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← PROVIDENT COMMONWEALTH EDUCATION RESOURCES II

Form 990 for tax year 2022

Filed by PROVIDENT COMMONWEALTH EDUCATION RESOURCES II.

Totals

Total revenue
$9,957,848
Total expenses
$14,491,488
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$9,704,122
Investment income
$198,365
Other revenue
$55,361
Total assets, end of year
$149,700,407
Total liabilities, end of year
$165,137,006
Net assets or fund balances, end of year
-$15,436,599
Program services expenses (Part IX)
$14,313,431
Management and general expenses
$178,057
Fundraising expenses
$0
Program service expenses (Part III)
$14,313,431

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 $9,674,172 · related or exempt $9,674,172

  • 2b · Program service revenue: ANCILLARY REVENUE

    total $29,950 · related or exempt $29,950

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $198,365 · excluded $198,365

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: OTHER REVENUE

    total $55,361 · related or exempt $55,361

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $55,361

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $168,838 · program services $168,838

  • 8 · Pension plan contributions

    total $5,665 · program services $5,665

  • 9 · Other employee benefits

    total $77,850 · program services $77,850

  • 11a · Fees: management

    total $526,223 · program services $348,166 · management and general $178,057

  • 11b · Fees: legal

    total $281 · program services $281

  • 11c · Fees: accounting

    total $76,642 · program services $76,642

  • 11g · Fees: other

    total $13,653 · program services $13,653 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $5,563 · program services $5,563

  • 13 · Office expenses

    total $57,921 · program services $57,921

  • 14 · Information technology

    total $37,200 · program services $37,200

  • 16 · Occupancy

    total $983,138 · program services $983,138

  • 17 · Travel

    total $6,096 · program services $6,096

  • 20 · Interest

    total $6,576,250 · program services $6,576,250

  • 22 · Depreciation, depletion and amortization

    total $4,394,785 · program services $4,394,785

  • 23 · Insurance

    total $343,390 · program services $343,390

  • 24a · Other expenses: MAINTENANCE AND REPAIRS

    total $643,387 · program services $643,387

  • 24b · Other expenses: bad debt expense

    total $352,361 · program services $352,361

  • 24c · Other expenses: CLEANING AND TRASH

    total $112,235 · program services $112,235

  • 24d · Other expenses: GROUND LEASE

    total $81,051 · program services $81,051

  • 24e · All other expenses

    total $28,959 · program services $28,959 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $572,949 · end of year $893,393

  • 4 · Accounts receivable

    beginning of year $502,789 · end of year $602,243

  • 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 $89,535 · end of year $92,412

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

    $147,571,044

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

    $10,867,886

  • 10c · Land, buildings and equipment, net

    beginning of year $140,484,460 · end of year $136,703,158

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $13,277,084 · end of year $11,409,201

  • 17 · Accounts payable and accrued expenses

    beginning of year $212,242 · end of year $203,920

  • 20 · Tax-exempt bond liabilities

    beginning of year $135,299,949 · end of year $134,424,063

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $30,317,585 · end of year $30,509,023

  • 27 · Net assets without donor restrictions

    beginning of year -$10,902,959 · end of year -$15,436,599

Mission and programs · 2022

Mission

Provident Commonwealth Education Resources II, 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 Dartmouth and member institutions.

  • PROVIDENT COMMONWEALTH EDUCATION RESOURCES II 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.

    Expenses $14,313,431 · Revenue $9,759,483

As filed on the 2022 return.

Listed in Part VII

  • Barbara Kroncke

    Treasurer

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • CHRISTOPHER HICKS

    vice president/assistant treasurer

    Total calculated
    $972,486
    From this org
    $0
    From related orgs
    $934,379
    Other
    $38,107
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $348,423 related
    Bonus
    $0 + $585,000 related
    Other
    $0 + $956 related
    Deferred
    $0 + $12,200 related
    Nontaxable benefits
    $0 + $25,907 related
    Filer's total
    $0 + $972,486 related

  • WALTER BUMPHUS PH D

    Clerk/Secretary

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

  • Christine Doyle

    Director (Beginning 8/1/22)

    Total calculated
    $0
    Hours/week
    1

  • DAVID GINERELLA

    Director (through 8/1/22)

    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
    $751,082
    From this org
    $0
    From related orgs
    $713,316
    Other
    $37,766
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $323,860 related
    Bonus
    $0 + $345,000 related
    Other
    $0 + $44,456 related
    Deferred
    $0 + $12,200 related
    Nontaxable benefits
    $0 + $25,566 related
    Filer's total
    $0 + $751,081 related

  • STEVE HICKS

    President

    Total calculated
    $971,868
    From this org
    $0
    From related orgs
    $946,021
    Other
    $25,847
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $547,866 related
    Bonus
    $0 + $375,000 related
    Other
    $0 + $23,155 related
    Deferred
    $0 + $12,200 related
    Nontaxable benefits
    $0 + $13,647 related
    Filer's total
    $0 + $971,868 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 Commonwealth Education Resources II, Inc. does not pay any employees, 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. The following is the process used by Provident Resources Group, Inc. to determine compensation. The human resources department does 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. Combined with performance evaluations, the analysis is presented to the Compensation Committee comprised of members of the governing board for their review, deliberation, and decision about where to set 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.

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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202343199349318899

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