Provident Resources Group Inc
- Assets
- $2.6b
- Revenue
- $333.2m
- Investments
- $0.0
- Employees
- 83
- Location
- Baton Rouge, LA
- Founding
- 06/2000
- Data as of
- 12/2022
- EIN
- 58-2492101
Organization Overview
Provident Resources Group Inc, operating under the name Provident Group, is located in Baton Rouge, LA. The organization was established in 2000. According to its NTEE Classification (E91) the organization is classified as: Nursing Facilities, under the broad grouping of Health Care and related organizations. As of 12/2022, Provident Group employed 83 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Provident Group is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Provident Group generated $333.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 15.3% each year . All expenses for the organization totaled $337.5m during the year ending 12/2022. While expenses have increased by 13.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDENT RESOURCES GROUP, INC. PROVIDES FOR THE NEEDS OF THE ELDERLY, PROMOTES HEALTHY COMMUNITIES, SERVES THE POOR & DISTRESSED, PROMOTES EDUCATION, AND LESSENS THE BURDEN OF GOVERNMENT.
Describe the Organization's Program Activity:
THE EDUCATION RESOURCES DIVISION PROMOTES AND ADVANCES EDUCATION THROUGH THE DEVELOPMENT, CONSTRUCTION, OPERATION, FINANCING AND MANAGEMENT OF FACILITIES OF VARIOUS TYPES, INCLUDING STUDENT HOUSING, HEALTH AND WELLNESS, AS WELL AS ACADEMIC AND ADMINISTRATIVE SPACE FOR THE BENEFIT OF COLLEGES AND UNIVERSITIES THROUGHOUT THE COUNTRY. AS OF DECEMBER 31, 2022, THE ORGANIZATION OWNED AND OPERATED RESIDENTIAL FACILITIES PROVIDING MORE THAN 17,469 BEDS OF SAFE, CONVENIENT AND AFFORDABLE STUDENT HOUSING FOR STUDENTS, FACULTY AND STAFF OF THE INSTITUTIONS WE SERVE.
THE SENIOR LIVING RESOURCES DIVISION OFFERS ACTIVITIES, SERVICES AND PROGRAMS DESIGNED TO MEET THE SPECIAL NEEDS OF THE ELDERLY, INCLUDING HOUSING AND HEALTH CARE, WITHIN AN ENVIRONMENT THAT PROMOTES THE DIGNITY AND INDEPENDENCE OF THE RESIDENTS. OUR FACILITIES OFFER THE FINEST AMENITIES ALONG WITH WELLNESS PROGRAMMING, DAILY SOCIAL ACTIVITIES, 24/7 SUPPORT AND CARE, AND EDUCATIONAL OPPORTUNITIES TO ENSURE RESIDENTS ENJOY OPTIMAL QUALITY OF LIFE AND PEACE OF MIND.
THE CITISTATE RESOURCES DIVISION PURSUES PROJECTS DESIGNED TO LESSEN THE BURDENS OF GOVERNMENT. WE ARE COMMITTED TO EASING THE FINANCIAL AND BUDGETARY CONSTRAINTS OF STATE AND LOCAL GOVERNMENTS THROUGH VARIOUS MEANS, INCLUDING THE DEVELOPMENT, FINANCING, CONSTRUCTION, MANAGEMENT, AND OPERATION OF PUBLIC FACILITIES, GOVERNMENT BUILDINGS, AND VARIOUS SYSTEMS OF PUBLIC INFRASTRUCTURE ESSENTIAL TO DELIVERING GOVERNMENT SERVICES AND SUPPORTING PRIVATE SECTOR ECONOMIC ACTIVITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed President | OfficerTrustee | 35 | $934,379 |
Name Not Listed Chairman & Chief Executive Officer | OfficerTrustee | 31 | $946,021 |
Name Not Listed Director (through 9/30/22) | Trustee | 1 | $18,000 |
Name Not Listed Director | Trustee | 1 | $24,000 |
Name Not Listed Director | Trustee | 1 | $24,000 |
Name Not Listed Board Member (beginning 10/1/22) | Trustee | 1 | $6,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Capstone On-campus Management Llc Management Company | 12/30/22 | $768,045 |
Crowe Llp Audit/tax Services | 12/30/22 | $650,333 |
Rise Residential Ii Llc Management Company | 12/30/22 | $524,462 |
Campus Apartments Management Company | 12/30/22 | $644,538 |
Will Cleaning Service Llc Management Company | 12/30/22 | $315,710 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,537,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,537,500 |
| Total Program Service Revenue | $242,868,449 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $2,089,596 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $55,306,847 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $333,234,265 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,500 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,230,257 |
| Compensation of current officers, directors, key employees. | $4,230,257 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $29,822,909 |
| Pension plan accruals and contributions | $326,023 |
| Other employee benefits | $3,063,126 |
| Payroll taxes | $2,418,619 |
| Fees for services: Management | $14,409,740 |
| Fees for services: Legal | $1,702,642 |
| Fees for services: Accounting | $1,153,399 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,787,509 |
| Advertising and promotion | $9,380,476 |
| Office expenses | $5,337,802 |
| Information technology | $1,622,797 |
| Royalties | $0 |
| Occupancy | $35,369,384 |
| Travel | $497,390 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $109,922 |
| Interest | $131,027,766 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $59,346,715 |
| Insurance | $3,740,968 |
| All other expenses | $196,783 |
| Total functional expenses | $337,542,850 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $34,512,765 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,902,896 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,785,221 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,329,263 |
| Net Land, buildings, and equipment | $1,300,014,807 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,263,564,109 |
| Total assets | $2,617,109,061 |
| Accounts payable and accrued expenses | $89,801,954 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $2,660,369,322 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $124,137,663 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $148,735,123 |
| Total liabilities | $3,023,044,062 |
| Net assets without donor restrictions | -$405,935,001 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,617,109,061 |
Grants Awarded
Over the last fiscal year, Provident Resources Group Inc has awarded $119,171 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
PROVIDENT AFFORDABLE HOUSING RESOURCES INC PURPOSE: Program Support | $94,524 |
THE FOUNDATION FOR RENEWABLE ENERGY AND ENVIRONMENT PURPOSE: Program Support | $24,647 |