Civic Intelligence

Academic Properties Inc

990 • Fiscal year 2020 • EIN 23-2411680

Jul 01, 2019 to Jun 30, 2020 • Filed on May 17, 2021

Organization ProfileN/A

View Organization Page

3201 Arch Street No 420Philadelphia, PA 19104

(215) 662-1500

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

20th percentile

0.04x

Higher debt load relative to assets than 20% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Liabilities / Revenue

23rd percentile

0.13x

Higher debt load relative to revenue than 23% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Net Margin

5th percentile

-60%

Higher net margin than 5% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Top Officer Pay

97th percentile

$1,614,358

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 22.3% of source-year revenue.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Asset Growth

3rd percentile

-15%

Faster asset growth than 3% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Revenue Growth

30th percentile

-6.2%

Faster revenue growth than 30% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets20th percentile

Assets

Down

$25,045,725

Down $4,259,656 (-15%) from 2019

Net Assets

Down

$24,120,217

Down $4,354,932 (-15%) from 2019

Liabilities

Up

$925,508

Up $95,276 (+11%) from 2019

Revenue And Expenses
Liabilities / Revenue23rd percentileNet Margin5th percentile

Revenue

Down

$7,233,685

Down $478,367 (-6.2%) from 2019

Expenses

Up

$11,588,617

Up $6,382,995 (+123%) from 2019

Net Income

Down

-$4,354,932

Down $6,861,362 (-274%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$30M$20M$10M$0Assets 2010: $28,124,173Liabilities 2010: $5,406,579Net Assets 2010: $22,717,5942010Assets 2011: $29,277,808Liabilities 2011: $1,579,401Net Assets 2011: $27,698,4072011Assets 2012: $25,821,260Liabilities 2012: $1,224,536Net Assets 2012: $24,596,7242012Assets 2013: $29,308,026Liabilities 2013: $1,087,736Net Assets 2013: $28,220,2902013Assets 2014: $29,036,703Liabilities 2014: $977,112Net Assets 2014: $28,059,5912014Assets 2015: $30,795,642Liabilities 2015: $1,432,523Net Assets 2015: $29,363,1192015Assets 2016: $30,230,798Liabilities 2016: $825,993Net Assets 2016: $29,404,8052016Assets 2017: $33,199,134Liabilities 2017: $947,057Net Assets 2017: $32,252,0772017Assets 2018: $27,095,937Liabilities 2018: $1,127,218Net Assets 2018: $25,968,7192018Assets 2019: $29,305,381Liabilities 2019: $830,232Net Assets 2019: $28,475,1492019Assets 2020: $25,045,725Liabilities 2020: $925,508Net Assets 2020: $24,120,2172020Assets 2021: $27,629,572Liabilities 2021: $1,572,275Net Assets 2021: $26,057,2972021Assets 2022: $29,565,241Liabilities 2022: $1,278,740Net Assets 2022: $28,286,5012022Assets 2023: $32,583,764Liabilities 2023: $1,455,945Net Assets 2023: $31,127,8192023

Highlighted filing

2020

Assets$25,045,725
Liabilities$925,508
Net Assets$24,120,217
Open 2020 Filing

Operations Trend

Revenue Growth30th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0M-$10MExpenses 2010: $2,504,9652010Expenses 2011: $2,811,9612011Expenses 2012: $4,128,4832012Expenses 2013: $4,674,5612013Revenue 2014: $9,167,591Expenses 2014: $9,328,290Net Income 2014: -$160,6992014Revenue 2015: $9,107,965Expenses 2015: $7,804,437Net Income 2015: $1,303,5282015Revenue 2016: $9,889,416Expenses 2016: $9,847,730Net Income 2016: $41,6862016Revenue 2017: $10,074,148Expenses 2017: $7,226,876Net Income 2017: $2,847,2722017Revenue 2018: $1,416,670Expenses 2018: $6,814,722Net Income 2018: -$5,398,0522018Revenue 2019: $7,712,052Expenses 2019: $5,205,622Net Income 2019: $2,506,4302019Revenue 2020: $7,233,685Expenses 2020: $11,588,617Net Income 2020: -$4,354,9322020Revenue 2021: $7,526,969Expenses 2021: $5,589,889Net Income 2021: $1,937,0802021Revenue 2022: $8,151,800Expenses 2022: $5,922,596Net Income 2022: $2,229,2042022Revenue 2023: $8,169,303Expenses 2023: $5,327,985Net Income 2023: $2,841,3182023

Highlighted filing

2020

Revenue$7,233,685
Expenses$11,588,617
Net Income-$4,354,932
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 17, 2021
Return Version
2019v5.2
Gross Receipts
$7,520,140
Mission and Program Overview

Mission

Maximizing drexel university real estate holdings to their fullest strategic value with emphasis on serving the university community.

Acquires and improves properties of strategic importance to the future growth of drexel university.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$28,475,149$24,120,217▼ $4,354,932
Land, Buildings, and Equipment, Net$18,200,098$18,853,393▲ $653,295
Savings and Temporary Cash Investments$10,100,965$4,603,770▼ $5,497,195
Prepaid Expenses and Deferred Charges$205,749$489,152▲ $283,403
Accounts Receivable$360,509$69,994▼ $290,515
Cash and Non-Interest-Bearing Accounts$1,200$0▼ $1,200
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$29,305,381$25,045,725▼ $4,259,656
Other Assets Total$436,860$1,029,416▲ $592,556
Liabilities
Deferred Revenue$140,130$537,293▲ $397,163
Accounts Payable and Accrued Expenses$500,953$216,612▼ $284,341
Other Liabilities$189,149$171,603▼ $17,546
Total Liabilities$830,232$925,508▲ $95,276
Net Assets / Fund Balance
Total Net Assets Fund Balance$28,475,149$24,120,217▼ $4,354,932
Total Liabilities and Net Assets / Fund Balance$29,305,381$25,045,725▼ $4,259,656

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,178,279$4,413,379-
Other Land Buildings$0$187,596-
Land$4,427,655--
Equipment$0$47,259-
Leasehold Improvements$10,247,459$15,921,536-
Compensation and Service Providers
Top Officer Pay97th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Martin J OnzikDirector & VP (through 2.7.20)FT$201,639$56,868$258,507
Carmen PiccoloProperty Manager (as of 5.27.20)FT$131,360$51,285$182,645
Tigist TesfayeAvp, Finance and AdminFT$132,790$29,803$162,593

Board Members and Trustees

NameTitle
John a FryDirector & Chairman
Donald E MooreDirector & President
Helen Y BowmanDirector, Vice Chairman &
Patrick S Pasquariello IiiDirector
Robert BuckleyDirector
Melissa W BrownDirector & Secretary
David RusenkoDirector (as of 5.27.20)

Highest Paid Contractors

ContractorServicesLocationCompensation
Graystone ConstructionConstruction Services2015 OLCOTT AVENUE, Ardmore, PA 19003$1,154,331
United States Roofing CorpRoofing Services910 EAST MAIN STREET, Norristown, PA 19401$735,149
Palmer INCMasonry Services2175 BENNETT ROAD, Philadelphia, PA 19116$581,125
Abm Facility ServicesBuilding ServicesPO BOX 419860, Boston, MA 02241$372,734
Turnkey Realty LLCRealty Services720 FAYETTE STREET SUITE 200, Conshohocken, PA 19428$337,420
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$6,867,721
Investment Income
$5,852
Other Revenue
$360,112
Change in Net Assets
$-4,354,932
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$10,568,600
Salaries, Compensation, and Employee Benefits$1,020,017
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Payments to Affiliates$6,991,000--$6,991,000
Occupancy$2,610,642--$2,610,642
Depreciation Depletion$760,345--$760,345
Other Salaries and Wages$638,932--$638,932
Other Employee Benefits$198,913--$198,913
Current Officers, Directors, Trustees, and Key Employees$125,364--$125,364
Fees for Services Other$108,505--$108,505
Payroll Taxes$56,808--$56,808
Information Technology$44,254--$44,254
Office Expenses$27,526--$27,526
Other Expenses$17,501--$17,501
Fees for Services Accounting$8,827--$8,827
Total Functional Expenses$11,588,617$0$0$11,588,617
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Escrow Deposits$171,603
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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 11B

“The form 990 is submitted to the 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 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.”

Filing and Contact Details

Filer

Filer Name
Academic Properties Inc
EIN
23-2411680
Phone
2156621500
Address
3201 ARCH STREET NO 420, PHILADELPHIA, PA 19104

Signing Officer

Name
Helen Y Bowman
Title
President
Phone
2158952803
Signed
2021-05-17

Organization Details

Principal Officer
Helen Y Bowman
Formed
1986
Legal Domicile
Pa
Voting Board Members
8
Independent Board Members
2
Employees
10
Volunteers
0
Supplemental Narrative

Additional Explanations

FORM 990, PART IX, LINE 21:

“$6,991,000 represents a transfer to a 501(c)(3) affiliate organization.”

FORM 990, PART XII, LINE 2C:

“The organization's governing body delegates to its related organization's audit committee of the board of trustees of drexel university the task of selecting the independent auditor and approving the audit plan.”

Financial Statement Notes

PART X, LINE 2:

“Academic properties, inc. Is a nonprofit organization that has been granted tax exempt status under 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.”

Raw XML AppendixShowing 400 of 660 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR & CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR, VICE CHAIRMAN &
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR & PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR (AS OF 5.27.20)
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR & VP (THROUGH 2.7.20)
IRS990/Form990PartVIISectionAGrp/TitleTxt5PROPERTY MANAGER (AS OF 5.27.20)
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR & SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt7AVP, FINANCE AND ADMIN
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01986
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedInd00
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt08
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt07520140
IRS990/GrossRentsGrp/RealAmt0477936
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt02
IRS990/IndivRcvdGreaterThan100KCnt03
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIXInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InformationTechnologyGrp/ProgramServicesAmt044254
IRS990/InformationTechnologyGrp/TotalAmt044254
IRS990/InvestmentIncomeGrp/ExclusionAmt05852
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt05852
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt023
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt020569770
IRS990/LandBldgEquipBasisNetGrp/BOYAmt018200098
IRS990/LandBldgEquipBasisNetGrp/EOYAmt018853393
IRS990/LandBldgEquipCostOrOtherBssAmt039423163
IRS990/LegalDomicileStateCd0PA
IRS990/LessRentalExpensesGrp/RealAmt0286455
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd00
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0MAXIMIZING DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt028475149
IRS990/NetAssetsOrFundBalancesEOYAmt024120217
IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt0191481
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt0191481
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt02610642
IRS990/OccupancyGrp/TotalAmt02610642
IRS990/OfficeExpensesGrp/ProgramServicesAmt027526
IRS990/OfficeExpensesGrp/TotalAmt027526
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0436860
IRS990/OtherAssetsTotalGrp/EOYAmt01029416
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0198913
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0198913
IRS990/OtherExpensesGrp/Desc0MISCELLANEOUS
IRS990/OtherExpensesGrp/ProgramServicesAmt017501
IRS990/OtherExpensesGrp/TotalAmt017501
IRS990/OtherLiabilitiesGrp/BOYAmt0189149
IRS990/OtherLiabilitiesGrp/EOYAmt0171603
IRS990/OtherRevenueMiscGrp/BusinessCd0531310
IRS990/OtherRevenueMiscGrp/Desc0MANAGEMENT FEES
IRS990/OtherRevenueMiscGrp/ExclusionAmt0168631
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0168631
IRS990/OtherRevenueTotalAmt0168631
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0638932
IRS990/OtherSalariesAndWagesGrp/TotalAmt0638932
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt06991000
IRS990/PaymentsToAffiliatesGrp/TotalAmt06991000
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ProgramServicesAmt056808
IRS990/PayrollTaxesGrp/TotalAmt056808
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0205749
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0489152
IRS990/PrincipalOfficerNm0HELEN Y BOWMAN
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0531120
IRS990/ProgramServiceRevenueGrp/BusinessCd1531110
IRS990/ProgramServiceRevenueGrp/Desc0CLASSROOM RENTAL
IRS990/ProgramServiceRevenueGrp/Desc1RESIDENTIAL RENTAL
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt04812620
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt12055101
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt04812620
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt12055101
IRS990/ProgSrvcAccomActy2Grp/Desc0RENTAL OF CLASSROOM AND OFFICE SPACE TO DREXEL UNIVERSITY.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt09625076
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt04812620
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt015970
IRS990/PYOtherExpensesAmt04565889
IRS990/PYOtherRevenueAmt01353420
IRS990/PYProgramServiceRevenueAmt06342662
IRS990/PYRevenuesLessExpensesAmt02506430
IRS990/PYSalariesCompEmpBnftPaidAmt0639733
IRS990/PYTotalExpensesAmt05205622
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt07712052
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-4354932
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/RealAmt0191481
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt02055101
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt028475149
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt024120217
IRS990/SavingsAndTempCashInvstGrp/BOYAmt010100965
IRS990/SavingsAndTempCashInvstGrp/EOYAmt04603770
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgNotOrganizedUSInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990SchAType3FuncIntGrp/ActivitiesEngagedOrgInvlmntInd01
IRS990ScheduleA/Form990SchAType3FuncIntGrp/ActivitiesFurtherExemptPrpsInd01
IRS990ScheduleA/Form990SchAType3FuncIntGrp/ActivitiesTestInd0X
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/OfficersCloseRelationshipInd01
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/SupportedOrgVoiceInvestmentInd01
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/TimelyProvidedDocumentsInd01
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0ACADEMIC PROPERTIES, INC. CHAIRMAN, JOHN FRY, IS THE PRESIDENT OF ACADEMIC PROPERTIES, INC.'S SOLE SUPPORTED ORGANIZATION, DREXEL UNIVERSITY. ACADEMIC PROPERTIES, INC. VICE CHAIRMAN AND TREASURER, HELEN BOWMAN, IS THE EXECUTIVE VICE PRESIDENT, TREASURER, AND CHIEF OPERATING OFFICER OF ACADEMIC PROPERTIES, INC.'S SOLE SUPPORTED ORGANIZATION, DREXEL UNIVERSITY.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1ALL ACADEMIC PROPERTIES, INC. (API) ACTIVITIES AND FUNCTIONS DIRECTLY FURTHER THE EXEMPT PURPOSE OF DREXEL UNIVERSITY.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2ACADEMIC PROPERTIES, INC. (API) ACQUIRES AND IMPROVES PROPERTIES OF STRATEGIC IMPORTANCE TO THE FUTURE GROWTH OF DREXEL UNIVERSITY.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART IV, SECTION D, LINE 3:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1PART IV, SECTION E, LINE 2A:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc2PART IV, SECTION E, LINE 2B:
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0231352630
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd02
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt06991000
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0DREXEL UNIVERSITY
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType3FuncIntInd0X
IRS990ScheduleA/SupportSumAmt06991000
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt04178279
IRS990ScheduleD/BuildingsGrp/DepreciationAmt04413379
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt08591658
IRS990ScheduleD/EquipmentGrp/BookValueAmt00
IRS990ScheduleD/EquipmentGrp/DepreciationAmt047259
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt047259
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt04427655
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt04427655
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt010247459
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt015921536
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt026168995
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0187596
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt0187596
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0171603
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT ESCROW DEPOSITS
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ACADEMIC PROPERTIES, INC. IS A NONPROFIT ORGANIZATION THAT HAS BEEN GRANTED TAX EXEMPT STATUS UNDER 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.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt018853393
IRS990ScheduleD/TotalLiabilityAmt0171603
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt10

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$25,045,725
Liabilities
$925,508
Net assets
$24,120,217
Revenue
$7,233,685
Expenses
$11,588,617
Net income
-$4,354,932
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.
2023Summary only. Only limited summary data is available for this year.$32.6$1.46$31.1$8.17$5.33$2.84
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.6$1.28$28.3$8.15$5.92$2.23
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.6$1.57$26.1$7.53$5.59$1.94
2020Detailed filing. Detailed filing data is available for this year.$25.0$0.93$24.1$7.23$11.6$4.35
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$29.3$0.83$28.5$7.71$5.21$2.51
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.1$1.13$26.0$1.42$6.81$5.40
2017Summary only. Only limited summary data is available for this year.$33.2$0.95$32.3$10.1$7.23$2.85
2016Detailed filing. Detailed filing data is available for this year.$30.2$0.83$29.4$9.89$9.85$0.04
2015Detailed filing. Detailed filing data is available for this year.$30.8$1.43$29.4$9.11$7.80$1.30
2014Detailed filing. Detailed filing data is available for this year.$29.0$0.98$28.1$9.17$9.33$0.16
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.3$1.09$28.2$4.67
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.8$1.22$24.6$4.13
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.3$1.58$27.7$2.81
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.1$5.41$22.7$2.50