Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 3 · Investment income

  total $9,552 · excluded $9,552

Functional expenses

Part IX, the statement of functional expenses.

• 21 · Payments to affiliates

  total $429,266 · program services $429,266

• 22 · Depreciation, depletion and amortization

  total $500,688 · program services $500,688

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $419,714 · end of year $0

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

  $11,927,509

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

  $4,410,312

• 10c · Land, buildings and equipment, net

  beginning of year $8,017,885 · end of year $7,517,197

• 27 · Net assets without donor restrictions

  beginning of year $8,437,599 · end of year $7,517,197

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 AND MICHAEL EXLER WITH DEFERRED COMPENSATION ARRANGEMENTS. 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. THE UNIVERSITY WILL CREDIT MR. EXLER 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. EXLER 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. EXLER RESIGNS OR IS TERMINATED BY THE UNIVERSITY FOR CAUSE BEFORE THE ACCOUNT IS VESTED, THE ENTIRE ACCOUNT WILL BE FORFEITED.