Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $45,000

• 2a · Program service revenue: CLASSROOM RENTAL

  total $4,980,597 · related or exempt $4,980,597

• 2b · Program service revenue: RESIDENTIAL RENTAL

  total $1,655,116 · related or exempt $1,655,116

• 3 · Investment income

  total $347,900 · excluded $347,900

• 6a · Gross rents

  real property $2,276,268

• 6b · Less rental expenses

  real property $1,041,095

• 6c · Rental income or loss

  real property $1,235,173

• 6d · Net rental income or loss

  total $1,235,173 · excluded $1,235,173

• 11a · Other revenue: MANAGEMENT FEES

  total $164,031 · excluded $164,031

• 11e · Other revenue, total

  $164,031

Functional expenses

Part IX, the statement of functional expenses.

• 11c · Fees: accounting

  total $9,045 · management and general $9,045

• 11g · Fees: other

  total $141,524 · program services $141,524

• 12 · Advertising and promotion

  total $6,786 · program services $6,786

• 13 · Office expenses

  total $17,065 · program services $17,065

• 14 · Information technology

  total $5,224 · program services $5,224

• 16 · Occupancy

  total $2,459,772 · program services $2,459,772

• 21 · Payments to affiliates

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

• 22 · Depreciation, depletion and amortization

  total $964,681 · program services $964,681

• 24a · Other expenses: LEASED EMPLOYEE COSTS

  total $620,632 · program services $620,632

• 24b · Other expenses: COMMISSIONS

  total $47,726 · program services $47,726

• 24c · Other expenses: DUES AND LICENSES

  total $8,903 · program services $8,903

• 24e · All other expenses

  total $17,101 · program services $17,101

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $10,943,516 · end of year $12,423,243

• 4 · Accounts receivable

  beginning of year $91,654 · end of year $169,891

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,241,915 · end of year $2,392,359

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

  $33,914,847

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

  $14,816,371

• 10c · Land, buildings and equipment, net

  beginning of year $18,740,064 · end of year $19,098,476

• 15 · Other assets

  beginning of year $566,615 · end of year $524,089

• 17 · Accounts payable and accrued expenses

  beginning of year $939,702 · end of year $408,510

• 19 · Deferred revenue

  beginning of year $334,974 · end of year $309,300

• 25 · Other liabilities

  beginning of year $181,269 · end of year $174,071

• 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 $31,127,819 · end of year $33,716,177

The filer's explanations (Part III)

PART I, LINE 4B

DREXEL UNIVERSITY, A RELATED ORGANIZATION, PAID MR. FRY'S DEFERRED COMPENSATION OF $170,386, WHICH BEGAN EFFECTIVE JULY 31, 2021. MR. FRY HAD BEEN CREDITED $25,000 PER MONTH, BEGINNING JANUARY 31, 2023, AND ENDING JUNE 30, 2023, 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, 2023, THROUGH JUNE 30, 2023.

PART II:

DREXEL UNIVERSITY, A RELATED ORGANIZATION, PROVIDES HELEN BOWMAN WITH A DEFERRED COMPENSATION ARRANGEMENT. THE UNIVERSITY WILL CREDIT MS. BOWMAN WITH $75,000 EACH JULY 1, BEGINNING WITH JULY 1, 2023, AND ENDING JULY 1, 2026, IF SHE REMAINS EMPLOYED WITH THE UNIVERSITY. THE ACCOUNT WILL BE CREDITED ANNUALLY WITH INTEREST. MS. BOWMAN WILL BECOME FULLY VESTED IN THE BALANCE OF THE ACCOUNT UPON THE EARLIEST OF THE FOLLOWING: (I) JULY 1, 2026, (II) INVOLUNTARY TERMINATION BY THE UNIVERSITY FOR ANY REASON OTHER THAN CAUSE, (III) DEATH, OR (IV) TERMINATION DUE TO TOTAL AND PERMANENT DISABILITY. IF MS. BOWMAN RESIGNS OR IS TERMINATED BY THE UNIVERSITY FOR CAUSE BEFORE THE ACCOUNT IS VESTED, THE ENTIRE ACCOUNT WILL BE FORFEITED.