2016-11-15T09:51:08-06:00 2015-12-31 BDO USA LLP 100 PARK AVENUE NEW YORK NY 100175001 990 2015-01-01 131726048 NEW YORK STATE CHARTERED CREDIT UNIONS - PROGRESSIVE CREDIT UNION % JOHN MASULLO NEWY 2126958900 131 WEST 33RD STREET 7TH FLOOR NEW YORK NY 10001 EMILY ROAMI COO 2126958900 2016-11-15 true Paul Hammerschmidt P01384178 2128858000 2015 2017-02-10 21:41:12Z PROGRESSIVE CREDIT UNION ROBERT A FAMILANT 131 WEST 33RD STREET 7TH FL NEW YORK NY 10001 32653509 false 9217 X www.progressivecu.org X 1918 NY 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. 5 3 41 4 0 0 0 34418873 31875240 424981 778269 0 0 34843854 32653509 7000 8000 0 0 10350201 7031493 0 0 0 14509437 45111144 24866638 52150637 9977216 -19497128 699447084 646342565 430271717 397737087 269175367 248605478 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. false false PROGRESSIVE CREDIT UNION RECEIVED ITS CHARTER IN 1918 FROM THE STATE OF NEW YORK. AT DECEMBER 31, 2015 IT HAD 3,602 MEMBERS HAVING APPROXIMATELY $290,012,000 IN SHARES, SHARE DRAFTS AND SHARE CETIFICATES ON DEPOSIT WITH THE CREDIT UNION. IN 2015 THE CREDIT UNION GRANTED APPROXIMATELY $35,367,000 IN NEW LOANS, WHICH INCLUDED LOANS FOR THE PURCHASE OF TAXI MEDALLIONS IN NEW YORK, NEWARK, CHICAGO PHILADELPHIA, ATLANTA, MIAMI, AND BOSTON. THE CREDIT UNION ALSO GRANTS LOANS TO FINANCE COMMERCIAL PROPERTIES AND RESIDENTIAL MORTGAGES. false false false false false false false false true false false true true false true false false false false false false false false false false false true true false true false false false false false false false false true true true false false true 0 0 true 41 true false false false false false false X 5 3 false false false false true true true true true false false false true true true false true true false false X JOHN MASULLO 2126958900 131 WEST 33RD STREET 7TH FLOOR NEW YORK NY 10001 X ROBERT A FAMILANT CEO/TREASURER 37.5 0.0 X X 10546610 0 57352 JOEL SLOMON PRESIDENT 1.0 0.0 X X 0 0 0 GERALD SHULMAN VICE PRESIDENT 1.0 0.0 X X 0 0 0 DEBORAH CHASSEN SECRETARY 1.0 0.0 X X 0 0 0 BRIAN WORKMAN DIRECTOR 1.0 0.0 X 0 0 0 EMILY OAMI COO 37.5 0.0 X 246986 0 41180 RITA RYAN CLO 37.5 0.0 X 395313 0 7579 DAVID KOSHERS GENERAL COUNSEL 37.5 0.0 X 166733 0 12625 JOHN MASULLO INTERNAL AUDITOR 37.5 0.0 X 122590 0 9896 LUKE PARRIS DIRECTOR OF LENDING/PART. 37.5 0.0 X 116902 0 19519 KAREN SHILLETTO MEDALLION LOAN SUPERVISOR 37.5 0.0 X 114828 0 11337 LISA VITUCCI LOAN REVIEW OFFICER 37.5 0.0 X 114056 0 8999 CHARLES H ROGERS THRU 1214 COO 0.0 0.0 X 189163 0 11277 12013181 0 179764 9 true true false 131 WEST 33RD STREET CONDO 55 FIFTH AVENUE 15TH FLOOR NEW YORK NY 10003 MAINTENANCE 308163 CU ANSWERS 600 28TH STREET SE SUITE 100 GRAND RAPIDS MI 49546 IT SYSTEMS PROVIDER 230253 CROSBY AND HIGGINS LLP 477 MADISON AVENUE SUITE 653 NEW YORK NY 10022 LEGAL 170000 MARK GALLAGHER 17 WEST 71ST STREET APARTMENT 6A NEW YORK NY 10023 LOAN BROKER 121251 BDO USA LLP 100 PARK AVENUE NEW YORK NY 10017 AUDIT & TAX 106925 5 0 INTEREST ON LOANS TO MEMBERS 522100 30844582 30844582 LOAN AND DEPOSIT TRANSACTION FEES 522100 1030658 1030658 31875240 778269 778269 0 0 0 0 0 0 0 0 0 0 32653509 31875240 778269 0 8000 0 0 3354030 200440 1351873 718553 1276744 129853 384235 217883 101965 0 0 0 646355 0 474936 240807 0 507252 80038 0 23475 5524786 0 419387 111111 ALLOWANCE FOR LOAN LOSSES 36023117 LOSS ON SALE OF OTHER REAL 0 ESTATE OWNED 207150 OFFICE OPERATING EXPENSES 148647 52150637 0 0 0 2000 2000 5405347 4563493 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14089912 2708551 11685601 11381361 1121200 977600 0 0 0 0 0 0 681232936 629418111 699447084 646342565 4947984 3250857 0 0 0 0 0 0 0 0 0 0 107100000 86000000 0 0 318223733 308486230 430271717 397737087 X 0 0 0 0 269175367 248605478 269175367 248605478 699447084 646342565 X -19497128 -1072761 X false true X true false 11126528 1536190 9590338 1983803 480708 1503095 979581 691653 287928 11381361 LIFE INSURANCE AGREEMENT 13435000 NCUSIF DEPOSIT 2392515 MEMBERS UNITED CORP. FCU 3500000 UNIONS 25458452 LOANS TO MEMBERS 561742151 AT AMORTIZED COST 18045000 ACCRUED INTEREST RECEIVABLE 2588548 OTHER ASSETS 2256445 629418111 0 MEMBERS' ACCOUNTS 290058395 SECURITIES SOLD TO REPURCHASE 17500000 ACCRUED INTEREST PAYABLE 28647 OVERDRAFTS 894148 OTHER LIABILITIES 5040 308486230 32653509 32653509 32653509 52150637 52150637 52150637 true FINANCIAL SCHOOL SCHOLARSHIPS 4 8000 PART I, LINE 2: THE FINANCIAL SCHOOL SCHOLARSHIPS AWARDED TO INDIVIDUALS BASED ON MERIT IS DEMONSTRATED BY THE APPLICATIONS SUBMITTED AND REVIEWED BY MEMBERS OF THE REPORTING ORGANIZATION. X false false X X X false true false ROBERT A FAMILANT CEO/TREASURER 1977204 0 0 0 8569406 0 23743 0 33609 0 10603962 0 7940990 0 EMILY OAMI COO 196986 0 50000 0 0 0 7890 0 33290 0 288166 0 0 0 CHARLES H ROGERS THRU 1214 COO 23016 0 0 0 166147 0 173 0 11104 0 200440 0 0 0 RITA RYAN CLO 260313 0 135000 0 0 0 7579 0 0 0 402892 0 0 0 DAVID KOSHERS GENERAL COUNSEL 131733 0 35000 0 0 0 4607 0 8018 0 179358 0 0 0 PART I, LINES 1A AND PART II, COLUMN (B)(III): ROBERT A. FAMILANT, CEO/TREASURER ON DECEMBER 31, 2014, PROGRESSIVE CREDIT UNION AGREED TO PAY MR. FAMILANT (IN 2015), AN AMOUNT EQUAL TO HIS 2014 TAX LIABILITY AS RESULT OF THE IMPUTED INCOME FROM THE NON-CASH KEYMAN LIFE INSURANCE TRANSFER OF OWNERSHIP FROM PROGRESSIVE CREDIT UNION IN THE AMOUNT OF $628,416. THIS PAYMENT HAD BEEN AGREED TO WHEN THE POLICY WAS PURCHASED. CHARLES H. ROGERS, COO, RETIRED FROM PROGRESSIVE CREDIT UNION ON DECEMBER 31, 2014. UPON HIS RETIREMENT, THE ORGANIZATION AGREED TO PAY MR. ROGERS (IN 2015) AN AMOUNT EQUAL TO HIS 2014 TAX LIABILITY AS RESULT OF THE IMPUTED INCOME FROM THE NON-CASH KEYMAN LIFE INSURANCE TRANSFER OF OWNERSHIP FROM PROGRESSIVE CREDIT UNION IN THE AMOUNT OF $166,147. THIS PAYMENT HAD BEEN AGREED TO WHEN THE POLICY WAS PURCHASED. PART I, LINE 4B AND PART II, COLUMN F: ROBERT A. FAMILANT WAS A PARTICIPANT IN TWO 457 (F) DEFERRED COMPENSATION PLANS ("PLAN A"PLAN B"), WHICH WERE TERMINATED IN 2015 WITH A DISBURSEMENT TO THE PARTICIPANT IN THE AMOUNT OF $7,940,990. THIS AMOUNT IS REFLECTED IN SCHEDULE J, PART II, COLUMN F, AND WAS REPORTED AS RETIREMENT AND OTHER DEFERRED COMPENSATION IN PRIOR PERIODS. THE BOARD OF DIRECTORS OF PROGRESSIVE CREDIT UNION APPROVED PLAN A IN 1998. ROBERT A. FAMILANT HAS BEEN AN EMPLOYEE OF PROGRESSIVE CREDIT UNION SINCE 1975 AND SERVED AS ITS CEO/TREASURER SINCE 1987. SINCE BECOMING CEO/TREASURER, PROGRESSIVE CREDIT UNIONS ASSETS AND EQUITY HAVE GROWN BY 400% AND 900%, RESPECTIVELY THROUGH DECEMBER 31, 2015. PLAN B WAS ASSUMED WHEN PROGRESSIVE CREDIT UNION MERGED WITH CENTRAL CREDIT UNION IN 2006. ROBERT A. FAMILANT SERVED AS THE TREASURER OF CENTRAL CREDIT UNION FROM 1976 UNTIL ITS MERGER WITH PROGRESSIVE CREDIT UNION IN 2006. PART II, LINE 3: CHARLES H. ROGERS BASE COMPENSATION OF $23,016 INCLUDES SERVICES RENDERED DURING THE FINAL PAYROLL CYCLE IN 2014, PAYABLE IN 2015, AS WELL AS UNUSED VACATION. GERALD SHULMAN VICE PRESIDENT RESIDENTIAL MORTGAGE X 600000 397599 false true true ROBERT A FAMILANT CEO/TREASURER LIFE INSURANCE X 13435000 13815562 false true true 14213161 PART II: ON DECEMBER 12, 2014, THE CREDIT UNION EXTENDED A LOAN IN THE AMOUNT OF $13,435,000 TO ITS CEO/TREASURER, ROBERT A. FAMILANT, FOR THE PURPOSE OF PURCHASING SPLIT-DOLLAR LIFE INSURANCE, OF WHICH PROGRESSIVE CREDIT UNION IS THE PRIMARY BENEFICIARY AND THE FAMILY OF THE CEO/TREASURER IS THE SECONDARY BENEFICIARY. THE ANNUAL INSURANCE PREMIUMS WILL BE PAID OVER TEN (10) YEARS. THE CREDIT UNION PAID THE FIRST PREMIUM IN THE AMOUNT OF $1,385,000 WITH A WIRE TRANSFER TO MASS MUTUAL FINANCIAL GROUP. THE CREDIT UNION TRANSMITTED $12,050,000 TO PACIFIC LIFE FOR THE PURCHASE OF TWO (2) ANNUITIES. PACIFIC LIFE WILL USE THE ANNUAL INCOME GENERATED BY THE ANNUITIES TO PAY THE REMAINING NINE (9) INSURANCE PREMIUMS. UNDER THE TERMS OF THE PROMISSORY NOTE SIGNED BY THE CEO/TREASURER, PROGRESSIVE CREDIT UNION EARNS INTEREST AT AN ANNUAL RATE OF 2.74% (COMPOUNDED ANNUALLY), AND ALL PRINCIPAL AND INTEREST IS DUE IN ONE SINGLE INSTALLMENT UPON THE DEATH OF THE CEO/TREASURER. THE SPLIT-DOLLAR LIFE INSURANCE POLICY SECURES THE LOAN. CUNA MUTUAL, IN COOPERATION WITH PROGRESSIVE CREDIT UNION, MONITORS THE INSURANCE POLICY ANNUALLY TO ENSURE THAT THE DEATH BENEFIT ALWAYS EXCEEDS THE AMOUNT OF THE LOAN. THIS ENTIRE TRANSACTION WAS APPROVED BY THE CREDIT UNIONS BOARD OF DIRECTORS. AS OF DECEMBER 31, 2015, THE LOAN WAS NOT IN DEFAULT, AND THE OUTSTANDING LOAN BALANCE WAS $13,815,562, WHICH INCLUDES $380,562 IN ACCRUED INTEREST. 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............ $ (795,937) RECLASSIFICATION ADJUSTMENT FOR AMORTIZATION OF PRIOR SERVICE COST AND NET LOSS INCLUDED IN PENSION EXPENSE............................... $ (276,824) TOTAL.............................................. $(1,072,761) 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 454778267 PTY FORECLOSE NY 0 0 NA 54 HAZARD AVENUE CORP 131 WEST 33RD STREET 7TH FLOOR NEW YORK NY 10001 PTY FORECLOSURE NY NA C 0 0 1.00000 false false false false false false false false false false false false false false true false false false false false