2025-02-03T15:10:26+00:00 2023-12-31 350921680 CROWE LLP 4801 Olympia Park Plaza Suite 4000 Louisville KY 402412098 990 2023-01-01 811381404 Provident Commonwealth Education Resources Inc PROV 2257663977 5565 Bankers Avenue Baton Rouge LA 70808 steve hicks president 2257663977 2025-02-03 true true Rachel Spurlock P00520729 5023263996 2025-01-28 2023 2025-03-06 01:10:19Z Steve Hicks 5565 Bankers Avenue Baton Rouge LA 70808 13822769 false X N/A X 2016 MA Provident Commonwealth Education Resources, Inc. promotes and advances education through the acquisition, planning, development, financing, equipping, managing, operating, and maintaining of one or more dormitory facilities, dining facilities, parking facilities, and other ancillary facilities on the campus of The University of Massachusetts Boston and member institutions. 5 4 0 2 0 0 0 0 12331025 13033010 165477 725524 66823 64235 12563325 13822769 0 0 0 347383 395131 0 0 14605092 14640315 14952475 15035446 -2389150 -1212677 138049827 133223033 160302452 156688335 -22252625 -23465302 Provident Commonwealth Education Resources, Inc. promotes and advances education through the acquisition, planning, development, financing, equipping, managing, operating, and maintaining of one or more dormitory facilities, dining facilities, parking facilities, and other ancillary facilities on the campus of The University of Massachusetts Boston and member institutions. false false 14840352 13097245 PROVIDENT COMMONWEALTH EDUCATION RESOURCES INC. PROMOTES AND ADVANCES EDUCATION THROUGH THE DEVELOPMENT, CONSTRUCTION, ACQUISITION, OWNERSHIP, MANAGEMENT, MAINTENANCE, OPERATION, AND DISPOSITION OF EDUCATION - RELATED FACILITIES AND THROUGH THE PROVISION OF VARIOUS RELATED PROGRAMS, ACTIVITIES AND SERVICES. 14840352 true false false false false false false false false true false false true true true true false false false false false false false false false false false false true true false false false false false false false false false false false false false false false true false false false true 8 0 true 0 false false false false false false false false false false false false X 5 4 true false false false true true true true true false false true true true true true true false false false MA X Steve Hicks 2257663977 5565 Bankers Avenue Baton Rouge LA 70808 BARBARA KRONCKE TREASURER 1.0 1.0 X X 0 0 0 CHRISTOPHER HICKS VICE PRESIDENT AND ASSISTANT TREASURER 1.0 39.0 X X 0 794040 46385 WALTER BUMPHUS PH D CLERK AND SECRETARY 1.0 2.0 X X 0 24000 0 KATHLEEN KIRLEIS DIRECTOR 1.0 0 X 0 0 0 NANCY H HENZE DIRECTOR 1.0 2.0 X 0 24000 0 DONOVAN O HICKS VICE PRESIDENT AND ASSISTANT CLERK 1.0 39.0 X 0 604250 37860 STEVE HICKS PRESIDENT 1.0 39.0 X 0 3471707 27395 0 4917997 111640 0 false true false Affineco LLC United Services of America 855 Main Street Suite 900 Bridgeport CT 06604 Janitorial Services 379401 CAPSTONE ON CAMPUS MANAGEMENT 1500 URBAN CENTER DRIVE suite 400 birmingham AL 35242 management fees 367597 ServPro of Boston 815A Woburn Street Wilmington MA 01887 Cleaning Services 323606 Provident Resources Group Inc 5565 Bankers Avenue Baton Rouge LA 70808 MANAGEMENT FEES 195094 Emcor Services Northeast Inc PO Box 845286 Boston MA 02284 MAINTENANCE SERVICES 101761 5 0 RENTAL REVENUE 531120 12367735 12367735 ANCILLARY REVENUE 900099 665275 665275 0 0 0 0 13033010 725524 725524 0 0 0 0 Laundry Income 900099 64235 64235 0 0 0 0 64235 13822769 13097245 0 725524 250649 250649 17068 17068 91525 91525 35889 35889 563676 368582 195094 486 486 49845 49845 5025 5025 0 0 9724 9724 172079 172079 33565 33565 1091565 1091565 7088 7088 14809 14809 6192875 6192875 4430612 4430612 6896 6896 Maintenance and Repairs 1185187 1185187 GROUND LEASE 498162 498162 bad debt expense 225817 225817 CLEANING AND TRASH 104453 104453 48451 48451 0 0 15035446 14840352 195094 0 482054 509163 541297 394995 0 0 0 0 104064 113977 142346499 26586069 120630134 115760430 0 0 16292278 16444468 138049827 133223033 31586 45753 134518469 131733096 0 0 25752397 24909486 160302452 156688335 X -22252625 -23465302 -22252625 -23465302 138049827 133223033 -1212677 0 X false true X true false X X X 1 PROVIDENT RESOURCES GROUP INC 582492101 9 true 0 0 1 0 0 true false false false false false false false false false false false false false false true false 139944112 24851140 115092972 2402387 1734929 667458 115760430 RESTRICTED ESCROWS 14705192 RIGHT OF USE ASSET 1636073 accrued interest receivable 103203 16444468 ACCRUED INTEREST 1527500 ACCRUED EXPENSES 3605270 UNEARNED REVENUE 569184 MANAGEMENT FEES PAYABLE 33812 ACCRUED AUDIT FEES 31644 ACCRUED PAYROLL 37321 LEASE LIABILITIES 19104755 24909486 X 13822769 0 0 13822769 0 0 13822769 15035446 0 0 15035446 0 0 15035446 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Company is a corporation, which is tax-exempt for federal income tax purposes. Accordingly, no provision or benefit for federal income taxes is included in the accompanying financial statements. U.S. GAAP prescribes recognition thresholds and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Tax benefits will be recognized only if the tax position is more likely than not sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized will be the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the more likely than not test, no tax benefit will be recorded. Management has concluded that they are unaware of any tax benefits or liabilities to be recognized at December 31, 2023 and 2022. The Company is no longer subject to examination by U.S. federal taxing authorities for years before 2020 and for all state income taxes through 2020. The Company does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The Company would recognize interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. The Company has no amounts accrued for interest or penalties as of December 31, 2023 and 2022. false false false false false false false false false CHRISTOPHER HICKS VICE PRESIDENT AND ASSISTANT TREASURER 0 348101 0 445000 0 939 0 11312 0 35073 0 840425 0 0 DONOVAN O HICKS VICE PRESIDENT AND ASSISTANT CLERK 0 347879 0 210000 0 46371 0 13200 0 24660 0 642110 0 0 STEVE HICKS PRESIDENT 0 547802 0 330000 0 2593905 0 13200 0 14195 0 3499102 0 0 Schedule J, Part I, Line 3 PROCESS FOR DETERMINING COMPENSATION Provident Commonwealth Education Resources, Inc. does not pay any employees directly, therefore, this line was left blank in accordance with the instructions. The officers of the organization are compensated solely by the related organization, Provident Resources Group, Inc. Schedule J, Part II, Column (B)(iii) OTHER REPORTABLE COMPENSATION FOR THE FIRST 20 YEARS OF PRG'S OPERATIONS, THE CEO'S SALARY WAS BELOW INDUSTRY AVERAGES. AS THE COMPANY GREW, AN AT-RISK NONQUALIFIED DEFERRED COMPENSATION PROGRAM WAS ESTABLISHED BY PRG'S INDEPENDENT EXECUTIVE COMPENSATION COMMITTEE WITHIN ITS INDEPENDENT BOARD OF DIRECTORS. THIS PROGRAM AWARDED DEFERRED COMPENSATION BETWEEN OPERATING YEARS 1999 AND 2014, ALL OF WHICH REMAINED SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE WITH A VESTING DATE OF DECEMBER 31, 2030, SUBJECT TO THE CEO'S CONTINUED SERVICE FOR PRG. UPON VESTING, THE DEFERRED COMPENSATION MUST BE PAID PURSUANT TO THE SHORT-TERM DEFERRAL TIMING RULES BY MARCH 15TH OF THE FOLLOWNG CALENDAR YEAR. IN 2023, THE EXECUTIVE COMPENSATION COMMITTEE ELECTED TO ACCELERATE VESTING OF APPROXIMATELY $2.5 MILLION IN DEFERRED COMPENSATION TO BE PAID TO STEVE HICKS, PRG'S FOUNDER AND CEO, IN A ONE-TIME PAYMENT WITHIN THE SHORT-TERM DEFERRAL PERIOD. THE CEO'S CURRENT BASE ANNUAL SALARY HAS NOT CHANGED AND REMAINS IN LINE WITH PRIOR YEARS. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57584XA27 2016-11-08 145955001 NEW INFRASTRUCTURE AND FACILITIES false false false A 7880000 147330522 9922500 13965533 2091100 121351389 2018 false false true true A false false true true false 0.0 0.0 0.0 false false true A false false false true false false true Massmutual 3.0 true false true A true Schedule K, Part III, Line 3a MANAGEMENT CONTRACTS THE TAXPAYER HAS ENTERED INTO MANAGEMENT OR SERVICE CONTRACTS THAT MAY RESULT IN PRIVATE USE WITH RESPECT TO THESE FACILITIES. THESE CONTRACTS HAVE BEEN REVIEWED BY BOND COUNSEL AND TAXPAYER'S COUNSEL FOR COMPLIANCE WITH REVENUE PROCEDURE 2017-13. Schedule K, Part IV, Line 2b EXCEPTION TO REBATE FOR ALL BONDS REPORTED ON SCHEDULE K, THE PROJECT AND COST OF ISSUANCE FUNDS WILL BE SPENT WITHIN THE TEMPORARY PERIODS; HOWEVER, AN ARBITRAGE REBATE LIABILITY CALCULATION IS STILL REQUIRED AND IS PERFORMED AS REQUIRED. THEREFORE, THE BONDS DO NOT QUALIFY FOR AN EXCEPTION TO REBATE. Schedule K, Part V PROCEDURES TO UNDERTAKE CORRECTIVE ACTION The sole member of Provident Commonwealth Education Resources Inc. has established a written Tax-Exempt Bond Compliance Policy whose purpose is to help foster compliance with rules regarding recordkeeping, investments and arbitrage of bond proceeds, expenditure of bond proceeds and private business use related to tax-exempt bonds. The Organization reviews the use of those proceeds on an on-going basis. The Organization would alert the Issuer to any identified violations of federal tax requirements related to these bonds in a timely manner. The Organization would cooperate with the issuer as necessary to comply with the voluntary closing agreement program if self-remediation is not available. The Organization is not aware of any violations of federal tax requirements related to any outstanding tax-exempt bonds. Schedule K, Part II, Line 3 ALL LISTED BONDS ON SCHEDULE K IF THE TOTAL PROCEEDS OF THE ISSUE EXCEEDS THE ISSUE PRICE OF EACH RESPECTIVE BOND, THE DIFFERENCE IS DUE TO INVESTMENT EARNINGS THROUGH YEAR PLACED IN SERVICE. INVESTMENT EARNINGS ARE INCLUDED IN THE TOTAL PROCEEDS OF EACH ISSUE. Schedule K, Part IV, Line 2a REBATE NOT DUE YET THE NEXT SCHEDULED CALCULATION IS DUE 2025. Schedule K, Part IV, Line 2c COLUMN A Issuer name: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY The calculation for computing no rebate due was performed on 12/31/2020 Form 990, Part VI, Line 15 PROCESS TO ESTABLISH COMPENSATION OF TOP MANAGEMENT OFFICIAL Provident Commonwealth Education Resources, Inc. does not pay any employees directly, therefore, this line was answered no in accordance with the instructions. The officers and directors of the organization are compensated solely by the related organization, Provident Resources Group, Inc. The following is the process used by Provident Resources Group, Inc. to determine compensation. The human resources department performs a market review of compensation for all officers. That analysis is compared to historical compensation and evaluated relative to the percentile for the industry and size. the analysis is presented to the Compensation Committee comprised of members of the governing board of Provident Resources Group Inc. for their review, deliberation, and decision regarding compensation for the officers. This process was used for the compensation of all officers of Provident Resources Group, Inc. Minutes are maintained to document the deliberations and actions of the committee. Form 990, Part VI, Line 3 DELEGATION OF MANAGEMENT DUTIES The organization contracts with an unrelated third-party management company to oversee day to day operations. The management company does not act in their capacity to perform the functions typically done by officers or directors. The ultimate authority for decision making lies with the officers and directors of the organization and the sole member. See the narrative regarding Part VI, Line 6 in Schedule O for more information regarding the responsibilities of the PCER governing body as well as approvals required by the sole member, Provident Resources Group Inc. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons STEVE HICKS, DONOVAN HICKS, AND CHRISOPHER HICKS - Family relationship Form 990, Part VI, Line 6 Classes of members or stockholders The governance and management of the business and affairs of the Organization is vested in the Provident Commonwealth Education Resources, Inc (PCER) governing body. Provident Resource Group, Inc. (PRG) is the sole member of PCER. PRG appoints the members of the PCER governing body and approves certain decisions made by the PCER Governing body. THE FOLLOWING MATTERS AND TRANSACTIONS REQUIRE THE APPROVAL OF PRG: 1. Modify or otherwise amend the Articles of incorporation or Bylaws of PCER. 2. Issuance of notes, bonds or other evidences of indebtedness in excess of $100,000 3. Approve any loans from PCER to any person or entity 4. Authorize or permit PCER to become a surety, guarantor or accommodation party to any obligation and will not pledge PCER's assets for any such obligation. 5. Sell, dispose of, or otherwise encumber all or substantially all of the assets of PCER. 6. Enter into any management, consulting, administrative services or other contract for the management and operation of a Project owned or operated by the Corporation, without having the President or CEO of the Member, and the Member's corporate counsel and tax counsel review and approve the contract for compliance with applicable laws. 7. Voluntary dissolution or liquidation of PCER or the consolidation merger of PCER with or into any other entity. 8. Voluntary institution of proceedings by PCER to be adjudicated bankrupt or insolvent, or consenting to the institution of bankruptcy or insolvency proceeding against PCER, or the filing of a petition seeing or consenting to reorganization of relief under any applicable federal or state law relating to bankruptcy, or consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of PCER or a substantial part of property of PCER or making any assignment for the benefit of creditors, or admitting in writing its inability to pay its debts generally as they become due, or taking corporation action in furtherance of any such action. 9. Admit any additional member(s) to PCER or merge or consolidate PCER with any other person or entity (other than a disregarded entity for federal income tax purposes with respect to the Member) or enter into any partnership, joint venture or other similar enterprise with any other person or entity. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body See narrative for Part VI, line 6. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders See narrative for Part VI, line 6. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FINAL DRAFT OF THE FORM 990 WAS REVIEWED IN DETAIL BY MANAGEMENT. THE FINAL DRAFT WAS THEN PRESENTED TO EACH VOTING MEMBER OF THE GOVERNING BODY BEFORE IT WAS FILED WITH THE IRS. Form 990, Part VI, Line 12c Conflict of interest policy Provident Resources Group Inc. (PRG) is the sole member of Provident Commonwealth Education Resources Inc. (PCER). All board members of the filing organization as well as PRG's senior management, board of directors, and board committees sign annual conflict of interest statements. All statements are collected and reviewed by Chief Compliance Officer of sole member PRG. Electronic and paper copies of all COI forms are maintained. If a matter concerning a potential conflict arises at a committee or board meeting, the conflict is evaluated without the potentially conflicted member and a determination is made by the committee or governing board about whether the person should be restricted from discussion and vote. Form 990, Part VI, Line 19 Required documents available to the public The organization's financial statements, conflict of interest policy, and governing documents are available upon written request. Form 990 Filing Deadline - Following the federal disaster relief issued by FEMA for the affected areas of Tropical Storm Francine, the organization is filing the 2023 Form 990 by the declared extended due date of February 3, 2025. PROVIDENT RESOURCES GROUP INC 5565 BANKERS AVENUE BATON ROUGE LA 70808 582492101 CHARITABLE GA 501(c)(3) 10 NA false PROVIDENT OKLAHOMA EDUCATION RESOURCES INC 5565 BANKERS AVENUE BATON ROUGE LA 70808 814203730 SUPPORTING ORGANIZATION OK 501(c)(3) Type I PROVIDENT RESOURCES GROUP INC false GEORGIA PROTONCARE CENTER INC 5565 BANKERS AVENUE BATON ROUGE LA 70808 820845208 SUPPORTING ORGANIZATION GA 501(c)(3) Type I PROVIDENT RESOURCES GROUP INC false PROVIDENT COMMONWEALTH EDUCATION RESOURCES II INC 5565 BANKERS AVENUE BATON ROUGE LA 70808 831248921 SUPPORTING ORGANIZATION MA 501(c)(3) Type I PROVIDENT RESOURCES GROUP INC false PROVIDENT GROUP - BISON PROPERTIES INC 5565 BANKERS AVENUE BATON ROUGE LA 70808 831863389 SUPPORTING ORGANIZATION DC 501(c)(3) Type I PROVIDENT RESOURCES GROUP INC false PROVIDENT GROUP - TUBMAN QUAD PROPERTIES INC 5565 BANKERS AVENUE BATON ROUGE LA 70808 833519249 SUPPORTING ORGANIZATION DC 501(c)(3) Type I PROVIDENT RESOURCES GROUP INC false PROVIDENT GROUP - OLD MET PROPERTIES INC 5565 BANKERS AVENUE BATON ROUGE LA 70808 843243282 SUPPORTING ORGANIZATION MN 501(c)(3) Type I PROVIDENT RESOURCES GROUP INC false PROVIDENT GROUP - HSC PROPERTIES INC 5565 BANKERS AVENUE BATON ROUGE LA 70808 842443503 SUPPORTING ORGANIZATION LA 501(c)(3) Type I PROVIDENT RESOURCES GROUP INC false CELINA REGIONAL MEDICAL CENTER INC 5565 bankers avenue baton rouge LA 70808 871657577 supporting organization TX 501(c)(3) Type I Provident Resources Group Inc false ALVIN REGIONAL MEDICAL CENTER INC 5565 bankers avenue baton rouge LA 70808 871967476 supporting organization TX 501(c)(3) Type I provident resources group inc false Provident Group Girard Properties Inc 5565 BANKERS AVENUE BATON ROUGE LA 70808 933413851 SUPPORTING ORGANIZATION DC 501(c)(3) Type I PROVIDENT RESOURCES GROUP INC false Provident Group - Canton Cove Properties LLC 5565 Bankers Avenue Baton Rouge LA 70808 462840618 Assisted Living Facility GA NA N/A 0 0 false false Provident Group - Creekside Properties LLC 5565 Bankers Avenue Baton Rouge LA 70808 462860608 Assisted LIving Facility GA NA N/A 0 0 false false Municipal Corrections Finance Holding LLC 5565 Bankers Avenue Baton Rouge LA 70808 721509520 Management DE NA C Corporation false PDG Holdings LLC 5565 Bankers Avenue Baton Rouge LA 70808 463437171 Senior Living DE NA C Corporation false false false false false false false false false false false false false false true true true false false false