2012-03-23T09:19:30-05:00 2011-12-31 221914888 NISIVOCCIA LLP 200 VALLEY RD SUITE 300 MT ARLINGTON NJ 07856 990 2011-01-01 223122003 PEDALS FOR PROGRESS A NJ NON PROFIT CORPORATION PEDA 9086384811 86 EAST MAIN STREET HIGH BRIDGE NJ 08829 DAVID SCHWEIDENBACK 9086384811 2012-03-19 1 THOMAS R DARTNELL CPA P00224464 9733281825 2012-03-19 2011 2016-02-24 21:20:13Z DAVID SCHWEIDENBACK 86 EAST MAIN STREET HIGH BRIDGE NJ 08829 483922 0 X WWW.P4P.ORG X 1991 NJ PEDALS FOR PROGRESS'S GOAL IS TO RESCUE BICYCLES AND SEWING MACHINES DESTINED FOR AMERICA'S LANDFILLS AND DELIVER THEM TO SOCIETIES WHERE THEY ARE BADLY NEEDED AND HIGHLY VALUED. SINCE ITS INCEPTION IN 1991 AND FROM THE SEED OF AN IDEA BY ITS FOUNDER (A FORMER PEACE CORPS VOLUNTEER), THE ORGANIZATION HAS GROWN TO AN ENTERPRISE THAT HAS CUMULATIVELY COLLECTED AND DISTRIBUTED OVER 115,000 BICYCLES AND 1,000 SEWING MACHINES TO THE WORKING POOR IN LATIN AMERICA, AFRICA, EASTERN EUROPE, ASIA AND THE ISLANDS OF THE CARIBBEAN AND THE PACIFIC.THROUGH VOLUNTEER LABOR AND TAX-DEDUCTIBLE DONATIONS OF MONEY AND MATERIALS, PEDALS FOR PROGRESS COLLECTS, WAREHOUSES, AND SHIPS NEW AND USED BIKES, PARTS AND ACCESSORIES TO RECIPIENT COUNTRIES WHERE THEY ARE REPAIRED BY NON-PROFIT, PARTNER ORGANIZATIONS (PROVIDING EMPLOYMENT, BUILDING MANAGEMENT AND REPAIR SKILLS TO THEIR STAFF) AND SUBSEQUENTLY, SOLD AT COST TO HELP LOW-INCOME INDIVIDUALS ACCESS JOBS, MARKETS AND SERVICES. 4 3 15 600 0 0 237105 436832 40310 37409 6218 270 0 9411 283633 483922 0 0 0 0 147038 162615 0 0 52206 147376 393590 294414 556205 -10781 -72283 343640 308132 43882 80837 299758 227295 TO SUPPLY ECONOMIC DEVELOPMENT AID BY RECYCLING BICYCLES AND SEWING MACHINES IN THE U.S. AND SHIPPING THEM TO THE PEOPLE OF THE DEVELOPING WORLD. 0 0 452139 46820 PEDALS FOR PROGRESS'S PRIMARY EXEMPT PURPOSE IS TO SUPPLY, VIA CHARITY PARTNERS OVERSEAS, RECONDITIONED AND USED BICYCLES TO LOW-INCOME FAMILIES IN NEED OF AFFORDABLE TRANSPORT FOR PRODUCTIVE PURPOSES. 452139 1 1 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 2 0 15 1 0 0 0 0 0 0 0 0 0 0 X 4 3 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 1 1 0 NJ MA PA CT VT NY CA X X DAVID SCHWEIDENBACK 9086384811 86 EAST MAIN STREET HIGH BRIDGE NJ 08829 SCOTT CALLAHAN 2.00 X 0 0 0 JEREMY DOPPELT 2.00 X 0 0 0 JOHN STRACHAN 2.00 X 0 0 0 ROBERT ZEH 2.00 X 0 0 0 DAVID SCHWEIDENBACK 40.00 X X 62447 0 18486 62447 0 18486 0 0 0 0 0 436832 242704 436832 REVOLVING FUNDS 900099 37409 37409 37409 270 270 OTHER INCOME 900099 9411 9411 9411 483922 46820 0 270 80933 59890 3238 17805 70016 56713 3501 9802 11666 467 4783 6416 8747 8747 23035 9227 2966 10842 34705 13374 20544 787 474 474 5926 5926 PROGRAM EXPENSE 256010 256010 SHIPPING AND COLLECTION 55970 55970 BAD DEBT EXPENSE 5989 5989 LICENSING AND DUES 1270 1225 45 1464 488 456 520 556205 452139 51860 52206 8717 1314 38079 17432 5989 0 19615 6309 4394 319457 48691 271239 270766 7917 0 1 343640 308132 43882 80837 43882 80837 X 264429 216884 35329 10411 299758 227295 343640 308132 X -72283 -180 X X 0 1 1 X 0 X 282914 496989 203434 237105 436832 1657274 282914 496989 203434 237105 436832 1657274 1657274 3529 4931 248 17 270 8995 1666269 0.99460 0.99300 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10411 10411 1.00000 0 0 270560 270560 48897 48691 206 270766 483922 556205 -72283 -180 -180 -72463 483742 0 483742 180 180 483922 556205 0 556205 0 556205 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: PEDALS FOR PROGRESS HAS ADOPTED ASC 740-10-50-15, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE STANDARD PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION RELATED TO THOSE TAX POSITIONS. THE ADOPTION OF THIS CHANGE IN ACCOUNTING PRINCIPLE HAD NO CUMULATIVE EFFECT ON AMOUNTS RECORDED IN THE FINANCIAL STATEMENTS FOR YEARS ENDED DECEMBER 31, 2011 AND 2010. PART XII, LINE 4B - OTHER ADJUSTMENTS: UNREALIZED LOSSES ON INVESTMENTS 180. X BICYCLES, SEWING MACHINES, AND VARIOUS PARTS 4837 242704 THRIFT SHOP VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 PEDALS FOR PROGRESS HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS PROVIDED TO THE MEMBERS OF THE ORGANIZATIONS GOVERNING BODY FOR ANY COMMENTS PRIOR TO ITS SUBMISSION. THE GOVERNING BODY IS PROVIDED WITH A REASONABLE AMOUNT OF TIME TO REVIEW THE FORM 990. ANY COMMENTS ARE THEN GROUPED, SUMMARIZED AND PROVIDED THROUGH MANAGEMENT TO THE OUTSIDE ACCOUNTING FIRM. ANY APPLICABLE ISSUES ARE ADDRESSED UNTIL THE RETURN IS FINALIZED AND APPROVED FOR FILING. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE ORGANIZATIONS OFFICERS OR KEY EMPLOYEES IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES AN INDEPENDENT BODY. FORM 990, PART VI, SECTION C, LINE 19 PEDALS FOR PROGRESS MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE ON THE ORGANIZATIONS WEBSITE AT WWW.P4P.ORG AND UPON WRITTEN REQUEST AT THE ORGANIZATIONS OFFICE AT 86 EAST MAIN STREET, HIGH BRIDGE, NJ 08829. IN ADDITION FORM 1023 AS WELL AS THE FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -180. FORM 990 PART XII LINE 2C NO CHANGE FROM THE PRIOR YEAR.