Civic Intelligence

Preservation Freehold Company

EIN 90-0475369 • 501(c)3 • Lewisville, TX

Profile

See schedule o for the organization's defined mission statementpreservation 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.

1500 Waters Ridge Dr 100Lewisville, TX 75057

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

94th percentile

1.07x

Higher debt load relative to assets than 94% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

88th percentile

2.80x

Higher debt load relative to revenue than 88% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

22nd percentile

-3.2%

Higher net margin than 22% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

11th percentile

$304,450

Higher top officer pay than 11% of similar nonprofits.

Top officer pay equals 0.1% of source-year revenue.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Asset Growth

20th percentile

-0.9%

Faster asset growth than 20% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

35th percentile

4.8%

Faster revenue growth than 35% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Down

$561,000,473

Down $5,365,489 (-0.9%) from 2023

Liabilities

Up

$602,018,068

Up $1,502,645 (+0.3%) from 2023

Net Assets

Down

-$41,017,595

Down $6,868,134 (-20%) from 2023

Revenue

Up

$215,279,684

Up $9,794,884 (+4.8%) from 2023

Expenses

Up

$222,147,818

Up $3,564,709 (+1.6%) from 2023

Net Income

Up

-$6,868,134

Up $6,230,175 (+48%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$800M$600M$400M$200M$0-$200MAssets 2014: $499,500Liabilities 2014: $0Net Assets 2014: $499,5002014Assets 2015: -$144,529Liabilities 2015: $0Net Assets 2015: -$144,5292015Assets 2016: -$243,706Liabilities 2016: $0Net Assets 2016: -$243,7062016Assets 2017: -$197,112Liabilities 2017: $0Net Assets 2017: -$197,1122017Assets 2018: -$279,203Liabilities 2018: $0Net Assets 2018: -$279,2032018Assets 2019: $30,136,896Liabilities 2019: $32,642,333Net Assets 2019: -$2,505,4372019Assets 2020: $35,490,463Liabilities 2020: $39,109,123Net Assets 2020: -$3,618,6602020Assets 2021: $599,345,935Liabilities 2021: $606,326,264Net Assets 2021: -$6,980,3292021Assets 2022: $583,423,899Liabilities 2022: $604,216,482Net Assets 2022: -$20,792,5832022Assets 2023: $566,365,962Liabilities 2023: $600,515,423Net Assets 2023: -$34,149,4612023Assets 2024: $561,000,473Liabilities 2024: $602,018,068Net Assets 2024: -$41,017,5952024

Highlighted filing

2024

Assets$561,000,473
Liabilities$602,018,068
Net Assets-$41,017,595

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$300M$200M$100M$0-$100MRevenue 2014: $499,500Expenses 2014: $0Net Income 2014: $499,5002014Revenue 2015: -$644,029Expenses 2015: $0Net Income 2015: -$644,0292015Revenue 2016: -$99,177Expenses 2016: $0Net Income 2016: -$99,1772016Revenue 2017: $46,594Expenses 2017: $0Net Income 2017: $46,5942017Revenue 2018: -$82,091Expenses 2018: $0Net Income 2018: -$82,0912018Revenue 2019: $2,648,072Expenses 2019: $3,043,446Net Income 2019: -$395,3742019Revenue 2020: $11,706,521Expenses 2020: $12,819,744Net Income 2020: -$1,113,2232020Revenue 2021: $99,735,351Expenses 2021: $103,097,020Net Income 2021: -$3,361,6692021Revenue 2022: $209,012,995Expenses 2022: $222,825,249Net Income 2022: -$13,812,2542022Revenue 2023: $205,484,800Expenses 2023: $218,583,109Net Income 2023: -$13,098,3092023Revenue 2024: $215,279,684Expenses 2024: $222,147,818Net Income 2024: -$6,868,1342024

Highlighted filing

2024

Revenue$215,279,684
Expenses$222,147,818
Net Income-$6,868,134

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 3, 2025
Return Version
2024v5.2
Gross Receipts
$215,279,684
Mission and Program Overview

Mission

The Companys mission is to build or facilitate the building of affordable housing and/or to preserve such housing from reverting to market rate.

Preservation freehold company is a public charity organized for the purpose (continued on schedule o) 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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$459,290,965$447,659,506▼ $11,631,459
Savings and Temporary Cash Investments$69,154,784$75,264,422▲ $6,109,638
Cash and Non-Interest-Bearing Accounts$14,765,468$14,873,667▲ $108,199
Accounts Receivable$10,000,745$12,076,630▲ $2,075,885
Prepaid Expenses and Deferred Charges$1,483,745$1,745,517▲ $261,772
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-34,149,461$-41,017,595▼ $6,868,134
Total Assets$566,365,962$561,000,473▼ $5,365,489
Other Assets Total$11,670,255$9,380,731▼ $2,289,524
Liabilities
Tax Exempt Bond Liabilities$502,850,000$502,405,000▼ $445,000
Mortgage Notes Payable Secured by Investment Property$64,829,856$65,055,319▲ $225,463
Accounts Payable and Accrued Expenses$27,264,449$29,525,204▲ $2,260,755
Other Liabilities$4,686,107$3,983,073▼ $703,034
Deferred Revenue$885,011$1,049,472▲ $164,461
Total Liabilities$600,515,423$602,018,068▲ $1,502,645
Net Assets / Fund Balance
Total Net Assets Fund Balance$-34,149,461$-41,017,595▼ $6,868,134
Total Liabilities and Net Assets / Fund Balance$566,365,962$561,000,473▼ $5,365,489

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$400,859,348$47,365,334$448,224,682
Land$29,045,784-$29,045,784
Equipment$7,623,682$10,903,052$18,526,734
Leasehold Improvements$7,718,829$810,967$8,529,796
Other Land Buildings$2,411,863$443,504$2,855,367
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lee SudbeckFacility EmployeeFT$195,367$109,083$304,450
Gibson VernonFacility EmployeeFT$206,762$57,992$264,754
Edward FosamFacility EmployeeFT$233,300$19,241$252,541
Selina MensahFacility EmployeeFT$216,063$5,750$221,813
John FonangFacility EmployeeFT$146,529$51,153$197,682
James ChancePresident & CEOFT$158,668$21,097$179,765

Board Members and Trustees

NameTitle
Dana ArnetteBoard Member
Darrel McgeheeBoard Member
Thomas E LangdonSecretary and Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Stonegate Senior Living LLCManagement Company1500 WATERS RIDGE DRIVE STE 200, Lewisville, TX 75057$20,577,582
Rehab ProTherapy Services17521 US HWY 69 SOUTH STE 120, Tyler, TX 75703$7,417,787
Shiftkey LLCNurse Staffing Service14800 FRY ROAD 2ND FLOOR, Fort Worth, TX 76155$858,834
Lifetime WellnessTherapy Services17521 US HWY 69 SOUTH STE 120, Tyler, TX 75703$640,085
Collain HealthcareAccounting Services33313 COLLECTION CENTER DRIVE, Chicago, IL 60693$383,415
Revenue and Support

Revenue Composition

Contributions and Grants
$1,418,620
Program Service Revenue
$210,130,413
Investment Income
$3,383,901
Other Revenue
$346,750
All Other Contributions
$150
Change in Net Assets
$-6,868,134
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$114,429,215
Other Expenses$107,718,603
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$96,419,451$6,496,779-$102,916,230
Interest$32,792,259--$32,792,259
Fees for Services Other$18,405,099--$18,405,099
Depreciation Depletion$16,856,541--$16,856,541
Fees for Services Management-$14,838,951-$14,838,951
Occupancy$8,756,703$1,498,052-$10,254,755
Payroll Taxes$7,817,093$350,384-$8,167,477
Insurance$4,419,221--$4,419,221
Other Employee Benefits$2,896,725$275,932-$3,172,657
Office Expenses$1,612,528$214,046-$1,826,574
Information Technology$1,351,731--$1,351,731
Fees for Services Legal$470,262--$470,262
Fees for Services Accounting-$194,787-$194,787
Other Expenses$181,773--$181,773
Current Officers, Directors, Trustees, and Key Employees-$172,851-$172,851
All Other Expenses$168,867--$168,867
Advertising-$146,553-$146,553
Conferences and Meetings$101,350--$101,350
Travel$37,630$42,960-$80,590
Total Functional Expenses$197,916,523$24,231,295$0$222,147,818
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Leases$3,883,240
Insurance$71,647
Due to Owner$28,186

Bond Issues

BondIssuerIssuedIssue PricePurpose
ANew Hope Cultural Education Facilities Finance Corporation2021-09-23$502,850,000Finance the purchase of skilled nursing & assisted living facilities

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$509,906,420--$4,877,313

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The organization provides a complete copy of the form 990 to all members of its governing body before filing.

Form 990, Part VI, Section B, Line 12C

Each board member, officer, and key employee is provided with a written copy of the conflict of interest policy and is required to provide an annual conflict of interest statement and to fully disclose any actual or potential conflict of interest. Individuals with actual or potential conflicts of interest will abstain from discussing or voting on any matter related to the conflict. Disinterested directors will then consider the matter and vote on whether to proceed despite the conflict.

Form 990, Part VI, Section B, Line 15

On march 13, 2020, the board approved formation of an executive evaluation and compensation committee to evaluate performance, obtain research and information, and make recommendations concerning compensation of directors and key employees.

Form 990, Part VI, Section C, Line 19

The organization's governing documents, conflict of interest policy, and financial statements are made available to the public upon request from the ceo.

Filing and Contact Details

Filer

Filer Name
Preservation Freehold Company
EIN
90-0475369
Phone
2147252837
Address
1500 WATERS RIDGE DR 100, LEWISVILLE, TX 75057

Signing Officer

Name
James M Chance
Title
President/CEO
Phone
4052090291
Signed
2025-11-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James M Chance
Formed
2009
Legal Domicile
TX
Voting Board Members
4
Independent Board Members
3
Employees
5,587
Volunteers
3

Preparer

Firm
Armanino Advisory LLC
Address
15950 N DALLAS PKWY 600, DALLAS, TX 75248
Preparer
Matthew Petroski
Phone
9726611843
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