2017 annual report - the penfed foundation · support of caring americans who step up through...
TRANSCRIPT
2017 ANNUAL REPORT
ANNUAL REPORT
I am a Veteran, having served in the United States Air Force for over 27 years, including a combat tour in Vietnam. I count myself among the lucky ones who made it through their service relatively unscathed. Others were not as fortunate. Some made the ultimate sacrifice, and some had their lives changed forever by the wounds of war and injury from service.
Our Government, mainly through the Department of Veterans Affairs (VA), tries to take care of these less fortunate Veterans. It does a reasonably good job, but like any large institution there are cracks and holes in the system. Organizations like ours fill these gaps and holes. We can’t do that without the support of caring Americans who step up through corporate and individual giving to fund programs that meet unfilled needs.
Through generous contributions, we have helped Veterans weather financial emergencies, buy first homes, secure stable lodgings, and start their own businesses. We respond to need. For example, when we learned that Veterans who were referred to the VA Polytrauma Medical Center in Palo Alto were missing appointments in large number
LETTER FROM THE CHAIRMAN
3
because of the high cost of lodging, we raised $11M to build and donate to the VA a modern 52-room lodging facility, the Lee and Penny Anderson Defenders Lodge. Since it opened in 2014, the facility has provided 100,000 free room nights to outpatients and saved them and their caregivers over $30 million in lodging expenses.
We are proud to report that every dollar we raise from the public goes directly to support the Veterans we serve. All administrative and overhead costs are borne by the Pentagon Federal Credit Union. We know this is the right thing to do with the money we raise.
I thank you on behalf of all those you have helped, and ask that you continue your caring, generous support. The Honorable Frederick F.Y. Pang Chair of the PenFed Foundation
ANNUAL REPORT
This year marked new highs for the PenFed Foundation and support for our Nation’s Military Heroes. We provided more than 600 grants to help Veterans with a disability weather a financial setback, or help a caregiver with education and childcare expenses. More than 125 Military Heroes nationwide were able to purchase a first home or replace a lost one because of the Dream Makers Program, and more than 1,800 military personnel received Foundation-backed loans so they could build their credit and avoid predatory lenders. We also partnered with Disabled American Veterans, whose offices nationwide now help the Foundation identify Veterans in need of financial assistance. 2017 also marked a tough year for Military and other families affected by Hurricanes Harvey, Irma, and Maria, but with the help of the Department of Veterans Affairs and their employees’ donations, the PenFed Foundation was able to provide more than $330,000 in aid for affected Veterans and VA employees. We also committed $300,000 to build a new home to support our wounded military receiving in-patient care at the Fort Belvoir and Walter Reed hospitals through Serve Our Willing Warriors, so that these Military Heroes might have a week of respite from the hospital to spend with their families and friends. Towards the end of the year, we secured a commitment from the PenFed Credit Union – which historically underwrote most of our expenses – to underwrite all Foundation expenses; now all donations will go 100% in direct support of our Military Heroes. Finally, none of this could be done without the support from you – our sponsors and donors. On behalf of the Military Heroes we serve, I thank you! Bruce Kasold Acting President and COO
LETTER FROM THE ACTING PRESIDENT AND COO
5
ANNUAL REPORT
THE PENFED FOUNDATION LEADERSHIP
BOARD OF DIRECTORSThe Honorable Frederick Pang, Chair
Thomas B. Dyer, Vice Chair
Fred Caprio, CLU, Secretary/Treasurer
Edward B. Cody
Sandra L. Patricola
Colonel James F. Quinn, USA (Retired)
Major General Joseph G. Lynch (Retired)
DIRECTOR EMERITUSMajor Edward D. Dauksz, USMC (Retired)
David Schaeffer
Colonel Robert W. Siegert, III, USA (Retired)
CEOJames Schenck
ACTING PRESIDENT AND COOThe Honorable Bruce Kasold
DIRECTOR OF PROGRAMS AND DEVELOPMENTMark Smith
7
DEFENDERS LODGE
The PenFed Foundation raised $11 million to help build the Lee & Penny Anderson Defenders Lodge to provide respite for Veterans and their families undergoing outpatient treatment at the Palo Alto Department of Veterans Affairs medical center. Since the facility opened in 2014, the Foundation has provided over 100,000 nights stay to our Veterans and their families and saved them more than $30 million on lodging expenses as part of this special project.
ANNUAL REPORT
2017 PROGRAM HIGHLIGHTS
Gave out
125Dream Makers Grants to help our Military Heroes purchase a home.
Provided more than
$5.8MILLION
to help military families purchase a home with Dream Makers grants.
Provided more than
600Emergency and Caregiver Grants to help Veterans weather unexpected financial setbacks, and help our Veterans’ caregivers with education and childcare support.
Provided financial support to military families totaling more than
$6.5MILLION
with the Military Heroes Fund – Emergency and Caregiver Support.
Provided more than
$460THOUSAND
to help over 450 disabled Veterans with our partnership with Disabled American Veterans
FROM INCEPTION
2017 STATISTICS Raised
$242for Hurricane Relief Grants to U.S. Department of Veterans Affairs employees and Veterans affected by the 2017 Hurricanes Maria, Harvey and Irma.
THOUSAND
*There is a $5 application fee to apply for the Interest-Free Loan
9
Backed
Interest-Free Loans*
1,800military personnel
to over
Backed more than
$8.117,900
MILLION
Interest-Free Loans* totaling nearly
$1.5has been raised for this program.
NEW PROGRAM:
MILLION
In 2018, we will begin selectively investing in and supporting Veteran entrepreneurs.
More than
ANNUAL REPORT
2017 MAJOR EVENTS
2017 NIGHT OF HEROES GALA RAISED
2017 GOLF CLASSIC RAISED
$834,633
$1.5 million
COMMUNITY SUPPORTSince 2007, Innospec, Inc. has provided more than $600,000 to the PenFed Foundation through their annual golf fundraisers to support the Military Heroes Fund.
11
2017 FINANCIAL STATEMENTS
DECEMBER 31 2017 2016
ASSETS
Cash and cash equivalents ............................................ $2,409,597 ........$1,773,106
Contributions receivable ....................................................... $57,095 .............$54,512
Prepaid expenses and other ............................................... $44,583 ............... $1,375
Property and equipment, net ................................................... $209 .................. $401
Total assets .................................................................$2,511,484 .....$1,829,394
LIABILITIES AND NET ASSETS
Liabilities
Accounts payable and accrued expenses ....................... $79,158 ............$47,968
ARK loan liability .....................................................................$60,820 ...........$116,996
Total liabilities .............................................................. $139,978 ....... $164,964
COMMITMENTS AND CONTINGENCIES
Net assets
Unrestricted net assets ......................................................$1,676,701 .........$785,054
Temporarily restricted net assets ................................... $694,805 ......... $879,376
Total net assets .........................................................$2,371,506 .... $1,644,430
Total liabilities and net assets .................................$2,511,484 .....$1,829,394
ANNUAL REPORT
“With their helping hand, I was able to
have some breathing room, which paved
the way to our long journey out of a dark
hole. Because of the PenFed Foundation,
veterans like myself can feel appreciated
and know there are good people and
organizations out there who will help.”
- Kevin Coombs, Military Heroes Grant Recipient
“We’re so grateful to have found the
Dream Makers grant from the PenFed
Foundation and that we’ve not only been
able to buy a great house, but have also
been able to start making it our own.”
- The Peterson Family, Dream Makers Grant Recipient
2017 GRANT RECIPIENT QUOTES
“As a single father that went through
some very hard times, including my son
and I being homeless, the thought of any
possibility of owning a home was beyond
my wildest dreams… I really am thankful to
Pentagon Federal Dream Makers Grant for
helping me make my dreams come true”
- Richard Yeager, Dream Makers Grant Recipient
“…It is impossible to completely convey
the gratitude in our hearts. We sustained
a great deal of material loss in Hurricane
Harvey... We certainly need some help
and this will be put to good use.”
- Kevin and Anita Walsh, Hurricane Harvey Relief Grant Recipients
“As a veteran and West Point graduate, I feel a
deep personal connection to the Foundation’s
mission. Only by giving service members
our support under the most difficult of
circumstances can we start to repay the
sacrifices that they have made for all of us.”
- James Schenck, CEO
13
“We are excited to be getting ready to
settle down after we end yet another
deployment. This wouldn’t have been made
possible if it weren’t for the generosity of
your team and all that has been done for
us and many other families. We cannot
thank the Dream Maker team enough.”
- The Shoemaker family, Dream Makers Grant Recipient
“Words cannot even begin to explain what
a relief this is. We are very thankful for your
organization and willingness to help during
this extremely difficult time. This has been
one of the most difficult times for our family,
and we are so thankful for your assistance.”
- Kristin Greathouse, Military Heroes Grant Recipient
“I’m not sure how to thank you, or explain my
level of gratitude. As a sole parent suffering
from PTSD, help with childcare is without a
doubt the best gift we could receive. Learning
the tools to better myself is necessary to be
the best parent I can be. From the bottom
of my heart, thank you, endlessly.”
- Jamie Engelbretson, Military Heroes Caregiver Grant Recipient
“If it wasn’t for the generosity of those at
the PenFed Foundation, we would no longer
have our home. We, the McKinney family,
thank you from the bottom of our hearts.”
- Tiffany McKinney, Military Heroes Grant Recipient
ANNUAL REPORT
PRESIDENT’S CIRCLEThese partners donated more than $250,000 or provided the organization with unsurpassed strategic support in the calendar year 2017.
Disabled American Veterans Charitable Service Trust
Pentagon Federal Credit Union
LEADERSHIP PARTNERS$100,000 +
Allied Solutions, LLC
The Coca-Cola Foundation
PSCU Financial Services
DISTINGUISHED PARTNERS$50,000 +
CUNA Mutual Group
HMS National
Innospec Inc.
Institutional Insurance Group, LLC
National Military Family Association
The Niner Foundation
EXCELLENCE PARTNERS$10,000 +
Affinion Group
American Express
American Society of Military Comptrollers
Andrews Federal Credit Union
Arch MI
2017 MAJOR DONORS
Arthur J. Gallagher & Co. Gallagher Bassett Services, Inc
Atlantic Coast Mortgage, LLC
BizFlow Corporation
Burns-Fazzi, Brock & Associates
Cardtronics, Inc.
Chesapeake Netcraftsmen LLC
Chicago Title Insurance Company
Cognizant US Corporation
Corelogic Real Estate Solutions LLC
Cornerstone Home Lending
CU Direct Corporation
CU Solutions Group
The Honorable Deborah James
Defense Credit Union Council
Equifax, Inc.
Federal Home Loan Bank of Atlanta
Fiserv, Inc.
Fortinet
Gilbane Development Company
HITT Contracting Inc.
HomeBridge Financial Services
IBM
The Lawrence and Nancy Padfield Foundation
Mainline Information Systems
MCS Solutions, LLC
Military Officers Association of America
The Meltzer Group
NewDay USA
NTT Data Federal, Inc.
On Q Financial
Open Lending
Priority Toyota
Quantcast
Radian Guaranty Inc.
Rate Reset
ReQuire, LLC
Route 66 Extended Warranty
RRR Automotive Group
Security 1st Title
Seguros Multiples
Softworld, Inc.
Tata America International Corp.
Thuy-Van Nguyen
Travelers
TribusAllen Inc.
TrueCar, Inc
Urban Lending Solutions Company
Veterans Canteen Service
Virtusa Corporation
Visa
WHITE64
William T. Morris Foundation
CHAMPIONS OF THE PENFED FOUNDATION$2,500 +
ABG Services Inc.
Adobe
AMO, Inc.
Aon Foundation
Argus Info & Advisory Services
Armed Forces Financial Network
Assurant
AT&T
Bankrate
Bay Equity Home Loans
BDO USA, LLP
Boeing Defense, Space & Security
CBIZ, Inc.
CDW
Cindy Fournier
Coester VMS
Corporate Press
Cox Automotive
CUNA Cooperative
15
D+H
DC Habitat for Humanity
Deluxe
Doug McCormick
Dynatrace
Edwin Phelps
Ellie Mae
Experian
Fair Isaac Corporation (FICO)
Fidelity Charitable Gift Fund
Fidelity Information Services
First American Mortgage Solutions
First Savings Mortgage Corporation
Frank Houpt
Frank McLallen
Frosch Travel
Goulston & Storrs PC
Highmark Companies, LLC
Hilton Worldwide
HSF Affiliates, LLC
InfoLock Technologies, LLC
ITility, Inc.
Jeanette Seal
Jim Coleman Toyota
John Rolando
LERETA, LLC
LexisNexis Risk Solutions
Lisa Fife
LMI
Master Print, Inc.
McBride Real Estate Services, Inc.
McW Solutions, LLC.
Miller & Long Company, Inc.
Mintel Group Ltd.
MorganFranklin Consulting, LLC
Mountford Bodington
MX Technologies, Inc.
National Mortgage Insurance Corporation
National Rifle Association
Nationwide Credit Corporation
Office Environments International
Ourisman Chantilly Imports, Inc.
Pitney Bowes
PMA Financial Network, Inc.
Price Modern
PricewaterhouseCoopers, LLP
Protiviti, Inc.
R.A. Rogers, Inc.
Roger Chinn
RSA Security LLC
Russell Rau
SalesForce
Schwab Charitable Fund
ServiceLink
Shashi Vohra
Silverback Strategies
Smartronix, Inc.
SolomonEdwards
Southeastern Underwriters
SunDun Office Refreshments
SunTrust Banks, Inc.
Susan Pence
The Honorable Frederick Pang
The Punaro Group
Vero Products
Vivienne Halpern
William Karlson
PenFedFoundation.org800-558-9224