Abacus Credit Counseling

Organization Overview

Abacus Credit Counseling is located in Encino, CA. The organization was established in 2009. 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 12/2023, Abacus Credit Counseling employed 38 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Abacus Credit Counseling 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 12/2023, Abacus Credit Counseling generated $2.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $2.1m during the year ending 12/2023. While expenses have increased by 0.8% per year over the past 9 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

2023

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE AND PROMOTE CONSUMER EDUCATION AND COUNSELING ON TOPICS RELATED TO FINANCE AND CREDIT, INCLUDING BUT NOT LIMITED TO, PERSONAL FINANCE, BUDGETING, MONEY MANAGEMENT, FINANCIAL OPTIONS, BANKRUPTCY, AND THE USE OF CREDIT.

Describe the Organization's Program Activity:

Part 3 - Line 4a

ABACUS CREDIT COUNSELING PROVIDED CREDIT COUNSELING TO NEARLY 100,000 INDIVIDUALS IN 2023, WITHOUT REGARD TO THEIR ABILITY TO PAY. ITS COUNSELING PROGRAM EDUCATES INDIVIDUALS ON FINANCIAL TOPICS SUCH AS BUDGETING, MONEY MANAGEMENT, BANKRUPTCY AND OTHER FINANCIAL PROBLEMS. MANY OF THESE INDVIDUALS COMPLETED ABACUS' CREDIT COUNSELING COURSE AND RECEIVED A CERTIFICATE OF COMPLETION THAT MAY BE FILED AS PART OF A BANKRUPTCY CASE TO DEMONSTRATE THAT THE INDIVIDUAL FULFILLED THE COUNSELING REQUIREMENT SET FORTH IN CHAPTER 11 USC SECTION 109(H).


ABACUS SUPPORTS THE EFFORTS OF OTHER 501(C)(3) NON-PROFIT ORGANIZATIONS THROUGH DONATIONS APPROVED BY THE BOARD OF DIRECTORS. ABACUS SEEKS TO BENEFIT ORGANIZATIONS THAT ASSIST ABACUS' TARGET POPULATION AND/OR FURTHER A MISSION THAT IS COMPLIMENTARY TO ABACUS'S MISSION.


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Board, Officers & Key Employees

Name (title)Compensation
Laura Ahart
CEO
$249,875
Kristina Ketchel
CFO
$215,215
Henkie Barron
Director
$0
Tom Yu
Director
$0
Sheila Chanani
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$1,850,553
Investment income $166,954
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $757,904
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $2,780,220

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