Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $1,623

• 1b · Membership dues

  $329,512

• 1d · Related organizations

  $7,103,120

• 1e · Government grants (contributions)

  $40,000

• 1f · All other contributions, gifts and grants

  $4,003,672

• 1g · Noncash contributions included above

  $629,023

• 2a · Program service revenue: ENVIRONMENTAL RESEARCH

  total $2,716,599 · related or exempt $2,716,599

• 2b · Program service revenue: EDUCATION & MUSEUM PRO

  total $1,169,823 · related or exempt $1,169,823

• 2c · Program service revenue: MUSEUM ADMISSIONS

  total $1,081,332 · related or exempt $1,081,332

• 2d · Program service revenue: SYSTEMATIC BIOLOGY RE

  total $774,046 · related or exempt $774,046

• 2e · Program service revenue: ALL OTHER PROGRAM SERVICES

  total $64,306 · related or exempt $64,306

• 3 · Investment income

  total $1,653,079 · excluded $1,653,079

• 5 · Royalties

  total $28,981 · excluded $28,981

• 7a · Gross sales of assets other than inventory

  securities $12,301,000

• 7b · Less cost or other basis and sales expenses

  securities $9,626,999 · other assets $17,708

• 7c · Gain or loss

  securities $2,674,001 · other assets -$17,708

• 7d · Net gain or loss

  total $2,656,293 · excluded $2,656,293

• 11a · Other revenue: INCOME (LOSS) FROM PARTNERSHIP IN

  total $145,691 · unrelated business $145,691

• 11b · Other revenue: FACILITY SALES

  total $82,546 · excluded $82,546

• 11e · Other revenue, total

  $228,237

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $323,759 · program services $323,759

• 2 · Grants to domestic individuals

  total $5,580 · program services $5,580

• 3 · Grants to foreign organizations and individuals

  total $127,600 · program services $127,600

• 5 · Compensation of officers, directors and key employees

  total $1,361,801 · program services $381,759 · management and general $874,848 · fundraising $105,194

• 6 · Compensation of disqualified persons

  total $34,812 · program services $34,812

• 7 · Other salaries and wages

  total $7,063,468 · program services $5,866,673 · management and general $728,813 · fundraising $467,982

• 8 · Pension plan contributions

  total $743,442 · program services $552,148 · management and general $140,925 · fundraising $50,369

• 9 · Other employee benefits

  total $848,250 · program services $647,081 · management and general $148,324 · fundraising $52,845

• 10 · Payroll taxes

  total $623,819 · program services $463,306 · management and general $118,249 · fundraising $42,264

• 11b · Fees: legal

  total $5,629 · program services $5,629

• 11c · Fees: accounting

  total $98,100 · management and general $98,100

• 11f · Fees: investment management

  total $161,754 · management and general $161,754

• 11g · Fees: other

  total $978,363 · program services $548,439 · management and general $398,144 · fundraising $31,780

• 12 · Advertising and promotion

  total $354,957 · program services $351,957 · management and general $3,000

• 13 · Office expenses

  total $786,982 · program services $712,106 · management and general $54,760 · fundraising $20,116

• 14 · Information technology

  total $293,428 · program services $208,332 · management and general $67,745 · fundraising $17,351

• 16 · Occupancy

  total $2,392,770 · program services $2,276,246 · management and general $89,458 · fundraising $27,066

• 17 · Travel

  total $221,076 · program services $209,660 · management and general $8,815 · fundraising $2,601

• 19 · Conferences, conventions and meetings

  total $110,676 · program services $86,187 · management and general $24,489

• 20 · Interest

  total $9,671 · management and general $9,671

• 21 · Payments to affiliates

  total $3,067,539 · program services $769,712 · management and general $2,027,058 · fundraising $270,769

• 22 · Depreciation, depletion and amortization

  total $1,289,881 · program services $1,227,066 · management and general $48,224 · fundraising $14,591

• 24a · Other expenses: EXHIBITION EXPENSE

  total $227,221 · program services $227,001 · management and general $220

• 24b · Other expenses: HOSPITALITY

  total $162,819 · program services $113,288 · management and general $1,100 · fundraising $48,431

• 24c · Other expenses: PROGRAM EXPENSES

  total $136,600 · program services $49,715 · management and general $85,243 · fundraising $1,642

• 24d · Other expenses: BAD DEBT EXPENSE

  total $75,000 · fundraising $75,000

• 24e · All other expenses

  total $154,966 · program services $115,273 · management and general $37,554 · fundraising $2,139

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  end of year $4,500

• 2 · Savings and temporary cash investments

  end of year $914,702

• 3 · Pledges and grants receivable

  beginning of year $2,397,686 · end of year $1,761,445

• 4 · Accounts receivable

  beginning of year $616,619 · end of year $397,109

• 9 · Prepaid expenses and deferred charges

  beginning of year $179,670 · end of year $422,085

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

  $32,025,633

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

  $14,835,878

• 10c · Land, buildings and equipment, net

  beginning of year $18,255,165 · end of year $17,189,755

• 11 · Investments: publicly traded securities

  beginning of year $37,648,617 · end of year $42,493,051

• 12 · Investments: other securities

  beginning of year $41,927,000 · end of year $38,552,000

• 15 · Other assets

  beginning of year $6,997 · end of year $2,868

• 17 · Accounts payable and accrued expenses

  beginning of year $1,873,023 · end of year $1,344,331

• 19 · Deferred revenue

  beginning of year $1,312,847 · end of year $1,207,111

• 25 · Other liabilities

  beginning of year $4,615,874 · end of year $2,424,828

• 27 · Net assets without donor restrictions

  beginning of year $6,820,301 · end of year $7,982,498

• 28 · Net assets with donor restrictions

  beginning of year $86,409,709 · end of year $88,778,747

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, THROUGH 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, 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 I, LINE 7

MEMBERS OF THE SENIOR LEADERSHIP TEAM SHALL BE ELIGIBLE FOR AN ANNUAL PERFORMANCE BONUS, SUBJECT TO LIMITATION, RECOMMENDED BY DREXEL UNIVERSITY (A RELATED ORGANIZATION) PRESIDENT FRY AND APPROVED BY THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD.

SCHEDULE J, PART II

DREXEL UNIVERSITY, A RELATED ORGANIZATION, PROVIDES JOHN FRY, SCOTT COOPER, AND LISA MILLER WITH DEFERRED COMPENSATION ARRANGEMENTS. 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. THE UNIVERSITY WILL CREDIT MR. COOPER WITH $50,000 EACH JULY 1, BEGINNING WITH JULY 1, 2021, AND ENDING JULY 1, 2024, IF HE REMAINS EMPLOYED WITH THE UNIVERSITY. THE ACCOUNT WILL BE CREDITED ANNUALLY WITH INTEREST. MR. COOPER WILL BECOME FULLY VESTED IN THE BALANCE OF THE ACCOUNT UPON THE EARLIEST OF THE FOLLOWING: (I) JULY 1, 2024, (II) INVOLUNTARY TERMINATION BY THE UNIVERSITY FOR ANY REASON OTHER THAN CAUSE, (III) DEATH, OR (IV) TERMINATION DUE TO TOTAL AND PERMANENT DISABILITY. IF MR. COOPER RESIGNS OR IS TERMINATED BY THE UNIVERSITY FOR CAUSE BEFORE THE ACCOUNT IS VESTED, THE ENTIRE ACCOUNT WILL BE FORFEITED. THE UNIVERSITY WILL CREDIT MS. MILLER WITH $25,000 EACH JULY 1, BEGINNING WITH JULY 1, 2021, AND ENDING JULY 1, 2024, IF SHE REMAINS EMPLOYED WITH THE UNIVERSITY. THE ACCOUNT WILL BE CREDITED ANNUALLY WITH INTEREST. MS. MILLER WILL BECOME FULLY VESTED IN THE BALANCE OF THE ACCOUNT UPON THE EARLIEST OF THE FOLLOWING: (I) JULY 1, 2024, (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. MILLER RESIGNS OR IS TERMINATED BY THE UNIVERSITY FOR CAUSE BEFORE THE ACCOUNT IS VESTED, THE ENTIRE ACCOUNT WILL BE FORFEITED.