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Schedule K
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information on Tax-Exempt Bonds
SchKMediumBullet Complete if the organization answered "Yes" to Form 990, Part Ⅵ, line 24a. Provide descriptions,
explanations, and any additional information in Part Ⅵ.
SchKMediumBullet Attach to Form 990.
SchKMediumBulletGo to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public
Inspection
Name of the organization
DREXEL UNIVERSITY
 
Employer identification number
23-1352630
Part Ⅰ
Bond Issues
(a) Issuer name (b) Issuer EIN (c) CUSIP # (d) Date issued (e) Issue price (f) Description of purpose (g) Defeased (h) On
behalf of
issuer		 (i) Pool
financing
Yes No Yes No Yes No
A PENNSYLVANIA HIGHER EDUCATION FACILITIES AUTHORITY
  		23-2243852 70917TAT8 08-03-2020 164,854,773 REFUNDING & NEW CONSTRUCTION   X   X   X
B PENNSYLVANIA HIGHER EDUCATION FACILITIES AUTHORITY
  		23-2243852 70917SV67 12-26-2017 141,750,375 ADVANCE REFUND PORTION OF SERIES 2011A   X   X   X
C PENNSYLVANIA HIGHER EDUCATION FACILITIES AUTHORITY
  		23-2243852 70917SXU2 08-02-2016 136,019,435 ADVANCE AND CURRENT REFUNDING   X   X   X
Part Ⅱ
Proceeds
A B C D
1 Amount of bonds retired .................. 2,475,000 22,730,000 10,000  
2 Amount of bonds legally defeased ..............        
3 Total proceeds of issue .................. 164,856,048 141,750,375 136,019,435  
4 Gross proceeds in reserve funds .............        
5 Capitalized interest from proceeds .............        
6 Proceeds in refunding escrows ...............        
7 Issuance costs from proceeds ............... 732,492 697,276 692,483  
8 Credit enhancement from proceeds ............. 3,344,281      
9 Working capital expenditures from proceeds .............        
10 Capital expenditures from proceeds ............. 50,001,275      
11 Other spent proceeds ............. 110,778,000 141,053,099 135,326,952  
12 Other unspent proceeds .............        
13 Year of substantial completion ............. 2022 2017 2016
Yes No Yes No Yes No Yes No
14 Were the bonds issued as part of a current refunding issue of tax-exempt
bonds (or, if issued prior to 2020, a current refunding issue)? ........ 		X     X X      
15 Were the bonds issued as part of an advance refunding issue of taxable
bonds (or, if issued prior to 2020, an advance refunding issue)? ........ 		  X X   X      
16 Has the final allocation of proceeds been made? .......... X   X   X      
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? .................. X   X   X      
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50193E
Schedule K (Form 990) 2021
Page 2

Schedule K (Form 990) 2021
Page 2
Part Ⅲ
Private Business Use
A B C D
Yes No Yes No Yes No Yes No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? ............. X   X   X      
2 Are there any lease arrangements that may result in private business use of bond-financed property? ............... X   X   X      
3a Are there any management or service contracts that may result in private business use of bond-financed property? ............. X   X   X      
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property? X   X   X      
c Are there any research agreements that may result in private business use of bond-financed property? .............   X   X   X    
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property?                
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government ....SchKMediumBullet 0.650 % 0.990 % 0.910 %  
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government ......... SchKMediumBullet 0.370 % 0.010 % 0.600 %  
6 Total of lines 4 and 5 ............. 1.020 % 1.000 % 1.510 %  
7 Does the bond issue meet the private security or payment test? ...   X   X   X    
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?.............   X   X   X    
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. ..        
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? .............                
9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under
Regulations sections 1.141-12 and 1.145-2? ........ 		X   X   X      
Part Ⅳ
Arbitrage
A B C D
Yes No Yes No Yes No Yes No
1 Has the issuer filed Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate? ...   X   X   X    
2 If "No" to line 1, did the following apply? ....
a Rebate not due yet? ....... X     X   X    
b Exception to rebate? ........   X X     X    
c No rebate due? .........   X X   X      
If "Yes" to line 2c, provide in Part Ⅵ the date the rebate
computation was performed ......
3 Is the bond issue a variable rate issue? .....   X   X   X    
Schedule K (Form 990) 2021
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Schedule K (Form 990) 2021
Page 3
Part Ⅳ
Arbitrage (Continued)
A B C D
Yes No Yes No Yes No Yes No
4a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?   X   X   X    
b Name of provider ..........  
  		 
  		 
  		 
 
c Term of hedge .........        
d Was the hedge superintegrated? ......                
e Was the hedge terminated? ........                
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?   X   X   X    
b Name of provider ..........  
  		 
  		 
  		 
 
c Term of GIC .........        
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? ........                
6 Were any gross proceeds invested beyond an available temporary period?   X   X   X    
7 Has the organization established written procedures to monitor the requirements of section 148? ... X   X   X      
Part Ⅴ
Procedures To Undertake Corrective Action
--------------------------------------------------------------------------------------------------------------- A B C D
Yes No Yes No Yes No Yes No
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations? X   X   X      
Part Ⅵ
Supplemental Information. Provide additional information for responses to questions on Schedule K. (See instructions).
Return Reference Explanation
DATE REBATE COMPUTATION PERFORMED ISSUER NAME: PENNSYLVANIA HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 06/21/2021 ISSUER NAME: PENNSYLVANIA HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 12/04/2017
SCHEDULE K SUPPLENTAL INFORMATION PART I, COLUMN (A) BONDS A-C: PENNSYLVANIA HIGHER EDUCATION FACILITIES AUTHORITY PART I, CLUMN (F) BOND A: ISSUED TO REFUND MULTIPLE SERIES DATED: 11/21/2000, 12/23/2002, 2/16/2005, AND 10/04/2007, AND TERMINATE THE SWAP ASSOCIATED WIHT SERIES DATED 2/16/2005; TO FINANCE AND REIMBURSE COSTS FOR THE CAPITAL IMPROVEMENT PROGRAM. PART I, COLUMN (F), BOND C: CURRENT REFUNDING OF SERIES 2005A, ADVANCE REFUNDING OF SERIES 2007A AND SERIES 2007 PART II, LINE 3, BOND A: INCLUDES INVESTMENT EARNINGS ON LINE 3. PART IV, LINE 2C: BOND A: REBATE CALCULATED AS OF 03/25/2022 PART IV, LINE 2C, BOND B: FINAL REBATE CALCULATED AS OF 06/21/2021 PART IV, LINE 2C, BOND C: FINAL REBATE CALCULATED AS OF 12/04/2017
Schedule K (Form 990) 2021

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