Academic Properties Inc
- Assets
- $29.6m
- Revenue
- $8.2m
- Investments
- $0.0
- Employees
- 11
- Location
- Philadelphia, PA
- Founding
- 09/1994
- Data as of
- 06/2022
- EIN
- 23-2411680
Organization Overview
Academic Properties Inc is located in Philadelphia, PA. The organization was established in 1994. According to its NTEE Classification (L40) the organization is classified as: Temporary Housing, under the broad grouping of Housing & Shelter and related organizations. As of 06/2022, Academic Properties Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Academic Properties Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Academic Properties Inc generated $8.2m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.7%) each year. All expenses for the organization totaled $5.9m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (7.0%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ACQUIRES AND IMPROVES PROPERTIES OF STRATEGIC IMPORTANCE TO THE FUTURE GROWTH OF DREXEL UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING FOR STUDENTS OF DREXEL UNIVERSITY.
RENTAL OF CLASSROOM AND OFFICE SPACE TO DREXEL UNIVERSITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John A Fry Chairman Of The Board | OfficerTrustee | 2 | $0 |
Helen Y Bowman Vice Chair, Treasurer | OfficerTrustee | 2 | $0 |
David Rusenko Director | Trustee | 2 | $0 |
Carmen Piccolo Vice President | OfficerTrustee | 40 | $148,173 |
Rebecca Lacher Secretary | OfficerTrustee | 2 | $0 |
Robert Buckley Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
B & S Construction Group Llc Construction Services | 6/29/22 | $487,600 |
Abm Facility Services Inc Building Services | 6/29/22 | $395,783 |
Allied Universal Security Services Security Services | 6/29/22 | $383,486 |
Palmer Waterproofing Inc Construction Services | 6/29/22 | $326,380 |
Jones Lang Lasalle Brokerage Inc Professional Services | 6/29/22 | $236,429 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $6,197,954 |
| Investment income | $4,247 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,821,228 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,151,800 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $90,748 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $303,109 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $166,273 |
| Payroll taxes | $30,130 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $95,567 |
| Advertising and promotion | $0 |
| Office expenses | $10,302 |
| Information technology | $23,894 |
| Royalties | $0 |
| Occupancy | $2,258,154 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $2,073,894 |
| Depreciation, depletion, and amortization | $794,671 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,922,596 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $8,043,526 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $94,642 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,158,822 |
| Net Land, buildings, and equipment | $18,722,335 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $545,916 |
| Total assets | $29,565,241 |
| Accounts payable and accrued expenses | $362,954 |
| Grants payable | $0 |
| Deferred revenue | $763,867 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $151,919 |
| Total liabilities | $1,278,740 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $28,286,501 |
| Total liabilities and net assets/fund balances | $29,565,241 |