Greenpath Inc
- Assets
- $68.9m
- Revenue
- $53.7m
- Investments
- $0.0
- Employees
- 527
- Location
- Farmington Hills, MI
- Founding
- 08/1967
- Data as of
- 12/2023
- EIN
- 38-6142925
Organization Overview
Greenpath Inc is located in Farmington Hills, MI. 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 12/2023, Greenpath Inc employed 527 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greenpath 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 12/2023, Greenpath Inc generated $53.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $46.0m during the year ending 12/2023. While expenses have increased by 2.4% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
EMPOWERING PEOPLE TO LEAD FINANCIALLY HEALTHY LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GREENPATH DELIVERS FREE 1-ON-1 FINANCIAL COUNSELING, CREDIT COUNSELING, STUDENT LOAN COUNSELING, PRE-FILING BANKRUPTCY COUNSELING, FINANCIAL EDUCATION AND DEBT MANAGEMENT SERVICES TO PEOPLE IN ALL 50 STATES. IN 2023, WE PROVIDED THESE CREDIT AND DEBT COUNSELING SERVICES TO ABOUT 61,000 HOUSEHOLDS. WE ALSO HELPED MORE THAN 54,000 PEOPLE REPAY MORE THAN $177 MILLION IN DEBT.
HOUSING COUNSELING: AS A DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) INTERMEDIARY AND HOUSING COUNSELING AGENCY, GREENPATH PROVIDES MORTGAGE/RENT DELINQUENCY COUNSELING, PRE-PURCHASE HOME BUYER COUNSELING AND EDUCATION, AND REVERSE MORTGAGE (HECM) COUNSELING TO PEOPLE IN ALL 50 STATES. IN 2023, WE PROVIDED THESE HOUSING COUNSELING SERVICES TO MORE THAN 46,000 HOUSEHOLDS. NOTE: REVENUE FROM THIS ACTIVITY IS FEDERALLY FUNDED AND, THEREFORE, INCLUDED UNDER PART VIII (1) CONTRIBUTIONS AND GRANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carey Pachla Chair | OfficerTrustee | 1 | $0 |
Michelle Greene Vice-Chair | OfficerTrustee | 1 | $0 |
Anthony Zambelli Treasurer | OfficerTrustee | 1 | $0 |
William Richards Secretary | OfficerTrustee | 1 | $0 |
John Frith Director | Trustee | 1 | $0 |
Bruce Gottschall Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Synergi Partners Inc Legal/tax Services | 12/30/23 | $563,693 |
Aspire Systems Consulting Inc It Services | 12/30/23 | $3,522,034 |
Leap Agency Llc Marketing Services | 12/30/23 | $269,350 |
Adp Llc Payroll Services | 12/30/23 | $201,267 |
Cliftonlarsonallen Llp Accounting Services | 12/30/23 | $180,740 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $10,148 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $109,500 |
| Government grants | $13,288,183 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,584,069 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,991,900 |
| Total Program Service Revenue | $36,231,059 |
| Investment income | $260,802 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $144,703 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $53,664,571 |
| 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. | $2,174,855 |
| Compensation of current officers, directors, key employees. | $1,130,613 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $23,657,207 |
| Pension plan accruals and contributions | $1,088,967 |
| Other employee benefits | $2,766,787 |
| Payroll taxes | $2,012,668 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $115,190 |
| Fees for services: Accounting | $198,946 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $26,484 |
| Fees for services: Other | $623,172 |
| Advertising and promotion | $1,243,715 |
| Office expenses | $3,242,855 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $703,666 |
| Travel | $322,551 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,682 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,486,464 |
| Insurance | $513,206 |
| All other expenses | $20,783 |
| Total functional expenses | $46,033,230 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,210,823 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,531,134 |
| 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 | $1,319,591 |
| Net Land, buildings, and equipment | $31,691,701 |
| Investments—publicly traded securities | $17,253,118 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,935,204 |
| Total assets | $68,941,571 |
| Accounts payable and accrued expenses | $3,781,697 |
| Grants payable | $0 |
| Deferred revenue | $223,023 |
| Tax-exempt bond liabilities | $7,248,673 |
| Escrow or custodial account liability | $9,247,946 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $579,271 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $374,389 |
| Total liabilities | $21,454,999 |
| Net assets without donor restrictions | $47,049,822 |
| Net assets with donor restrictions | $436,750 |
| 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 | $68,941,571 |