Parachute Credit Counseling Inc

Organization Overview

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.

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.


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Board, Officers & Key Employees

Name (title)Compensation
Noelle Carter
President/ceo
$124,044
Nancy L Latulip
Board Chairman
$0
Anthony F Gutowski
Treasurer
$0
Bonnie Kell
Secretary
$0
Joseph M Morrison
Vice Chair
$0
Marylou Borowiak
Director
$0

Financial Statements

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

Grants Recieved

Over the last fiscal year, we have identified 7 grants that Parachute Credit Counseling Inc has recieved totaling $160,693.

Awarding OrganizationAmount
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
View Grant Recipient Profile

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