:20:13Z JAMES R TUCKER 3141 CHESTNUT ST PHILADELPHIA PA 19104 13425936 0 X N/A X 1986 PA ACQUIRES AND IMPROVES PROPERTIES OF STRATEGIC IMPORTANCE TO THE FUTURE GROWTH OF DREXEL UNIVERSITY. 7 3 11 0 0 0 0 0 3544857 3861481 20989 131901 5007180 4174392 8573026 8167774 0 0 0 0 488959 308310 0 0 0 2016006 2503651 2504965 2811961 6068061 5355813 28124173 29277808 5406579 1579401 22717594 27698407 MAXIMIZING DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY. 0 0 2082010 1878488 HOUSING FOR STUDENTS OF DREXEL UNIVERSITY. 729951 1982993 RENTAL OF CLASSROOM SPACE TO DREXEL UNIVERSITY; RENTAL OF OFFICE SPACE TO DREXEL E-LEARNING. 2811961 1 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 0 0 0 1 23 0 1 11 1 0 0 0 0 0 0 0 0 0 0 X 7 3 0 0 0 0 1 1 0 1 0 0 0 1 1 1 1 0 0 1 1 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 X 0 269955 22559 JAMES R TUCKER 2.00 X X 0 380922 27520 ERIC OLSON 2.00 X X 0 184704 30111 MARTIN ONZIK 40.00 X X 171084 0 57427 CARMEN PICCOLO 40.00 X 113751 0 43413 TIGIST TESFAYE 40.00 X 112508 0 25037 397343 835581 206067 3 0 1 0 FMC SERVICES INC 630 CHURCHMANS ROAD SUITE 106 NEWARK DE 19702 CLEANING SERVICES 809512 PALMER INC 2175 BENNETT ROAD PHILADELPHIA PA 19116 BUILDING REPAIRS 659290 ABM ENGINEERING SERVICES 5300 S EASTERN AVE STE 100 LOS ANGELES CA 90040 BUILDING SERVICES 593456 ALLIED BARTON SECURITY SERVICES LLC PO BOX 828854 PHILADELPHIA PA 19182 SECURITY SERVICES 295317 BINSWANGER TWO LOGAN SQUARE PHILADELPHIA PA 19103 DEVELOPER 200000 8 RESIDENTIAL RENTAL 531110 1878488 1878488 CLASSROOM RENTAL 531120 1680918 1680918 OFFICE RENTAL 531120 302075 302075 3861481 131901 131901 9290057 5258162 4031895 4031895 4031895 MANAGEMENT FEES 531310 142497 142497 142497 8167774 3861481 0 4306293 28127 28127 197823 197823 65802 65802 16558 16558 9716 9716 1746 1746 35092 35092 61914 61914 1627908 1627908 8210 8210 142294 142294 538363 538363 MISCELLANEOUS EXPENSE 58294 58294 PROF DEVELOPMENT 19156 19156 FINES AND PENALTIES 958 958 2811961 2811961 0 0 1200 1200 3897728 2816665 178506 107404 316358 447324 33407987 15465003 16739942 17942984 6990439 7962231 28124173 29277808 477930 318801 128358 574452 200035 138905 4600256 547243 5406579 1579401 X 0 0 0 0 22717594 27698407 22717594 27698407 28124173 29277808 X 5355813 -375000 X 0 0 0 X X X 0 0 0 DREXEL UNIVERSITY 231352630 02 1 1 1 0 1 0 4427655 4427655 11407620 4395288 7012332 17287241 10805337 6481904 47259 47259 0 238212 217119 21093 17942984 DEFERRED RENT REVENUE 7747783 TENANT ESCROW ACCOUNTS 214448 7962231 PAYABLE TO AFFILIATE 332795 TENANT ESCROW DEPOSITS 214448 547243 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: ACADEMIC PROPERTIES, INC. DID NOT HAVE A LIABILITY FOR UNCERTAIN TAX POSITIONS. 1 X X 0 0 0 0 0 0 0 0 0 JOHN A FRY 0 269955 0 0 0 0 0 17188 0 5371 0 292514 0 0 JAMES R TUCKER 0 315922 0 65000 0 0 0 26950 0 570 0 408442 0 0 ERIC OLSON 0 184704 0 0 0 0 0 17143 0 12968 0 214815 0 0 MARTIN ONZIK 171084 0 0 0 0 0 15398 0 42029 0 228511 0 0 0 CARMEN PICCOLO 113751 0 0 0 0 0 12533 0 30880 0 157164 0 0 0 PENNONI ASSOCIATES INC OWNER, CELESTINO R. PENNONI, FORMER DIRECTOR 1235850 RENTAL OF PROPERTY 0 FORM 990, PART VI, SECTION A, LINE 6 ACADEMIC PROPERTIES, INC. IS A NON-STOCK, NONPROFIT CORPORATION WITH A MEMBER, ACADEMIC ASSETS, INC. 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. 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. FORM 990, PART VI, SECTION B, LINE 15 ACADEMIC PROPERTIES INC. CONDUCTS AN EXECUTIVE COMPENSATION ANALYSIS USING CEL & ASSOCIATE, INC. TO ENSURE THAT THE COMPENSATION IS FAIR AND COMPETITIVE. FOR FISCAL YEAR 2011, API USED THE PRIOR YEAR 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: TRANSFER TO NON-PROFIT AFFILIATE ENDOWMENT -375,000. TOTAL TO FORM 990, PART XI, LINE 5: -375,000. DREXEL UNIVERSITY 3141 CHESTNUT STREET PHILADELPHIA PA 19104 231352630 EDUCATIONAL INSTITUTION PA 501(C)(3) 170(B)(1)(A)(II) N/A 0 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 0 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