Civic Intelligence

New York State Chartered Credit Unions - Progressive Credit Union

990 • Fiscal year 2014 • EIN 13-1726048

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 16, 2015

Organization Profilewww.progressivecu.org

View Organization Page

131 West 33rd Street 7th FloorNew York, NY 10001

(212) 695-8900

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

6th percentile

0.62x

Higher debt load relative to assets than 6% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Liabilities / Revenue

9th percentile

12.35x

Higher debt load relative to revenue than 9% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Net Margin

91st percentile

29%

Higher net margin than 91% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Top Officer Pay

100th percentile

$5,928,123

Higher top officer pay than 100% of similar nonprofits.

Top officer pay equals 17.0% of source-year revenue.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Asset Growth

24th percentile

2.6%

Faster asset growth than 24% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Revenue Growth

47th percentile

1.5%

Faster revenue growth than 47% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets6th percentile

Assets

Up

$699,447,084

Up $17,445,445 (+2.6%) from 2013

Net Assets

Up

$269,175,367

Up $8,996,595 (+3.5%) from 2013

Liabilities

Up

$430,271,717

Up $8,448,850 (+2.0%) from 2013

Revenue And Expenses
Liabilities / Revenue9th percentileNet Margin91st percentile

Revenue

Up

$34,843,854

Up $514,680 (+1.5%) from 2013

Expenses

Up

$24,866,638

Up $9,243,321 (+59%) from 2013

Net Income

Down

$9,977,216

Down $8,728,641 (-47%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth24th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$800M$600M$400M$200M$0Assets 2010: $593,966,714Liabilities 2010: $387,260,011Net Assets 2010: $206,706,7032010Assets 2011: $576,548,233Liabilities 2011: $353,237,010Net Assets 2011: $223,311,2232011Assets 2012: $546,953,963Liabilities 2012: $306,098,729Net Assets 2012: $240,855,2342012Assets 2013: $682,001,639Liabilities 2013: $421,822,867Net Assets 2013: $260,178,7722013Assets 2014: $699,447,084Liabilities 2014: $430,271,717Net Assets 2014: $269,175,3672014Assets 2015: $646,342,565Liabilities 2015: $397,737,087Net Assets 2015: $248,605,4782015Assets 2016: $591,777,993Liabilities 2016: $401,195,965Net Assets 2016: $190,582,0282016Assets 2017: $469,028,562Liabilities 2017: $376,365,772Net Assets 2017: $92,662,7902017Assets 2018: $0Liabilities 2018: $0Net Assets 2018: $02018

Highlighted filing

2014

Assets$699,447,084
Liabilities$430,271,717
Net Assets$269,175,367
Open 2014 Filing

Operations Trend

Revenue Growth47th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$200M$100M$0-$100M-$200MExpenses 2010: $20,538,0322010Expenses 2011: $18,832,2392011Expenses 2012: $16,261,1622012Revenue 2013: $34,329,174Expenses 2013: $15,623,317Net Income 2013: $18,705,8572013Revenue 2014: $34,843,854Expenses 2014: $24,866,638Net Income 2014: $9,977,2162014Revenue 2015: $32,653,509Expenses 2015: $52,150,637Net Income 2015: -$19,497,1282015Revenue 2016: $26,465,335Expenses 2016: $83,846,128Net Income 2016: -$57,380,7932016Revenue 2017: $19,569,366Expenses 2017: $116,747,686Net Income 2017: -$97,178,3202017Revenue 2018: $22,308,982Expenses 2018: $160,107,333Net Income 2018: -$137,798,3512018

Highlighted filing

2014

Revenue$34,843,854
Expenses$24,866,638
Net Income$9,977,216
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 16, 2015
Return Version
2014v5.0
Gross Receipts
$34,843,854
Mission and Program Overview

Mission

Progressive credit union is chartered under the new york banking law. The organization is a cooperative institution and exists for the financial services benefit of its members.

Progressive credit union is chartered under the new york banking law. The organization is a cooperative institution & exists for the financial srvcs. Benefit of its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$260,178,772$269,175,367▲ $8,996,595
Land, Buildings, and Equipment, Net$12,094,068$11,685,601▼ $408,467
Savings and Temporary Cash Investments$6,196,831$5,405,347▼ $791,484
Investments in Publicly Traded Securities$1,149,700$1,121,200▼ $28,500
Cash and Non-Interest-Bearing Accounts$2,000$2,000→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$682,001,639$699,447,084▲ $17,445,445
Other Assets Total$662,559,040$681,232,936▲ $18,673,896
Liabilities
Other Liabilities$326,920,478$318,223,733▼ $8,696,745
Mortgage Notes Payable Secured by Investment Property$90,000,000$107,100,000▲ $17,100,000
Accounts Payable and Accrued Expenses$4,902,389$4,947,984▲ $45,595
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$421,822,867$430,271,717▲ $8,448,850
Net Assets / Fund Balance
Total Net Assets Fund Balance$260,178,772$269,175,367▲ $8,996,595
Total Liabilities and Net Assets / Fund Balance$682,001,639$699,447,084▲ $17,445,445

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,868,545$1,257,983$11,126,528
Leasehold Improvements$1,550,864$432,939$1,983,803
Other Land Buildings$266,192$598,242$864,434
Other Assets Org$1,825,957--
Compensation and Service Providers
Top Officer Pay100th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert a FamilantCEO/treasurerFT$999,727$4,928,396$5,928,123
Charles H RogersCOOFT$375,576$398,046$773,622
Rita RyanCLOFT$263,172$136,178$399,350
Michael DeeVP of Mortgage LendingFT$169,869$37,075$206,944
David KoshersGeneral CounselFT$133,984$39,129$173,113
Cheuk LeeVP of Financial OperationsFT$128,417$36,321$164,738
Emily OamiDirector of Special Proj.FT$108,560$52,961$161,521
Karen ShillettoLoan Department SupervisorFT$108,342$12,943$121,285

Board Members and Trustees

NameTitle
Joel SlomonPresident
Gerald ShulmanVice President
Brian WorkmanDirector
Deborah ChassenSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Sdfs LLCLoan Broker825 THIRD AVENUE, New York, NY 10022$647,086
Mark GallagherLoan Broker17 WEST 71ST STREET, New York, NY 10023$118,468
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$34,418,873
Investment Income
$424,981
Other Revenue
$0
Change in Net Assets
$9,977,216

Audited Revenue Reconciliation

Revenue per Audited Statements
$34,843,854
Total Revenue per Audited Statements
$34,843,854
Total Revenue per Form 990
$34,843,854
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$14,509,437
Salaries, Compensation, and Employee Benefits$10,350,201
Grants and Similar Amounts Paid$7,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$7,101,095
Interest---$5,976,329
Other Salaries and Wages---$2,309,500
Fees for Services Other---$1,318,016
Office Expenses---$596,377
Pension Plan Contributions---$524,895
Occupancy---$477,848
Depreciation Depletion---$439,888
Payroll Taxes---$310,633
Information Technology---$211,666
Fees for Services Accounting---$134,000
Insurance---$126,098
Other Employee Benefits---$104,078
Other Expenses---$99,597
Travel---$98,455
Fees for Services Legal---$86,593
All Other Expenses---$42,020
Conferences and Meetings---$29,440
Grants to Domestic Individuals---$7,000
Total Functional Expenses$0$0$0$24,866,638

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$24,866,638
Total Expenses per Audited Statements$24,866,638
Total Expenses per Form 990$24,866,638
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
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

LiabilityAmount
MEMBERS' ACCOUNTS$288,658,368
Securities Sold to Repurchase$20,000,000
Deferred Compensation$7,220,733
Overdrafts$1,256,027
Other Liabilities$1,080,534
Accrued Interest Payable$8,071
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, SECTION A, LINE 6:

“The reporting organization has an open charter to admit members and include all account holders.”

FORM 990, PART VI, SECTION A, LINE 7A:

“Each member is entitled to one vote for selection of appointment of Board of Directors.”

FORM 990, PART VI, SECTION A, LINE 7B:

“The members are required to approve changes to the reporting organization's bylaws.”

FORM 990, PART VI, SECTION B, LINE 11B:

“Form 990 is reviewed by management prior to filing.”

FORM 990, PART VI, SECTION B, LINE 12C:

“The reporting organization's internal auditor annually reviews the completed conflict of interest response forms to identify and address potential insider transactions.”

FORM 990, PART VI, SECTION B, LINE 15A:

“The reporting organization obtains comparables which the Board of Directors utilizes in establishing compensation of the CEO/Treasurer. This is contemporaneously documented in the Board of Director's minutes.”

FORM 990, PART VI, SECTION C, LINE 19:

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
New York State Chartered
EIN
13-1726048
In Care Of
% JOHN MASULLO
Phone
2126958900
Address
131 WEST 33RD STREET 7TH FLOOR, NEW YORK, NY 10001
Doing Business As
Progressive Credit Union

Signing Officer

Name
Artie Bipat-Chae
Title
VP of Finance
Phone
2126958900
Signed
2015-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert a Familant
Formed
1918
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
3
Employees
36
Volunteers
4

Preparer

Firm
Bdo USA Llp
Address
100 PARK AVENUE, NEW YORK, NY 10017
Preparer
Paul Hammerschmidt
Phone
2128858000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Unrealized net actuarial pension losses.................... $(799,272) reclassification adjustment for amortization of prior service cost and net loss included in pension expense.... $(181,349) total...................................................... $(980,621)”

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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$699,447,084
Liabilities
$430,271,717
Net assets
$269,175,367
Revenue
$34,843,854
Expenses
$24,866,638
Net income
$9,977,216
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.00$0.00$0.00$22.3$160$138
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$469$376$92.7$19.6$117$97.2
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$592$401$191$26.5$83.8$57.4
2015Detailed filing. Detailed filing data is available for this year.$646$398$249$32.7$52.2$19.5
2014Detailed filing. Detailed filing data is available for this year.$699$430$269$34.8$24.9$9.98
2013Detailed filing. Detailed filing data is available for this year.$682$422$260$34.3$15.6$18.7
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$547$306$241$16.3
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$577$353$223$18.8
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$594$387$207$20.5