Liabilities / Assets
24th percentile
Higher debt load relative to assets than 24% of similar nonprofits.
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.04x
Liabilities / Revenue
36th percentile
Higher debt load relative to revenue than 36% of similar nonprofits.
Net Margin
86th percentile
Higher net margin than 86% of similar nonprofits.
Top Officer Pay
98th percentile
Higher top officer pay than 98% of similar nonprofits.
Top officer pay equals 27.4% of source-year revenue.
Asset Growth
61st percentile
Faster asset growth than 61% of similar nonprofits.
Revenue Growth
39th percentile
Faster revenue growth than 39% of similar nonprofits.
Balance Sheet
Assets
Flat$32,583,764
Flat from 2023
Net Assets
Flat$31,127,819
Flat from 2023
Liabilities
Flat$1,455,945
Flat from 2023
Revenue And Expenses
Revenue
Flat$8,169,303
Flat from 2023
Expenses
Flat$5,327,985
Flat from 2023
Net Income
Flat$2,841,318
Flat from 2023
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2022 to Jun 30, 2023
- Signed
- May 10, 2024
- Return Version
- 2022v5.0
- Gross Receipts
- $9,212,120
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
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Rtn Earn Endowment Incm Other Fnds | $28,286,501 | $31,127,819 | ▲ $2,841,318 |
| Land, Buildings, and Equipment, Net | $18,722,335 | $18,740,064 | ▲ $17,729 |
| Savings and Temporary Cash Investments | $8,043,526 | $10,943,516 | ▲ $2,899,990 |
| Prepaid Expenses and Deferred Charges | $2,158,822 | $2,241,915 | ▲ $83,093 |
| Accounts Receivable | $94,642 | $91,654 | ▼ $2,988 |
| Pd in Cap Srpls Land Bldg Eqp Fund | $0 | $0 | → $0 |
| Cap Stk Tr Prin Current Funds | $0 | $0 | → $0 |
| Total Assets | $29,565,241 | $32,583,764 | ▲ $3,018,523 |
| Other Assets Total | $545,916 | $566,615 | ▲ $20,699 |
| Liabilities | |||
| Accounts Payable and Accrued Expenses | $362,954 | $939,702 | ▲ $576,748 |
| Deferred Revenue | $763,867 | $334,974 | ▼ $428,893 |
| Other Liabilities | $151,919 | $181,269 | ▲ $29,350 |
| Total Liabilities | $1,278,740 | $1,455,945 | ▲ $177,205 |
| Net Assets / Fund Balance | |||
| Total Net Assets Fund Balance | $28,286,501 | $31,127,819 | ▲ $2,841,318 |
| Total Liabilities and Net Assets / Fund Balance | $29,565,241 | $32,583,764 | ▲ $3,018,523 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Buildings | $2,684,236 | $5,084,736 | - |
| Other Land Buildings | $0 | $187,596 | - |
| Land | $4,427,655 | - | - |
| Equipment | $0 | $47,259 | - |
| Leasehold Improvements | $11,628,173 | $8,437,309 | - |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| Carmen Piccolo | Vice President | FT | $149,975 | $31,077 | $181,052 |
Board Members and Trustees
| Name | Title |
|---|---|
| John a Fry | Chairman of the Board |
| Alan Greenberger | President, Chief Operating Officer |
| Helen Y Bowman | Vice Chair, Treasurer |
| David Rusenko to 423 | Director |
| Don Liberati as of 523 | Director |
| Patrick S Pasquariello Iii | Director |
| Robert Buckley | Director |
| Rebecca Lacher | Secretary |
Highest Paid Contractors
| Contractor | Services | Location | Compensation |
|---|---|---|---|
| B & S Construction Group LLC | Construction Services | 145 CINNAMON HILL RD, King Of Prussia, PA 19406 | $666,250 |
| Abm Facility Services INC | Building Services | PO BOX 419860, Boston, MA 02241 | $391,020 |
| Allied Universal Security Services | Security Services | PO BOX 828854, Philadelphia, PA 19182 | $342,971 |
| Gdi Service INC | Building Cleaning Services | 780 FIFTH AVENUE SUITE 115, King Of Prussia, PA 19406 | $224,271 |
| Herman Goldner Co INC | Plumbing Repairs & Maintenance | 7777 BREWSTER AVENUE, Philadelphia, PA 19153 | $208,636 |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $6,460,917
- Investment Income
- $82,807
- Other Revenue
- $1,625,579
- Change in Net Assets
- $2,841,318
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $4,741,031 |
| Salaries, Compensation, and Employee Benefits | $586,954 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Occupancy | $2,118,105 | - | - | $2,118,105 |
| Payments to Affiliates | $1,541,000 | - | - | $1,541,000 |
| Depreciation Depletion | $872,835 | - | - | $872,835 |
| Other Salaries and Wages | $303,292 | - | - | $303,292 |
| Other Employee Benefits | $148,737 | - | - | $148,737 |
| Fees for Services Other | $106,650 | - | - | $106,650 |
| Current Officers, Directors, Trustees, and Key Employees | $103,784 | - | - | $103,784 |
| Payroll Taxes | $31,141 | - | - | $31,141 |
| All Other Expenses | $17,460 | - | - | $17,460 |
| Information Technology | $13,537 | - | - | $13,537 |
| Fees for Services Accounting | - | $10,800 | - | $10,800 |
| Office Expenses | $9,805 | - | - | $9,805 |
| Other Expenses | $5,044 | - | - | $5,044 |
| Total Functional Expenses | $5,317,185 | $10,800 | $0 | $5,327,985 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| 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
| Liability | Amount |
|---|---|
| Tenant Escrow Deposits | $178,963 |
| Operating Lease Liability | $2,306 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- Yes
- Annual disclosure for covered persons
- Yes
- Audit committee
- Yes
- 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
- Yes
- 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 treasurer 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 and officers must complete a conflict of interest disclosure statement.”
Form 990, Part VI, Section B, Line 15B
“Executive compensation is determined by the drexel university president, in consultation with the university's human resources department, using data on the compensation of other non-profits in the region to recommend an appropriate salary range. Using the executive compensation analysis, a third-party advisor prepared a report and submitted the report to the university's executive compensation committee of the board of trustees (the "committee") along with certain performance criteria. The third-party advisor provided the committee with a letter on the appropriateness of the decision-making process and reasonableness of the proposed compensation. All executive compensation is reviewed and approved annually by the university's executive compensation committee prior to becoming effective. Compensation specialist(s) reviewed all positions and recommended a compensation structure based on job class, industry sector, and geographic region. Individual compensation levels are established within the range for the given position based on the experience and years of service.”
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 400, PHILADELPHIA, PA 19104
Signing Officer
- Name
- Helen Y Bowman
- Title
- Treasurer
- Phone
- 2158952803
- Signed
- 2024-05-10
Organization Details
- Principal Officer
- Helen Y Bowman
- Formed
- 1986
- Legal Domicile
- Pa
- Voting Board Members
- 8
- Independent Board Members
- 2
- Employees
- 8
- Volunteers
- 0
Supplemental Narrative
Additional Explanations
FORM 990, PART IX, LINE 21:
“$1,541,000 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 650 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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|---|---|---|
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| IRS990/AccountsPayableAccrExpnssGrp/BOYAmt | 0 | 362954 |
| IRS990/AccountsPayableAccrExpnssGrp/EOYAmt | 0 | 939702 |
| IRS990/AccountsReceivableGrp/BOYAmt | 0 | 94642 |
| IRS990/AccountsReceivableGrp/EOYAmt | 0 | 91654 |
| IRS990/AcctCompileOrReviewBasisGrp/SeparateBasisFinclStmtInd | 0 | X |
| IRS990/ActivitiesConductedPrtshpInd | 0 | 0 |
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| IRS990/AllOtherExpensesGrp/ProgramServicesAmt | 0 | 17460 |
| IRS990/AllOtherExpensesGrp/TotalAmt | 0 | 17460 |
| IRS990/AnnualDisclosureCoveredPrsnInd | 0 | 1 |
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| IRS990/BackupWthldComplianceInd | 0 | 1 |
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| IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt | 0 | 3141 CHESTNUT STREET STE 225 |
| IRS990/BooksInCareOfDetail/USAddress/CityNm | 0 | PHILADELPHIA |
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| IRS990/BooksInCareOfDetail/USAddress/ZIPCd | 0 | 19104 |
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| IRS990/CompCurrentOfcrDirectorsGrp/TotalAmt | 0 | 103784 |
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| IRS990/CompensationProcessCEOInd | 0 | 0 |
| IRS990/CompensationProcessOtherInd | 0 | 1 |
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| IRS990/ConservationEasementsInd | 0 | 0 |
| IRS990/ConsolidatedAuditFinclStmtInd | 0 | 1 |
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| IRS990/ContractorCompensationGrp/CompensationAmt | 2 | 342971 |
| IRS990/ContractorCompensationGrp/CompensationAmt | 3 | 224271 |
| IRS990/ContractorCompensationGrp/CompensationAmt | 4 | 208636 |
| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt | 0 | 145 CINNAMON HILL RD |
| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt | 1 | PO BOX 419860 |
| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt | 2 | PO BOX 828854 |
| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt | 3 | 780 FIFTH AVENUE SUITE 115 |
| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt | 4 | 7777 BREWSTER AVENUE |
| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm | 0 | KING OF PRUSSIA |
| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm | 1 | BOSTON |
| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm | 2 | PHILADELPHIA |
| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm | 3 | KING OF PRUSSIA |
| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm | 4 | PHILADELPHIA |
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| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/ZIPCd | 1 | 02241 |
| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/ZIPCd | 2 | 19182 |
| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/ZIPCd | 3 | 19406 |
| IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/ZIPCd | 4 | 19153 |
| IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt | 0 | B & S CONSTRUCTION GROUP LLC |
| IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt | 1 | ABM FACILITY SERVICES INC |
| IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt | 2 | ALLIED UNIVERSAL SECURITY SERVICES |
| IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt | 3 | GDI SERVICE INC |
| IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt | 4 | HERMAN GOLDNER CO INC |
| IRS990/ContractorCompensationGrp/ServicesDesc | 0 | CONSTRUCTION SERVICES |
| IRS990/ContractorCompensationGrp/ServicesDesc | 1 | BUILDING SERVICES |
| IRS990/ContractorCompensationGrp/ServicesDesc | 2 | SECURITY SERVICES |
| IRS990/ContractorCompensationGrp/ServicesDesc | 3 | BUILDING CLEANING SERVICES |
| IRS990/ContractorCompensationGrp/ServicesDesc | 4 | PLUMBING REPAIRS & MAINTENANCE |
| IRS990/CreditCounselingInd | 0 | 0 |
| IRS990/CYBenefitsPaidToMembersAmt | 0 | 0 |
| IRS990/CYContributionsGrantsAmt | 0 | 0 |
| IRS990/CYGrantsAndSimilarPaidAmt | 0 | 0 |
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| IRS990/CYOtherExpensesAmt | 0 | 4741031 |
| IRS990/CYOtherRevenueAmt | 0 | 1625579 |
| IRS990/CYProgramServiceRevenueAmt | 0 | 6460917 |
| IRS990/CYRevenuesLessExpensesAmt | 0 | 2841318 |
| IRS990/CYSalariesCompEmpBnftPaidAmt | 0 | 586954 |
| IRS990/CYTotalExpensesAmt | 0 | 5327985 |
| IRS990/CYTotalFundraisingExpenseAmt | 0 | 0 |
| IRS990/CYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/CYTotalRevenueAmt | 0 | 8169303 |
| IRS990/DecisionsSubjectToApprovaInd | 0 | 0 |
| IRS990/DeductibleArtContributionInd | 0 | 0 |
| IRS990/DeductibleNonCashContriInd | 0 | 0 |
| IRS990/DeferredRevenueGrp/BOYAmt | 0 | 763867 |
| IRS990/DeferredRevenueGrp/EOYAmt | 0 | 334974 |
| IRS990/DelegationOfMgmtDutiesInd | 0 | 0 |
| IRS990/DepreciationDepletionGrp/ProgramServicesAmt | 0 | 872835 |
| IRS990/DepreciationDepletionGrp/TotalAmt | 0 | 872835 |
| IRS990/Desc | 0 | HOUSING FOR STUDENTS OF DREXEL UNIVERSITY. |
| IRS990/DescribedInSection501c3Ind | 0 | 1 |
| IRS990/DisregardedEntityInd | 0 | 0 |
| IRS990/DocumentRetentionPolicyInd | 0 | 0 |
| IRS990/DonorAdvisedFundInd | 0 | 0 |
| IRS990/DonorRstrOrQuasiEndowmentsInd | 0 | 0 |
| IRS990/ElectionOfBoardMembersInd | 0 | 1 |
| IRS990/EmployeeCnt | 0 | 8 |
| IRS990/EmploymentTaxReturnsFiledInd | 0 | 1 |
| IRS990/EngagedInExcessBenefitTransInd | 0 | 0 |
| IRS990/ExpenseAmt | 0 | 2015175 |
| IRS990/FamilyOrBusinessRlnInd | 0 | 0 |
| IRS990/FederalGrantAuditRequiredInd | 0 | 0 |
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| IRS990/FeesForServicesAccountingGrp/TotalAmt | 0 | 10800 |
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| IRS990/FeesForServicesOtherGrp/TotalAmt | 0 | 106650 |
| IRS990/ForeignActivitiesInd | 0 | 0 |
| IRS990/ForeignFinancialAccountInd | 0 | 0 |
| IRS990/ForeignOfficeInd | 0 | 0 |
| IRS990/Form8282PropertyDisposedOfInd | 0 | 0 |
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| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 3 | 0.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 4 | 43.00 |
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| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 8 | 41.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 0 | 2.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 1 | 2.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 2 | 2.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 3 | 40.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 4 | 2.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 5 | 2.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 6 | 2.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 7 | 2.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 8 | 2.00 |
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| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 3 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 4 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 5 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 6 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 7 | X |
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| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 3 | 31077 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 4 | 32772 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 5 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 6 | 0 |
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| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 8 | 24804 |
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| IRS990/Form990PartVIISectionAGrp/PersonNm | 2 | DAVID RUSENKO TO 423 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 3 | CARMEN PICCOLO |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 4 | REBECCA LACHER |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 5 | ROBERT BUCKLEY |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 6 | PATRICK S PASQUARIELLO III |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 7 | ALAN GREENBERGER |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 8 | DON LIBERATI AS OF 523 |
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| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 7 | 0 |
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| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 2 | 328610 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 3 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 4 | 166548 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 5 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 6 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 7 | 311844 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 8 | 198335 |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 0 | CHAIRMAN OF THE BOARD |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 1 | VICE CHAIR, TREASURER |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 2 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 3 | VICE PRESIDENT |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 4 | SECRETARY |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 5 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 6 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 7 | PRESIDENT, CHIEF OPERATING OFFICER |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 8 | DIRECTOR |
| IRS990/Form990ProvidedToGvrnBodyInd | 0 | 1 |
| IRS990/FormationYr | 0 | 1986 |
| IRS990/FormerOfcrEmployeesListedInd | 0 | 0 |
| IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd | 0 | X |
| IRS990/FSAuditedInd | 0 | 1 |
| IRS990/FundraisingActivitiesInd | 0 | 0 |
| IRS990/GamingActivitiesInd | 0 | 0 |
| IRS990/GoverningBodyVotingMembersCnt | 0 | 8 |
| IRS990/GrantsToIndividualsInd | 0 | 0 |
| IRS990/GrantsToOrganizationsInd | 0 | 0 |
| IRS990/GrantToRelatedPersonInd | 0 | 0 |
| IRS990/GrossReceiptsAmt | 0 | 9212120 |
| IRS990/GrossRentsGrp/RealAmt | 0 | 2517364 |
| IRS990/GroupReturnForAffiliatesInd | 0 | 0 |
| IRS990/IncludeFIN48FootnoteInd | 0 | 1 |
| IRS990/IndependentAuditFinclStmtInd | 0 | 0 |
| IRS990/IndependentVotingMemberCnt | 0 | 2 |
| IRS990/IndivRcvdGreaterThan100KCnt | 0 | 1 |
| IRS990/IndoorTanningServicesInd | 0 | 0 |
| IRS990/InfoInScheduleOPartIXInd | 0 | X |
| IRS990/InfoInScheduleOPartVIInd | 0 | X |
| IRS990/InfoInScheduleOPartXIIInd | 0 | X |
| IRS990/InformationTechnologyGrp/ProgramServicesAmt | 0 | 13537 |
| IRS990/InformationTechnologyGrp/TotalAmt | 0 | 13537 |
| IRS990/InvestmentIncomeGrp/ExclusionAmt | 0 | 82807 |
| IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt | 0 | 82807 |
| IRS990/InvestmentInJointVentureInd | 0 | 0 |
| IRS990/IRPDocumentCnt | 0 | 25 |
| IRS990/IRPDocumentW2GCnt | 0 | 0 |
| IRS990/LandBldgEquipAccumDeprecAmt | 0 | 13756900 |
| IRS990/LandBldgEquipBasisNetGrp/BOYAmt | 0 | 18722335 |
| IRS990/LandBldgEquipBasisNetGrp/EOYAmt | 0 | 18740064 |
| IRS990/LandBldgEquipCostOrOtherBssAmt | 0 | 32496964 |
| IRS990/LegalDomicileStateCd | 0 | PA |
| IRS990/LessRentalExpensesGrp/RealAmt | 0 | 1042817 |
| IRS990/LoanOutstandingInd | 0 | 0 |
| IRS990/LobbyingActivitiesInd | 0 | 0 |
| IRS990/LocalChaptersInd | 0 | 0 |
| IRS990/MaterialDiversionOrMisuseInd | 0 | 0 |
| IRS990/MembersOrStockholdersInd | 0 | 0 |
| IRS990/MethodOfAccountingAccrualInd | 0 | X |
| IRS990/MinutesOfCommitteesInd | 0 | 0 |
| IRS990/MinutesOfGoverningBodyInd | 0 | 1 |
| IRS990/MissionDesc | 0 | MAXIMIZING DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY. |
| IRS990/MoreThan5000KToIndividualsInd | 0 | 0 |
| IRS990/MoreThan5000KToOrgInd | 0 | 0 |
| IRS990/NetAssetsOrFundBalancesBOYAmt | 0 | 28286501 |
| IRS990/NetAssetsOrFundBalancesEOYAmt | 0 | 31127819 |
| IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt | 0 | 1474547 |
| IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt | 0 | 1474547 |
| IRS990/NetUnrelatedBusTxblIncmAmt | 0 | 0 |
| IRS990/NondeductibleContributionsInd | 0 | 0 |
| IRS990/OccupancyGrp/ProgramServicesAmt | 0 | 2118105 |
| IRS990/OccupancyGrp/TotalAmt | 0 | 2118105 |
| IRS990/OfficeExpensesGrp/ProgramServicesAmt | 0 | 9805 |
| IRS990/OfficeExpensesGrp/TotalAmt | 0 | 9805 |
| IRS990/OfficerMailingAddressInd | 0 | 0 |
| IRS990/OperateHospitalInd | 0 | 0 |
| IRS990/Organization501c3Ind | 0 | X |
| IRS990/OrgDoesNotFollowFASB117Ind | 0 | X |
| IRS990/OtherAssetsTotalGrp/BOYAmt | 0 | 545916 |
| IRS990/OtherAssetsTotalGrp/EOYAmt | 0 | 566615 |
| IRS990/OtherChangesInNetAssetsAmt | 0 | 0 |
| IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt | 0 | 148737 |
| IRS990/OtherEmployeeBenefitsGrp/TotalAmt | 0 | 148737 |
| IRS990/OtherExpensesGrp/Desc | 0 | COMMISSIONS |
| IRS990/OtherExpensesGrp/Desc | 1 | DUES AND LICENSES |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 0 | 45795 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 1 | 5044 |
| IRS990/OtherExpensesGrp/TotalAmt | 0 | 45795 |
| IRS990/OtherExpensesGrp/TotalAmt | 1 | 5044 |
| IRS990/OtherLiabilitiesGrp/BOYAmt | 0 | 151919 |
| IRS990/OtherLiabilitiesGrp/EOYAmt | 0 | 181269 |
| IRS990/OtherRevenueMiscGrp/BusinessCd | 0 | 531310 |
| IRS990/OtherRevenueMiscGrp/Desc | 0 | MANAGEMENT FEES |
| IRS990/OtherRevenueMiscGrp/ExclusionAmt | 0 | 151032 |
| IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt | 0 | 151032 |
| IRS990/OtherRevenueTotalAmt | 0 | 151032 |
| IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt | 0 | 303292 |
| IRS990/OtherSalariesAndWagesGrp/TotalAmt | 0 | 303292 |
| IRS990/PartialLiquidationInd | 0 | 0 |
| IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt | 0 | 1541000 |
| IRS990/PaymentsToAffiliatesGrp/TotalAmt | 0 | 1541000 |
| IRS990/PayPremiumsPrsnlBnftCntrctInd | 0 | 0 |
| IRS990/PayrollTaxesGrp/ProgramServicesAmt | 0 | 31141 |
| IRS990/PayrollTaxesGrp/TotalAmt | 0 | 31141 |
| IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt | 0 | 0 |
| IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt | 0 | 0 |
| IRS990/PoliticalCampaignActyInd | 0 | 0 |
| IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt | 0 | 2158822 |
| IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt | 0 | 2241915 |
| IRS990/PrincipalOfficerNm | 0 | HELEN Y BOWMAN |
| IRS990/ProfessionalFundraisingInd | 0 | 0 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 0 | 531120 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 1 | 531110 |
| IRS990/ProgramServiceRevenueGrp/Desc | 0 | CLASSROOM RENTAL |
| IRS990/ProgramServiceRevenueGrp/Desc | 1 | RESIDENTIAL RENTAL |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 0 | 4855582 |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 1 | 1605335 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 0 | 4855582 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 1 | 1605335 |
| IRS990/ProgSrvcAccomActy2Grp/Desc | 0 | RENTAL OF CLASSROOM AND OFFICE SPACE TO DREXEL UNIVERSITY. |
| IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt | 0 | 3302010 |
| IRS990/ProgSrvcAccomActy2Grp/RevenueAmt | 0 | 4855582 |
| IRS990/ProhibitedTaxShelterTransInd | 0 | 0 |
| IRS990/PYBenefitsPaidToMembersAmt | 0 | 0 |
| IRS990/PYContributionsGrantsAmt | 0 | 0 |
| IRS990/PYExcessBenefitTransInd | 0 | 0 |
| IRS990/PYGrantsAndSimilarPaidAmt | 0 | 0 |
| IRS990/PYInvestmentIncomeAmt | 0 | 4247 |
| IRS990/PYOtherExpensesAmt | 0 | 5332336 |
| IRS990/PYOtherRevenueAmt | 0 | 1949599 |
| IRS990/PYProgramServiceRevenueAmt | 0 | 6197954 |
| IRS990/PYRevenuesLessExpensesAmt | 0 | 2229204 |
| IRS990/PYSalariesCompEmpBnftPaidAmt | 0 | 590260 |
| IRS990/PYTotalExpensesAmt | 0 | 5922596 |
| IRS990/PYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/PYTotalRevenueAmt | 0 | 8151800 |
| IRS990/QuidProQuoContributionsInd | 0 | 0 |
| IRS990/RcvFndsToPayPrsnlBnftCntrctInd | 0 | 0 |
| IRS990/ReconcilationRevenueExpnssAmt | 0 | 2841318 |
| IRS990/RegularMonitoringEnfrcInd | 0 | 1 |
| IRS990/RelatedEntityInd | 0 | 1 |
| IRS990/RelatedOrganizationCtrlEntInd | 0 | 0 |
| IRS990/RentalIncomeOrLossGrp/RealAmt | 0 | 1474547 |
| IRS990/ReportInvestmentsOtherSecInd | 0 | 0 |
| IRS990/ReportLandBuildingEquipmentInd | 0 | 1 |
| IRS990/ReportOtherAssetsInd | 0 | 0 |
| IRS990/ReportOtherLiabilitiesInd | 0 | 1 |
| IRS990/ReportProgramRelatedInvstInd | 0 | 0 |
| IRS990/RevenueAmt | 0 | 1605335 |
| IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt | 0 | 28286501 |
| IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt | 0 | 31127819 |
| IRS990/SavingsAndTempCashInvstGrp/BOYAmt | 0 | 8043526 |
| IRS990/SavingsAndTempCashInvstGrp/EOYAmt | 0 | 10943516 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd | 0 | 0 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd | 0 | 0 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd | 0 | 0 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd | 0 | 0 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd | 0 | 0 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd | 0 | 0 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd | 0 | 0 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd | 0 | 1 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd | 0 | 0 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd | 0 | 0 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd | 0 | 0 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgNotOrganizedUSInd | 0 | 0 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind | 0 | 0 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd | 0 | 0 |
| IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd | 0 | 0 |
| IRS990ScheduleA/Form990SchAType3FuncIntGrp/ActivitiesEngagedOrgInvlmntInd | 0 | 1 |
| IRS990ScheduleA/Form990SchAType3FuncIntGrp/ActivitiesFurtherExemptPrpsInd | 0 | 1 |
| IRS990ScheduleA/Form990SchAType3FuncIntGrp/ActivitiesTestInd | 0 | X |
| IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/OfficersCloseRelationshipInd | 0 | 1 |
| IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/SupportedOrgVoiceInvestmentInd | 0 | 1 |
| IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/TimelyProvidedDocumentsInd | 0 | 1 |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt | 0 | ACADEMIC PROPERTIES, INC. CHAIRMAN, JOHN FRY, IS THE PRESIDENT OF ACADEMIC PROPERTIES, INC.'S SOLE SUPPORTED ORGANIZATION, DREXEL UNIVERSITY. ACADEMIC PROPERTIES, INC. VICE CHAIR 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/ExplanationTxt | 1 | ALL ACADEMIC PROPERTIES, INC. (API) ACTIVITIES AND FUNCTIONS DIRECTLY FURTHER THE EXEMPT PURPOSE OF DREXEL UNIVERSITY. |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt | 2 | ACADEMIC PROPERTIES, INC. (API) ACQUIRES AND IMPROVES PROPERTIES OF STRATEGIC IMPORTANCE TO THE FUTURE GROWTH OF DREXEL UNIVERSITY. |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc | 0 | PART IV, SECTION D, LINE 3: |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc | 1 | PART IV, SECTION E, LINE 2A: |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc | 2 | PART IV, SECTION E, LINE 2B: |
| IRS990ScheduleA/OtherSupportSumAmt | 0 | 0 |
| IRS990ScheduleA/SupportedOrganizationsCnt | 0 | 1 |
| IRS990ScheduleA/SupportedOrganizationsTotalCnt | 0 | 1 |
| IRS990ScheduleA/SupportedOrgInformationGrp/EIN | 0 | 231352630 |
| IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd | 0 | 1 |
| IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd | 0 | 2 |
| IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt | 0 | 0 |
| IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt | 0 | 1541000 |
| IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt | 0 | DREXEL UNIVERSITY |
| IRS990ScheduleA/SupportingOrganization509a3Ind | 0 | X |
| IRS990ScheduleA/SupportingOrgType3FuncIntInd | 0 | X |
| IRS990ScheduleA/SupportSumAmt | 0 | 1541000 |
| IRS990/ScheduleBRequiredInd | 0 | 0 |
| IRS990ScheduleD/BuildingsGrp/BookValueAmt | 0 | 2684236 |
| IRS990ScheduleD/BuildingsGrp/DepreciationAmt | 0 | 5084736 |
| IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt | 0 | 7768972 |
| IRS990ScheduleD/EquipmentGrp/BookValueAmt | 0 | 0 |
| IRS990ScheduleD/EquipmentGrp/DepreciationAmt | 0 | 47259 |
| IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt | 0 | 47259 |
| IRS990ScheduleD/FootnoteTextInd | 0 | X |
| IRS990ScheduleD/LandGrp/BookValueAmt | 0 | 4427655 |
| IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt | 0 | 4427655 |
| IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt | 0 | 11628173 |
| IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt | 0 | 8437309 |
| IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt | 0 | 20065482 |
| IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt | 0 | 0 |
| IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt | 0 | 187596 |
| IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt | 0 | 187596 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 0 | 178963 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 1 | 2306 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | TENANT ESCROW DEPOSITS |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 1 | OPERATING LEASE LIABILITY |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | 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. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART X, LINE 2: |
| IRS990ScheduleD/TotalBookValueLandBuildingsAmt | 0 | 18740064 |
| IRS990ScheduleD/TotalLiabilityAmt | 0 | 181269 |
| IRS990ScheduleJ/AnyNonFixedPaymentsInd | 0 | 0 |
| IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd | 0 | 0 |
| IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd | 0 | 0 |
| IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd | 0 | 0 |
| IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd | 0 | 0 |
| IRS990ScheduleJ/EquityBasedCompArrngmInd | 0 | 0 |
| IRS990ScheduleJ/InitialContractExceptionInd | 0 | 0 |
| IRS990/ScheduleJRequiredInd | 0 | 1 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt | 1 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt | 2 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt | 3 | 0 |
Document Assets
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Filings
Displayed year
2023 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $32,583,764
- Liabilities
- $1,455,945
- Net assets
- $31,127,819
- Revenue
- $8,169,303
- Expenses
- $5,327,985
- Net income
- $2,841,318