Parachute Credit Counseling Inc is located in West Seneca, NY. The organization was established in 1967. According to its NTEE Classification (P51) the organization is classified as: Financial Counseling, under the broad grouping of Human Services and related organizations. As of 12/2022, Parachute Credit Counseling Inc employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Parachute Credit Counseling Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Parachute Credit Counseling Inc generated $1.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $1.7m during the year ending 12/2022. While expenses have increased by 3.1% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S MISSION IS TO PROVIDE THE COMMUNITY WITH THE BEST STRATEGIES TO MASTER THEIR CREDIT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT COUNSELING: PARACHUTE IS PROUD TO BE THE ONLY LOCAL, NON PROFIT, CREDIT COUNSELING AGENCY IN WESTERN NEW YORK. HOWEVER, THE CREDIT COUNSELING AND DEBT MANAGEMENT INDUSTRY DOES NOT LIMIT OTHER AGENCIES FROM SERVICING OUR WESTERN NEW YORK COMMUNITY AS WELL. AS A RESULT, OUR AGENCY HAS BEEN WORKING DILIGENTLY TO EDUCATE CLIENTS ON THE DIFFERENCE BETWEEN OUR LOCAL, QUALITY SERVICES AND THE "1-800 COMPANIES" THAT MOST OFTEN TAKE ADVANTAGE OF CLIENTS AS OPPOSED TO EDUCATING THEM ON SOUND FINANCIAL RESPONSIBILITY AND CREATING FINANCIAL FREEDOMS. WE LIKE TO SAY THAT KNOWING THE DIFFERENCE BETWEEN "US AND THEM" CAN MAKE ALL THE DIFFERENCE IN A CLIENT'S DEBT REDUCTION OUTCOME. CLIENTS CAN PARTICIPATE IN A CONFIDENTIAL INTERVIEW WITH A FINANCIAL COUNSELOR TO DISCUSS, ANALYZE AND EXPLORE OPTIONS REGARDING UNSECURED DEBT. THE COUNSELOR WILL CREATE A BUDGET ANALYSIS THAT EXAMINES THE CLIENT'S FINANCIAL SITUATION AND OFFER HELPFUL SUGGESTIONS TO ACHIEVE THEIR FINANCIAL GOALS. IF A CREDITOR REPAYMENT PLAN IS SUITABLE FOR THE CLIENT, PARACHUTE WILL WORK TO ENSURE THE CLIENT MEETS THEIR MONTHLY HOUSEHOLD AND CREDITORS EXPENSES FOR AN EXTENDED TERM. CRP PARTICIPANTS MAY SEE LOWER MONTHLY PAYMENTS AND/OR REDUCED INTEREST RATES AND FEES. 1,454 CLIENTS SERVED.
THE HOUSING PROGRAMMING PROVIDED BY PARACHUTE OFFERS FOUR MAIN AREAS OF SERVICE. THE FIRST FOCUSES ON NFMCP FUNDING APPLIED FOR AND GRANTED THROUGH THE FEDERAL GOVERNMENT. CLIENTS RECEIVING NFMCP COUNSELING ARE ASSISTED IN AVOIDING FORECLOSURE THROUGH COMMUNICATION WITH THE LENDERS AND LEANER BUDGET RECOMMENDATIONS. THE SECOND TYPE OF HOUSING COUNSELING IS COMPREHENSIVE COUNSELING WHERE CLIENTS THAT ARE FACING MORTGAGE DELINQUENCY CAN HAVE THEIR BUDGET ASSESSED AND ACTION PLANS CREATED TO OVERCOME THE HOUSING CHALLENGE. THOROUGH FOLLOW-UP TAKES PLACE AFTER THE SESSION IN ORDER TO ENSURE CLIENTS ARE PROGRESSING POSITIVELY. THE THIRD TYPE OF HOUSING SERVICE PERFORMED IS HECM OR "REVERSE MORTGAGE". PARACHUTE PROVIDES THE REQUIRED CERTIFICATE AFTER A CLIENT HAS PARTICIPATED IN A SESSION TO REVIEW THE OVERALL PRACTICES OF A HECM AND POSSIBLE REPERCUSSIONS. THE LAST AREA OF HOUSING SERVICE PERFORMED IS CALLED PRE-PURCHASE EDUCATION CLASSES. PARACHUTE OFFERS A CLASS CALLED MAKE YOUR MOVE FOR FIRST TIME HOMEBUYERS THAT PROVIDES GENERAL EDUCATION REGARDING THE SEARCH, PURCHASE AND UPKEEP OF A HOME. ALL PARACHUTE HOUSING COUNSELORS ARE CERTIFIED THROUGH THE NFCC AND HAVE TAKEN SEVERAL HUD APPROVED COURSES TO STAY ATOP OF INDUSTRY CHANGES OVER THE YEARS. PARACHUTE HAS BEEN A HUD APPROVED HOUSING COUNSELING AGENCY SINCE 2003. 246 CLIENTS SERVED.
CREDIT EDUCATION: PARACHUTE PRIDES ITSELF ON STRENGTHENING THE KNOWLEDGE OF OUR CLIENTS FINANCIAL LITERACY SKILLS. NATIONAL AND LOCAL STATISTICS HAVE REVEALED THAT NOW MORE THAN EVER IS THE TIME TO ASSIST AND ENCOURAGE RESPONSIBLE FINANCIAL HABITS WITHIN OUR COMMUNITIES. IN 2022, PARACHUTE WAS PROUD TO PARTNER WITH 33 COMMUNITY AGENCIES, AND SERVICED 1,047 CLIENTS THROUGH OVERALL FINANCIAL OUTREACH PROGRAMMING. PRE AND POST TEST SCORES FROM EDUCATION PROGRAMMING INCREASED BY AN AVERAGE OF 25.7% AFTER COMPLETION OF OUR CLASSES. IT IS OUR HONOR TO BE THE LEADING SERVICER OF FINANCIAL LITERACY IN OUR GREAT COMMUNITY.
BANKRUPTCY EDUCATION: PARACHUTE IS PROUD TO BE ONE OF THE FEW AGENCIES HEADQUARTERED IN WESTERN NEW YORK APPROVED TO ISSUE CERTIFICATES IN COMPLIANCE WITH THE BANKRUPTCY LAW. WE PROVIDE LOCAL, ONE-ON-ONE CREDIT COUNSELING SESSIONS BEFORE YOU FILE, AS WELL AS GROUP CLASSES FOR THE DEBTOR EDUCATION COURSE TAKEN PRIOR TO THE DISCHARGE OF DEBTS. BY OFFERING FLEXIBLE APPOINTMENT TIMES, IN-PERSON, OVER THE TELEPHONE OR ONLINE AT THE CLIENT'S CONVENIENCE, WE CAN AID EVEN THOSE WITH THE BUSIEST OF SCHEDULES. ALL BANKRUPTCY PETITIONERS RECEIVE A COURT-REQUIRED CERTIFICATE OF COUNSELING UPON COMPLETION OF THE COUNSELING OR EDUCATION COURSE.144 CLIENTS SERVED.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Noelle Carter President/ceo | Officer | 40 | $124,044 |
Nancy L Latulip Board Chairman | OfficerTrustee | 1 | $0 |
Anthony F Gutowski Treasurer | OfficerTrustee | 1 | $0 |
Bonnie Kell Secretary | OfficerTrustee | 1 | $0 |
Joseph M Morrison Vice Chair | OfficerTrustee | 1 | $0 |
Marylou Borowiak Director | Trustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $49,688 |
All other contributions, gifts, grants, and similar amounts not included above | $430,736 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $480,424 |
Total Program Service Revenue | $1,213,530 |
Investment income | $0 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
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 | $1,698,417 |
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. | $124,044 |
Compensation of current officers, directors, key employees. | $11,164 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $735,539 |
Pension plan accruals and contributions | $40,410 |
Other employee benefits | $95,021 |
Payroll taxes | $79,497 |
Fees for services: Management | $0 |
Fees for services: Legal | $9,068 |
Fees for services: Accounting | $16,962 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $162,467 |
Advertising and promotion | $58,904 |
Office expenses | $34,980 |
Information technology | $7,105 |
Royalties | $0 |
Occupancy | $146,829 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $9,191 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $6,354 |
Insurance | $22,167 |
All other expenses | $0 |
Total functional expenses | $1,698,094 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $121,173 |
Savings and temporary cash investments | $912,771 |
Pledges and grants receivable | $19,300 |
Accounts receivable, net | $7,545 |
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 | $31,467 |
Net Land, buildings, and equipment | $24,614 |
Investments—publicly traded securities | $0 |
Investments—other securities | $265,198 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $193,610 |
Total assets | $1,575,678 |
Accounts payable and accrued expenses | $136,429 |
Grants payable | $0 |
Deferred revenue | $90,000 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $4,164 |
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 | $193,218 |
Total liabilities | $423,811 |
Net assets without donor restrictions | $1,151,867 |
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 | $1,575,678 |
Over the last fiscal year, we have identified 7 grants that Parachute Credit Counseling Inc has recieved totaling $160,693.
Awarding Organization | Amount |
---|---|
National Foundation For Credit Counseling Inc Washington, DC PURPOSE: FINANCIAL EDUCATION SUPPORT | $66,550 |
John R Oishei Foundation Buffalo, NY PURPOSE: IMPROVING INDIVIDUALS FINANCIAL CONDITIONS THROUGH INTERACTIVE WEBSITE: CCCS REBRANDING PROJECT | $30,000 |
United Way Of Buffalo And Erie County Buffalo, NY PURPOSE: PROGRAM FUNDING | $23,400 |
The United Way Of Greater Niagara Inc Sanborn, NY PURPOSE: COMMUNITY SERVICE | $16,000 |
Consumer Credit Counseling Service Of Maryland And Delaware Inc Columbia, MD PURPOSE: COMPREHENSIVE HOUSING | $14,589 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $10,000 |
Organization Name | Assets | Revenue |
---|---|---|
Garden State Consumer Credit Counseling Inc Manalapan, NJ | $15,368,790 | $14,807,314 |
American Consumer Credit Counseling Inc Auburndale, MA | $18,184,034 | $13,306,197 |
Cambridge Credit Counseling Corp Agawam, MA | $10,545,696 | $7,101,425 |
Consumer Credit Counseling Service Of Delaware Valley Philadelphia, PA | $4,817,961 | $4,855,910 |
Hebrew Free Loan Society Inc New York, NY | $39,139,675 | $5,814,730 |
Consumer Credit And Budget Counseling Inc Marmora, NJ | $1,261,705 | $3,720,720 |
Consumers Credit Counseling Service Of Rochester Inc Rochester, NY | $7,908,723 | $3,468,563 |
Start Small Think Big Inc New York, NY | $5,478,531 | $5,454,234 |
Money Management New York, NY | $8,835,712 | $4,309,180 |
Advantage Credit Counseling Service Inc Pittsburgh, PA | $1,986,787 | $1,981,242 |
Intl Federation Of Red Cross And Red Crescent Soc At The U N Inc New York, NY | $144,561 | $1,804,361 |
Parachute Credit Counseling Inc West Seneca, NY | $1,575,678 | $1,698,417 |