PROVIDENT LOAN SOCIETY OF NEW YORK: Form 990, tax year 2010

View the entire original 990 at ProPublica ↗

Organization
PROVIDENT LOAN SOCIETY OF NEW YORK (EIN 13-5585375)
Tax period
2010-01-01 to 2010-12-31
Filed
2011-11-10
IRS object ID
201103149349303800
Schema version
2010v3.4
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

FieldValueIRS element (for citing)
Timestamp2011-11-10T17:19:30-06:00Timestamp
Tax Period End Date2010-12-31TaxPeriodEndDate

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

FieldValueIRS element (for citing)
Business Name Line1RSM MCGLADREY INCBusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

FieldValueIRS element (for citing)
Address Line11185 AVENUE OF THE AMERICASAddressLine1
CityNEW YORKCity
StateNYState
ZIP Code100362602ZIPCode
FieldValueIRS element (for citing)
Return Type990ReturnType
Tax Period Begin Date2010-01-01TaxPeriodBeginDate

Filer Filer

FieldValueIRS element (for citing)
EIN135585375EIN

Name Name

FieldValueIRS element (for citing)
Business Name Line1THE PROVIDENT LOAN SOCIETY OF NEW YORKBusinessNameLine1
FieldValueIRS element (for citing)
Name ControlPROVNameControl
Phone2126850380Phone

US Address USAddress

FieldValueIRS element (for citing)
Address Line1346 PARK AVENUE SOUTHAddressLine1
CityNEW YORKCity
StateNYState
ZIP Code100101708ZIPCode

Officer Officer

FieldValueIRS element (for citing)
NameJAMES J MAGUIREName
TitlePRESIDENT & CEOTitle
Phone2126850380Phone
Date Signed2011-11-10DateSigned
Authorize Third Party1AuthorizeThirdParty

Preparer Preparer

FieldValueIRS element (for citing)
NameMARTIN GREIFName
Phone2123721000Phone
FieldValueIRS element (for citing)
Tax Year2010TaxYear
Build TS2016-02-24 21:20:13ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Name Of Principal Officer PersonJAMES J MAGUIRENameOfPrincipalOfficerPerson

Address Principal Officer US AddressPrincipalOfficerUS

FieldValueIRS element (for citing)
Address Line1346 PARK AVENUE SOUTHAddressLine1
CityNEW YORKCity
StateNYState
ZIP Code100101708ZIPCode
FieldValueIRS element (for citing)
Gross Receipts38428100GrossReceipts
Group Return For Affiliates0GroupReturnForAffiliates
Organization501cXOrganization501c
Web SiteWWW.PROVIDENTLOAN.COMWebSite
Type Of Organization CorporationXTypeOfOrganizationCorporation
Year Formation1894YearFormation
State Legal DomicileNYStateLegalDomicile
Activity Or Mission DescriptionTO AID PERSONS IN NEED OF PECUNIARY ASSISTANCEActivityOrMissionDescription
Nbr Voting Members Governing Body14NbrVotingMembersGoverningBody
Nbr Independent Voting Members12NbrIndependentVotingMembers
Total Nbr Employees34TotalNbrEmployees
Total Nbr Volunteers0TotalNbrVolunteers
Total Gross UBI0TotalGrossUBI
Net Unrelated Business Txbl Income0NetUnrelatedBusinessTxblIncome
Contributions Grants Prior Year0ContributionsGrantsPriorYear
Contributions Grants Current Year0ContributionsGrantsCurrentYear
Program Service Revenue Prior Year36117685ProgramServiceRevenuePriorYear
Program Service Revenue CY38031816ProgramServiceRevenueCY
Investment Income Prior Year503InvestmentIncomePriorYear
Investment Income Current Year221InvestmentIncomeCurrentYear
Other Revenue Prior Year395235OtherRevenuePriorYear
Other Revenue Current Year396063OtherRevenueCurrentYear
Total Revenue Prior Year36513423TotalRevenuePriorYear
Total Revenue Current Year38428100TotalRevenueCurrentYear
Grants And Similar Amnts Prior Year0GrantsAndSimilarAmntsPriorYear
Grants And Similar Amnts CY0GrantsAndSimilarAmntsCY
Benefits Paid To Members Prior Year0BenefitsPaidToMembersPriorYear
Benefits Paid To Members CY0BenefitsPaidToMembersCY
Salaries Etc Prior Year2758746SalariesEtcPriorYear
Salaries Etc Current Year2921770SalariesEtcCurrentYear
Total Prof Fundrsng Exp Prior Year0TotalProfFundrsngExpPriorYear
Total Prof Fundrsng Exp CY0TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year0TotalFundrsngExpCurrentYear
Other Expense Prior Year35644871OtherExpensePriorYear
Other Expenses Current Year32707715OtherExpensesCurrentYear
Total Expenses Prior Year38403617TotalExpensesPriorYear
Total Expenses Current Year35629485TotalExpensesCurrentYear
Revenues Less Expenses Prior Year-1890194RevenuesLessExpensesPriorYear
Revenues Less Expenses CY2798615RevenuesLessExpensesCY
Total Assets BOY18384131TotalAssetsBOY
Total Assets EOY20554576TotalAssetsEOY
Total Liabilities BOY10637783TotalLiabilitiesBOY
Total Liabilities EOY11541190TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY7746348NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY9013386NetAssetsOrFundBalancesEOY
Mission DescriptionTHE MISSION OF THE SOCIETY IS TO AID PERSONS IN NEED OF PECUNIARY ASSISTANCE BY LOANS OF MONEY AT INTEREST UPON PLEDGE OF PERSONAL PROPERTY.MissionDescription
Significant New Program Services0SignificantNewProgramServices
Significant Change0SignificantChange
Expense33815029Expense
Revenue38031816Revenue
DescriptionTHE 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 PERSONS BENEFITTED = 39,000Description
Total Program Service Expense33815029TotalProgramServiceExpense
Described In501 C30DescribedIn501C3
Schedule B Required0ScheduleBRequired
Political Activities0PoliticalActivities
Subject To Proxy Tax0SubjectToProxyTax
Donor Advised Funds0DonorAdvisedFunds
Conservation Easements0ConservationEasements
Collections Of Art0CollectionsOfArt
Credit Counseling0CreditCounseling
Term Or Permanent Endowments0TermOrPermanentEndowments
Report Land Bldg Equip1ReportLandBldgEquip
Report Invest Oth Securities0ReportInvestOthSecurities
Report Prog Rel Invest0ReportProgRelInvest
Report Other Assets1ReportOtherAssets
Report Other Liabilities1ReportOtherLiabilities
Report Fin48 Footnote1ReportFin48Footnote
Independent Audit Financial Stmt1IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt0ConsolidatedAuditFinancialStmt
School0School
Foreign Office0ForeignOffice
Foreign Activities0ForeignActivities
More Than5000 K To Organizations0MoreThan5000KToOrganizations
More Than5000 K To Individuals0MoreThan5000KToIndividuals
Professional Fundraising0ProfessionalFundraising
Fundraising Activities0FundraisingActivities
Gaming0Gaming
Hospital0Hospital
Grants To Organizations0GrantsToOrganizations
Grants To Individuals0GrantsToIndividuals
Schedule J Required1ScheduleJRequired
Tax Exempt Bonds0TaxExemptBonds
Excess Benefit Transaction0ExcessBenefitTransaction
Prior Excess Benefit Transaction0PriorExcessBenefitTransaction
Loan To Officer Or DQP0LoanToOfficerOrDQP
Grant To Related Person0GrantToRelatedPerson
Bsnss Rltnshp With Organization0BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member0BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp1OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions0DeductibleNonCashContributions
Deductible Contributions Of Art0DeductibleContributionsOfArt
Terminated0Terminated
Partial Liquidation0PartialLiquidation
Disregarded Entity0DisregardedEntity
Related Entity0RelatedEntity
Related Org Controlled Entity0RelatedOrgControlledEntity
Transaction Related Entity0TransactionRelatedEntity
Activities Conducted Partnership0ActivitiesConductedPartnership
Schedule O Required1ScheduleORequired
Number Forms Transmitted With10968NumberFormsTransmittedWith1096
Number W2 G Included0NumberW2GIncluded
Compliance With Backup Witholding1ComplianceWithBackupWitholding
Number Of Employees34NumberOfEmployees
Employment Tax Returns Filed1EmploymentTaxReturnsFiled
Unrelated Business Income0UnrelatedBusinessIncome
Foreign Financial Account0ForeignFinancialAccount
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTrans
Taxable Party Notification0TaxablePartyNotification
Non Deductible Contributions0NonDeductibleContributions
Indoor Tanning Services0IndoorTanningServices
Info In Schedule O Part VIXInfoInScheduleOPartVI
Nbr Voting Governing Body Members14NbrVotingGoverningBodyMembers
Number Independent Voting Members12NumberIndependentVotingMembers
Family Or Business Relationship1FamilyOrBusinessRelationship
Delegation Of Management Duties0DelegationOfManagementDuties
Changes To Organizing Docs0ChangesToOrganizingDocs
Material Diversion Or Misuse0MaterialDiversionOrMisuse
Members Or Stockholders0MembersOrStockholders
Election Of Board Members0ElectionOfBoardMembers
Decisions Subject To Approval0DecisionsSubjectToApproval
Minutes Of Governing Body1MinutesOfGoverningBody
Minutes Of Committees1MinutesOfCommittees
Officer Mailing Address0OfficerMailingAddress
Local Chapters1LocalChapters
Policies Reference Chapters1PoliciesReferenceChapters
Form990 Provided To Governing Body1Form990ProvidedToGoverningBody
Conflict Of Interest Policy1ConflictOfInterestPolicy
Annual Disclosure Covered Persons1AnnualDisclosureCoveredPersons
Regular Monitoring Enforcement1RegularMonitoringEnforcement
Whistleblower Policy1WhistleblowerPolicy
Document Retention Policy1DocumentRetentionPolicy
Compensation Process CEO1CompensationProcessCEO
Compensation Process Other1CompensationProcessOther
Investment In Joint Venture0InvestmentInJointVenture
Upon RequestXUponRequest

The Books Are In Care Of TheBooksAreInCareOf

Name Business NameBusiness

FieldValueIRS element (for citing)
Business Name Line1SEAN BRENNANBusinessNameLine1
FieldValueIRS element (for citing)
Telephone Number2126850380TelephoneNumber

Address US AddressUS

FieldValueIRS element (for citing)
Address Line1346 PARK AVENUE SOUTHAddressLine1
CityNEW YORKCity
StateNYState
ZIP Code100101708ZIPCode

Form990 Part VII Section A Form990PartVIISectionA (21 entries)

TitleTitleIndividual Trustee Or DirectorIndividualTrusteeOrDirectorOfficerOfficerReportable Comp From OrganizationReportableCompFromOrganizationReportable Comp From Related OrgsReportableCompFromRelatedOrgsOther CompensationOtherCompensationAverage Hours Per WeekAverageHoursPerWeek
RICHARD A DRUCKER
CHAIRMANXX000
JOHN A MORGAN
TRUSTEEX000
THATCHER M BROWN III
TRUSTEEX000
JAMES J DALY
TRUSTEEX000
GEORGE DEWEY
TRUSTEEX000
S HAZARD GILLESPIE
TRUSTEEX000
JANE G GRIMES
TRUSTEEX000
LANDON HILLIARD
TRUSTEEX000
RADFORD W KLOTZ
TRUSTEEX000
TROLAND S LINK
TRUSTEEX000
EDWARD D PARDOE III
TRUSTEEX000
SAMUEL F PRYOR III
TRUSTEEX000
HERMANN C SCHWAB
TRUSTEEX000
AUSTIN V SHAPARD
SECRETARY & TREASURERXX000
JAMES J MAGUIRE
PRESIDENT & CEOX15305604024135.00
JOHN T HIGNEY
VP & COOX9660803151135.00
SEAN BRENNAN
VP & CFOX9085603165335.00
ROBERT INGELLIS
VICE PRESIDENTX9376303704835.00
VINCENT PIPOLO
VICE PRESIDENTX10970402985535.00
THEODORE C FISHER
ASSISTANT SECRETARYX7213001018435.00
LINDA FLAKE
ASSISTANT SECRETARYX7179602146035.00
FieldValueIRS element (for citing)
Total Reportable Comp From Org687913TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs0TotalReportableCompFrmRltdOrgs
Total Other Compensation201952TotalOtherCompensation
Number Individuals GT100 K3NumberIndividualsGT100K
Formers Listed0FormersListed
Total Comp GT150 K1TotalCompGT150K
Compensation From Other Sources0CompensationFromOtherSources
Number Of Contractors GT100 K0NumberOfContractorsGT100K

Program Service Revenue ProgramServiceRevenue (5 entries)

DescriptionDescriptionBusiness CodeBusinessCodeTotal Revenue ColumnTotalRevenueColumnRelated Or Exempt Function IncomeRelatedOrExemptFunctionIncome
LOANS REPAID9000992952751129527511
INTEREST EARNED ON LOA90009948445144844514
PROCEEDS ON BANK LOANS90009930500003050000
STORAGE FEES INCOME900099418726418726
TICKET FEES INCOME900099191065191065
FieldValueIRS element (for citing)
Total Program Service Revenue38031816TotalProgramServiceRevenue

Investment Income InvestmentIncome

FieldValueIRS element (for citing)
Total Revenue Column221TotalRevenueColumn
Exclusion$221ExclusionAmount

Gross Rents GrossRents

FieldValueIRS element (for citing)
Real396063Real

Rental Income Or Loss RentalIncomeOrLoss

FieldValueIRS element (for citing)
Real396063Real

Net Rental Income Or Loss NetRentalIncomeOrLoss

FieldValueIRS element (for citing)
Total Revenue Column396063TotalRevenueColumn
Exclusion$396,063ExclusionAmount

Total Revenue TotalRevenue

FieldValueIRS element (for citing)
Total Revenue Column38428100TotalRevenueColumn
Related Or Exempt Function Income38031816RelatedOrExemptFunctionIncome
Unrelated Business Revenue0UnrelatedBusinessRevenue
Exclusion$396,284ExclusionAmount

Comp Current Officers Directors CompCurrentOfficersDirectors

FieldValueIRS element (for citing)
Total914175Total
Program Services477695ProgramServices
Management And General436480ManagementAndGeneral

Other Salaries And Wages OtherSalariesAndWages

FieldValueIRS element (for citing)
Total1150718Total
Program Services592694ProgramServices
Management And General558024ManagementAndGeneral

Pension Plan Contributions PensionPlanContributions

FieldValueIRS element (for citing)
Total460886Total
Program Services250246ProgramServices
Management And General210640ManagementAndGeneral

Other Employee Benefits OtherEmployeeBenefits

FieldValueIRS element (for citing)
Total235997Total
Program Services133434ProgramServices
Management And General102563ManagementAndGeneral

Payroll Taxes PayrollTaxes

FieldValueIRS element (for citing)
Total159994Total
Program Services89125ProgramServices
Management And General70869ManagementAndGeneral

Fees For Services Legal FeesForServicesLegal

FieldValueIRS element (for citing)
Total64473Total
Management And General64473ManagementAndGeneral

Fees For Services Accounting FeesForServicesAccounting

FieldValueIRS element (for citing)
Total49404Total
Management And General49404ManagementAndGeneral

Advertising Advertising

FieldValueIRS element (for citing)
Total224407Total
Program Services224407ProgramServices

Office Expenses OfficeExpenses

FieldValueIRS element (for citing)
Total169483Total
Program Services142422ProgramServices
Management And General27061ManagementAndGeneral

Occupancy Occupancy

FieldValueIRS element (for citing)
Total313709Total
Program Services220413ProgramServices
Management And General93296ManagementAndGeneral

Interest Interest

FieldValueIRS element (for citing)
Total266106Total
Program Services266106ProgramServices

Depreciation Depletion DepreciationDepletion

FieldValueIRS element (for citing)
Total74463Total
Program Services28536ProgramServices
Management And General45927ManagementAndGeneral

Insurance Insurance

FieldValueIRS element (for citing)
Total175084Total
Program Services138055ProgramServices
Management And General37029ManagementAndGeneral

Other Expenses OtherExpenses (5 entries)

DescriptionDescriptionTotalTotalProgram ServicesProgramServicesManagement And GeneralManagementAndGeneral
LOANS MADE2907606929076069
PAYMENTS ON BANK LOANS19600001960000
OTHER EXPENSES1544467125883188
REPAIRS & MAINTENANCE927575725535502
AUCTION SALES LOSSES8731487314

Total Functional Expenses TotalFunctionalExpenses

FieldValueIRS element (for citing)
Total35629485Total
Program Services33815029ProgramServices
Management And General1814456ManagementAndGeneral
Fundraising0Fundraising

Cash Non Interest Bearing CashNonInterestBearing

FieldValueIRS element (for citing)
BOY199511BOY
EOY187357EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

FieldValueIRS element (for citing)
BOY12583BOY
EOY48394EOY

Accounts Receivable AccountsReceivable

FieldValueIRS element (for citing)
BOY15446704BOY
EOY17334076EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

FieldValueIRS element (for citing)
BOY153318BOY
EOY183234EOY
FieldValueIRS element (for citing)
Land Buildings Equipment Basis2837739LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec2202720LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

FieldValueIRS element (for citing)
BOY695619BOY
EOY635019EOY

Investments Pub Traded Securities InvestmentsPubTradedSecurities

FieldValueIRS element (for citing)
BOY102905BOY
EOY102661EOY

Investments Other Securities InvestmentsOtherSecurities

FieldValueIRS element (for citing)
BOY48443BOY
EOY48202EOY

Other Assets Total OtherAssetsTotal

FieldValueIRS element (for citing)
BOY1725048BOY
EOY2015633EOY

Total Assets TotalAssets

FieldValueIRS element (for citing)
BOY18384131BOY
EOY20554576EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

FieldValueIRS element (for citing)
BOY157336BOY
EOY80596EOY

Unsecured Notes Loans Payable UnsecuredNotesLoansPayable

FieldValueIRS element (for citing)
BOY5550000BOY
EOY6640000EOY

Other Liabilities OtherLiabilities

FieldValueIRS element (for citing)
BOY4930447BOY
EOY4820594EOY

Total Liabilities TotalLiabilities

FieldValueIRS element (for citing)
BOY10637783BOY
EOY11541190EOY
FieldValueIRS element (for citing)
Follow SFAS117XFollowSFAS117

Unrestricted Net Assets UnrestrictedNetAssets

FieldValueIRS element (for citing)
BOY7746348BOY
EOY9013386EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY7746348BOY
EOY9013386EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY18384131BOY
EOY20554576EOY
FieldValueIRS element (for citing)
Info In Schedule O Part XIXInfoInScheduleOPartXI
Reconcilation Revenue Expenses2798615ReconcilationRevenueExpenses
Reconcilation Other Changes-1531577ReconcilationOtherChanges
Info In Schedule O Part XIIXInfoInScheduleOPartXII
Method Of Accounting AccrualXMethodOfAccountingAccrual
Accountant Compile Or Review0AccountantCompileOrReview
FS Audited1FSAudited
Audit Committee1AuditCommittee
Financial Statement SeparateXFinancialStatementSeparate
Federal Grant Audit Required0FederalGrantAuditRequired

Schedule D IRS990ScheduleD

Land Land

FieldValueIRS element (for citing)
Other Cost Or Other Basis377975OtherCostOrOtherBasis
Book Value377975BookValue

Buildings Buildings

FieldValueIRS element (for citing)
Other Cost Or Other Basis1548172OtherCostOrOtherBasis
Depreciation1403686Depreciation
Book Value144486BookValue

Leasehold Improvements LeaseholdImprovements

FieldValueIRS element (for citing)
Other Cost Or Other Basis157578OtherCostOrOtherBasis
Depreciation149465Depreciation
Book Value8113BookValue

Equipment Equipment

FieldValueIRS element (for citing)
Other Cost Or Other Basis754014OtherCostOrOtherBasis
Depreciation649569Depreciation
Book Value104445BookValue
FieldValueIRS element (for citing)
Total Of Book Value Land Buildings635019TotalOfBookValueLandBuildings

Other Assets OtherAssets (4 entries)

DescriptionDescriptionBook ValueBookValue
ACCRUED INTEREST ON LOANS1583347
TICKET FEES RECEIVABLE101526
STORAGE FEES RECEIVABLE225000
RENTALS RECEIVABLE105760
FieldValueIRS element (for citing)
Total Book Value Other Assets2015633TotalBookValueOtherAssets

Other Liabilities OtherLiabilities (4 entries)

DescriptionDescriptionAmountAmount
EXCESS OF PROCEEDS FROM AUCTION SALES OVER LOANS$1,967,078
LIABILITY FOR POST RETIREMENT BENEFITS$1,099,679
LIABILITY FOR PENSION BENEFITS$1,602,974
SECURITY DEPOSIT PAYABLE$150,863
FieldValueIRS element (for citing)
Total Of Amounts4820594TotalOfAmounts
Total Revenue38428100TotalRevenue
Total Expenses35629485TotalExpenses
Excess Or Deficit For Year2798615ExcessOrDeficitForYear
Other-$1,531,577OtherAmount
Total Adjustments-1531577TotalAdjustments
Excess Or Deficit Per FS1267038ExcessOrDeficitPerFS
Tot Revenue Etc Audited Fincl Stmt5860454TotRevenueEtcAuditedFinclStmt
Other Revenues9865OtherRevenues
Revenue Not Rptd F9909865RevenueNotRptdF990
Revenue Subtotal5850589RevenueSubtotal
Other Revenues Not Included32577511OtherRevenuesNotIncluded
Revenue Not Rptd On Fin Stmt32577511RevenueNotRptdOnFinStmt
Total Revenue Per Form99038428100TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt4593416TotExpensesEtcAuditedFinclStmt
Expenses Not Rptd F9900ExpensesNotRptdF990
Expenses Subtotal4593416ExpensesSubtotal
Other Expenses Not Included31036069OtherExpensesNotIncluded
Expenses Not Rptd On Fin Stmt31036069ExpensesNotRptdOnFinStmt
Total Expenses Per Form99035629485TotalExpensesPerForm990

Form990 Schedule D Part XIV Form990ScheduleDPartXIV (5 entries)

IdentifierIdentifierReturn ReferenceReturnReferenceExplanationExplanation
DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:PART X: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 U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2007, WHICH IS THE STANDARD STATUTE OF LIMITATIONS LOOK-BACK PERIOD.
PART XI, LINE 8 - OTHER ADJUSTMENTS:LOANS MADE 29,076,069. LOANS REPAID -29,527,511. PROCEEDS OF BANK LOANS -3,050,000. PAYMENT ON BANK LOANS 1,960,000. CHANGE IN PENSION & OTHER POSTRETIREMENT CHGS OTHER THAN NET PERIODIC COSTS 9,865.
PART XII, LINE 2D - OTHER ADJUSTMENTS:CHANGE IN PENSION & OTHER POSTRETIREMENT CHGS OTHER THAN NET PERIODIC COSTS 9,865.
PART XII, LINE 4B - OTHER ADJUSTMENTS:LOANS REPAID 29,527,511. PROCEEDS FROM BANK LOANS 3,050,000.
PART XIII, LINE 4B - OTHER ADJUSTMENTS:LOANS MADE 29,076,069. PAYMENTS MADE ON BANK LOANS 1,960,000.

Schedule J IRS990ScheduleJ

FieldValueIRS element (for citing)
Board Or Committee ApprovalXBoardOrCommitteeApproval
Severance Payment0SeverancePayment
Supplemental Nonqual Retire Plan0SupplementalNonqualRetirePlan
Equity Based Comp Arrangement0EquityBasedCompArrangement
Comp Based On Revenue Of Filing Org0CompBasedOnRevenueOfFilingOrg
Comp Based On Revenue Related Orgs0CompBasedOnRevenueRelatedOrgs
Comp Based Net Earnings Filing Org0CompBasedNetEarningsFilingOrg
Comp Based Net Earnings Relate Orgs0CompBasedNetEarningsRelateOrgs
Any Non Fixed Payments1AnyNonFixedPayments
Initial Contract Exception0InitialContractException

Form990 Schedule J Part II Form990ScheduleJPartII

FieldValueIRS element (for citing)
Name PersonJAMES J MAGUIRENamePerson
Base Compensation Filing Org149056BaseCompensationFilingOrg
Comp Based On Related Orgs0CompBasedOnRelatedOrgs
Bonus Filing Org4000BonusFilingOrg
Bonus Related Orgs0BonusRelatedOrgs
Other Compensation Filing Org0OtherCompensationFilingOrg
Other Compensation Related Orgs0OtherCompensationRelatedOrgs
Deferred Comp Filing Org30612DeferredCompFilingOrg
Deferred Comp Related Orgs0DeferredCompRelatedOrgs
Nontaxable Benefits Filing Org13682NontaxableBenefitsFilingOrg
Nontaxable Benefits Related Orgs0NontaxableBenefitsRelatedOrgs
Total Compensation Filing Org197350TotalCompensationFilingOrg
Total Compensation Related Orgs0TotalCompensationRelatedOrgs
Comp Report Prior990 Filing Org0CompReportPrior990FilingOrg
Comp Report Prior990 Related Orgs0CompReportPrior990RelatedOrgs

Form990 Schedule J Part III Form990ScheduleJPartIII

FieldValueIRS element (for citing)
Return ReferencePART I, LINE 7ReturnReference
ExplanationTHE FOLLOWING INDIVIDUALS, LISTED ON PART VII, RECEIVED NON-FIXED PAYMENTS IN THE FORM OF BONUSES DURING THE YEAR ENDED 12/31/10: JAMES J. MAGUIRE - $4,000 JOHN T. HIGNEY - $3,000 SEAN BRENNAN - $3,000 ROBERT INGELLIS - $3,000 VINCENT PIPOLO - $3,000 THEODORE C. FISHER - $2,500 LINDA FLAKE - $2,500Explanation

Schedule L IRS990ScheduleL

Form990 Schedule L Part IV Form990ScheduleLPartIV

Name Of Interested Person NameOfInterestedPerson

FieldValueIRS element (for citing)
Name PersonL HILLIARD R KLOTZNamePerson
FieldValueIRS element (for citing)
RelationshipTRUSTEESRelationship
Amount Of Transaction6000000AmountOfTransaction
Description Of TransactionTHE ORGANIZATION HAS AN AVAILABLE LINE OF CREDIT AGGREGATING $6,000,000, OF WHICH THERE WERE OUTSTANDING BORROWINGS OF $6,000,000 AT 12/31/10. AT THE BEGINNING OF THE YEAR THE BALANCE WAS $5,550,000. INTEREST PAID ON THE LOAN DURING THE YEAR WAS APPROXIMATELY $227,000. TWO TRUSTEES OF THE ORGANIZATION ARE ALSO PARTNERS OF THE LENDING BANK.DescriptionOfTransaction
Sharing Of Revenues0SharingOfRevenues

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (7 entries)

IdentifierIdentifierExplanationExplanationReturn ReferenceReturnReference
FORM 990, PART VI, SECTION A, LINE 2LANDON HILLIARD AND RADFORD W. KLOTZ, TRUSTEES - BUSINESS RELATIONSHIP S. HAZARD GILLESPIE, TRUSTEE AND JANE G. GRIMES, TRUSTEE - FAMILY RELATIONSHIP
FORM 990, PART VI, SECTION B, LINE 11THE SOCIETY'S FORM 990 IS DISTRIBUTED TO ALL MEMBERS OF THE BOARD OF DIRECTORS AND IS REVIEWED VIA TELEPHONE CONFERENCE CALL PRIOR TO FILING.
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 12C
ANNUALLY, AT THE NOVEMBER MEETING, THE BOARD OF TRUSTEES SETS THE COMPENSATION AMOUNTS FOR EACH OFFICER, INCLUDING THE PRESIDENT. THE BOARD RECEIVES, FROM THE PRESIDENT, A SCHEDULE OF THE OFFICERS' SALARIES FOR THE PAST TWO YEARS, THE LAST SALARY INCREASE GRANTED, AND A PROPOSED INCREASE FOR THE COMING YEAR, WHICH IS USED FOR BUDGETARY PURPOSES. THE MEASURES USED IN EVALUATING EMPLOYEE COMPENSATION ARE CURRENT SALARY, SUPERVISOR'S EVALUATIONS, LENGTH OF SERVICE WITH THE SOCIETY, AND THE CURRENT FINANCIAL POSITION OF THE SOCIETY.FORM 990, PART VI, SECTION B, LINE 15
COPIES OF THE SOCIETY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.FORM 990, PART VI, SECTION C, LINE 19
CHANGES IN NET ASSETS OR FUND BALANCES:LOANS MADE 29,076,069. LOANS REPAID -29,527,511. PROCEEDS OF BANK LOANS -3,050,000. PAYMENT ON BANK LOANS 1,960,000. CHANGE IN PENSION & OTHER POSTRETIREMENT CHGS OTHER THAN NET PERIODIC COSTS 9,865. TOTAL TO FORM 990, PART XI, LINE 5: -1,531,577.FORM 990, PART XI, LINE 5:
AUDIT COMMITTEE RESPONSIBILITYTHE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE SOCIETY'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.FORM 990, PART XI, LINE 2C

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