Civic Intelligence

New York State Chartered Credit Unions - Progressive Credit Union

990 • Fiscal year 2016 • EIN 13-1726048

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 15, 2017

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

5th percentile

0.68x

Higher debt load relative to assets than 5% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Liabilities / Revenue

24th percentile

15.16x

Higher debt load relative to revenue than 24% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Net Margin

1st percentile

-217%

Higher net margin than 1% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Top Officer Pay

99th percentile

$2,297,298

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 8.7% of source-year revenue.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Asset Growth

1st percentile

-8.4%

Faster asset growth than 1% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Revenue Growth

1st percentile

-19%

Faster revenue growth than 1% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets5th percentile

Assets

Down

$591,777,993

Down $54,564,572 (-8.4%) from 2015

Net Assets

Down

$190,582,028

Down $58,023,450 (-23%) from 2015

Liabilities

Up

$401,195,965

Up $3,458,878 (+0.9%) from 2015

Revenue And Expenses
Liabilities / Revenue24th percentileNet Margin1st percentile

Revenue

Down

$26,465,335

Down $6,188,174 (-19%) from 2015

Expenses

Up

$83,846,128

Up $31,695,491 (+61%) from 2015

Net Income

Down

-$57,380,793

Down $37,883,665 (-194%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth1st 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

2016

Assets$591,777,993
Liabilities$401,195,965
Net Assets$190,582,028
Open 2016 Filing

Operations Trend

Revenue Growth1st 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

2016

Revenue$26,465,335
Expenses$83,846,128
Net Income-$57,380,793
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 15, 2017
Return Version
2016v3.1
Gross Receipts
$44,510,335
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$248,605,478$190,582,028▼ $58,023,450
Land, Buildings, and Equipment, Net$11,381,361$11,032,614▼ $348,747
Savings and Temporary Cash Investments$4,563,493$6,194,781▲ $1,631,288
Investments in Publicly Traded Securities$977,600$148,800▼ $828,800
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$646,342,565$591,777,993▼ $54,564,572
Other Assets Total$629,418,111$574,399,798▼ $55,018,313
Liabilities
Other Liabilities$308,486,230$303,891,748▼ $4,594,482
Mortgage Notes Payable Secured by Investment Property$86,000,000$93,500,000▲ $7,500,000
Accounts Payable and Accrued Expenses$3,250,857$3,804,217▲ $553,360
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$397,737,087$401,195,965▲ $3,458,878
Net Assets / Fund Balance
Total Net Assets Fund Balance$248,605,478$190,582,028▼ $58,023,450
Total Liabilities and Net Assets / Fund Balance$646,342,565$591,777,993▼ $54,564,572

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,312,132$1,814,396$11,126,528
Leasehold Improvements$1,488,236$531,316$2,019,552
Other Land Buildings$232,246$764,592$996,838
Other Assets Org$948,690--
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert a FamilantCEO/treasurerFT$2,238,128$59,170$2,297,298
Rita RyanCLOFT$284,647$146,369$431,016
Emily OamiCOOFT$220,000$123,459$343,459
David KoshersGeneral CounselFT$145,000$58,410$203,410
Joseph AnconaChief Credit OfficerFT$166,400$36,529$202,929
Artie Bipat-chaseV.p. Financial Ops.FT$135,200$15,289$150,489
Luke ParrisDirector of Lending/part.FT$129,000$20,709$149,709
John MasulloInternal AuditorFT$134,400$14,719$149,119

Board Members and Trustees

NameTitle
Joel SlomonPresident
Gerald ShulmanVice President
Brian WorkmanDirector
Deborah ChassenSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
131 West 33rd Street CondoMaintenance55 FIFTH AVENUE 15TH FLOOR, New York, NY 10003$279,361
Sidley Austin LLPLegal787 SEVENTH AVENUE, New York, NY 10019$270,305
Crosby And Higgins LLPLegal477 MADISON AVENUE SUITE 653, New York, NY 10022$240,000
Cu AnswersIt Systems Provider600 28TH STREET SE SUITE 100, Grand Rapids, MI 49546$202,930
Bdo USA LLPAudit & Tax100 PARK AVENUE, New York, NY 10017$144,228
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$25,373,411
Investment Income
$1,091,924
Other Revenue
$0
Change in Net Assets
$-57,380,793

Audited Revenue Reconciliation

Revenue per Audited Statements
$26,465,335
Total Revenue per Audited Statements
$26,465,335
Total Revenue per Form 990
$26,465,335
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$76,822,528
Salaries, Compensation, and Employee Benefits$7,012,600
Grants and Similar Amounts Paid$11,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$5,758,863
Current Officers, Directors, Trustees, and Key Employees---$3,071,773
Other Salaries and Wages---$2,800,498
Pension Plan Contributions---$786,252
Office Expenses---$778,959
Fees for Services Other---$625,080
Fees for Services Legal---$616,404
Occupancy---$513,712
Depreciation Depletion---$401,753
Fees for Services Management---$369,304
Other Employee Benefits---$334,829
Other Expenses---$216,523
Information Technology---$208,907
Fees for Services Accounting---$154,867
Travel---$126,506
Insurance---$72,575
Payroll Taxes---$19,248
Conferences and Meetings---$15,779
Grants to Domestic Individuals---$11,000
Total Functional Expenses$0$0$0$83,846,128

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$83,846,128
Total Expenses per Audited Statements$83,846,128
Total Expenses per Form 990$83,846,128
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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$303,314,449
Overdrafts$514,920
Accrued Interest Payable$62,379
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Emily Oami
Title
COO
Phone
2126958900
Signed
2017-11-15
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
50
Volunteers
4

Preparer

Firm
Bdo USA Llp
Address
100 PARK AVENUE, NEW YORK, NY 10017-5001
Preparer
Paul Hammerschmidt
Phone
2128858000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Unrealized net actuarial pension losses............ $(999,183) reclassification adjustment for amortization of prior service cost and net loss included in pension expense............................... $ 356,526 total.............................................. $(642,657)”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm10JOHN MASULLO
IRS990/Form990PartVIISectionAGrp/PersonNm11LUKE PARRIS
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IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5COO
IRS990/Form990PartVIISectionAGrp/TitleTxt6CLO
IRS990/Form990PartVIISectionAGrp/TitleTxt7GENERAL COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt8CHIEF CREDIT OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt9V.P. FINANCIAL OPS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR OF LENDING/PART.
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IRS990/InsuranceGrp/TotalAmt072575
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IRS990/MembersOrStockholdersInd0true
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IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0PROGRESSIVE 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.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/TotalAmt0513712
IRS990/OfficeExpensesGrp/TotalAmt0778959
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt0574399798
IRS990/OtherChangesInNetAssetsAmt0-642657
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0334829
IRS990/OtherExpensesGrp/Desc0ALLOWANCE FOR LOAN LOSSES
IRS990/OtherExpensesGrp/Desc1OFFICE OPERATING EXPENSES
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IRS990/OtherExpensesGrp/TotalAmt1216523
IRS990/OtherLiabilitiesGrp/BOYAmt0308486230
IRS990/OtherLiabilitiesGrp/EOYAmt0303891748
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IRS990/PayrollTaxesGrp/TotalAmt019248
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IRS990/PoliticalCampaignActyInd0false
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IRS990/PrincipalOfficerNm0ROBERT A FAMILANT
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IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt12452778
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt23500000
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt85100976
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt9948690
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0LIFE INSURANCE AGREEMENT
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1NCUSIF DEPOSIT
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2MEMBERS UNITED CORP. FCU
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3UNIONS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4LOANS TO MEMBERS

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$591,777,993
Liabilities
$401,195,965
Net assets
$190,582,028
Revenue
$26,465,335
Expenses
$83,846,128
Net income
-$57,380,793
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
2016Detailed filing. Detailed filing data is available for this year.$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