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Nonprofiteer
← ACADEMIC ASSETS INC

Form 990 for tax year 2022

Filed by ACADEMIC ASSETS INC.

Totals

Total revenue
$12,128
Total expenses
$0
Contributions and grants received
$0
Grants paid
$0
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Listed in Part VII

  • JOHN A FRY

    CHAIRMAN OF THE BOARD

    Total calculated
    $2,234,754
    From this org
    $0
    From related orgs
    $2,077,353
    Other
    $157,401
    Hours/week
    1 + 46 related

    Schedule J breakdown matched by us

    Base
    $0 + $886,109 related
    Bonus
    $0 + $360,000 related
    Other
    $0 + $831,244 related
    Deferred
    $0 + $142,203 related
    Nontaxable benefits
    $0 + $15,198 related
    Filer's total
    $0 + $2,234,754 related

  • HELEN Y BOWMAN

    PRESIDENT & TREASURER

    Total calculated
    $1,018,340
    From this org
    $0
    From related orgs
    $966,123
    Other
    $52,217
    Hours/week
    1 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $677,002 related
    Bonus
    $0 + $136,578 related
    Other
    $0 + $152,543 related
    Deferred
    $0 + $33,550 related
    Nontaxable benefits
    $0 + $18,667 related
    Filer's total
    $0 + $1,018,340 related

  • LUCY E KERMAN TO 523

    DIRECTOR

    Total calculated
    $272,660
    From this org
    $0
    From related orgs
    $239,820
    Other
    $32,840
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $239,820 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $25,509 related
    Nontaxable benefits
    $0 + $7,331 related
    Filer's total
    $0 + $272,660 related

  • DONALD LIBERATI AS OF 523

    DIRECTOR

    Total calculated
    $223,139
    From this org
    $0
    From related orgs
    $198,335
    Other
    $24,804
    Hours/week
    1 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $189,493 related
    Bonus
    $0
    Other
    $0 + $8,842 related
    Deferred
    $0 + $17,528 related
    Nontaxable benefits
    $0 + $7,276 related
    Filer's total
    $0 + $223,139 related

  • REBECCA LACHER

    SECRETARY

    Total calculated
    $199,320
    From this org
    $0
    From related orgs
    $166,548
    Other
    $32,772
    Hours/week
    1 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $166,548 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $15,698 related
    Nontaxable benefits
    $0 + $17,074 related
    Filer's total
    $0 + $199,320 related

  • ALAN GREENBERGER

    VICE PRESIDENT

    Total calculated
    $355,339
    From this org
    $0
    From related orgs
    $311,844
    Other
    $43,495
    Hours/week
    1 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $311,844 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $33,550 related
    Nontaxable benefits
    $0 + $9,945 related
    Filer's total
    $0 + $355,339 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
ACADEMIC ASSETS, INC. HAS NO EMPLOYEES.
PART I, LINE 1B
ACADEMIC ASSETS, INC. HAS NO EMPLOYEES.
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.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
10 May 2024
IRS schema version
2022v5.0
Source object
202401359349309895

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