National Foundation For Credit Counseling Inc
- Assets
- $8.2m
- Revenue
- $8.8m
- Investments
- $0.0
- Employees
- 22
- Location
- Washington, DC
- Founding
- 07/1974
- Data as of
- 12/2021
- EIN
- 53-0132493
Organization Overview
National Foundation For Credit Counseling Inc is located in Washington, DC. The organization was established in 1974. 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, National Foundation For Credit Counseling Inc employed 22 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. National Foundation For 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 12/2021, National Foundation For Credit Counseling Inc generated $8.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.0%) each year. All expenses for the organization totaled $9.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.4%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, National Foundation For Credit Counseling Inc has awarded 453 individual grants totaling $32,372,031. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE NFCC MISSION IS TO SUPPORT THE NONPROFIT CREDIT COUNSELING FIELD. (SEE FULL MISSION ON SCH O)
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIP SUPPORT: CONTINUE DEVELOPMENT OF NEW PRODUCTS AND SERVICES FOR MEMBER AGENCIES TO BETTER SERVE CONSUMERS. THESE INCLUDE INNOVATIONS IN DEBT REDUCTION PROGRAMS WHICH EXPANDED AND CREATED NEW DEBT MANAGEMENT PLAN PRODUCTS, UPDATE AND REVISE EXISTING COUNSELOR CERTIFICATION AND MEMBER ACCREDITATION RESOURCES AND FACILITATE AND EXPAND LOCATOR CONNECTIONS TO MEMBERS. THE NFCC CONVENES AN ANNUAL MEMBER MEETING AND CONFERENCE. THE NFCC ALSO MANAGES ONE ANNUAL SURVEY OF FINANCIAL LITERACY AND READINESS.
HOUSING COUNSELING: DEVELOP AND MAINTAIN PARTNERSHIPS WITH THE FEDERAL GOVERNMENT AND INDUSTRY LEADERS, INCLUDING MORTGAGE LENDERS AND SERVICERS, TO HELP NFCC MEMBERS PROVIDE INDIVIDUAL AND GROUP EDUCATION SESSIONS ON WIDE VARIETY OF HOUSING ISSUES, FROM HOMELESS AND RENTAL COUNSELING TO PRE-HOME OWNERSHIP, DEFAULT AND REVERSE MORTGAGE COUNSELING. IN 2018, THE NFCC STARTED A PROGRAM SPECIFICALLY FOCUSED ON EXPANDED PRE-PURCHASE COUNSELING FOR PROSPECTIVE HOMEBUYERS. IN LATE 2020, THE NFCC LAUNCHED AN EXPANDED RENTAL PROGRAM TO OFFER NEW WAYS FOR RENTERS TO REACH COUNSELING AND THIS PROGRAM CONTINUED THROUGH 2021.
GENERAL FINANCIAL EDUCATION: DEVELOP AND DISTRIBUTE EDUCATIONAL MATERIALS ON THE RESPONSIBLE USE OF CREDIT; SUPPORT COALITIONS OF ORGANIZATIONS NATIONALLY TO ADDRESS NEED FOR PERSONAL FINANCIAL LITERACY. SINCE 2013, THE FOUNDATION HAS DEVELOPED AND SUPPORTED THE USE OF THE SHARPEN YOUR FINANCIAL FOCUS INITIATIVE TO ASSIST CONSUMERS WITH DEBT RESOLUTION AND OTHER FINANCIAL CHALLENGES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebecca Steele CEO | Officer | 50 | $566,772 |
Jeffrey Faulkner CFO | Officer | 50 | $309,914 |
Anna Lorch Svp, Marketing | 50 | $180,054 | |
Pete Klipa Svp, Creditor Relations | 50 | $158,544 | |
Hermond Palmer Vp, Housing | 50 | $154,619 | |
Ellen Goury Vp, Finance | 50 | $153,072 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Frontline Managed Services It Management & Support | 12/30/21 | $131,772 |
Jivanta Wealth Science Institute It Management & Support | 12/30/21 | $119,550 |
Silverlight Digital Llc Marketing Management | 12/30/21 | $127,386 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $987,638 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,287,799 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,275,437 |
| Total Program Service Revenue | $3,481,351 |
| Investment income | $1,897 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,199 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,760,104 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,764,073 |
| 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. | $1,087,251 |
| Compensation of current officers, directors, key employees. | $342,073 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,623,757 |
| Pension plan accruals and contributions | $102,961 |
| Other employee benefits | $188,112 |
| Payroll taxes | $169,332 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $110,367 |
| Fees for services: Accounting | $49,380 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $446,300 |
| Advertising and promotion | $1,241,067 |
| Office expenses | $134,082 |
| Information technology | $875,598 |
| Royalties | $0 |
| Occupancy | $303,500 |
| Travel | $33,128 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,504 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $126,949 |
| Insurance | $41,429 |
| All other expenses | $0 |
| Total functional expenses | $9,369,612 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,572,266 |
| Pledges and grants receivable | $465,979 |
| Accounts receivable, net | $244,993 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $7,039 |
| Prepaid expenses and deferred charges | $114,285 |
| Net Land, buildings, and equipment | $593,319 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $194,610 |
| Total assets | $8,192,491 |
| Accounts payable and accrued expenses | $407,663 |
| Grants payable | $918,095 |
| Deferred revenue | $1,078,090 |
| 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 | $112,435 |
| Total liabilities | $2,516,283 |
| Net assets without donor restrictions | $2,406,729 |
| Net assets with donor restrictions | $3,269,479 |
| 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 | $8,192,491 |
Grants Awarded
Over the last fiscal year, National Foundation For Credit Counseling Inc has awarded $2,732,144 in support to 43 organizations.
| Grant Recipient | Amount |
|---|---|
Phoenix, AZ PURPOSE: FINANCIAL EDUCATION SUPPORT | $380,517 |
Sheboygan, WI PURPOSE: FINANCIAL EDUCATION SUPPORT | $182,672 |
Orlando, FL PURPOSE: FINANCIAL EDUCATION SUPPORT | $163,590 |
Riverside, CA PURPOSE: FINANCIAL EDUCATION SUPPORT | $131,496 |
Seattle, WA PURPOSE: FINANCIAL EDUCATION SUPPORT | $107,180 |
Auburndale, MA PURPOSE: FINANCIAL EDUCATION SUPPORT | $107,138 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that National Foundation For Credit Counseling Inc has recieved totaling $300,000.
| Awarding Organization | Amount |
|---|---|
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $200,000 |
Synchrony Foundation Stamford, CT PURPOSE: FUNDS WILL BE USED TO PROVIDE CREDIT ASSISTANCE TO COLLEGE STUDENTS | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Humentum Washington, DC | $3,896,322 | $9,731,950 |
National Foundation For Credit Counseling Inc Washington, DC | $8,192,491 | $8,760,104 |
Motley Fool Foundation Alexandria, VA | $13,206,539 | $15,812,396 |
Consumer Credit Counseling Service Of Maryland And Delaware Inc Columbia, MD | $10,074,197 | $2,872,253 |
Maryland Capital Enterprises Inc Salisbury, MD | $12,872,521 | $4,572,736 |
Cash Campaign Of Maryland Inc Baltimore, MD | $1,565,207 | $2,174,273 |
Life Asset Inc Washington, DC | $6,492,765 | $2,953,313 |
Housing Options & Planning Enterprises Inc Oxon Hill, MD | $202,491 | $697,836 |
Homeownership Council Of America Washington, DC | $137,936 | $530,051 |
Black Wealth Summit Inc Lanham, MD | $118,555 | $533,255 |
Freedom First Enterprises Roanoke, VA | $498,620 | $425,122 |
Making Change Inc Columbia, MD | $94,551 | $289,968 |