NEW YORK STATE CHARTERED CREDIT UNIONS - PROGRESSIVE CREDIT UNION

EIN: 131726048

NEW YORK, NY

Total Revenue
$22,308,982
Total Expenses
$160,107,333
Total Assets
N/A
Net Assets
N/A
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1918
Legal Domicile
NY
Principal Officer
JAMES SCHENCK
Phone
2126958900
Tax Period
2018-01-01 to 2018-12-31

NEW YORK STATE CHARTERED CREDIT UNIONS - PROGRESSIVE CREDIT UNION, founded in 1918, is a mid-sized nonprofit that reported $22.3M in total revenue in fiscal year 2018. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $160.1M exceeded revenue, resulting in a 618% operating deficit.

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2018)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $15,558,890
Investment Income $6,750,092
Other Revenue $0
TOTAL REVENUE $22,308,982

Expense Breakdown

Grants Paid $0
Salaries & Benefits $6,774,211
Fundraising Expenses $0
Other Expenses $153,333,122
TOTAL EXPENSES $160,107,333

Year-over-Year Comparison

2018 2017 Change
Revenue $22,308,982 $19,569,366 +0.1%
Expenses $160,107,333 $116,747,686 +0.4%
Net Income $-137,798,351 $-97,178,320 +0.4%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
5
Independent Members
4
Employees
47
Volunteers
4

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$2,366,205
Total Directors
5
$1,969,571
Key Employees
2
$388,254
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ROBERT A FAMILANT CEO/TREASURER 37.5
Officer Director
$1,927,411 $42,160 $1,969,571
JOEL SLOMON PRESIDENT 1.0
Officer Director
$0 $0 $0
GERALD SHULMAN VICE PRESIDENT 1.0
Officer Director
$0 $0 $0
DEBORAH CHASSEN SECRETARY 1.0
Officer Director
$0 $0 $0
BRIAN WORKMAN DIRECTOR 1.0
Director
$0 $0 $0
ROCCO SABINO FROM 118 CHIEF FINANCIAL OFFICER 37.5
Officer
$164,904 $0 $164,904
MARK ENTIN FROM 118 CHIEF OPERATING OFFICER 37.5
Officer
$231,730 $0 $231,730
EMILY OAMI SENIOR ADVISOR 37.5
Key Emp
$185,077 $30,695 $215,772
RITA RYAN CHIEF LENDING OFFICER 37.5
Key Emp
$170,950 $1,532 $172,482
JOSEPH ANCONA CHIEF CREDIT OFFICER 37.5
Highest
$198,762 $21,623 $220,385
DAVID KOSHERS GENERAL COUNSEL 37.5
Highest
$163,942 $13,167 $177,109
LUKE PARRIS DIRECTOR OF LENDING/PART. 37.5
Highest
$136,907 $20,123 $157,030
JOHN MASULLO SENIOR ACCOUNTANT 37.5
Highest
$125,363 $14,559 $139,922
DWAYNE LEVERETT DIR., COMMERICAL REAL ESTATE 37.5
Highest
$124,962 $15,041 $140,003
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2018 $22,308,982 $160,107,333 No data $-137,798,351
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