Provident Loan Society Of New York
- Assets
- $16.4m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 35
- Location
- New York, NY
- Founding
- 07/1937
- Data as of
- 12/2021
- EIN
- 13-5585375
Organization Overview
Provident Loan Society Of New York is located in New York, NY. The organization was established in 1937. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Provident Loan Society Of New York employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Provident Loan Society Of New York is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Provident Loan Society Of New York generated $4.3m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $4.6m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.5%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO AID PERSONS IN NEED OF PECUNIARY ASSISTANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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 2021 WAS 15,039.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John T Higney President & CEO | Officer | 35 | $191,124 |
Anthony Lore Secretary | Officer | 35 | $111,968 |
Theodore C Fisher Assistant Vice President | Officer | 35 | $111,442 |
Kevin King Cfo/treasurer | Officer | 35 | $101,823 |
Richard A Drucker Chairman | OfficerTrustee | 0.3 | $0 |
Ames Brown Trustee (from December 2021) | Trustee | 0.3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bonardi Construction Construction Services | 12/30/19 | $326,895 |
Greenberg Traurig Llp Legal Services | 12/30/19 | $301,334 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,529,678 |
| Investment income | $403 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,755,601 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,285,682 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $606,810 |
| Compensation of current officers, directors, key employees. | $294,223 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,520,948 |
| Pension plan accruals and contributions | $214,796 |
| Other employee benefits | $307,006 |
| Payroll taxes | $165,469 |
| Fees for services: Management | $1,484 |
| Fees for services: Legal | $726 |
| Fees for services: Accounting | $84,829 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $373,359 |
| Office expenses | $119,876 |
| Information technology | $75,445 |
| Royalties | $0 |
| Occupancy | $488,601 |
| Travel | $8,996 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,375 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $90,200 |
| Insurance | $253,447 |
| All other expenses | $88,624 |
| Total functional expenses | $4,632,499 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $516,043 |
| Savings and temporary cash investments | $4,696,698 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,156,512 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $218,892 |
| Net Land, buildings, and equipment | $1,078,794 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,746,119 |
| Total assets | $16,413,058 |
| Accounts payable and accrued expenses | $79,539 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,372,642 |
| Total liabilities | $2,452,181 |
| Net assets without donor restrictions | $13,960,877 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $16,413,058 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Anabaptist Financial Lewisburg, PA | $625,930,441 | $18,548,671 |
Tremont Credit Union Milton, MA | $244,401,139 | $9,907,662 |
One Credit Union Springfield, VT | $231,054,967 | $9,424,805 |
Connecticut Student Loan Foundtion Hartford, CT | $126,010,687 | $4,816,146 |
Friends Fiduciary Corporation Philadelphia, PA | $693,443,242 | $5,444,683 |
Provident Loan Society Of New York New York, NY | $16,413,058 | $4,285,682 |
The Diaper Bank Of Connecticut Inc North Haven, CT | $2,855,644 | $2,137,896 |
The Landmarks Financial Corporation Pittsburgh, PA | $163,255,408 | $14,945,748 |
Rent Reporter Inc New York, NY | $2,937,581 | $1,945,762 |
Neighborhood Housing Services Inc Pittsburgh, PA | $781,954 | $468,091 |
St Lawrence County Indust Develop Agency Local Develop Corporation Canton, NY | $15,837,974 | $736,257 |
Wistar Institute Ud Gen Fd 01626 00 Pittsburgh, PA | $11,726,420 | $671,349 |