2024-05-14T15:45:05-05:00 2023-06-30 990 2022-07-01 232455915 ACADEMIC ASSETS INC ACAD 2156621500 3201 ARCH STREET 400 PHILADELPHIA PA 19104 HELEN Y BOWMAN PRESIDENT 2156621500 2024-05-10 HELEN BOWMAN 999009999 1 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z HELEN Y BOWMAN 3201 ARCH ST STE 400 PHILADELPHIA PA 19104 12128 0 X N/A X 1986 PA ACQUIRES AND IMPROVES PROPERTIES OF STRATEGIC IMPORTANCE TO THE FUTURE GROWTH OF DREXEL UNIVERSITY. 3 0 0 0 0 0 0 0 0 0 11828 12128 0 0 11828 12128 0 0 0 0 0 0 0 0 0 0 0 0 0 11828 12128 28316826 31169320 0 0 28316826 31169320 ACADEMIC ASSETS, INC. IS A HOLDING COMPANY FOR ACADEMIC PROPERTIES, INC. TO MAXIMIZE DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY. 0 0 INVESTMENT IN ACADEMIC PROPERTIES INC., WHICH PROVIDES STUDENT HOUSING, CLASSROOMS AND OFFICE SPACE FOR DREXEL UNIVERSITY. 1 0 0 0 0 0 0 0 0 0 0 1 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 0 0 0 0 0 0 1 1 0 0 0 1 X 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 3 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 1 0 0 0 0 0 PA X DREXEL UNIVERSITY COMPTROLLER'S OFFICE 2158951442 3141 CHESTNUT STREET STE 225 PHILADELPHIA PA 19104 JOHN A FRY CHAIRMAN OF THE BOARD 1.00 46.00 X X 0 2077353 157401 HELEN Y BOWMAN PRESIDENT & TREASURER 1.00 44.00 X X 0 966123 52217 LUCY E KERMAN TO 523 DIRECTOR 1.00 40.00 X 0 239820 32840 DONALD LIBERATI AS OF 523 DIRECTOR 1.00 42.00 X 0 198335 24804 REBECCA LACHER SECRETARY 1.00 44.00 X 0 166548 32772 ALAN GREENBERGER VICE PRESIDENT 1.00 44.00 X 0 311844 43495 0 3960023 343529 0 0 1 0 0 12128 12128 12128 0 0 12128 0 0 0 0 28316826 31169320 28316826 31169320 0 0 X 0 0 0 0 28316826 31169320 28316826 31169320 28316826 31169320 X 12128 2840366 X 0 1 X 0 0 X X 1 DREXEL UNIVERSITY 231352630 2 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 X 1 1 PART IV, SECTION D, LINE 3: ACADEMIC ASSETS, INC. CHAIRMAN, JOHN FRY, IS THE PRESIDENT OF ACADEMIC ASSETS, INC.'S SOLE SUPPORTED ORGANIZATION, DREXEL UNIVERSITY. ACADEMIC ASSETS, INC. PRESIDENT AND TREASURER, HELEN Y. BOWMAN, IS THE EXECUTIVE VICE PRESIDENT, TREASURER, AND CHIEF OPERATING OFFICER OF ACADEMIC ASSETS, INC.'S SOLE SUPPORTED ORGANIZATION, DREXEL UNIVERSITY. THEREFORE, SENIOR LEADERSHIP OF SUPPORTED ORGANIZATION DREXEL UNIVERSITY MAKES UP A MAJORITY OF THE ACADEMIC ASSETS, INC. BOARD, AND IS ABLE TO DIRECT INVESTMENT DECISIONS. PART IV, SECTION E, LINE 2A: ALL OF ACADEMIC ASSETS, INC. FUNCTIONS DIRECTLY TO FURTHER THE EXEMPT PURPOSE OF DREXEL UNIVERSITY. PART IV, SECTION E, LINE 2B: ACADEMIC ASSETS, INC. IS A HOLDING COMPANY FOR ACADEMIC PROPERTIES, INC. TO MAXIMIZE DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY. 0 INVESTMENT IN ACADEMIC PROPERTIES, INC. 31127819 C INVESTMENT IN DUC, LLC 41501 C 31169320 X PART X, LINE 2: ACADEMIC ASSETS, INC. IS A NONPROFIT ORGANIZATION THAT HAS BEEN GRANTED TAX EXEMPT STATUS UNDER IRC SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND FILES FEDERAL TAX RETURN FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX). NO PROVISION OR BENEFIT FOR INCOME TAXES HAS BEEN INCLUDED IN THESE FINANCIAL STATEMENTS. THE ORGANIZATION IS PART OF CONSOLIDATED FINANCIAL STATEMENTS THAT INCLUDES A FOOTNOTE THAT ADDRESSES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (ASC NO. 740-10), BUT IT IS NOT RELATED TO THE OPERATIONS OF THIS ORGANIZATION. 0 1 0 0 0 0 0 0 0 JOHN A FRY CHAIRMAN OF THE BOARD 0 886109 0 360000 0 831244 0 142203 0 15198 0 2234754 0 0 HELEN Y BOWMAN PRESIDENT & TREASURER 0 677002 0 136578 0 152543 0 33550 0 18667 0 1018340 0 75000 ALAN GREENBERGER VICE PRESIDENT 0 311844 0 0 0 0 0 33550 0 9945 0 355339 0 0 LUCY E KERMAN TO 523 DIRECTOR 0 239820 0 0 0 0 0 25509 0 7331 0 272660 0 0 DONALD LIBERATI AS OF 523 DIRECTOR 0 189493 0 0 0 8842 0 17528 0 7276 0 223139 0 0 REBECCA LACHER SECRETARY 0 166548 0 0 0 0 0 15698 0 17074 0 199320 0 0 PART I, LINE 1A ACADEMIC ASSETS, INC. HAS NO EMPLOYEES. PART I, LINE 1B ACADEMIC ASSETS, INC. HAS NO EMPLOYEES. PART I, LINE 4B DREXEL UNIVERSITY, A RELATED ORGANIZATION, PAID MR. FRY'S DEFERRED COMPENSATION OF $338,622, WHICH BEGAN EFFECTIVE JULY 31, 2021. MR. FRY HAD BEEN CREDITED $25,000 PER MONTH, BEGINNING JANUARY 31, 2022, AND ENDING DECEMBER 31, 2022, PROVIDED MR. FRY IS EMPLOYED BY THE UNIVERSITY ON THE LAST DAY OF THE MONTH. IN ADDITION, THE DEFERRED COMPENSATION WAS CREDITED WITH INTEREST EARNED MONTHLY. MR. FRY WAS VESTED IN THE MONTHLY CREDITS AND EARNINGS IN THE DEFERRED COMPENSATION ARRANGEMENT FROM JANUARY 31, 2022, THROUGH DECEMBER 31, 2022. DREXEL UNIVERSITY, A RELATED ORGANIZATION, PAID MS. BOWMAN DEFERRED COMPENSATION OF $152,543, WHICH BEGAN EFFECTIVE SEPTEMBER 1, 2021. MS. BOWMAN HAD BEEN CREDITED $75,000 ON EACH SEPTEMBER 1, BEGINNING ON SEPTEMBER 1, 2021, AND ENDING ON SEPTEMBER 1, 2022. IN ADDITION, THE DEFERRED COMPENSATION WAS CREDITED WITH INTEREST EARNED ANNUALLY. ON SEPTEMBER 1, 2022, MS. BOWMAN BECAME FULLY VESTED IN THE DEFERRED COMPENSATION ARRANGEMENT. DREXEL UNIVERSITY, A RELATED ORGANIZATION, PROVIDES MR. FRY WITH A SUPPLEMENTAL RETIREMENT BENEFIT PLAN, AMENDED AND RESTATED EFFECTIVE APRIL 1, 2022, WHICH APPLIES TO CONTRIBUTION CREDITS COMMENCING FOR THE FISCAL YEARS ENDING ON JUNE 30, 2021, THROUGH JUNE 30, 2028. THE ALLOCATION FOR EACH FISCAL YEAR SHALL BE CONDITIONED ON MR. FRY'S CONTINUED EMPLOYMENT THROUGH THE END OF THE FISCAL YEAR (OR UPON THE DATE OF DEATH, TOTAL DISABILITY, OR INVOLUNTARY TERMINATION, IF EARLIER). THE ANNUAL ALLOCATION AMOUNT IS EQUAL TO 11% OF THE SUM OF MR. FRY'S BASE SALARY AND ANNUAL PERFORMANCE BONUS (IF ANY) FOR SUCH FISCAL YEAR THAT IS IN EXCESS OF THE COMPENSATION LIMIT UNDER SECTION 401(A)(17) OF THE INTERNAL REVENUE CODE. PART II: DREXEL UNIVERSITY, A RELATED ORGANIZATION, PROVIDES JOHN FRY WITH A DEFERRED COMPENSATION ARRANGEMENT. THE UNIVERSITY WILL CREDIT MR. FRY WITH $25,000 ON JANUARY 31, 2022, AND ON EACH FOLLOWING MONTH THROUGH JUNE 30, 2023, WHILE HE REMAINS EMPLOYED BY THE UNIVERSITY AS PRESIDENT AND CHIEF EXECUTIVE OFFICER. THE DEFERRED COMPENSATION CREDITED, AND INTEREST EARNED IS VESTED MONTHLY, PROVIDED THAT MR. FRY IS EMPLOYED BY THE UNIVERSITY ON THE LAST DAY OF EACH MONTH. FORM 990, PART V, LINES 7G & 7H: NOT APPLICABLE 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. DREXEL UNIVERSITY SHALL APPOINT THE DIRECTORS OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 8B THERE WERE NO SUBCOMMITEES FORMED WITHIN THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS SUBMITTED TO THE PRESIDENT OF ACADEMIC ASSETS, INC. FOR REVIEW AND SIGNING. FORM 990 IS PROVIDED TO EACH MEMBER OF THE BOARD OF DIRECTORS OF ACADEMIC ASSETS INC. FOR REVIEW BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE DIRECTORS AND OFFICERS MUST COMPLETE A CONFLICT OF INTEREST DISCLOSURE STATEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE LOCATED AT THE OFFICE OF ACADEMIC PROPERTIES, INC. AND MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: INVESTMENT IN ACADEMIC PROPERTIES, INC. 2,841,318. INVESTMENT IN DUC, LLC -952. DREXEL UNIVERSITY 3201 ARCH STREET SUITE 400 PHILADELPHIA PA 19104 231352630 EDUCATIONAL INSTITUTION PA 501(C)(3) 2 N/A 0 ACEDEMIC PROPERTIES INC 3201 ARCH STREET SUITE 400 PHILADELPHIA PA 19104 232411680 PROPERTY MANAGEMENT PA 501(C)(3) 12C, III-FI ACADEMIC ASSETS INC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0