2025-05-14T07:19:13-05:00 2024-06-30 990 2023-07-01 232455915 ACADEMIC ASSETS INC ACAD 2156621500 3201 ARCH STREET 400 PHILADELPHIA PA 19104 HELEN Y BOWMAN PRESIDENT 2156621500 2025-05-07 1 2023 2025-03-06 01:10:19Z HELEN Y BOWMAN 3201 ARCH STREET 400 PHILADELPHIA PA 19104 12943 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 12128 12943 0 0 12128 12943 0 45000 0 0 0 0 0 0 0 0 0 0 45000 12128 -32057 31169320 33725471 0 0 31169320 33725471 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 45000 45000 INVESTMENT IN ACADEMIC PROPERTIES INC., WHICH PROVIDES STUDENT HOUSING, CLASSROOMS AND OFFICE SPACE FOR DREXEL UNIVERSITY. 45000 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 1 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 2694118 51650 HELEN Y BOWMAN PRESIDENT & TREASURER 1.00 44.00 X X 0 724556 130154 DONALD LIBERATI DIRECTOR 1.00 42.00 X 0 200087 25809 REBECCA LACHER SECRETARY 1.00 44.00 X 0 177065 26437 ALAN GREENBERGER VICE PRESIDENT 1.00 44.00 X 0 327464 45439 0 4123290 279489 0 0 1 0 0 12943 12943 12943 0 0 12943 X 45000 45000 45000 45000 0 0 31169320 33725471 31169320 33725471 0 0 X 0 0 0 0 31169320 33725471 31169320 33725471 31169320 33725471 X -32057 2588208 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. 33716177 C INVESTMENT IN DUC, LLC 9294 C 33725471 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 ACADEMIC PROPERTIES INC 3201 ARCH STREET STE 400 PHILADELPHIA PA 19104 232411680 501(C)(3) 45000 0 VOLUNTARY CONTRIBUTION TO AFFILIATE 1 0 SCHEDULE I, PART I, LINE 2 ACADEMIC ASSETS, INC. MADE A ONE-TIME VOLUNTARY CONTRIBUTION TO ACADEMIC PROPERTIES, INC., A RELATED 501(C)(3) OF WHOM IT IS THE SOLE MEMBER. ACADEMIC ASSETS, INC. HAS NO PLANS OF MAKING ANY ADDITIONAL GRANTS OR CONTRIBUTIONS IN THE FUTURE. 0 1 0 0 0 0 0 0 0 JOHN A FRY CHAIRMAN OF THE BOARD 0 931226 0 1000000 0 762892 0 36300 0 15350 0 2745768 0 0 HELEN Y BOWMAN PRESIDENT & TREASURER 0 724556 0 0 0 0 0 111300 0 18854 0 854710 0 0 ALAN GREENBERGER VICE PRESIDENT 0 327464 0 0 0 0 0 35394 0 10045 0 372903 0 0 DONALD LIBERATI DIRECTOR 0 200087 0 0 0 0 0 18448 0 7361 0 225896 0 0 REBECCA LACHER SECRETARY 0 177065 0 0 0 0 0 16483 0 9954 0 203502 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 $170,386, WHICH BEGAN EFFECTIVE JULY 31, 2021. MR. FRY HAD BEEN CREDITED $25,000 PER MONTH, BEGINNING JANUARY 31, 2023, AND ENDING JUNE 30, 2023, 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, 2023, THROUGH JUNE 30, 2023. PART II: DREXEL UNIVERSITY, A RELATED ORGANIZATION, PROVIDES HELEN BOWMAN WITH A DEFERRED COMPENSATION ARRANGEMENT. THE UNIVERSITY WILL CREDIT MS. BOWMAN WITH $75,000 EACH JULY 1, BEGINNING WITH JULY 1, 2023, AND ENDING JULY 1, 2026, IF SHE REMAINS EMPLOYED WITH THE UNIVERSITY. THE ACCOUNT WILL BE CREDITED ANNUALLY WITH INTEREST. MS. BOWMAN WILL BECOME FULLY VESTED IN THE BALANCE OF THE ACCOUNT UPON THE EARLIEST OF THE FOLLOWING: (I) JULY 1, 2026, (II) INVOLUNTARY TERMINATION BY THE UNIVERSITY FOR ANY REASON OTHER THAN CAUSE, (III) DEATH, OR (IV) TERMINATION DUE TO TOTAL AND PERMANENT DISABILITY. IF MS. BOWMAN RESIGNS OR IS TERMINATED BY THE UNIVERSITY FOR CAUSE BEFORE THE ACCOUNT IS VESTED, THE ENTIRE ACCOUNT WILL BE FORFEITED. 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 IX, LINE 1: $45,000 REPRESENTS A VOLUNTARY TRANSFER TO A 501(C)(3) AFFILIATE ORGANIZATION. FORM 990, PART XI, LINE 9: INVESTMENT IN ACADEMIC PROPERTIES, INC. 2,588,358. INVESTMENT IN DUC, LLC -150. 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 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0