Preservation Freehold Company
- Assets
- $583.4m
- Revenue
- $209.0m
- Investments
- $0.0
- Employees
- 5,869
- Location
- Lewisville, TX
- Founding
- 02/2010
- Data as of
- 12/2022
- EIN
- 90-0475369
Organization Overview
Preservation Freehold Company is located in Lewisville, TX. The organization was established in 2010. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Preservation Freehold Company employed 5,869 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Preservation Freehold Company is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PRESERVATION FREEHOLD COMPANY IS A PUBLIC CHARITY ORGANIZED FOR THE PURPOSE OF RELIEVING THE DISTRESSED THROUGH THE PROVISION OF HOUSING DESIGNED SPECIFICALLY TO ACCOMMODATE AND ADDRESS CERTAIN PHYSICAL, SOCIAL, AND CIVIC NEEDS OF THE ELDERLY, WHILE PROMOTING THE CONTINUED DIGNITY AND WELL-BEING OF ITS RESIDENTS. THE CORPORATION IS ORGANIZED AND SHALL BE OPERATED EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. WITHIN THE SCOPE OF THE FOREGOING PURPOSES, BUT NOT BY WAY OF LIMITATION THEREOF, THE CORPORATION SHALL CARRY OUT THESE PURPOSES PRIMARILY BY OWNING AND OPERATING, EITHER DIRECTLY OR THROUGH AFFILIATED ENTITIES, NONPROFIT HEALTH CARE FACILITIES AND SENIOR LIVING COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESERVATION FREEHOLD COMPANY, A PUBLIC CHARITY ORGANIZED FOR THE PURPOSE OF RELIEVING THE DISTRESSED THROUGH THE PROVISION OF HOUSING DESIGNED SPECIFICALLY TO ACCOMMODATE AND ADDRESS CERTAIN PHYSICAL, SOCIAL, AND CIVIC NEEDS OF THE ELDERLY, WHILE PROMOTING THE CONTINUED DIGNITY AND WELL-BEING OF ITS RESIDENTS, OPERATED EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, CARRIED OUT THESE PURPOSES PRIMARILY BY OWNING AND OPERATING, EITHER DIRECTLY OR THROUGH AFFILIATED ENTITIES, NONPROFIT HEALTH CARE FACILITIES AND SENIOR LIVING COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lee Sudbeck Facility Employee | 40 | $199,466 | |
Gibson Vernon Facility Employee | 40 | $211,411 | |
Edward Fosam Facility Employee | 83.23 | $219,808 | |
James Chance President & CEO | OfficerTrustee | 40 | $189,518 |
Terry Williams Facility Employee | 88.87 | $170,824 | |
Alexandria Maduka Facility Employee | 40 | $169,423 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Stonegate Senior Living Llc Management Company | 12/30/22 | $21,186,617 |
Shiftkey Llc Nurse Staffing Service | 12/30/22 | $4,505,217 |
Rehab Pro Therapy Serivces | 12/30/22 | $8,653,505 |
Lifetime Wellness Therapy Serivces | 12/30/22 | $563,908 |
Collain Healthcare Accounting Services | 12/30/22 | $442,986 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $9,256,372 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,286,170 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,542,542 |
| Total Program Service Revenue | $196,643,419 |
| Investment income | $632,107 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $209,012,995 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $201,406 |
| Compensation of current officers, directors, key employees. | $201,406 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $96,705,215 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,640,410 |
| Payroll taxes | $8,524,094 |
| Fees for services: Management | $14,745,370 |
| Fees for services: Legal | $147,621 |
| Fees for services: Accounting | $265,413 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $24,043,991 |
| Advertising and promotion | $210,149 |
| Office expenses | $1,743,340 |
| Information technology | $1,309,015 |
| Royalties | $0 |
| Occupancy | $10,922,926 |
| Travel | $82,361 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $107,658 |
| Interest | $32,722,842 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,215,206 |
| Insurance | $4,346,413 |
| All other expenses | $293,770 |
| Total functional expenses | $222,825,249 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,843,953 |
| Savings and temporary cash investments | $69,567,405 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,671,795 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,636,857 |
| Net Land, buildings, and equipment | $473,907,028 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,796,861 |
| Total assets | $583,423,899 |
| Accounts payable and accrued expenses | $30,513,014 |
| Grants payable | $0 |
| Deferred revenue | $646,758 |
| Tax-exempt bond liabilities | $502,850,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $65,044,298 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,162,412 |
| Total liabilities | $604,216,482 |
| Net assets without donor restrictions | $0 |
| 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 | -$20,792,583 |
| Total liabilities and net assets/fund balances | $583,423,899 |