Cbm Credit Education Foundation Inc
- Assets
- $4.4m
- Revenue
- $319.8k
- Investments
- $4.1m
- Employees
- 0
- Location
- Sun City Center, FL
- Founding
- 01/2000
- Data as of
- 12/2023
- EIN
- 39-1974526
Organization Overview
Cbm Credit Education Foundation Inc is located in Sun City Center, FL. The organization was established in 2000. According to its NTEE Classification (P51) the organization is classified as: Financial Counseling, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cbm Credit 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 12/2023, Cbm Credit Education Foundation Inc generated $319.8k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 14.4% each year . All expenses for the organization totaled $218.2k during the year ending 12/2023. While expenses have increased by 1.8% 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.
Since 2016, Cbm Credit Education Foundation Inc has awarded 25 individual grants totaling $445,504. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION ENGAGES IN THE ACTIVE CONDUCT OF CONSUMER CREDIT EDUCATION THROUGH SPEAKING ENGAGEMENTS ON TOPICS SUCH AS IDENTITY THEFT AND THE PROPER USE OF CONSUMER CREDIT.
THE FOUNDATION CO-CONDUCTS AN ONGOING TRAINING PROGRAM FOR SECONDARY SCHOOL TEACHERS ON PERSONAL FINANCE AND THE PROPER USE OF CREDIT. THIS INCLUDES IN PERSON AND VIRTUAL OPTIONS.
THE PRESIDENT OF THE FOUNDATION VOLUNTEERS AND SERVES ON THE BOARD OF SEVERAL CONSUMER EDUCATION ORGANIZATIONS, INCLUDING CALL FOR ACTION.
LIFESMARTS: PROMOTES FINANCIAL LITERACY FOR STUDENTS AS A PART OF THE NATIONAL CONSUMER LEAGUE. THE FOUNDATIONS SPONSORS THE PROGRAM FOR THE STATE OF WISCONSIN WHICH IS A CONTEST THAT THEN LEADS INTO THE NATIONAL CONTEST. THE OVERALL GOAL OF THE PROGREAM IS CREATE CONSUMER SAVVY YOUNG PEOPLE WHO WILL BE WELL EQUIPPED FOR ADULT LIFE IN TODAY'S COMPLEX, GLOBAL MARKETPLACE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Douglas Timmerman President, Director | 10 | $44,000 | |
William Wilcox Executive Director, Sec, Treasurer, | 40 | $64,000 | |
Gary Switzky Vice President, Director | 1 | $12,000 | |
Mark Timmerman Director | 1 | $12,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $232 |
| Dividends & Interest | $211,394 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $108,211 |
| Capital Gain Net Income | $108,211 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $319,837 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $132,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $21,784 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $6,863 |
| Total operating and administrative expenses | $165,103 |
| Contributions, gifts, grants paid | $53,049 |
| Total expenses and disbursements | $218,152 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,664 |
| Savings and temporary cash investments | $253,143 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $4,385,661 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Cbm Credit Education Foundation Inc has awarded $53,049 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
NCL - WISCONSIN LIFE SMARTS PURPOSE: PROGRAMS | $11,000 |
NCL PURPOSE: PROGRAMS | $7,500 |
EDGEWOOD COLLEGE PURPOSE: PROGRAMS | $34,549 |