Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $899,155

• 1f · All other contributions, gifts and grants

  $520,828

• 1g · Noncash contributions included above

  $25,399

• 2a · Program service revenue: Facilities Services

  total $251,034,158 · related or exempt $251,034,158

• 2b · Program service revenue: Program Fees

  total $29,484,093 · related or exempt $29,484,093

• 2c · Program service revenue: Management Fee

  total $23,106,876 · related or exempt $23,106,876

• 2d · Program service revenue: Other

  total $14,844 · related or exempt $14,844

• 3 · Investment income

  total $680,398 · excluded $680,398

• 5 · Royalties

  total $288 · excluded $288

• 7a · Gross sales of assets other than inventory

  securities $11,062,576 · other assets $702,790

• 7b · Less cost or other basis and sales expenses

  securities $11,066,842 · other assets $185,824

• 7c · Gain or loss

  securities -$4,266 · other assets $516,966

• 7d · Net gain or loss

  total $512,700 · excluded $512,700

• 10a · Gross sales of inventory

  $6,109,737

• 10b · Cost of goods sold

  $4,993,159

• 10c · Net income from sales of inventory

  total $1,116,578 · related or exempt $1,116,578

• 11a · Other revenue: Insurance Proceeds

  total $434,403 · excluded $434,403

• 11e · Other revenue, total

  $434,403

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $2,842,264 · program services $2,842,264

• 5 · Compensation of officers, directors and key employees

  total $2,989,373 · program services $552,274 · management and general $2,437,099

• 7 · Other salaries and wages

  total $134,975,270 · program services $114,597,905 · management and general $20,136,716 · fundraising $240,649

• 8 · Pension plan contributions

  total $1,380,363 · program services $1,210,783 · management and general $164,437 · fundraising $5,143

• 9 · Other employee benefits

  total $28,204,346 · program services $26,303,668 · management and general $1,877,661 · fundraising $23,017

• 10 · Payroll taxes

  total $10,898,697 · program services $9,232,393 · management and general $1,646,787 · fundraising $19,517

• 11b · Fees: legal

  total $1,779,931 · program services $51,453 · management and general $1,728,478

• 11c · Fees: accounting

  total $302,500 · management and general $302,500

• 11d · Fees: lobbying

  total $70,750 · management and general $70,750

• 11g · Fees: other

  total $56,172,932 · program services $53,226,782 · management and general $2,940,782 · fundraising $5,368

• 12 · Advertising and promotion

  total $564,795 · program services $206,954 · management and general $323,179 · fundraising $34,662

• 13 · Office expenses

  total $5,603,390 · program services $4,120,803 · management and general $1,472,697 · fundraising $9,890

• 14 · Information technology

  total $6,401,009 · program services $1,830,404 · management and general $4,540,541 · fundraising $30,064

• 16 · Occupancy

  total $1,420,927 · program services $958,415 · management and general $452,372 · fundraising $10,140

• 17 · Travel

  total $1,351,450 · program services $922,698 · management and general $424,136 · fundraising $4,616

• 19 · Conferences, conventions and meetings

  total $72,961 · program services $60,947 · management and general $11,974 · fundraising $40

• 20 · Interest

  total $1,538,267 · program services $1,210,467 · management and general $323,269 · fundraising $4,531

• 22 · Depreciation, depletion and amortization

  total $3,299,311 · program services $2,611,491 · management and general $684,297 · fundraising $3,523

• 23 · Insurance

  total $3,555,716 · program services $351,237 · management and general $3,203,112 · fundraising $1,367

• 24a · Other expenses: Direct Materials

  total $25,207,007 · program services $25,207,007

• 24b · Other expenses: Workers Compensation

  total $5,849,735 · program services $5,766,525 · management and general $82,681 · fundraising $529

• 24c · Other expenses: Vehicle Expense

  total $3,564,806 · program services $3,524,521 · management and general $40,179 · fundraising $106

• 24d · Other expenses: Employee Recruiting & T

  total $2,076,240 · program services $962,988 · management and general $1,107,595 · fundraising $5,657

• 24e · All other expenses

  total $1,332,343 · program services $163,952 · management and general $1,164,935 · fundraising $3,456

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $11,204,377 · end of year $3,883,352

• 3 · Pledges and grants receivable

  beginning of year $32,665 · end of year $28,091

• 4 · Accounts receivable

  beginning of year $32,849,687 · end of year $41,528,221

• 8 · Inventories for sale or use

  beginning of year $183,151 · end of year $95,602

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,748,381 · end of year $3,376,538

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

  $50,243,300

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

  $30,874,520

• 10c · Land, buildings and equipment, net

  beginning of year $19,082,361 · end of year $19,368,780

• 11 · Investments: publicly traded securities

  beginning of year $10,611,991 · end of year $8,682,079

• 12 · Investments: other securities

  beginning of year $379,098 · end of year $390,663

• 14 · Intangible assets

  beginning of year $6,918,863 · end of year $6,730,445

• 15 · Other assets

  beginning of year $60,520,663 · end of year $82,828,288

• 17 · Accounts payable and accrued expenses

  beginning of year $43,533,636 · end of year $52,856,610

• 19 · Deferred revenue

  beginning of year $390,125 · end of year $595,553

• 23 · Secured mortgages and notes payable

  beginning of year $29,506,748 · end of year $34,945,450

• 25 · Other liabilities

  beginning of year $5,844,261 · end of year $7,865,156

• 27 · Net assets without donor restrictions

  beginning of year $64,256,467 · end of year $70,649,290

The filer's explanations (Part III)

Part I, Line 1a

The company chartered a plane that was used for travel for business purposes only. This was not included in taxable income. In 2024, as part of the relocation offer package, a total of $15,000 was approved and disbursed to the SVP of Manufacturing, Logistics and Engineering and Project Services to cover temporary housing expenses. Tax gross-up payments were also incurred for the SVP of Manufacturing, Logistics and Engineering and Project Services. These benefits were included in taxable income.

Part I, Line 3

The Board's Compensation Committee retains the ultimate authority over all elements of compensation to ensure that the organizational purposes are appropriately serviced. The Board's Compensation Committee uses credible data sources, third-party compensation consultant review and an objective "arms-length" decision-making process, ensuring the integrity of the executive programs and consistency with the organization's overall mission.

Part I, Line 4b

Key executives participate in a 457(f) retirement plan. Plan eligibility is determined upon approval by the Board of Directors of PRIDE Industries. During the calendar year ended December 31, 2024, no contributions were made on behalf of key executives and none received distributions. The President/CEO participates in a nonqualified deferred compensation trust as provided for in his employment agreement approved by the Board of Directors. Contributions to the trust are made annually, each December, in an amount equal to 7.5% of the President/CEO's base salary. The trust is distributable upon the earlier of the President/CEO reaching age 65 or has a qualifying termination event. Certain forfeiture provisions exist in the agreement. During the Calendar year ended December 31, 2024, a contribution of $42,750 was made. In 2021, the President/CEO commenced participation in a long-term incentive compensation program. The Board's Compensation Committee annually approves incentive amounts ranging from 0% to 7.5% of the President/CEO's base salary, based on both individual and company performance. These approved amounts are accrued each year and paid out in a lump sum every five years, contingent upon continued employment. For the Calendar year ended December 31, 2024, the Compensation Committee approved an accrual of $42,062.

Part I, Line 7

Bonuses are discretionary, to reward employees' contributions to the success of the Company. The discretionary bonus pool is dependent on meeting revenue, net surplus, mission and other targets for the Company. The bonuses for the President/CEO and CFO were approved by the Compensation Committee of the Board of Directors of PRIDE Industries. All other bonuses were approved by the President/CEO.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• Social Enterprise Assurance Co LLC

  Insurance · DC · income $5,835,547 · assets $16,899,180

  Directly controlled by PRIDE Industries

Related corporations and trusts

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

• PRIDE Federal

  C · Building & landscape maintenance · CA · 100% owned · share of assets $185,676 · controlled entity

  Directly controlled by Pride Industries