Skip to content
Nonprofiteer
← PROVIDENT GROUP - HSC PROPERTIES

Form 990 for tax year 2023

Filed by PROVIDENT GROUP - HSC PROPERTIES.

Totals

Total revenue
$4,878,950
Total expenses
$10,736,198
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$4,449,866
Investment income
$429,084
Other revenue
$0
Total assets, end of year
$99,387,004
Total liabilities, end of year
$105,244,252
Net assets or fund balances, end of year
-$5,857,248
Program services expenses (Part IX)
$10,611,198
Management and general expenses
$125,000
Fundraising expenses
$0
Program service expenses (Part III)
$10,611,198

Program services were 98.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

  • 2a · Program service revenue: RENTAL REVENUE

    total $4,398,264 · related or exempt $4,398,264

  • 2b · Program service revenue: ANCILLARY REVENUE

    total $51,602 · related or exempt $51,602

  • 2f · All other program service revenue

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

  • 4 · Income from investment of tax-exempt bond proceeds

    total $429,084 · excluded $429,084

  • 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.

  • 7 · Other salaries and wages

    total $32,646 · program services $32,646

  • 8 · Pension plan contributions

    total $8,781 · program services $8,781

  • 9 · Other employee benefits

    total $51,690 · program services $51,690

  • 10 · Payroll taxes

    total $28,293 · program services $28,293

  • 11a · Fees: management

    total $320,842 · program services $195,842 · management and general $125,000

  • 11c · Fees: accounting

    total $38,511 · program services $38,511

  • 11g · Fees: other

    total $224,316 · program services $224,316 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $64,126 · program services $64,126

  • 13 · Office expenses

    total $74,448 · program services $74,448

  • 16 · Occupancy

    total $201,531 · program services $201,531

  • 17 · Travel

    total $4,954 · program services $4,954

  • 19 · Conferences, conventions and meetings

    total $9,896 · program services $9,896

  • 20 · Interest

    total $5,700,365 · program services $5,700,365

  • 22 · Depreciation, depletion and amortization

    total $2,657,302 · program services $2,657,302

  • 23 · Insurance

    total $451,862 · program services $451,862

  • 24a · Other expenses: maintenance and repairs

    total $855,049 · program services $855,049

  • 24b · Other expenses: bad debt

    total $7,543 · program services $7,543

  • 24c · Other expenses: ground lease

    total $3,000 · program services $3,000

  • 24d · Other expenses: miscellaneous

    total $1,043 · program services $1,043

  • 24e · All other expenses

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

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $431,484

  • 4 · Accounts receivable

    beginning of year $0 · end of year $9,563

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $393,400

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

    $91,899,003

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

    $2,662,429

  • 10c · Land, buildings and equipment, net

    beginning of year $2,518,811 · end of year $89,236,574

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $107,950,846 · end of year $9,315,983

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,169,993 · end of year $2,255,494

  • 20 · Tax-exempt bond liabilities

    beginning of year $98,656,353 · end of year $98,636,839

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $1,517,350 · end of year $1,531,736

  • 25 · Other liabilities

    beginning of year $7,125,961 · end of year $2,820,183

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year -$5,857,248

Mission and programs · 2023

Mission

PROVIDENT GROUP - HSC PROPERTIES INC. PROMOTES AND ADVANCES EDUCATION AND HEALTH CARE THROUGH THE ACQUISITION, PLANNING, DEVELOPMENT, FINANCING, EQUIPPING, MANAGING, OPERATING, AND MAINTAINING OF ONE OR MORE DORMITORY FACILITIES, PARKING FACILITIES, AND OTHER ANCILLARY FACILITIES.

  • PROVIDENT GROUP - HSC PROPERTIES, INC. PROMOTES AND ADVANCES EDUCATION AND HEALTH CARE THROUGH THE DEVELOPMENT, CONSTRUCTION, AND FURNISHMENT OF EDUCATION AND HEALTH CARE RELATED FACILITIES AND THROUGH THE PROVISION OF VARIOUS RELATED PROGRAMS, ACTIVITIES, AND SERVICES.

    Expenses $10,611,198 · Revenue $4,449,866

As filed on the 2023 return.

Listed in Part VII

  • Christopher Hicks

    DIRECTOR/VICE PRESIDENT/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

    DIRECTOR/VICE PRESIDENT/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

  • Marla P Scannicchio

    DIRECTOR

    Total calculated
    $551,270
    From this org
    $0
    From related orgs
    $502,147
    Other
    $49,123
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $296,742 related
    Bonus
    $0 + $180,000 related
    Other
    $0 + $25,405 related
    Deferred
    $0 + $13,200 related
    Nontaxable benefits
    $0 + $35,923 related
    Filer's total
    $0 + $551,270 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 Arrangement used to establish the top management official's compensation
PROVIDENT GROUP - HSC 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 · SENIOR 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
202510349349301916

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.