Nonprofit · EIN 23-2411680
ACADEMIC PROPERTIES INC
Tax-exempt · PHILADELPHIA, PA 19104
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $8,373,378 | $5,862,517 | $2,510,861 | $37,307,841 | $1,080,803 | $36,227,038 |
| June 30, 2024 | 990 | $8,427,817 | $5,839,459 | $2,588,358 | $34,608,058 | $891,881 | $33,716,177 |
| June 30, 2023 | 990 | $8,169,303 | $5,327,985 | $2,841,318 | $32,583,764 | $1,455,945 | $31,127,819 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $6,692,241
- Investment income
- $221,493
- Net rental income
- $1,271,019
- Other revenue
- $1,459,644
Expenses
- Grants and similar amounts paid
- $0
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Accounting fees
- $11,200
- Occupancy
- $2,467,171
- Depreciation
- $977,799
- Program services (functional)
- $5,851,317
- Management and general (functional)
- $11,200
Balance sheet and other
- Total assets, start of year
- $34,608,058
- Total assets, end of year
- $37,307,841
- Total liabilities, end of year
- $1,080,803
- Net assets, end of year
- $36,227,038
- Land, buildings and equipment
- $23,547,097
- Gross receipts
- $9,481,809
- Employees
- 0
- Volunteers
- 0
- Year formed
- 1986
- State of legal domicile
- PA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| JOHN A FRY | CHAIRMAN OF THE BOARD (TO 9/24) Trustee or director, Officer | 2 | $0 | $1,829,538 | $51,341 |
| HELEN Y BOWMAN | VICE CHAIR, TREASURER Trustee or director, Officer | 2 | $0 | $731,029 | $132,698 |
| ALAN GREENBERGER | PRESIDENT, CHIEF OPERATING OFFICER Trustee or director, Officer | 2 | $0 | $330,492 | $46,245 |
| DON LIBERATI | DIRECTOR Trustee or director | 2 | $0 | $203,175 | $27,726 |
| REBECCA LACHER | SECRETARY Trustee or director, Officer | 2 | $0 | $187,484 | $17,825 |
| CARMEN PICCOLO | VICE PRESIDENT (TO 1/25) Trustee or director, Officer | 40 | $0 | $162,681 | $33,137 |
| ROBERT BUCKLEY | DIRECTOR Trustee or director | 2 | $0 | $0 | $0 |
| PATRICK S PASQUARIELLO III | DIRECTOR Trustee or director | 2 | $0 | $0 | $0 |
| DENIS O'BRIEN | CHAIRMAN OF THE BOARD (AS OF 10/24) Trustee or director, Officer | 2 | $0 | $0 | $0 |
990 for the year ended June 30, 2024: 8 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| JOHN A FRY | CHAIRMAN OF THE BOARD Trustee or director, Officer | 2 | $0 | $2,694,118 | $51,650 |
| HELEN Y BOWMAN | VICE CHAIR, TREASURER Trustee or director, Officer | 2 | $0 | $724,556 | $130,154 |
| ALAN GREENBERGER | PRESIDENT, CHIEF OPERATING OFFICER Trustee or director, Officer | 2 | $0 | $327,464 | $45,439 |
| DON LIBERATI | DIRECTOR Trustee or director | 2 | $0 | $200,087 | $25,809 |
| REBECCA LACHER | SECRETARY Trustee or director, Officer | 2 | $0 | $177,065 | $26,437 |
| CARMEN PICCOLO | VICE PRESIDENT Trustee or director, Officer | 40 | $0 | $161,010 | $32,242 |
| ROBERT BUCKLEY | DIRECTOR Trustee or director | 2 | $0 | $0 | $0 |
| PATRICK S PASQUARIELLO III | DIRECTOR Trustee or director | 2 | $0 | $0 | $0 |
990 for the year ended June 30, 2023: 9 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| JOHN A FRY | CHAIRMAN OF THE BOARD Trustee or director, Officer | 2 | $0 | $2,077,353 | $157,401 |
| HELEN Y BOWMAN | VICE CHAIR, TREASURER Trustee or director, Officer | 2 | $0 | $966,123 | $52,217 |
| DAVID RUSENKO TO 423 | DIRECTOR Trustee or director | 2 | $0 | $328,610 | $47,867 |
| ALAN GREENBERGER | PRESIDENT, CHIEF OPERATING OFFICER Trustee or director, Officer | 2 | $0 | $311,844 | $43,495 |
| DON LIBERATI AS OF 523 | DIRECTOR Trustee or director | 2 | $0 | $198,335 | $24,804 |
| REBECCA LACHER | SECRETARY Trustee or director, Officer | 2 | $0 | $166,548 | $32,772 |
| CARMEN PICCOLO | VICE PRESIDENT Trustee or director, Officer | 40 | $149,975 | $0 | $31,077 |
| ROBERT BUCKLEY | DIRECTOR Trustee or director | 2 | $0 | $0 | $0 |
| PATRICK S PASQUARIELLO III | DIRECTOR Trustee or director | 2 | $0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 3201 ARCH ST STE 400, PHILADELPHIA, PA 19104-2755
- Principal officer (990 for 2024)
- ANTONIO MERLO, 3201 ARCH STREET 400, PHILADELPHIA, PA 19104
- Signed the 990
- HELEN Y BOWMAN, TREASURER
- Phone
- (215) 662-1500
Mission
MAXIMIZING DREXEL UNIVERSITY REAL ESTATE HOLDINGS TO THEIR FULLEST STRATEGIC VALUE WITH EMPHASIS ON SERVING THE UNIVERSITY COMMUNITY.
Program accomplishments
- HOUSING FOR STUDENTS OF DREXEL UNIVERSITY.Expenses $2,184,391 · revenue $1,590,999
- RENTAL OF CLASSROOM AND OFFICE SPACE TO DREXEL UNIVERSITY.Expenses $3,666,926 · revenue $5,101,242
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 23-2411680
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Supporting organization (509(a)(3))
- Exempt since
- 1994
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Housing and shelter (L400)
- Assets (IRS master file)
- $37,307,841
- Income (IRS master file)
- $9,481,809
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $8,373,378 | $5,862,517 | $37,307,841 | IRS |
| 990-T | June 2025 | – | – | – | IRS |
| 990 | June 2024 | $8,427,817 | $5,839,459 | $34,608,058 | IRS |
| 990-T | June 2024 | – | – | – | IRS |
| 990 | June 2023 | $8,169,303 | $5,327,985 | $32,583,764 | XML |
| 990 | June 2022 | $8,151,800 | $5,922,596 | $29,565,241 | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 23-2411680).
Questions about ACADEMIC PROPERTIES INC
- What is the EIN of ACADEMIC PROPERTIES INC?
- The employer identification number (EIN) of ACADEMIC PROPERTIES INC is 23-2411680.
- Is ACADEMIC PROPERTIES INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1994.
- Which annual return does ACADEMIC PROPERTIES INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of ACADEMIC PROPERTIES INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did ACADEMIC PROPERTIES INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of ACADEMIC PROPERTIES INC?
- The 990 for the year ended June 30, 2025 names ANTONIO MERLO.
- Who are the officers and directors of ACADEMIC PROPERTIES INC?
- The 990 for the year ended June 30, 2025 lists 9 people; 0 received compensation from the organization.
- How much revenue does ACADEMIC PROPERTIES INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $8,373,378, expenses of $5,862,517 and total assets of $37,307,841 at year end.
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