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← PROVIDENT COMMONWEALTH EDUCATION RESOURCES

Form 990 for tax year 2023

Filed by PROVIDENT COMMONWEALTH EDUCATION RESOURCES.

Totals

Total revenue
$13,822,769
Total expenses
$15,035,446
Contributions and grants received
$0
Grants paid
$0
Program services expenses (Part IX)
$14,840,352
Management and general expenses
$195,094
Fundraising expenses
$0
Program service expenses (Part III)
$14,840,352

Program services were 98.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • BARBARA KRONCKE

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • CHRISTOPHER HICKS

    VICE PRESIDENT AND ASSISTANT TREASURER

    Total calculated
    $840,425
    From this org
    $0
    From related orgs
    $794,040
    Other
    $46,385
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $348,101 related
    Bonus
    $0 + $445,000 related
    Other
    $0 + $939 related
    Deferred
    $0 + $11,312 related
    Nontaxable benefits
    $0 + $35,073 related
    Filer's total
    $0 + $840,425 related

  • WALTER BUMPHUS PH D

    CLERK AND SECRETARY

    Total calculated
    $24,000
    From this org
    $0
    From related orgs
    $24,000
    Other
    $0
    Hours/week
    1 + 2 related

  • KATHLEEN KIRLEIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • NANCY H HENZE

    DIRECTOR

    Total calculated
    $24,000
    From this org
    $0
    From related orgs
    $24,000
    Other
    $0
    Hours/week
    1 + 2 related

  • DONOVAN O HICKS

    VICE PRESIDENT AND ASSISTANT CLERK

    Total calculated
    $642,110
    From this org
    $0
    From related orgs
    $604,250
    Other
    $37,860
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $347,879 related
    Bonus
    $0 + $210,000 related
    Other
    $0 + $46,371 related
    Deferred
    $0 + $13,200 related
    Nontaxable benefits
    $0 + $24,660 related
    Filer's total
    $0 + $642,110 related

  • STEVE HICKS

    PRESIDENT

    Total calculated
    $3,499,102
    From this org
    $0
    From related orgs
    $3,471,707
    Other
    $27,395
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $547,802 related
    Bonus
    $0 + $330,000 related
    Other
    $0 + $2,593,905 related
    Deferred
    $0 + $13,200 related
    Nontaxable benefits
    $0 + $14,195 related
    Filer's total
    $0 + $3,499,102 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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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)

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.

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

No itemized grants to organizations 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
3 February 2025
IRS schema version
2023v6.0
Source object
202500349349301815

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