Liabilities / Assets
93rd percentile
Higher debt load relative to assets than 93% of similar nonprofits.
Provident Commonwealth Education Resources Inc
990 • Fiscal year 2019 • EIN 81-1381404
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
1.02x
Liabilities / Revenue
97th percentile
Higher debt load relative to revenue than 97% of similar nonprofits.
Net Margin
6th percentile
Higher net margin than 6% of similar nonprofits.
Top Officer Pay
60th percentile
Higher top officer pay than 60% of similar nonprofits.
Top officer pay equals 5.3% of source-year revenue.
Asset Growth
19th percentile
Faster asset growth than 19% of similar nonprofits.
Revenue Growth
97th percentile
Faster revenue growth than 97% of similar nonprofits.
Balance Sheet
Assets
Down$161,135,686
Down $2,727,031 (-1.7%) from 2018
Net Assets
Down-$3,608,303
Down $21,854,097 (-120%) from 2018
Liabilities
Up$164,743,989
Up $19,127,066 (+13%) from 2018
Revenue And Expenses
Revenue
Up$10,807,483
Up $5,857,779 (+118%) from 2018
Expenses
Up$14,455,491
Up $9,753,060 (+207%) from 2018
Net Income
Down-$3,648,008
Down $3,895,281 (-1575%) from 2018
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2019 to Dec 31, 2019
- Signed
- Nov 13, 2020
- Return Version
- 2019v5.0
- Gross Receipts
- $12,064,219
Mission and Program Overview
Mission
Provident Commonwealth Education Resources, 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 Boston and member institutions.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Land, Buildings, and Equipment, Net | $139,002,695 | $135,648,357 | ▼ $3,354,338 |
| Cash and Non-Interest-Bearing Accounts | $840,113 | $430,867 | ▼ $409,246 |
| Accounts Receivable | $218,780 | $129,819 | ▼ $88,961 |
| Prepaid Expenses and Deferred Charges | $87,849 | $72,974 | ▼ $14,875 |
| Receivable From Disqualified Prsn | $0 | $0 | → $0 |
| Receivables From Officers Etc | $0 | $0 | → $0 |
| Investments Other Securities | $0 | - | - |
| Investments Program Related | $0 | - | - |
| Loans From Officers Directors | $0 | $0 | → $0 |
| Total Assets | $163,862,717 | $161,135,686 | ▼ $2,727,031 |
| Other Assets Total | $23,713,280 | $24,853,669 | ▲ $1,140,389 |
| Liabilities | |||
| Tax Exempt Bond Liabilities | $142,566,337 | $140,978,203 | ▼ $1,588,134 |
| Other Liabilities | $3,041,561 | $23,737,178 | ▲ $20,695,617 |
| Accounts Payable and Accrued Expenses | $9,025 | $28,608 | ▲ $19,583 |
| Total Liabilities | $145,616,923 | $164,743,989 | ▲ $19,127,066 |
| Net Assets / Fund Balance | |||
| Net Assets With Donor Restrictions | $17,998,521 | - | - |
| Net Assets Without Donor Restrictions | $247,273 | $-3,608,303 | ▼ $3,855,576 |
| Total Net Assets Fund Balance | $18,245,794 | $-3,608,303 | ▼ $21,854,097 |
| Total Liabilities and Net Assets / Fund Balance | $163,862,717 | $161,135,686 | ▼ $2,727,031 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Buildings | $133,764,176 | $6,157,249 | $139,921,425 |
| Equipment | $1,884,181 | $443,135 | $2,327,316 |
| Other Assets Org | $1,331,666 | - | - |
Compensation and Service Providers
Employees
| Name | Title | Other | Total |
|---|---|---|---|
| - | Clerk/secretary | $24,000 | $24,000 |
| - | Director | $24,000 | $24,000 |
Board Members and Trustees
| Name | Title |
|---|---|
| - | President |
| - | Vice President and Assistant Clerk |
| - | Vice President and Assistant Treasurer |
| - | Treasurer |
Highest Paid Contractors
| Contractor | Services | Location | Compensation |
|---|---|---|---|
| Capstone On -campus Management LLC | Management Services | 1500 URBAN CENTER, SUITE 400, Birmingham, AL 35242 | $359,625 |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $10,350,939
- Investment Income
- $408,806
- Other Revenue
- $47,738
- Change in Net Assets
- $-3,648,008
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $10,807,483
- Revenue Not Reported on Financial Statements
- $0
- Revenue Not Reported on Form 990
- $0
- Other Revenue Adjustments
- $0
- Total Revenue per Audited Statements
- $10,807,483
- Total Revenue per Form 990
- $10,807,483
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $13,976,055 |
| Salaries, Compensation, and Employee Benefits | $479,436 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Interest | $6,491,687 | - | - | $6,491,687 |
| Depreciation Depletion | $4,349,655 | - | - | $4,349,655 |
| Occupancy | $1,075,773 | - | - | $1,075,773 |
| Fees for Services Management | $530,500 | - | - | $530,500 |
| Other Salaries and Wages | $387,839 | - | - | $387,839 |
| Office Expenses | $70,080 | - | - | $70,080 |
| Other Expenses | $57,099 | - | - | $57,099 |
| Other Employee Benefits | $43,859 | - | - | $43,859 |
| Fees for Services Accounting | $37,800 | - | - | $37,800 |
| Fees for Services Other | $37,487 | $0 | $0 | $37,487 |
| Payroll Taxes | $36,915 | - | - | $36,915 |
| Information Technology | $23,534 | - | - | $23,534 |
| All Other Expenses | $21,096 | $0 | $0 | $21,096 |
| Advertising | $20,979 | - | - | $20,979 |
| Travel | $14,101 | - | - | $14,101 |
| Pension Plan Contributions | $10,823 | - | - | $10,823 |
| Conferences and Meetings | $10,400 | - | - | $10,400 |
| Insurance | $9,844 | - | - | $9,844 |
| Fees for Services Legal | $2,012 | - | - | $2,012 |
| Total Functional Expenses | $14,455,491 | $0 | $0 | $14,455,491 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Expenses per Audited Statements | $14,455,491 |
| Total Expenses per Audited Statements | $14,455,491 |
| Total Expenses per Form 990 | $14,455,491 |
| Expenses Not Reported on Financial Statements | $0 |
| Expenses Not Reported on Form 990 | $0 |
| Other Expense Adjustments | $0 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- No
Insider Transactions and Loans
Loans and Receivables
| Line Item | Beginning | End | Change |
|---|---|---|---|
| Loans from Officers, Directors, Trustees, and Key Employees | $0 | $0 | → $0 |
| Receivables from Disqualified Persons | $0 | $0 | → $0 |
| Receivables from Officers, Directors, Trustees, and Key Employees | $0 | $0 | → $0 |
Debt and Bond Financing
Other Reported Liabilities
| Liability | Amount |
|---|---|
| Lease Liabilities | $19,882,700 |
| Accrued Interest | $1,613,687 |
| Accrued Expenses | $1,326,645 |
| Unearned Revenue | $822,702 |
| Accrued Audit Fees | $32,000 |
| Management Fees Payable | $30,042 |
| Accrued Payroll | $29,402 |
Bond Issues
| Bond | Issuer | Issued | Issue Price | Purpose |
|---|---|---|---|---|
| A | Massachusetts Development Finance Agency | 2016-11-08 | $145,955,001 | New infrastructure and facilities |
Bond Proceeds
| Bond | Total Proceeds | Spent | Retired | Issuance Costs |
|---|---|---|---|---|
| A | $147,330,522 | - | - | $2,091,100 |
Bond Financing Compliance
- No rebate due
- Yes
- Rebate not yet due
- No
- Form 8038-T filed
- No
- Gross proceeds invested
- No
- Gross proceeds invested in GIC
- Yes
- Exception to rebate
- No
- Corrective action procedures
- Yes
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- Yes
- Annual disclosure for covered persons
- Yes
- Audit committee
- Yes
- Backup withholding compliance
- Yes
- Business relationship with 35% controlled entity
- No
- Business relationship with family members
- No
- Business relationship with organization members
- No
- Material changes to governing documents
- No
- Compensation from other sources disclosed
- No
- CEO compensation reviewed
- No
- Other officer compensation reviewed
- No
- Conflict-of-interest policy
- Yes
- Audited financial statements prepared
- No
- Key decisions subject to board approval
- Yes
- Management duties delegated
- Yes
Governance Explanations
Form 990, Part VI, Line 15A Process to Establish compensation of Top Management Official
“Provident Commonwealth Education Resources, Inc. does not pay any employees, therefore, this line was answered no in accordance with the instructions. Three 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 performs 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 overall performance, the analysis is presented to the Compensation Committee comprised of members of the governing board of Provident Resources Group Inc. for their review, deliberation, and decision regarding compensation for the officers. This process was used for the compensation of the Chairman & CEO, President & CFO, and Executive VP and Chief Legal Officer of PRG. Minutes are maintained to document the deliberations and actions of the committee.”
Form 990, Part VI, Line 15B Process to establish compensation of other employees
“See narrative for Part VI, Line 15A”
Form 990, Part VI, Line 2 Family/business relationships amongst interested persons
“STEVE HICKS & DONOVAN HICKS - Family relationship”
Form 990, Part VI, Line 3 Delegation of management duties
“Provident Commonwealth Education Resources Inc. contracted with an unaffiliated management agent that will oversee the on-site staff and manage the operations of the facilities.”
Form 990, Part VI, Line 6 Classes of members or stockholders
“Provident Resource Group, Inc. (PRG) is the sole member of Provident Commonwealth Education Resources, Inc (PCER). PRG appoints the members of the PCER governing body and approves certain decisions made by the PCER Governing body. The following matters and transactions require the approval of PRG: 1. Modify or otherwise amend the Articles of incorporation or Bylaws of PCER. 2. Issuance of notes, bonds or other evidences of indebtedness in excess of $100,000 3. Approve any loans from PCER to any person or entity 4. Authorize or permit PCER to become a surety, guarantor or accommodation party to any obligation and will not pledge PCER's assets for any such obligation. 5. Sell, dispose of, or otherwise encumber all or substantially all of the assets of PCER. 6. Enter into any management, consulting, administrative services or other contract for the management and operation of a Project owned or operated by the Corporation, without having the President or CEO of the Member, and the Member's corporate counsel and tax counsel review and approve the contract for compliance with applicable laws. 7. Voluntary dissolution or liquidation of PCER or the consolidation merger of PCER with or into any other entity. 8. Voluntary institution of proceedings by PCER to be adjudicated bankrupt or insolvent, or consenting to the institution of bankruptcy or insolvency proceeding against PCER, or the filing of a petition seeing or consenting to reorganization of relief under any applicable federal or state law relating to bankruptcy, or consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of PCER or a substantial part of property of PCER or making any assignment for the benefit of creditors, or admitting in writing its inability to pay its debts generally as they become due, or taking corporation action in furtherance of any such action. 9. Admit any additional member(s) to PCER or merge or consolidate PCER with any other person or entity (other than a disregarded entity for federal income tax purposes with respect to the Member) or enter into any partnership, joint venture or other similar enterprise with any other person or entity.”
Form 990, Part VI, Line 7A Members or stockholders electing members of governing body
“See narrative for Part VI, line 6.”
Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders
“See narrative for Part VI, line 6.”
Form 990, Part VI, Line 11B Review of form 990 by governing body
“The final draft of the form 990 was reviewed in detail by management. The final draft was then presented to each voting member of the governing body before it was filed with the irs.”
Form 990, Part VI, Line 12C Conflict of interest policy
“Provident Resources Group Inc. (PRG) is the sole member of Provident Commonwealth Education Resources Inc. (PCER). All members of PRG's senior management, board of directors, and board committees sign annual conflict of interest statements. All statements are collected and reviewed by Chief Compliance Officer of sole member PRG. Electronic and paper copies of all COI forms are maintained. If a matter concerning a potential conflict arises at a committee or board meeting, the conflict is evaluated without the potentially conflicted member and a determination is made by the committee or governing board about whether the person should be restricted from discussion and vote.”
Form 990, Part VI, Line 19 Required documents available to the public
“The organization's financial statements, conflict of interest policy, and governing documents are available upon written request.”
Filing and Contact Details
Filer
- Filer Name
- Provident Commonwealth Education Resources Inc
- EIN
- 81-1381404
- Phone
- 2257663977
- Address
- 5565 Bankers Avenue, Baton Rouge, LA 70808
Signing Officer
- Name
- Steve Hicks
- Title
- President
- Signed
- 2020-11-13
- Discuss with paid preparer
- Yes
Organization Details
- Formed
- 2016
- Legal Domicile
- Ma
- Voting Board Members
- 5
- Independent Board Members
- 4
- Employees
- 0
- Volunteers
- 0
Preparer
- Firm
- Crowe Llp
- Address
- 9600 Brownsboro Road Suite 400, Louisville, KY 40241-1122
- Preparer
- Rachel Spurlock
- Phone
- 5023263996
Supplemental Narrative
Additional Explanations
Form 990, Part XI, Line 9 Other changes in net assets or fund balances
“Adjustment to donor restriction - -18206089;”
Financial Statement Notes
Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
“The company is a massachusetts nonprofit public benefit corporation exempt from federal income tax under the code that qualifies as a 501(c)(3) tax-exempt organization under section 501(a) of the code and is not subject to federal income taxes except for income from unrelated business activities, if any. U.s. Gaap prescribes recognition thresholds and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Tax benefits will be recognized only if the tax position is more-likely-than-not sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized will be the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the more-likely-than-not test, no tax benefit will be recorded. Management has concluded that they are unaware of any tax benefits or liabilities to be recognized at december 31, 2019 and 2018. The company does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The company would recognize interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. The company has no amounts accrued for interest or penalties as of december 31, 2019 and 2018.”
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| IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt | 0 | Steve Hicks |
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| IRS990ScheduleD/OtherAssetsOrgGrp/Desc | 2 | RIGHT OF USE ASSET |
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| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 2 | UNEARNED REVENUE |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 3 | MANAGEMENT FEES PAYABLE |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 4 | ACCRUED AUDIT FEES |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 5 | ACCRUED PAYROLL |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 6 | LEASE LIABILITIES |
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| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | THE COMPANY IS A MASSACHUSETTS NONPROFIT PUBLIC BENEFIT CORPORATION EXEMPT FROM FEDERAL INCOME TAX UNDER THE CODE THAT QUALIFIES AS A 501(C)(3) TAX-EXEMPT ORGANIZATION UNDER SECTION 501(A) OF THE CODE AND IS NOT SUBJECT TO FEDERAL INCOME TAXES EXCEPT FOR INCOME FROM UNRELATED BUSINESS ACTIVITIES, IF ANY. U.S. GAAP PRESCRIBES RECOGNITION THRESHOLDS AND MEASUREMENT ATTRIBUTES FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. TAX BENEFITS WILL BE RECOGNIZED ONLY IF THE TAX POSITION IS MORE-LIKELY-THAN-NOT SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. THE AMOUNT RECOGNIZED WILL BE THE LARGEST AMOUNT OF TAX BENEFIT THAT IS GREATER THAN 50% LIKELY OF BEING REALIZED ON EXAMINATION. FOR TAX POSITIONS NOT MEETING THE MORE-LIKELY-THAN-NOT TEST, NO TAX BENEFIT WILL BE RECORDED. MANAGEMENT HAS CONCLUDED THAT THEY ARE UNAWARE OF ANY TAX BENEFITS OR LIABILITIES TO BE RECOGNIZED AT DECEMBER 31, 2019 AND 2018. THE COMPANY DOES NOT EXPECT THE TOTAL AMOUNT OF UNRECOGNIZED TAX BENEFITS TO SIGNIFICANTLY CHANGE IN THE NEXT 12 MONTHS. THE COMPANY WOULD RECOGNIZE INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST AND INCOME TAX EXPENSE, RESPECTIVELY. THE COMPANY HAS NO AMOUNTS ACCRUED FOR INTEREST OR PENALTIES AS OF DECEMBER 31, 2019 AND 2018. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote |
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Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2019 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $161,135,686
- Liabilities
- $164,743,989
- Net assets
- -$3,608,303
- Revenue
- $10,807,483
- Expenses
- $14,455,491
- Net income
- -$3,648,008