As a national, nonprofit organization, it is Provident's goal to serve our charitable missions through each of our 5 Divisions:
- Lessening the Burdens of Government & Fostering Economic Development
- Affordable | Essential Housing
- Senior Living
Provident Resources Group is a national non-profit organization committed to making a positive impact in communities across the country through the development, ownership and operation of state-of-the-art educational, healthcare, senior living, and multi-family housing facilities and services. In addition, Provident endeavors to assist state and local governments in lessening the burdens they face in providing necessary facilities and services to their citizens. We employ the highest level of professional management while taking a mission-based approach to the delivery of services. Provident firmly believes this approach serves to enhance the quality of all the services within our facilities and in the communities we serve.
In 1999, after a successful 25-year career in public finance law, Steve Hicks was ready for a change and looking for a way to give back. Rather than retiring, Hicks wanted to put his experience and professional relationships to work serving communities on a national scale. Lengthy conversations with friends and former clients around the country–especially professionals who served nonprofit hospitals, universities and state and local governments–had planted the seeds of an ambitious idea. Hicks envisioned a unique organization that would combine strong business acumen with the advantages of a broad social and charitable mission of helping communities–a nonprofit that could make essential projects a reality as a social enterprise for community benefit.
In 1999, Provident Resources Group was born. The organization's first project involved the acquisition and operation of a 240-bed nursing home in Memphis, Tennessee. Since then, Provident's impact and growth have been dramatic. Having completed facilities that serve the needs of some of the nation's most renowned educational institutions to facilities that provide quality housing to those less fortunate and compassionate care to those in need, Provident is making a difference in the communities we serve.
None of these big ideas could come to fruition without the expertise and outstanding reputation of Provident's board and professional staff. Says Hicks, "We're fortunate to have very experienced people on the Provident team – particularly in the areas of finance, law, healthcare, accounting, government, and higher education. In addition to working with wonderful and talented people, the great gift of working with Provident is the opportunity to contribute to something larger than ourselves."
For many years, our society has consisted of three traditional sectors: private, public, and nonprofit – each operating independently, and rarely in concert. As a rule, organizations within the private sector operate with the aim of maximizing profits for their owners, while public and nonprofit institutions operate with the aim of improving and enriching the communities they serve.
In an effort to more efficiently advance societal goals in the face of today's economic challenges, there has begun a new era of collaboration among these sectors, resulting in creative and innovative solutions to the diverse and unique needs confronting communities and public institutions. In response, organizations such as Provident have emerged, seeking to advance community objectives while observing sound business principles – serving the greater good without sacrificing financial performance.
Entities like Provident are part of what is often described as the emerging fourth sector – an innovative combination encompassing corporate social responsibility, social investing, social enterprise, and public-private partnerships. Provident is positioned at the forefront of this movement, providing the skills, expertise, and resources necessary to pursue and accomplish a broad range of charitable purposes while remaining committed to maintaining compliance with and following best practices in the governance and regulatory environment applicable to nonprofit organizations.
Since 2000, Provident has been serving its mission in communities across 27 states and the District of Columbia. In doing so, we have become a standard bearer for a new archetype in organizational design-one that seeks to serve its charitable missions while achieving sound financial results. This has been accomplished through a commitment to purpose, a disciplined approach to financial management, and from the support and confidence of financial institutions and other capital sources which provide the necessary funding to accomplish our missions.
Thanks to the advice, counsel, and support of a talented and diverse board of directors from across the nation, an outstanding professional staff, and the resources of numerous financial institutions at the local and national level, Provident has accessed over $5 billion in capital in support of its charitable missions. With assets under management and operation of $4.2 billion*, Provident is proof that even in a rapidly changing world, a nonprofit organization can effectively serve the greater good while achieving sound financial results.
*as of August 2023