Form 990 for tax year 2023
Filed by PENTAGON FEDERAL CREDIT UNION FDN PENFED FOUNDATION.
What the amendment changed
Compared with the return it replaced , filed 14 November 2024. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.
- Total revenue
- $3,253,322 changed to $3,288,623
- Investment income
- $71,805 changed to $107,106
- Total assets, end of year
- $14,216,497 changed to $8,534,940
- Net assets or fund balances, end of year
- $13,480,496 changed to $7,798,939
Totals
- Total revenue
- $3,288,623
- Total expenses
- $2,618,884
- Contributions and grants received
- $3,788,577
- Grants paid
- $1,397,810
- Program service revenue
- $0
- Investment income
- $107,106
- Other revenue
- -$607,060
- Total assets, end of year
- $8,534,940
- Total liabilities, end of year
- $736,001
- Net assets or fund balances, end of year
- $7,798,939
- Program services expenses (Part IX)
- $2,247,596
- Management and general expenses
- $248,317
- Fundraising expenses
- $122,971
- Program service expenses (Part III)
- $2,247,596
Program services were 85.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1c · Fundraising events
$2,217,004
-
1f · All other contributions, gifts and grants
$1,571,573
-
3 · Investment income
total $107,106 · excluded $107,106
-
8a · Fundraising events: gross income
$207,404
-
8a · Fundraising events: contributions included on line 1c
$2,217,004
-
8b · Fundraising events: direct expenses
$814,464
-
8c · Net income from fundraising events
total -$607,060 · excluded -$607,060
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $515,496 · program services $515,496
-
2 · Grants to domestic individuals
total $882,314 · program services $882,314
-
11b · Fees: legal
total $19,841 · program services $7,341 · management and general $12,500
-
11c · Fees: accounting
total $165,902 · program services $123,480 · management and general $42,422
-
11g · Fees: other
total $299,173 · program services $222,672 · management and general $76,501
-
12 · Advertising and promotion
total $75,650 · program services $42,787 · management and general $23,701 · fundraising $9,162
-
13 · Office expenses
total $133,534 · program services $47,264 · management and general $82,754 · fundraising $3,516
-
14 · Information technology
total $66,398 · program services $52,134 · management and general $5,139 · fundraising $9,125
-
17 · Travel
total $189,049 · program services $177,308 · management and general $3,181 · fundraising $8,560
-
19 · Conferences, conventions and meetings
total $124,549 · program services $43,367 · management and general $1,897 · fundraising $79,285
-
24a · Other expenses: Sponsorship
total $121,500 · program services $121,500
-
24b · Other expenses: Memberships and Subscri
total $4,190 · program services $3,875 · management and general $315
-
24c · Other expenses: Bad Debt
total $323 · fundraising $323
-
24d · Other expenses: Personal Property Taxes
total $151 · management and general $151
-
24e · All other expenses
total $20,814 · program services $8,058 · management and general -$244 · fundraising $13,000
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $5,077,612 · end of year $6,631,987
-
2 · Savings and temporary cash investments
beginning of year $580,416 · end of year $581,287
-
3 · Pledges and grants receivable
beginning of year $1,278,663 · end of year $723,609
-
4 · Accounts receivable
end of year $10,064
-
9 · Prepaid expenses and deferred charges
beginning of year $90,620 · end of year $137,322
-
13 · Investments: program-related
beginning of year $1,644,421 · end of year $450,671
-
17 · Accounts payable and accrued expenses
beginning of year $196,606 · end of year $736,001
-
27 · Net assets without donor restrictions
beginning of year $6,718,639 · end of year $6,181,225
-
28 · Net assets with donor restrictions
beginning of year $1,756,487 · end of year $1,617,714
Mission and programs · 2023
Mission
The mission of the PenFed Foundation is to champion our military through investment, advocacy, and outreach.
Activities or mission (Part I)
To champion our military through investment, advocacy, and outreach.
-
Military Heroes Program:The Military Heroes Program supports the military community in three ways: 1. Funding for projects that have a significant positive impact on a specific military community or more broadly across the entire military family. 2. Support to individuals experiencing a life changing emergency. 3. Support to our allies through the Afghan Rescue and Resettlement Program, which resettled Afghan refugees in the United States after the fall of Kabul.
Expenses $1,515,420 · Grants $1,243,567
-
Veteran Entrepreneur Investment Program (VEIP):VEIP provides veteran and military spouse entrepreneurs with education, mentorship, and connection to capital to build and grow their businesses.
Expenses $421,256 · Grants $34,242
-
Other Programs
Expenses $231,197 · Grants $120,000
-
Outreach
Expenses $79,723
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Deborah Lee James
Chairwoman
- Total calculated
- $0
- Hours/week
- 2
-
Fred B Caprio
Vice Chair
- Total calculated
- $0
- Hours/week
- 1.5
-
Sandra Patricola
Secretary/Treasurer
- Total calculated
- $0
- Hours/week
- 1 + 6 related
-
Edward B Cody
Director
- Total calculated
- $0
- Hours/week
- 1 + 28 related
-
Jim Dinegar
Director
- Total calculated
- $0
- Hours/week
- 1
-
James Quinn
Director
- Total calculated
- $0
- Hours/week
- 1 + 5 related
-
Alfred Rudolph
Director
- Total calculated
- $0
- Hours/week
- 1 + 4 related
-
David Barondess
Director
- Total calculated
- $0
- Hours/week
- 1
-
David Clark
VP Foundation Operations (Until 7/23)
- Total calculated
- $209,884
- From this org
- $0
- From related orgs
- $205,071
- Other
- $4,813
- Hours/week
- 37.5
Schedule J breakdown matched by us
- Base
- $0 + $197,065 related
- Bonus
- $0 + $5,423 related
- Other
- $0 + $2,583 related
- Deferred
- $0 + $4,813 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $209,884 related
-
Scott Davis
Dir, Vet Entrepreneurship (until 12/23)
- Total calculated
- $186,349
- From this org
- $0
- From related orgs
- $180,584
- Other
- $5,765
- Hours/week
- 37.5
Schedule J breakdown matched by us
- Base
- $0 + $170,683 related
- Bonus
- $0 + $7,676 related
- Other
- $0 + $2,225 related
- Deferred
- $0 + $5,765 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $186,349 related
-
Katherine Watson
Director of Philanthropy
- Total calculated
- $117,641
- From this org
- $0
- From related orgs
- $113,510
- Other
- $4,131
- Hours/week
- 37.5
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
-
$120,000
Donation for Leaders & Legends
-
$60,000
Grant to The Mission Continues to support Service Leadership Corps
-
$50,000
Grant to support Camp Hope Trauma Recovery
-
$50,000
Grant to support The ETS Sponsorship Food Insecurity Program
-
$50,000
Grant to support program Mental Resiliency
-
Military Spouse Advocacy Network
$50,000
Grant to Military Spouse Leadership Development Program
-
$50,000
Grant to support Arcadia Veteran Farmer Program
-
$15,000
Grant issued for Warriors in Motion Project
-
Strong Compass Inc
$10,000
Grant to John Moder of Strong Compass for Saddle Up project
-
Scholarship Grant for Gold Star Mothers of Maryland in honor of PFC Justin Davis and CPT Jesse Melton III
The 10 largest by cash amount. The API serves every itemized grant.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
Pentagon Federal Credit Union
501(c)(1) · Credit Union · VA
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 12 August 2025
- IRS schema version
- 2023v6.0
- Source object
- 202512259349302706
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