Academic Properties Inc
- Assets
- $27.6m
- Revenue
- $7.5m
- Investments
- $0.0
- Employees
- 11
- Location
- Philadelphia, PA
- Founding
- 09/1994
- Data as of
- 06/2021
- 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 06/2021, 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 06/2021, Academic Properties Inc generated $7.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (4.4%) each year. All expenses for the organization totaled $5.6m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (9.0%) per year over the past 6 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
2021
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 |
|---|---|---|---|
Carmen Piccolo Vice President | OfficerTrustee | 40 | $133,066 |
Tigist Tesfaye Avp, Finance And Admin | 40 | $106,935 | |
John A Fry Chairman Of The Board | OfficerTrustee | 2 | $0 |
Helen Y Bowman Vice Chair, Treasurer | OfficerTrustee | 2 | $0 |
Donald E Moore President (through 10/20) | OfficerTrustee | 2 | $0 |
Rebecca Lacher Secretary | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Allied Barton Security Services Llc Security Services | 6/29/21 | $308,740 |
Abm Facility Services Inc Building Services | 6/29/21 | $288,829 |
Gdi Service Inc Cleaning Services | 6/29/21 | $237,258 |
Graystone Construction Construction Services | 6/29/21 | $795,955 |
Newmark Knight Frank Building Services | 6/29/21 | $248,414 |
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 | $6,054,715 |
| Investment income | $4,205 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,343,029 |
| 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 | $7,526,969 |
| 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. | $114,801 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $277,815 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $129,408 |
| Payroll taxes | $33,975 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $154,384 |
| Advertising and promotion | $0 |
| Office expenses | $7,626 |
| Information technology | $28,941 |
| Royalties | $0 |
| Occupancy | $2,405,390 |
| 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 | $1,541,000 |
| Depreciation, depletion, and amortization | $805,604 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,589,889 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,838,499 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $93,518 |
| 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 | $1,698,111 |
| Net Land, buildings, and equipment | $18,506,025 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $493,419 |
| Total assets | $27,629,572 |
| Accounts payable and accrued expenses | $332,597 |
| Grants payable | $0 |
| Deferred revenue | $1,118,740 |
| 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 | $120,938 |
| Total liabilities | $1,572,275 |
| 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 | $26,057,297 |
| Total liabilities and net assets/fund balances | $27,629,572 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Academic Properties Inc has recieved totaling $4,675.
| Awarding Organization | Amount |
|---|---|
Nick & Paris N Panagos Charitable Tr Blandon, PA PURPOSE: TO BENEFIT THE PROGRAMS OF THE ENTITY. | $4,675 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lcg Community Services Inc Brooklyn, NY | $2,005,849 | $5,179,376 |
Academic Properties Inc Philadelphia, PA | $27,629,572 | $7,526,969 |
St Marys Residence Of New York Inc New York, NY | $8,322,772 | $2,048,559 |
Recovery Point Of Hunting Inc Huntington, WV | $9,479,696 | $4,736,967 |
American Youth Hostels Inc Silver Spring, MD | $40,473,958 | $3,459,751 |
Isaiah House East Orange, NJ | $3,428,104 | $4,239,780 |
Rescue Mission Of Mahoning Valley Youngstown, OH | $10,421,726 | $4,223,090 |
Felicity House Inc New York, NY | $4,733,154 | $4,501,074 |
Community Teaching Homes Inc Holland, OH | $1,337,006 | $2,516,239 |
456 West 129 Street Housing Corp New York, NY | $222,723 | $2,156,739 |
Mohawk Valley Community College Dormitory Corp Utica, NY | $11,430,493 | $1,921,749 |
Sojourner House Moms Pittsburgh, PA | $4,875,559 | $1,533,064 |