Pentagon Federal Credit Union Foundation

Because Military Heroes need heroes, too.

aka PenFed Foundation   |   Alexandria, VA   |  http://www.penfedfoundation.org

Mission

The mission of the PenFed Foundation for Military Heroes is to empower military service members, veterans and their communities with the skills and resources to realize financial stability and opportunity.

Ruling year info

2002

Chief Executive Officer, Foundation

Mr. James Schenck

Main address

2930 Eisenhower Avenue

Alexandria, VA 22314 USA

Show more contact info

EIN

54-2062271

NTEE code info

Financial Counseling, Money Management (P51)

Community Improvement, Capacity Building N.E.C. (S99)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Communication

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

The Pentagon Federal Credit Union Foundation was created to assist military personnel in securing a sound financial future for themselves and their families. The mission of the PenFed Foundation for Military Heroes is to empower military service members, veterans and their communities with the skills and resources to realize financial stability and opportunity.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Military Heroes Fund

Years of war have rendered Operation Iraqi Freedom (OIF) and Operation Enduring Freedom (OEF) service members with severe physical, mental, and emotional scars that will likely impact them throughout their lives. The financial implications and consequences of these scars are well documented and can affect all aspects of their lives and the lives of their family members, impacting their housing and employment opportunities, as well as their overall financial well-being.

The Military Heroes Fund provides wounded veterans, military families, and caregivers with financial assistance and support that the Veterans Administration cannot offer due to budgetary and regulatory restrictions. These unmet needs are identified by VA advocates, National Guard case workers, the Army Wounded Warrior Program, and non-profit referral partners like Wounded Warrior Project (WWP) and Disabled American Veterans (DAV).

Population(s) Served
Veterans
Caregivers

Home ownership is a key financial marker for financial stability. The Dream Makers program helps our nation’s heroes by providing assistance towards down payment and closing costs for the purchase of a home. As the a nonprofit home buying assistance program that serves military members and veterans nationwide and one of only a few VA-approved down payment assistance programs, Dream Makers helps low-income military families purchase their first home by providing grants of up to $5,000 for down payments and closing costs.

Population(s) Served
Veterans
Military personnel

VEIP helps veteran entrepreneurs access capital through Pop Up Labs, a Master’s Program, workshops, boot camps, and investment. VEIP provides veteran entrepreneurs with education, mentorship, and networking to enhance their fundraising strategy while connecting them with investors.

Education
Pop-Up Labs—a one to two-day educational programs—are held throughout the country.
Pop-Up Labs focus on different aspects of entrepreneurship and access to capital.

Preparation
Our Master’s Program, a one-year intensive program to prepare growth-stage, veteran-owned startups to raise investor funds to scale their company and tackle the challenge of access to capital

Investment
We invest seed stage capital in veteran entrepreneurs. The PenFed Foundation conducts Review Boards quarterly for possible investments and then equips founders with the financing they need to succeed. Previous investments include True Made Foods, LeaseLock, Honest Soul + Yoga, Ziberty, and Flagship Management.

Population(s) Served
Military personnel
Veterans

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of financial literacy courses conducted

This metric is no longer tracked.
Totals By Year
Population(s) Served

Adults

Related Program

Military Heroes Fund

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Context Notes

All grant recipients for Military Heroes programs must receive financial counseling as part of their application process.

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

Our vision is that all service members are able to serve our nation free of financial worry and that every veteran has a strong financial future.

Continue to raise funds and expand our partnerships and programs to help our Military Heroes in need.

The PenFed Credit Union covers most personnel and operating expenses, meaning more than 95% of donations go directly to support our programs. We partner with the Department of Veterans Affairs, the Disabled American Veterans, and numerous veterans service organizations to help identify needy veterans, and we accept referrals from numerous other veterans service organizations.

Since the Foundation's inception in 2001, it has provided over $7,500,000 to help Military Heroes purchase their first home; in 2020, 217 home purchase grants were provided. The foundation's Military Heroes emergency assistance grants have provided over $8,000,000 in emergency funds since inception. In 2008, the PenFed Foundation embraced a new project effort--raising $11 million in private donations to cover the cost of building what is now the Lee and Penny Anderson Defenders Lodge--a $17 million public-private partnership between the PenFed Foundation and the U.S. Department of Veterans Affairs. Since 2001, more than 140,000 military families have been helped by the PenFed Foundation. In 2018, we launched the Veteran Entrepreneur Investment Program, which supports veteran-owned startups with access to resources. In 2020, we reached more than 3,400 veteran entrepreneurs through the program.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We shared information about our current feedback practices.
  • How is your organization collecting feedback from the people you serve?

    Electronic surveys (by email, tablet, etc.), Focus groups or interviews (by phone or in person), Case management notes,

  • How is your organization using feedback from the people you serve?

    To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects,

  • What significant change resulted from feedback?

    Feedback from our Military Heroes Fund emergency financial assistance program and from surveys informed us to remove the "combat service requirement" from our application to better serve our Military Heroes. We are currently evaluating survey data to help inform our Military Heroes Fund past due bills' coverage and may make further changes based on this information.

  • With whom is the organization sharing feedback?

    The people we serve, Our staff, Our board, Our funders, Our community partners,

  • Which of the following feedback practices does your organization routinely carry out?

  • What challenges does the organization face when collecting feedback?

    It is difficult to get the people we serve to respond to requests for feedback, Staff find it hard to prioritize feedback collection and review due to lack of time,

Financials

Pentagon Federal Credit Union Foundation
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

Want to see how you can enhance your nonprofit research and unlock more insights? Learn More about GuideStar Pro.

Pentagon Federal Credit Union Foundation

Board of directors
as of 7/28/2021
SOURCE: Self-reported by organization
Board chair

The Honorable Deborah Lee James

Fred Caprio

Allied Solutions

Sandra (Sam) Patricola

Civilian Employee, USAF

James Quinn

USA (Ret)

Edward Cody

James Dinegar

Deborah James

Alfred Rudolph

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Not applicable

Organizational demographics

SOURCE: Self-reported; last updated 02/12/2021

Who works and leads organizations that serve our diverse communities? GuideStar partnered on this section with CHANGE Philanthropy and Equity in the Center.

Leadership

The organization's leader identifies as:

Race & ethnicity
White/Caucasian/European
Gender identity
Male, Not transgender (cisgender)
Sexual orientation
Heterosexual or Straight
Disability status
Person without a disability

Race & ethnicity

Gender identity

 

Sexual orientation

Disability