Civic Intelligence

New York State Chartered Credit Unions - Progressive Credit Union

990 • Fiscal year 2017 • EIN 13-1726048

Jan 01, 2017 to Dec 31, 2017 • Filed on Oct 30, 2018

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

7th percentile

0.80x

Higher debt load relative to assets than 7% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Liabilities / Revenue

63rd percentile

19.23x

Higher debt load relative to revenue than 63% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Net Margin

1st percentile

-497%

Higher net margin than 1% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Top Officer Pay

98th percentile

$1,931,827

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 9.9% of source-year revenue.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Asset Growth

1st percentile

-21%

Faster asset growth than 1% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Revenue Growth

1st percentile

-26%

Faster revenue growth than 1% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets7th percentile

Assets

Down

$469,028,562

Down $122,749,431 (-21%) from 2016

Net Assets

Down

$92,662,790

Down $97,919,238 (-51%) from 2016

Liabilities

Down

$376,365,772

Down $24,830,193 (-6.2%) from 2016

Revenue And Expenses
Liabilities / Revenue63rd percentileNet Margin1st percentile

Revenue

Down

$19,569,366

Down $6,895,969 (-26%) from 2016

Expenses

Up

$116,747,686

Up $32,901,558 (+39%) from 2016

Net Income

Down

-$97,178,320

Down $39,797,527 (-69%) from 2016

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

2017

Assets$469,028,562
Liabilities$376,365,772
Net Assets$92,662,790
Open 2017 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

2017

Revenue$19,569,366
Expenses$116,747,686
Net Income-$97,178,320
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Oct 30, 2018
Return Version
2017v2.3
Gross Receipts
$20,174,984
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$190,582,028$92,662,790▼ $97,919,238
Savings and Temporary Cash Investments$6,194,781$38,958,686▲ $32,763,905
Land, Buildings, and Equipment, Net$11,032,614$10,709,506▼ $323,108
Investments in Publicly Traded Securities$148,800$139,900▼ $8,900
Cash and Non-Interest-Bearing Accounts$2,000$0▼ $2,000
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$591,777,993$469,028,562▼ $122,749,431
Other Assets Total$574,399,798$419,220,470▼ $155,179,328
Liabilities
Other Liabilities$303,891,748$289,871,685▼ $14,020,063
Mortgage Notes Payable Secured by Investment Property$93,500,000$84,000,000▼ $9,500,000
Accounts Payable and Accrued Expenses$3,804,217$2,494,087▼ $1,310,130
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$401,195,965$376,365,772▼ $24,830,193
Net Assets / Fund Balance
Total Net Assets Fund Balance$190,582,028$92,662,790▼ $97,919,238
Total Liabilities and Net Assets / Fund Balance$591,777,993$469,028,562▼ $122,749,431

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,033,927$2,092,601$11,126,528
Leasehold Improvements$1,477,415$589,164$2,066,579
Other Land Buildings$198,164$795,462$993,626
Other Assets Org$791,442--
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert a FamilantCEO/treasurerFT$1,870,722$61,105$1,931,827
Rita RyanChief Lending OfficerFT$414,409$15,445$429,854
Emily OamiChief Operating OfficerFT$296,923$48,982$345,905
Joseph AnconaChief Credit OfficerFT$190,439$41,250$231,689
David KoshersGeneral CounselFT$158,519$58,236$216,755
Artie Bipat-chaseV.p. Financial Ops.FT$140,400$16,975$157,375
John MasulloInternal AuditorFT$129,800$25,108$154,908
Lisa VitucciLoan Review OfficerFT$125,400$14,050$139,450
Mario Pastorino From 11617CFO (thru 11/10/17)FT$3,365-$3,365

Board Members and Trustees

NameTitle
Joel SlomonPresident
Gerald ShulmanVice President
Brian WorkmanDirector
Deborah ChassenSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Sidley Austin LLPLegal787 SEVENTH AVENUE, New York, NY 10019$901,386
Pryor CashmanLegal7 TIMES SQUARE, New York, NY 10036$335,253
131 West 33rd Street CondoMaintenance55 FIFTH AVENUE 15TH FLOOR, New York, NY 10003$331,524
Cu AnswersIt Systems Provider600 28TH STREET SE SUITE 100, Grand Rapids, MI 49546$226,983
Bdo USA LLPAudit & Tax100 PARK AVENUE, New York, NY 10017$145,667
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$19,409,091
Investment Income
$160,275
Other Revenue
$0
Change in Net Assets
$-97,178,320

Audited Revenue Reconciliation

Revenue per Audited Statements
$19,569,366
Total Revenue per Audited Statements
$19,569,366
Total Revenue per Form 990
$19,569,366
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$110,267,450
Salaries, Compensation, and Employee Benefits$6,480,236
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$6,166,035
Other Salaries and Wages---$2,791,810
Current Officers, Directors, Trustees, and Key Employees---$2,710,951
Fees for Services Legal---$1,686,540
Other Expenses---$1,666,974
Fees for Services Other---$757,569
Occupancy---$641,862
Pension Plan Contributions---$613,490
Office Expenses---$589,033
Depreciation Depletion---$395,726
Fees for Services Management---$371,422
Other Employee Benefits---$346,163
All Other Expenses---$227,320
Fees for Services Accounting---$224,000
Information Technology---$212,914
Insurance---$73,128
Travel---$38,764
Payroll Taxes---$17,822
Conferences and Meetings---$11,001
Total Functional Expenses$0$0$0$116,747,686

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$116,747,686
Total Expenses per Audited Statements$116,747,686
Total Expenses per Form 990$116,747,686
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$289,746,614
Accrued Interest Payable$125,071
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
Rocco Sabino
Title
CFO
Phone
2126958900
Signed
2018-10-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert a Familant
Formed
1918
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
4
Employees
49
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............ $(1,136,006) reclassification adjustment for amortization of prior service cost and net loss included in pension expense............................... $ 395,088 total.................................................$(740,918)”

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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/TitleTxt5CHIEF OPERATING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt6CFO (THRU 11/10/17)
IRS990/Form990PartVIISectionAGrp/TitleTxt7CHIEF LENDING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt8CHIEF CREDIT OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt9GENERAL COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt10V.P. FINANCIAL OPS.
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IRS990/InfoInScheduleOPartVIIInd0X
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IRS990/InsuranceGrp/TotalAmt073128
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IRS990/InterestGrp/TotalAmt06166035
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IRS990/LoansFromOfficersDirectorsGrp/EOYAmt00
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IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
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/MortgNotesPyblScrdInvstPropGrp/EOYAmt084000000
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IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-605618
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetUnrelatedBusTxblIncmAmt00
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IRS990/OccupancyGrp/TotalAmt0641862
IRS990/OfficeExpensesGrp/TotalAmt0589033
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0574399798
IRS990/OtherAssetsTotalGrp/EOYAmt0419220470
IRS990/OtherChangesInNetAssetsAmt0-740918
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0346163
IRS990/OtherExpensesGrp/Desc0ALLOWANCE FOR LOAN LOSSES
IRS990/OtherExpensesGrp/Desc1VAL LOSS ON FORECLOSED ASSET
IRS990/OtherExpensesGrp/Desc2VAL LOSS ON REC. FROM SALE
IRS990/OtherExpensesGrp/Desc3OF FORECLOSED ASSETS
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IRS990/OtherExpensesGrp/TotalAmt18937007
IRS990/OtherExpensesGrp/TotalAmt20
IRS990/OtherExpensesGrp/TotalAmt31666974
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IRS990/OtherLiabilitiesGrp/EOYAmt0289871685
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
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IRS990/PayrollTaxesGrp/TotalAmt017822
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IRS990/PYTotalExpensesAmt083846128
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IRS990/PYTotalRevenueAmt026465335
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
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IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0true
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IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0190582028
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt092662790
IRS990/SavingsAndTempCashInvstGrp/BOYAmt06194781
IRS990/SavingsAndTempCashInvstGrp/EOYAmt038958686
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt09033927
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02092601
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt011126528
IRS990ScheduleD/ExpensesSubtotalAmt0116747686
IRS990ScheduleD/FederalIncomeTaxLiabilityAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt01477415
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0589164
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt02066579
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt013435000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt12477384
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt23500000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt313422892

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$469,028,562
Liabilities
$376,365,772
Net assets
$92,662,790
Revenue
$19,569,366
Expenses
$116,747,686
Net income
-$97,178,320
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
2017Detailed filing. Detailed filing data is available for this year.$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
Peer Organizations

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