NEW YORK STATE CHARTERED: Form 990, tax year 2018
View the entire original 990 at ProPublica ↗
- Organization
- NEW YORK STATE CHARTERED (EIN 13-1726048)
- Tax period
- 2018-01-01 to 2018-12-31
- Filed
- 2020-01-31
- IRS object ID
- 202000319349300440
- Schema version
- 2018v3.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2020-01-31T16:24:28-06:00 | ReturnTs |
| Tax Period End | 2018-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BDO USA LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 100 PARK AVENUE | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 100175001 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2018-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 131726048 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | NEW YORK STATE CHARTERED | BusinessNameLine1Txt |
| Business Name Line2 | CREDIT UNIONS - PROGRESSIVE CREDIT UNION | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| In Care Of | % JOHN MASULLO | InCareOfNm |
| Business Name Control | NEWY | BusinessNameControlTxt |
| Phone | 2126958900 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 131 WEST 33RD STREET 7TH FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10001 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | BRENT DANN | PersonNm |
| Person Title | SVP/CAO | PersonTitleTxt |
| Phone | 2126958900 | PhoneNum |
| Signature | 2020-01-31 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | Paul Hammerschmidt | PreparerPersonNm |
| PTIN | P01384178 | PTIN |
| Phone | 2128858000 | PhoneNum |
Filing Security Information FilingSecurityInformation
IP Address IPAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| I Pv4 Address | 24.98.146.212 | IPv4AddressTxt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Federal Original Submission Id | 26308920200315000004 | FederalOriginalSubmissionId |
| Federal Original Submission Id | 2020-01-31 | FederalOriginalSubmissionIdDt |
| Filing License Type | P | FilingLicenseTypeCd |
| At Submission Creation Device Id | 48C336AAB7D1DE8463E223BE15B361E384766368 | AtSubmissionCreationDeviceId |
| At Submission Filing Device Id | 7650403D266B766C333176AE000A8E3E9E2A92DE | AtSubmissionFilingDeviceId |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2018 | TaxYr |
| Build TS | 2020-11-19 02:30:22Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Final Return | Yes (X) | FinalReturnInd |
Doing Business As Name DoingBusinessAsName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PROGRESSIVE CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | JAMES SCHENCK | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 131 WEST 33RD STREET 7TH FL | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10001 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $47,341,579 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Group Exemption | 9217 | GroupExemptionNum |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | www.penfed.org | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1918 | FormationYr |
| Legal Domicile State | NY | LegalDomicileStateCd |
| Activity Or Mission | 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. | ActivityOrMissionDesc |
| Contract Termination | Yes (X) | ContractTerminationInd |
| Voting Members Governing Body | 5 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 4 | VotingMembersIndependentCnt |
| Total Employee | 47 | TotalEmployeeCnt |
| Total Volunteers | 4 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $39,759 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $19,409,091 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $15,558,890 | CYProgramServiceRevenueAmt |
| PY Investment Income | $160,275 | PYInvestmentIncomeAmt |
| CY Investment Income | $6,750,092 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $19,569,366 | PYTotalRevenueAmt |
| CY Total Revenue | $22,308,982 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $6,480,236 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $6,774,211 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $110,267,450 | PYOtherExpensesAmt |
| CY Other Expenses | $153,333,122 | CYOtherExpensesAmt |
| PY Total Expenses | $116,747,686 | PYTotalExpensesAmt |
| CY Total Expenses | $160,107,333 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$97,178,320 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$137,798,351 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $469,028,562 | TotalAssetsBOYAmt |
| Total Assets EOY | $0 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $376,365,772 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $0 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $92,662,790 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $0 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| 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. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | Yes (true) | SignificantChangeInd |
| Desc | PROGRESSIVE CREDIT UNION RECEIVED ITS CHARTER IN 1918 FROM THE STATE OF NEW YORK. AT DECEMBER 31, 2018 IT HAD 2,821 MEMBERS HAVING APPROXIMATELY $242,052,000 IN SHARES, SHARE DRAFTS AND SHARE CERTIFICATES ON DEPOSIT WITH THE CREDIT UNION. IN 2018 THE CREDIT UNION GRANTED APPROXIMATELY $19,788,000 IN NEW LOANS, WHICH INCLUDED LOANS FOR THE PURCHASE OF PREVIOUSLY FORECLOSED TAXI MEDALLIONS IN NEW YORK, NEWARK, CHICAGO PHILADELPHIA, ATLANTA, MIAMI, AND BOSTON, AND THE MODIFICATION OF EXISTING TAXI MEDALLION LOANS. THE CREDIT UNION ALSO GRANTS LOANS TO FINANCE COMMERCIAL PROPERTIES AND RESIDENTIAL MORTGAGES. | Desc |
| Described In Section501c3 | false | DescribedInSection501c3Ind |
| Schedule B Required | false | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Temp Or Permanent Endowments | false | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | false | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | false | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | false | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | false | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (true) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | false | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | false | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | Yes (true) | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | Yes (true) | DisregardedEntityInd |
| Related Entity | Yes (true) | RelatedEntityInd |
| Related Organization Ctrl Ent | Yes (true) | RelatedOrganizationCtrlEntInd |
| Transaction With Control Ent | false | TransactionWithControlEntInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| Info In Schedule O Part V | Yes (X) | InfoInScheduleOPartVInd |
| IRP Document | 0 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 47 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (true) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (true) | Form990TFiledInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | Yes (true) | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | false | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 5 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 4 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (true) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (true) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (true) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | false | LocalChaptersInd |
| Form990 Provided To Gvrn Body | false | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (true) | CompensationProcessCEOInd |
| Compensation Process Other | false | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JOHN MASULLO | PersonNm |
| Phone | 9177935169 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 131 WEST 33RD STREET 7TH FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10001 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part VII | Yes (X) | InfoInScheduleOPartVIIInd |
Form990 Part VII Section A Form990PartVIISectionAGrp (14 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|---|
| ROBERT A FAMILANT | |||||||||
| CEO/TREASURER | 37.5 | 0.0 | Yes (X) | Yes (X) | $1,927,411 | $0 | $42,160 | ||
| JOEL SLOMON | |||||||||
| PRESIDENT | 1.0 | 0.0 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| GERALD SHULMAN | |||||||||
| VICE PRESIDENT | 1.0 | 0.0 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| DEBORAH CHASSEN | |||||||||
| SECRETARY | 1.0 | 0.0 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| BRIAN WORKMAN | |||||||||
| DIRECTOR | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| ROCCO SABINO FROM 118 | |||||||||
| CHIEF FINANCIAL OFFICER | 37.5 | 0.0 | Yes (X) | $164,904 | $0 | $0 | |||
| MARK ENTIN FROM 118 | |||||||||
| CHIEF OPERATING OFFICER | 37.5 | 0.0 | Yes (X) | $231,730 | $0 | $0 | |||
| EMILY OAMI | |||||||||
| SENIOR ADVISOR | 37.5 | 0.0 | $185,077 | $0 | $30,695 | Yes (X) | |||
| RITA RYAN | |||||||||
| CHIEF LENDING OFFICER | 37.5 | 0.0 | $170,950 | $0 | $1,532 | Yes (X) | |||
| JOSEPH ANCONA | |||||||||
| CHIEF CREDIT OFFICER | 37.5 | 0.0 | $198,762 | $0 | $21,623 | Yes (X) | |||
| DAVID KOSHERS | |||||||||
| GENERAL COUNSEL | 37.5 | 0.0 | $163,942 | $0 | $13,167 | Yes (X) | |||
| LUKE PARRIS | |||||||||
| DIRECTOR OF LENDING/PART. | 37.5 | 0.0 | $136,907 | $0 | $20,123 | Yes (X) | |||
| JOHN MASULLO | |||||||||
| SENIOR ACCOUNTANT | 37.5 | 0.0 | $125,363 | $0 | $14,559 | Yes (X) | |||
| DWAYNE LEVERETT | |||||||||
| DIR., COMMERICAL REAL ESTATE | 37.5 | 0.0 | $124,962 | $0 | $15,041 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $3,430,008 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $158,900 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 16 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| CU ANSWERS | |||||
| 600 28TH STREET SE SUITE 100 | GRAND RAPIDS | MI | 49546 | IT SYSTEMS PROVIDER | $279,176 |
| BDO USA LLP | |||||
| 100 PARK AVENUE | NEW YORK | NY | 10017 | AUDIT & TAX | $201,652 |
| PRYOR CASHMAN | |||||
| 7 TIMES SQUARE | NEW YORK | NY | 10036 | LEGAL | $197,184 |
| CULLEN AND DYCKMAN LLP | |||||
| 100 QUENTIN ROOSEVELT BOULEVARD | GARDEN CITY | NY | 11530 | LEGAL | $185,533 |
| HACKETT FEINBERG PC | |||||
| 155 FEDERAL STREET | BOSTON | MA | 02110 | LEGAL | $177,797 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 11 | CntrctRcvdGreaterThan100KCnt |
| Total Contributions | $0 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| INTEREST ON LOANS TO MEMBERS | 522100 | $14,462,733 | $14,462,733 |
| LOAN AND DEPOSIT TRANSACTION FEES | 522100 | $1,096,157 | $1,096,157 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $15,558,890 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,356,122 | TotalRevenueColumnAmt |
| Exclusion | $1,356,122 | ExclusionAmt |
Incm From Invest Bond Proceeds IncmFromInvestBondProceedsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Royalties Revenue RoyaltiesRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
| Personal | $0 | PersonalAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $14,476,922 | SecuritiesAmt |
| Other | $15,949,645 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $14,645,952 | SecuritiesAmt |
| Other | $10,386,645 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$169,030 | SecuritiesAmt |
| Other | $5,563,000 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $5,393,970 | TotalRevenueColumnAmt |
| Exclusion | $5,393,970 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Fundraising Gross Income | $0 | FundraisingGrossIncomeAmt |
| Fundraising Direct Expenses | $0 | FundraisingDirectExpensesAmt |
Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gaming Gross Income | $0 | GamingGrossIncomeAmt |
| Gaming Direct Expenses | $0 | GamingDirectExpensesAmt |
Net Income From Gaming NetIncomeFromGamingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Sales Of Inventory | $0 | GrossSalesOfInventoryAmt |
| Cost Of Goods Sold | $0 | CostOfGoodsSoldAmt |
Net Income Or Loss NetIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $0 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $22,308,982 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $15,558,890 | RelatedOrExemptFuncIncomeAmt |
| Exclusion | $6,750,092 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Foreign Grants ForeignGrantsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,754,459 | TotalAmt |
Comp Disqual Persons CompDisqualPersonsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,916,639 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $719,028 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $365,862 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $18,223 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $422,129 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,853,720 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $237,693 | TotalAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,126 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $777,846 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $45,953 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $73,862 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $282,786 | TotalAmt |
Royalties RoyaltiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,226,832 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $29,438 | TotalAmt |
Pymt Travel Entrtnmnt Pub Ofcl PymtTravelEntrtnmntPubOfclGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,470 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,722,588 | TotalAmt |
Payments To Affiliates PaymentsToAffiliatesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $208,092 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $77,885 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| ALLOWANCE FOR LOAN LOSSES | $108,739,877 |
| VAL LOSS ON FORECLOSED ASSET | $16,004,596 |
| VAL LOSS ON REC. FROM SALE | $0 |
| OF FORECLOSED ASSETS | $14,700,537 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,907,692 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $160,107,333 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $38,958,686 | BOYAmt |
| EOY | $0 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $13,435,000 | BOYAmt |
| EOY | $0 | EOYAmt |
Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,709,506 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $139,900 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $405,785,470 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $469,028,562 | BOYAmt |
| EOY | $0 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,494,087 | BOYAmt |
| EOY | $0 | EOYAmt |
Grants Payable GrantsPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Loans From Officers Directors LoansFromOfficersDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $84,000,000 | BOYAmt |
| EOY | $0 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $289,871,685 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $376,365,772 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow SFAS117 | Yes (X) | OrgDoesNotFollowSFAS117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $92,662,790 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $92,662,790 | BOYAmt |
| EOY | $0 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $469,028,562 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | -$137,798,351 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | $45,135,561 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Art Public Exhibition Amounts | ArtPublicExhibitionAmountsGrp | |
| Held Works Art | HeldWorksArtGrp | |
| CY Minus3 Yr Endwmt Fund | CYMinus3YrEndwmtFundGrp | |
| CY Minus4 Yr Endwmt Fund | CYMinus4YrEndwmtFundGrp | |
| Land | LandGrp | |
| Buildings | BuildingsGrp | |
| Leasehold Improvements | LeaseholdImprovementsGrp | |
| Equipment | EquipmentGrp | |
| Other Land Buildings | OtherLandBuildingsGrp | |
| Total Rev Etc Audited Fincl Stmt | $22,308,982 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Subtotal | $22,308,982 | RevenueSubtotalAmt |
| Total Revenue Per Form990 | $22,308,982 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $160,107,333 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Subtotal | $160,107,333 | ExpensesSubtotalAmt |
| Total Expenses Per Form990 | $160,107,333 | TotalExpensesPerForm990Amt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | false | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | false | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (8 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROBERT A FAMILANT | ||||||||||||||
| CEO/TREASURER | $1,927,411 | $0 | $0 | $0 | $0 | $0 | $2,855 | $0 | $39,305 | $0 | $1,969,571 | $0 | $0 | $0 |
| ROCCO SABINO FROM 118 | ||||||||||||||
| CHIEF FINANCIAL OFFICER | $164,904 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $164,904 | $0 | $0 | $0 |
| MARK ENTIN FROM 118 | ||||||||||||||
| CHIEF OPERATING OFFICER | $231,730 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $231,730 | $0 | $0 | $0 |
| EMILY OAMI | ||||||||||||||
| SENIOR ADVISOR | $173,077 | $0 | $12,000 | $0 | $0 | $0 | $6,729 | $0 | $23,966 | $0 | $215,772 | $0 | $0 | $0 |
| RITA RYAN | ||||||||||||||
| CHIEF LENDING OFFICER | $170,950 | $0 | $0 | $0 | $0 | $0 | $1,317 | $0 | $215 | $0 | $172,482 | $0 | $0 | $0 |
| JOSEPH ANCONA | ||||||||||||||
| CHIEF CREDIT OFFICER | $198,762 | $0 | $0 | $0 | $0 | $0 | $7,950 | $0 | $13,673 | $0 | $220,385 | $0 | $0 | $0 |
| DAVID KOSHERS | ||||||||||||||
| GENERAL COUNSEL | $163,942 | $0 | $0 | $0 | $0 | $0 | $5,738 | $0 | $7,429 | $0 | $177,109 | $0 | $0 | $0 |
| LUKE PARRIS | ||||||||||||||
| DIRECTOR OF LENDING/PART. | $126,923 | $0 | $9,984 | $0 | $0 | $0 | $5,077 | $0 | $15,046 | $0 | $157,030 | $0 | $0 | $0 |
Schedule N IRS990ScheduleN
Liquidation Of Assets Table LiquidationOfAssetsTableGrp
Liquidation Of Assets Detail LiquidationOfAssetsDetail (16 entries)
| Assets Distri Or Expnss PaidAssetsDistriOrExpnssPaidDesc | DistributionDistributionDt | Fair Market Value Of AssetFairMarketValueOfAssetAmt | Method Of FMV DeterminationMethodOfFMVDeterminationTxt | EINEIN | Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | IRC SectionIRCSectionTxt |
|---|---|---|---|---|---|---|---|---|---|
| Pentagon Federal Credit Union | |||||||||
| Cash and cash equivalents | 2018-12-31 | $38,505,759 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Federal Home Loan Bank of NY Stock | 2018-12-31 | $112,500 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Foreclosed assets | 2018-12-31 | $5,628,854 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Loans to members, net | 2018-12-31 | $216,179,905 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Accrued interest receivable | 2018-12-31 | $1,580,773 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Premises and equipment, net | 2018-12-31 | $3,642,979 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| NCUSIF deposit | 2018-12-31 | $2,102,646 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Rec. from split-dollar life insurance | 2018-12-31 | $13,435,000 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Rec. from sales of foreclosed assets | 2018-12-31 | $5,474,806 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Net pension asset | 2018-12-31 | $3,380,362 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Other assets | 2018-12-31 | $1,058,761 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Members accounts | 2018-12-31 | -$242,051,043 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Accounts payable and accrued expenses | 2018-12-31 | -$3,055,209 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Accrued int. pay. on other borrowed fund | 2018-12-31 | -$36,587 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Other borrowed funds | 2018-12-31 | -$85,100,000 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Pentagon Federal Credit Union | |||||||||
| Deferred revenue and other liabilities | 2018-12-31 | -$5,804,550 | See Part III | 530197038 | 2930 Eisenhower Ave | Alexandria | VA | 22314 | 501(C)(1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Director Of Successor | false | DirectorOfSuccessorInd |
| Employee Of Successor | Yes (true) | EmployeeOfSuccessorInd |
| Owner Of Successor | false | OwnerOfSuccessorInd |
| Receive Compensation | false | ReceiveCompensationInd |
| Assets Distributed | Yes (true) | AssetsDistributedInd |
| Required To Notify AG | Yes (true) | RequiredToNotifyAGInd |
| Attorney General Notified | Yes (true) | AttorneyGeneralNotifiedInd |
| Liabilities Paid | Yes (true) | LiabilitiesPaidInd |
| Bonds Outstanding | false | BondsOutstandingInd |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 1, COLUMN (D): | See response to Form 990, Part I, Line 2 and Part III, Line 3 and Part XI, Line 9 (reported in Schedule O) for details concerning NEW YORK STATE CHARTERED CREDIT UNIONS - PROGRESSIVE CREDIT UNION MERGER WITH PENTAGON FEDERAL CREDIT UNION FOUNDATION ("PENFED"). A valuation of NEW YORK STATE CHARTERED CREDIT UNIONS - PROGRESSIVE CREDIT UNION was performed by third-party valuation specialists. The report indicates that the following factors were utilized to determine FMV of the medallion loan portfolio and all other assets and liabilities transferred to PenFed. In applying the Discounted Cash Flow Method, Fair Value was based on the present value of the expected cash flows. The process involved the following steps: 1. Monthly principal and/or interest cash flows were projected based on the contractual terms of the loans, including both maturity and contractual amortization. 2. Charge-offs and losses were calculated based on the estimated medallion values. 3. A discount rate was developed based on the relative risk of the cash flows, taking into account loan type, liquidity risk, maturity of loans, servicing costs, and a required return on capital. 4. The monthly principal and interest cash flows were discounted to present value and aggregated to arrive at the calculated value of the loans. Discount rates were estimated using the "build-up" method, which considers the funding costs, a market participants required rate of return on equity capital, plus adjustments reflecting servicing costs and a liquidity premium. The discount rate used to analyze the fair value of the loans considered the following: 1. Cost of Funds Rate Baseline rate reflecting a market participants alternative funding costs incurred to fund the loans. 2. Capital Charge Charge calculated based on the return on capital required for a market-participant acquirer investing in a loan portfolio. 3. Servicing Costs Costs representing a market participants servicing costs for distressed loans (based on previous valuation experience). 4. Variability/Liquidity Premium Systematic measure of the risk inherent in holding lower grade credit. |
| PART I, LINE 2B: | Upon the merger of Progressive Credit Union ("PCU") with Pentagon Federal Credit Union ("PenFed"), the following former PCU employees became employed by PenFed: NAME AND POSITION: 1) EMILY OAMI, SENIOR ADVISOR 2) FREDERICK KNODEL, DIRECTOR OF TAXI MEDALLION LENDING 3) JOESPH ANCONA, CHIEF CREDIT OFFICER 4) MARK ENTIN, CHIEF OPERATING OFFICER 5) ROBERT FAMILIANT, TREASURER/CHIEF EXECUTIVE OFFICER 6) ROCCO SABINO, CHIEF FINANCIAL OFFICER |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART I, LINE 7B AND PART V, LINE 3A: | FORM 990-T WAS FILED EXCLUSIVELY TO REPORT QUALIFIED TRANSPORTATION AND PARKING FRINGE BENEFITS, AND ANY ON-PREMISES ATHLETIC FACILITIES UNDER SECTION 512(A)(7). THE REPORTING ORGANIZATION IS AWAITING GUIDANCE FROM IRS BEFORE FILING 2018 AMENDED FORM 990-T TO REQUEST REFUND OF UNRELATED BUSINESS INCOME TAX PURSUANT TO H.R. 1865 THAT RETROACTIVELY REPEALED THE UNRELATED BUSINESS INCOME TAX ON QUALIFIED TRANSPORTATION FRINGE BENEFITS/PARKING UNDER INTERNAL REVENUE CODE SECTION 512(A)(7). 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. |
| FORM 990, PART XI, LINE 9: | UNREALIZED NET ACTUARIAL PENSION LOSSES.................$(294,351) RECLASSIFICATION ADJUSTMENT FOR AMORTIZATION OF PRIOR SERVICE COST AND NET LOSS INCLUDED IN PENSION EXPENSE....................................$ 484,868 TRANSFER OF NET ASSETS TO PENFED CREDIT UNION..........44,945,044 TOTAL..................................................45,135,561 |
| FORM 990, PART I, LINE 2 & PART III, LINE 3 & PART XI, LINE 9: | On January 1, 2019, the New York State Chartered Credit Unions Progressive Credit Union completed a merger with Pentagon Federal Credit Union Foundation ("PenFed") under the applicable provisions of Accounting Standards Codification ("ASC") 805, "Business Combinations". The merger was approved by the NCUA as an emergency merger on November 29, 2018, whereby PenFed, upon merger and in consideration for the assets of the organization acquired the liabilities of the organization, and assumed the Credit Unions open field of membership charter for its exclusive use. The operations of the organization are included with PenFeds consolidated balances at the merger date. Under this guidance, the assets acquired and the liabilities assumed by PenFed are recorded at their respective fair values at the merger date. |
| REASONABLE CAUSE EXPLANATION FOR A LATE-FILED RETURN: | Progressive Credit Union ("PCU") was unable to timely file 2018 Form 990 as a result of significant delays in obtaining financial information and the issuance of audited financial statements. PCU filed Form 8868 to extend the filing deadline of Form 990 to November 15, 2019. As a result of the merger with Pentagon Federal Credit Union, PCU was required to obtain a valuation report required for its audited financial statements. The audited financial statements were issued December 30, 2019 because of additional audit procedures with the valuation report. The failure of PCU to file its final Form 990 was due to reasonable cause and not willful neglect. Additionally, PCU seeks penalty relief under Section 20.1.1 of the Internal Revenue Manual. It represents the following: 1. Progressive Credit Union didnt previously have penalties for the 3 tax years prior to the tax year in which they received a penalty. 2. Progressive Credit Union filed all currently required returns or filed an extension of time to file. 3. Progressive Credit Union has paid any tax due. (Note, Form 990 is an information return and has no tax liability.) Theres no need for Progressive Credit Union to take additional measures to help ensure timely filing of Form 990 as 2018 Form 990 is its final return. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Total IncomeTotalIncomeAmt | End Of Year AssetsEndOfYearAssetsAmt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt | EINEIN |
|---|---|---|---|---|---|---|---|---|---|
| 3243 WINTON PLACE HOLDING CO LLC | |||||||||
| 131 WEST 33RD STREET 7TH FL | NEW YORK | NY | 10001 | PTY FORECLOSE | NY | $0 | $0 | NA | |
| STERLING ROAD CLINTON LANE LLC | |||||||||
| 131 WEST 33RD STREET 7TH FL | NEW YORK | NY | 10001 | PTY FORECLOSE | NY | $0 | $0 | NA | 454778267 |
Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp
Related Organization Name RelatedOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | 54 HAZARD AVENUE CORP | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 131 WEST 33RD STREET 7TH FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10001 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Primary Activities | PTY FORECLOSURE | PrimaryActivitiesTxt |
| Legal Domicile State | NY | LegalDomicileStateCd |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | NA | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Entity Type | C | EntityTypeTxt |
| Share Of Total Income | $0 | ShareOfTotalIncomeAmt |
| Share Of EOY Assets | $0 | ShareOfEOYAssetsAmt |
| Ownership | 1.00000 | OwnershipPct |
| Controlled Organization | false | ControlledOrganizationInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | false | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | false | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | false | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | false | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | false | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | false | DivRelatedOrganizationInd |
| Asset Sale To Other Org | false | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | false | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | false | AssetExchangeInd |
| Rental Of Facilities To Oth Org | false | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | false | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | false | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | false | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | Yes (true) | SharingOfFacilitiesInd |
| Paid Employees Sharing | false | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | false | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | false | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | false | TransferToOtherOrgInd |
| Transfer From Other Org | false | TransferFromOtherOrgInd |