Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: CLASSROOM RENTAL

  total $4,855,582 · related or exempt $4,855,582

• 2b · Program service revenue: RESIDENTIAL RENTAL

  total $1,605,335 · related or exempt $1,605,335

• 3 · Investment income

  total $82,807 · excluded $82,807

• 6a · Gross rents

  real property $2,517,364

• 6b · Less rental expenses

  real property $1,042,817

• 6c · Rental income or loss

  real property $1,474,547

• 6d · Net rental income or loss

  total $1,474,547 · excluded $1,474,547

• 11a · Other revenue: MANAGEMENT FEES

  total $151,032 · excluded $151,032

• 11e · Other revenue, total

  $151,032

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $103,784 · program services $103,784

• 7 · Other salaries and wages

  total $303,292 · program services $303,292

• 9 · Other employee benefits

  total $148,737 · program services $148,737

• 10 · Payroll taxes

  total $31,141 · program services $31,141

• 11c · Fees: accounting

  total $10,800 · management and general $10,800

• 11g · Fees: other

  total $106,650 · program services $106,650

• 13 · Office expenses

  total $9,805 · program services $9,805

• 14 · Information technology

  total $13,537 · program services $13,537

• 16 · Occupancy

  total $2,118,105 · program services $2,118,105

• 21 · Payments to affiliates

  total $1,541,000 · program services $1,541,000

• 22 · Depreciation, depletion and amortization

  total $872,835 · program services $872,835

• 24a · Other expenses: COMMISSIONS

  total $45,795 · program services $45,795

• 24b · Other expenses: DUES AND LICENSES

  total $5,044 · program services $5,044

• 24e · All other expenses

  total $17,460 · program services $17,460

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $8,043,526 · end of year $10,943,516

• 4 · Accounts receivable

  beginning of year $94,642 · end of year $91,654

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,158,822 · end of year $2,241,915

• 10a · Land, buildings and equipment: cost or other basis

  $32,496,964

• 10b · Land, buildings and equipment: accumulated depreciation

  $13,756,900

• 10c · Land, buildings and equipment, net

  beginning of year $18,722,335 · end of year $18,740,064

• 15 · Other assets

  beginning of year $545,916 · end of year $566,615

• 17 · Accounts payable and accrued expenses

  beginning of year $362,954 · end of year $939,702

• 19 · Deferred revenue

  beginning of year $763,867 · end of year $334,974

• 25 · Other liabilities

  beginning of year $151,919 · end of year $181,269

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $28,286,501 · end of year $31,127,819

The filer's explanations (Part III)

PART I, LINE 4B

DREXEL UNIVERSITY, A RELATED ORGANIZATION, PAID MR. FRY'S DEFERRED COMPENSATION OF $338,622, WHICH BEGAN EFFECTIVE JULY 31, 2021. MR. FRY HAD BEEN CREDITED $25,000 PER MONTH, BEGINNING JANUARY 31, 2022, AND ENDING DECEMBER 31, 2022, 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, 2022, THROUGH DECEMBER 31, 2022. DREXEL UNIVERSITY, A RELATED ORGANIZATION, PAID MS. BOWMAN DEFERRED COMPENSATION OF $152,543, WHICH BEGAN EFFECTIVE SEPTEMBER 1, 2021. MS. BOWMAN HAD BEEN CREDITED $75,000 ON EACH SEPTEMBER 1, BEGINNING ON SEPTEMBER 1, 2021, AND ENDING ON SEPTEMBER 1, 2022. IN ADDITION, THE DEFERRED COMPENSATION WAS CREDITED WITH INTEREST EARNED ANNUALLY. ON SEPTEMBER 1, 2022, MS. BOWMAN BECAME FULLY VESTED IN THE DEFERRED COMPENSATION ARRANGEMENT. DREXEL UNIVERSITY, A RELATED ORGANIZATION, PROVIDES MR. FRY WITH A SUPPLEMENTAL RETIREMENT BENEFIT PLAN, AMENDED AND RESTATED EFFECTIVE APRIL 1, 2022, WHICH APPLIES TO CONTRIBUTION CREDITS COMMENCING FOR THE FISCAL YEARS ENDING ON JUNE 30, 2021, THROUGH JUNE 30, 2028. THE ALLOCATION FOR EACH FISCAL YEAR SHALL BE CONDITIONED ON MR. FRY'S CONTINUED EMPLOYMENT THROUGH THE END OF THE FISCAL YEAR (OR UPON THE DATE OF DEATH, TOTAL DISABILITY, OR INVOLUNTARY TERMINATION, IF EARLIER). THE ANNUAL ALLOCATION AMOUNT IS EQUAL TO 11% OF THE SUM OF MR. FRY'S BASE SALARY AND ANNUAL PERFORMANCE BONUS (IF ANY) FOR SUCH FISCAL YEAR THAT IS IN EXCESS OF THE COMPENSATION LIMIT UNDER SECTION 401(A)(17) OF THE INTERNAL REVENUE CODE.

PART II:

DREXEL UNIVERSITY, A RELATED ORGANIZATION, PROVIDES JOHN FRY WITH A DEFERRED COMPENSATION ARRANGEMENT. THE UNIVERSITY WILL CREDIT MR. FRY WITH $25,000 ON JANUARY 31, 2022, AND ON EACH FOLLOWING MONTH THROUGH JUNE 30, 2023, WHILE HE REMAINS EMPLOYED BY THE UNIVERSITY AS PRESIDENT AND CHIEF EXECUTIVE OFFICER. THE DEFERRED COMPENSATION CREDITED, AND INTEREST EARNED IS VESTED MONTHLY, PROVIDED THAT MR. FRY IS EMPLOYED BY THE UNIVERSITY ON THE LAST DAY OF EACH MONTH.