2011-05-16T12:36:49-05:00 2010-06-30 990 2009-07-01 232411680 Academic Properties Inc ACAD 2156621500 3601 Powelton Ave Lower Level Philadelphia PA 19104 Martin Onzik 2156621500 2011-05-16 2009 2016-02-24 21:20:13Z James R Tucker 3141 Chestnut St Philadelphia PA 19104 13967161 0 X N/A X 1986 PA Acquires and improves properties of strategic importance to the future growth of Drexel University. 8 7 14 0 0 0 0 3342335 3544857 18686 20989 2620762 5007180 5981783 8573026 0 0 424965 488959 0 0 1430167 2016006 1855132 2504965 4126651 6068061 20428557 28124173 3779024 5406579 16649533 22717594 Maximizing Drexel University real estate holdings to their fullest strategic value with emphasis on serving the University community. 0 0 1770365 0 1642544 Housing for students of Drexel University. 734600 0 1902313 Rental of classroom space to Drexel University; rental of office space to Drexel e-Learning. 2504965 1 0 0 0 0 0 0 0 0 1 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 1 15 0 1 14 1 0 0 0 0 0 0 0 0 0 8 7 0 0 0 0 1 1 0 1 0 1 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 Celestino R Pennoni 2.00 X 0 0 0 John A Fry 2.00 X 0 0 0 James R Tucker 2.00 X X 0 352950 27513 Thomas Elzey 2.00 X X 0 473153 39255 Martin Onzik 40.00 X X 167729 0 51744 Carmen Piccolo 40.00 X 110599 0 39123 Tigist Tesfaye 40.00 X 109069 0 22834 Constantine N Papadakis X 0 4867342 44785 387397 5693445 225254 3 1 1 0 MP Star PO Box 645005 Cincinnati OH 45264 Cleaning services 768172 ABM 5300 S Eastern Ave Ste 100 Los Angeles CA 90040 Building services 568214 Allied Barton PO Box 828854 Philadelphia PA 19182 Security services 279133 Palmer Inc 2175 Bennett Rd Philadelphia PA 19116 Building repairs 244480 Binswanger Two Logan Square Philadelphia PA 19103 Developer 119500 5 Classroom Rental 531120 1664016 1664016 Residential Rental 531110 1642544 1642544 Office Rental 531120 238297 238297 3544857 20989 20989 10282712 5394135 4888577 4888577 4888577 Management Fees 531310 118603 118603 118603 8573026 3544857 0 5028169 389966 389966 69886 69886 29107 29107 17396 17396 60251 60251 1489150 1489150 15219 15219 385589 385589 Miscellaneous expense 36847 36847 Prof development 11554 11554 2504965 2504965 0 0 1200 1200 2055783 3897728 171092 178506 131958 316358 30975801 14235859 12897170 16739942 5171354 6990439 20428557 28124173 278998 477930 166490 128358 259362 200035 3074174 4600256 3779024 5406579 X 0 0 0 0 16649533 22717594 16649533 22717594 20428557 28124173 X 1 0 1 X 0 X X X 0 0 0 Drexel University 231352630 02 1 1 1 0 1 0 4427655 4427655 12280922 4875280 7405642 14032369 9125724 4906645 234855 234855 0 16739942 Deferred rent revenue 6726883 Tenant escrow accounts 263556 6990439 Payable to affiliate 4336700 Tenant escrow deposits 263556 4600256 Part X: Description of Uncertain Tax Positions Under FIN 48: Academic Properties, Inc. did not have a liability for uncertain tax positions. 1 X X 0 0 0 0 0 0 0 0 0 James R Tucker 0 291610 0 55000 0 6340 0 26950 0 563 0 380463 0 355864 Thomas Elzey 0 314139 0 80000 0 79014 0 26950 0 12305 0 512408 0 456898 Martin Onzik 167729 0 0 0 0 0 15096 0 36648 0 219473 0 205858 0 Constantine N Papadakis 0 195726 0 345000 0 4326616 0 32450 0 12335 0 4912127 0 1626092 Supplemental Information Part III Part II, Column (B)(iii) - In November 2009, Drexel University made a payment to the spouse of its former President, Dr. Constantine Papadakis, who died in April 2009, in the amount of $4.2 million representing benefits under a nonqualified deferred compensation arrangement provided by Drexel to Dr. Papadakis. This payment is reflected in reportable compensation shown for Dr. Papadakis in Part II, Column (B)(iii). The portion of the payment that was previously reported as deferred compensation for Dr. Papadakis for calendar year 2008 is reported in Column (F). Pennoni Associates Inc Director 1253028 Rental Exp 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 insure that the compensation is fair and competitive. 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. Form 990, Part VII Contact Addresses for Officers, Directors, Etc Thomas Elzey - 5036 Camburn Road, Plymouth Meeting, PA 19462. Part XI, Line 2c Oversight of the Review The Drexel University Audit Committee is responsible for selecting the independent accountant and overseeing the engagement. This process has not changed from the prior year. Drexel University 3141 Chestnut Street Philadelphia PA 19104 231352630 Educational Institution PA 501(C)(3) 170(b)(1)(A)(ii) N/A 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 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 Janus Housing Corporation A