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Nonprofiteer
← ACADEMIC ASSETS INC

Form 990 for tax year 2023

Filed by ACADEMIC ASSETS INC.

Totals

Total revenue
$12,943
Total expenses
$45,000
Contributions and grants received
$0
Grants paid
$45,000
Program services expenses (Part IX)
$45,000
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$45,000

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • JOHN A FRY

    CHAIRMAN OF THE BOARD

    Total calculated
    $2,745,768
    From this org
    $0
    From related orgs
    $2,694,118
    Other
    $51,650
    Hours/week
    1 + 46 related

    Schedule J breakdown matched by us

    Base
    $0 + $931,226 related
    Bonus
    $0 + $1,000,000 related
    Other
    $0 + $762,892 related
    Deferred
    $0 + $36,300 related
    Nontaxable benefits
    $0 + $15,350 related
    Filer's total
    $0 + $2,745,768 related

  • HELEN Y BOWMAN

    PRESIDENT & TREASURER

    Total calculated
    $854,710
    From this org
    $0
    From related orgs
    $724,556
    Other
    $130,154
    Hours/week
    1 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $724,556 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $111,300 related
    Nontaxable benefits
    $0 + $18,854 related
    Filer's total
    $0 + $854,710 related

  • DONALD LIBERATI

    DIRECTOR

    Total calculated
    $225,896
    From this org
    $0
    From related orgs
    $200,087
    Other
    $25,809
    Hours/week
    1 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $200,087 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $18,448 related
    Nontaxable benefits
    $0 + $7,361 related
    Filer's total
    $0 + $225,896 related

  • REBECCA LACHER

    SECRETARY

    Total calculated
    $203,502
    From this org
    $0
    From related orgs
    $177,065
    Other
    $26,437
    Hours/week
    1 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $177,065 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $16,483 related
    Nontaxable benefits
    $0 + $9,954 related
    Filer's total
    $0 + $203,502 related

  • ALAN GREENBERGER

    VICE PRESIDENT

    Total calculated
    $372,903
    From this org
    $0
    From related orgs
    $327,464
    Other
    $45,439
    Hours/week
    1 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $327,464 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $35,394 related
    Nontaxable benefits
    $0 + $10,045 related
    Filer's total
    $0 + $372,903 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 $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.

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

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
2023
Filed
7 May 2025
IRS schema version
2023v6.0
Source object
202511349349302101

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