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← PROVIDENT GROUP GIRARD PROPERTIES

Form 990 for tax year 2023

Filed by PROVIDENT GROUP GIRARD PROPERTIES.

Totals

Total revenue
$0
Total expenses
$0
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$22,510,261
Total liabilities, end of year
$22,510,261
Net assets or fund balances, end of year
$0
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    end of year $0

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $22,510,261

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 23 · Secured mortgages and notes payable

    end of year $22,510,261

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

Provident Group Girard Properties Inc. provides safe, decent, and sanitary housing to persons of low and very low-income.

Activities or mission (Part I)

ACQUIRING, FINANCING, OWNING, MANAGING, OPERATING AND MAINTAINING MULTIFAMILY APARTMENT BUILDING REFERRED TO AS HOWARD MANOR.

  • The organization acquires, finances, owns, manages, operates and maintains the multifamily apartment building referred to as Howard Manor, in a manner such that the units will be leased to qualifying tenants with annual income not in excess of sixty percent of the area median family income, with the applicable tenant paying no more for the rent than the maximum allowable rent for such unit for projects receiving Low Income Housing Tax Credits under Section 42 of the Internal Revenue Code of 1986, as amended (the Code).

As filed on the 2023 return.

Listed in Part VII

  • Christopher Hicks

    VICE PRESIDENT AND 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

  • Donovan O Hicks

    VICE PRESIDENT AND SECRETARY

    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, and on a Form 990-PF Part VIII's — 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 GROUP GIRARD PROPERTIES, 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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • PROVIDENT GROUP - CANTON COVE PROPERTIES LLC

    N/A · ASSISTED LIVING FACILITY · GA · share of income $0 · share of assets $0

    Directly controlled by NA

  • PROVIDENT GROUP - CREEKSIDE PROPERTIES LLC

    N/A · ASSISTED LIVING FACILITY · GA · share of income $0 · share of assets $0

    Directly controlled by NA

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • MUNICIPAL CORRECTIONS FINANCE HOLDING LLC

    C Corporation · MANAGEMENT · DE

    Directly controlled by NA

  • PDG HOLDINGS LLC

    C Corporation · SENOR LIVING · DE

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2023
Filed
3 February 2025
IRS schema version
2023v6.0
Source object
202530349349301448

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