Incharge Education Foundation Inc
- Assets
- $6.6m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 33
- Location
- Orlando, FL
- Founding
- 02/2007
- Data as of
- 12/2020
- EIN
- 20-0152720
Organization Overview
Incharge Education Foundation Inc is located in Orlando, FL. The organization was established in 2007. 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 12/2021, Incharge Education Foundation Inc employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Incharge Education Foundation 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 12/2020, Incharge Education Foundation Inc generated $4.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 35.9% each year . All expenses for the organization totaled $4.1m during the year ending 12/2020. While expenses have increased by 40.5% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION OPERATES FOR THE BENEFIT OF INCHARGE DEBT SOLUTIONS ("IDS") BY PROVIDING FINANCIAL EDUCATION PROGRAMS AND MATERIALS TO INDIVIDUALS PARTICIPATING IN CREDIT, BANKRUPTCY AND HOUSING COUNSELING PROGRAMS, AS WELL AS MARKETING AND IT SUPPORT FOR IDS PROGRAMS. THE FOUNDATION ALSO PROVIDES EDUCATIONAL PRODUCTS AND SERVICES TO THE GENERAL PUBLIC AND CONDUCTS NUMEROUS OUTREACH SEMINARS WITH IDS WHICH ARE AIMED AT IMPROVING THE FINANCIAL LITERACY OF ATTENDEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL PROGRAM DEVELOPMENT/SUPPORT AND OUTREACH - THE FOUNDATION SUPPORTS IDS' MISSION OF PROVIDING EDUCATION FOR IDS FINANCIALLY DISTRESSED INDIVIDUALS AND FAMILIES. THE FOUNDATION FULFILLS THIS MISSION BY PUBLISHING WEBSITE ARTICLES, NEWSLETTERS, ONLINE COURSES, INTERACTIVE TOOLS, AND WORKSHOPS THAT PROVIDE INFORMATION ABOUT MONEY MANAGEMENT, PERSONAL FINANCE AND THE RESPONSIBLE USE OF CREDIT. THE FOUNDATION, IN CONJUNCTION WITH IDS, ALSO CONDUCTS FREE FINANCIAL LITERACY WORKSHOPS AND HOMEBUYER EDUCATION CLASSES FOR THE GENERAL PUBLIC. DURING 2021, NEARLY 900 INDIVIDUALS ATTENDED THE SPONSORED EDUCATIONAL WORKSHOPS AND CLASSES. MILITARY MONEY, A FINANCIAL LITERACY OUTREACH INITIATIVE, PROVIDES FREE FINANCIAL EDUCATION AND TOOLS SUCH AS ONLINE ARTICLES, EBOOKS AND RADIO CLIPS TO SERVICE MEMBERS, VETERANS AND THEIR FAMILIES. MILITARY MONEY RESOURCES CAN BE FOUND AT INCHARGE.ORG/MILITARY-MONEY AND INCLUDE INFORMATION, INSPIRATION AND TOOLS TO HELP SERVICE MEMBERS MAXIMIZE THEIR PERSONAL FINANCIAL POTENTIAL. MILITARY WEBSITE ARTICLES RECEIVED OVER 265,000 VISITS IN 2021. "MILITARY MONEY MINUTES" ARE RADIO CLIPS OFFERING TIMELY ONE-MINUTE FINANCIAL TIPS. THE TIPS ARE BROADCAST SIX TIMES PER DAY ON THE ARMED FORCES RADIO NETWORK AND HAVE A REACH OF ONE MILLION SERVICE MEMBERS. "MILITARY MONEY MINUTES" ARE ALSO MADE AVAILABLE AS PODCASTS ON ITUNES AND OTHER WEBSITES. IN ADDITION, THE FOUNDATION PROVIDES I.T. AND MARKETING SUPPORT FOR THE CREDIT, BANKRUPTCY AND HOUSING COUNSELING PROGRAMS CONDUCTED BY IDS. I.T. SUPPORT CONSISTS OF HARDWARE INFRASTRUCTURE/MAINTENANCE, TELEPHONY SERVICES, SECURITY COMPLIANCE AND SOFTWARE DEVELOPMENT AND RELATED MAINTENANCE. MARKETING SUPPORT INCLUDES WEBSITE DEVELOPMENT AND SUPPORT SERVICES AND ESTABLISHMENT AND MAINTENANCE OF COMMUNICATION CHANNELS DESIGNED TO REACH CONSUMERS WHO CAN MOST BENEFIT FROM THE COUNSELING PROGRAMS CONDUCTED BY IDS. TO HELP ACCOMPLISH ITS MISSION, THE FOUNDATION CONTINUALLY SEEKS PARTNERSHIPS WITH OTHER ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sally Ericksen Sr. Director Of It | 0 | $155,994 | |
Karen Carlson Sr. Dir. Of Educ/dig. Mkt. | Officer | 11 | $150,097 |
Robert Darroch Senior Software Engineer | 0 | $127,771 | |
Ahmed Moyeen Sr. Software Engineer | 0 | $110,008 | |
Sherana Bakhsh Bus. Sys. Analyst/qa Lead | 0 | $109,105 | |
Etta W Money Secretary/treasurer | Officer | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $136,272 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $12,000 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$55,779 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,105,406 |
| Statement of Expenses | |
|---|---|
| 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. | $94,958 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,751,711 |
| Pension plan accruals and contributions | $59,135 |
| Other employee benefits | $178,934 |
| Payroll taxes | $116,967 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,423 |
| Fees for services: Accounting | $2,692 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $404,263 |
| Advertising and promotion | $0 |
| Office expenses | $600 |
| Information technology | $837,626 |
| Royalties | $0 |
| Occupancy | $37,284 |
| Travel | $2,000 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $65,104 |
| Depreciation, depletion, and amortization | $227,625 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,134,139 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $195,975 |
| Savings and temporary cash investments | $749,853 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $401,267 |
| 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 | $408,991 |
| Investments—publicly traded securities | $4,091,535 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $73,904 |
| Total assets | $6,605,610 |
| Accounts payable and accrued expenses | $403,447 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| 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 | $0 |
| Total liabilities | $403,447 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $6,202,163 |
Grants Awarded
Over the last fiscal year, Incharge Education Foundation Inc has awarded $2,000,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Orlando, FL PURPOSE: CONTRIBUTION TO REIMBURSE ICI FOR PRIOR PURCHASES OF CAPITAL ASSETS USED IN SUPPORT OF IDS | $1,500,000 |
Orlando, FL PURPOSE: CONTRIBUTION TO FURTHER THE FINANCIAL EDUCATION MISSION OF IDS | $500,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Incharge Debt Solutions Inc Orlando, FL | $11,087,223 | $18,359,238 |
Freedom Rain Inc Birmingham, AL | $1,488,299 | $8,388,398 |
Creditguard Of America Inc Fort Lauderdale, FL | $3,308,944 | $7,102,054 |
Incharge Education Foundation Inc Orlando, FL | $6,605,610 | $4,105,406 |
Credit Card Management Services Inc West Palm Beach, FL | $6,354,828 | $4,043,282 |
Debt Management Credit Counseling Corp Deerfield Beach, FL | $2,036,555 | $1,940,140 |
Real Estate Education And Communityhousing Inc Palm Beach Gardens, FL | $2,680,215 | $1,438,929 |
Consumer Debt Counselors Inc Winter Park, FL | $1,532,219 | $1,793,369 |
Compass Finances God S Way Inc Lake Mary, FL | $1,558,933 | $1,806,509 |
Incharge Institute Of America Inc Orlando, FL | $3,848,389 | $1,124,873 |
Alma Financial Assistance Corp Deerfield Beach, FL | $648,458 | $950,327 |
D&e A Financial Education And Training Institute Inc East Point, GA | $953,735 | $847,505 |