2015-08-12T14:57:24-05:00 2014-12-31 420714325 MCGLADREY LLP 1185 AVENUE OF THE AMERICAS NEW YORK NY 100362602 990 2014-01-01 135585375 THE PROVIDENT LOAN SOCIETY OF NEW YORK PROV 2126850380 346 PARK AVENUE SOUTH NEW YORK NY 100101708 ISAAC P RODRIGUEZ PRESIDENT & CEO 2126850380 2015-08-12 1 MARTIN GREIF P00029738 2123721000 2014 2016-02-25 16:41:14Z ISAAC P RODRIGUEZ 346 PARK AVENUE SOUTH NEW YORK NY 100101708 5667207 0 X WWW.PROVIDENTLOAN.COM X 1894 NY TO AID PERSONS IN NEED OF PECUNIARY ASSISTANCE 9 8 36 9 0 0 0 0 5948088 5214236 659 574 345141 452397 6293888 5667207 0 0 0 0 2837257 3085013 0 0 0 2433477 2529971 5270734 5614984 1023154 52223 21219375 20694687 8208965 8554596 13010410 12140091 THE MISSION OF THE SOCIETY IS TO AID PERSONS IN NEED OF PECUNIARY ASSISTANCE BY LOANS OF MONEY AT INTEREST UPON PLEDGE OF PERSONAL PROPERTY. 0 0 3510373 5214236 THE SOLE PROGRAM SERVICE ACTIVITY OF THE SOCIETY IS TO AID PERSONS IN NEED OF PECUNIARY ASSISTANCE BY LOANS OF MONEY AT INTEREST UPON THE PLEDGE OF PERSONAL PROPERTY. APPROXIMATE NUMBER OF LOANS MADE DURING 2014 = 32,000 3510373 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 11 0 1 36 1 0 0 0 0 0 0 X 9 8 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X SEAN BRENNAN 2126850380 346 PARK AVENUE SOUTH NEW YORK NY 100101708 X RICHARD A DRUCKER CHAIRMAN 0.30 X X 0 0 0 AUSTIN V SHAPARD SECRETARY/TREASURER 0.30 X X 0 0 0 EDWARD D PARDOE III TRUSTEE 0.30 X 0 0 0 GEORGE DEWEY TRUSTEE 0.30 X 0 0 0 JANE G GRIMES TRUSTEE 0.30 X 0 0 0 RADFORD W KLOTZ TRUSTEE 0.30 X 0 0 0 REBECCA LINDSEY TRUSTEE 0.30 X 0 0 0 THATCHER M BROWN III TRUSTEE 0.30 X 0 0 0 TROLAND S LINK TRUSTEE 0.30 X 0 0 0 ISAAC P RODRIGUEZ PRESIDENT & CEO 35.00 X 147283 0 20812 JOHN T HIGNEY VP & COO 35.00 X 122334 0 40028 SEAN F BRENNAN VP & CFO 35.00 X 114857 0 38013 THEODORE C FISHER ASSISTANT SECRETARY 35.00 X 90617 0 15068 LINDA FLAKE VP, HUMAN RESOURCE DIR 35.00 X 113442 0 27820 ANTHONY LORE ASSISTANT SECRETARY 35.00 X 90487 0 14516 679020 0 156257 4 0 1 0 SCOTT WATSON 104 RIVERVIEW CT SECAUCUS NJ 07094 MARKETING CONSULTANT 125469 1 INTEREST EARNED ON LOA 522299 4782248 4782248 STORAGE FEE INCOME 522299 303457 303457 TICKET FEE INCOME 522299 128531 128531 5214236 574 574 452397 0 452397 452397 452397 5667207 5214236 0 452971 813328 420865 392463 1579633 805646 773987 172547 94879 77668 311793 174648 137145 207712 113994 93718 60251 60251 66340 66340 72710 72710 54900 54900 885139 885139 146680 117517 29163 75900 69842 6058 395676 280110 115566 161378 161124 254 55186 15062 40124 196088 130666 65422 OTHER EXPENSES 163505 62862 100643 REPAIRS & MAINTENANCE 129991 111792 18199 AUCTION SALES LOSSES 66227 66227 5614984 3510373 2104611 0 500531 887685 502561 881025 16966021 15729522 177340 386145 2680268 1538719 1030686 1141549 101926 1940310 1668761 21219375 20694687 249685 361136 4700000 4559014 3259280 3634446 8208965 8554596 X 13010410 12140091 13010410 12140091 21219375 20694687 X 52223 -922542 X 0 1 X 1 0 377975 377975 1454115 923393 530722 152168 145880 6288 579751 447396 132355 116259 22050 94209 1141549 ACCRUED INTEREST ON LOANS 1464167 TICKET FEES RECEIVABLE 54171 STORAGE FEES RECEIVABLE 129294 RENTALS RECEIVABLE 21129 1668761 EXCESS OF PROCEEDS FROM AUCTION SALES OVER LOANS 1227239 LIABILITY FOR POST-RETIREMENT WELFARE BENEFITS 1362772 ACCRUED PENSION BENEFIT OBLIGATION 866271 SECURITY DEPOSIT PAYABLE 147373 LIABILITY UNDER CAPITAL LEASE 30791 3634446 X 5667207 0 5667207 0 5667207 6537526 922542 922542 5614984 0 5614984 PART X, LINE 2: THE SOCIETY IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE AND FROM STATE INCOME TAXES. THE SOCIETY RECOGNIZES THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. MANAGEMENT EVALUATED THE SOCIETY'S TAX POSITIONS AND CONCLUDED THAT THE SOCIETY HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. GENERALLY, THE SOCIETY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2011, WHICH IS THE STANDARD STATUTE OF LIMITATIONS LOOK-BACK PERIOD. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN PENSION & OTHER POSTRETIREMENT CHGS OTHER THAN NET PERIODIC COSTS 922,542. X 0 0 0 0 0 0 0 1 0 ISAAC P RODRIGUEZ PRESIDENT & CEO 147189 0 0 0 94 0 9819 0 10993 0 168095 0 0 0 JOHN T HIGNEY VP & COO 118087 0 4000 0 247 0 18351 0 21677 0 162362 0 0 0 SEAN F BRENNAN VP & CFO 110713 0 4000 0 144 0 11486 0 26527 0 152870 0 0 0 PART I, LINE 7 THE FOLLOWING INDIVIDUALS, LISTED ON PART VII, RECEIVED NON-FIXED PAYMENTS IN THE FORM OF BONUSES DURING THE YEAR ENDED 12/31/14: JOHN T. HIGNEY - $4,000 SEAN BRENNAN - $4,000 THEODORE C. FISHER - $3,000 LINDA FLAKE - $4,000 ANTHONY LORE - $3,000 R KLOTZ TRUSTEE 0 THE ORGANIZATION HAD AN AVAILABLE LINE OF CREDIT OF $7,000,000, WHICH WAS TERMINATED DURING 2014. AT THE BEGINNING OF THE YEAR THE BALANCE WAS $4,700,000. INTEREST EXPENSE ON THE LOAN DURING THE YEAR AMOUNTED TO $102,077. A TRUSTEE OF THE ORGANIZATION IS ALSO A PARTNER OF THE LENDING BANK. 0 FORM 990, PART VI, SECTION B, LINE 11 THE CFO AND PRESIDENT/CEO REVIEW THE FORM 990. THE SOCIETY'S FORM 990 IS REVIEWED VIA TELEPHONE CONFERENCE CALL WITH THE AUDIT COMMITTEE AND IS THEN DISTRIBUTED TO ALL MEMBERS OF THE BOARD OF TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE SOCIETY'S OFFICERS AND TRUSTEES SIGN ANNUAL CONFLICTS OF INTEREST STATEMENTS. THEY ALSO DISCLOSE ALL RELATIONSHIPS BETWEEN THEM AND THE BUSINESS ORGANIZATIONS CONDUCTING BUSINESS WITH THE SOCIETY. ANY CONFLICTS ARE PRESENTED TO AND RESOLVED BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES SETS THE COMPENSATION AMOUNTS FOR THE SOCIETY'S OFFICERS AND KEY EMPLOYEES, INCLUDING THE PRESIDENT/CEO, AT ITS ANNUAL NOVEMBER MEETING. THE BOARD RECEIVES, FROM THE PRESIDENT/CEO, A LISTING OF ACTIVE OFFICER'S SALARIES FOR THE PRIOR TWO YEARS, THE LAST INCREASES GRANTED, AND PROPOSED INCREASES WHICH, SUBJECT TO APPROVAL, WOULD BE USED FOR THE COMING BUDGETARY YEAR. THE MEASURES USED IN EVALUATING THE SALARIES OF THE PRESIDENT/CEO, OTHER OFFICERS, AND KEY EMPLOYEES ARE: THE FINANCIAL CONDITION OF THE SOCIETY, EVALUATIONS BY SUPERVISORS, LENGTH OF SERVICE, AND COMPARATIVE COMPENSATION INFORMATION OF OTHER NOT-FOR-PROFIT ORGANIZATIONS, DERIVED PERIODICALLY FROM INDEPENDENT SOURCES. THE COMPENSATION DELIBERATION AND DECISIONS ARE DOCUMENTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION C, LINE 19 COPIES OF THE SOCIETY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART VII: THE ORGANIZATION, IN A FULL TRANSPARENCY POSTURE TO REPORTING, IS REPORTING ALL BENEFITS IN FULL IN PART VII, COLUMN F, AND NOT APPLYING THE $10,000 PER ITEM EXCEPTION FOR CERTAIN BENEFITS. FORM 990, PART XI, LINE 9: CHANGE IN PENSION & OTHER POSTRETIREMENT CHGS OTHER THAN NET PERIODIC COSTS -922,542.