National Foundation For Credit Counseling Inc
- Assets
- $9.4m
- Revenue
- $9.6m
- Investments
- $0.0
- Employees
- 22
- Location
- Washington, DC
- Founding
- 07/1974
- Data as of
- 12/2022
- 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 12/2022, 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 12/2022, National Foundation For Credit Counseling Inc generated $9.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.2%) each year. All expenses for the organization totaled $10.0m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (3.1%) per year over the past 8 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 492 individual grants totaling $35,218,751. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE NFCC AND ITS MEMBERS OFFER PEOPLE SOLUTIONS AND SUPPORT TO ADDRESS FINANCIAL CHALLENGES AND TAKE CHARGE OF THEIR OWN FINANCIAL FUTURES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING COUNSELING: DEVELOP AND MAINTAIN PARTNERSHIPS WITH THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) AND INDUSTRY LEADERS, INCLUDING MORTGAGE LENDERS AND SERVICERS, TO HELP MEMBERS ASSIST CONSUMERS WITH PRE-HOME OWNERSHIP (PRE-PURCHASE) COUNSELING, POST-PURCHASE COUSENLING TO HELP ENSURE THAT NEW OWNERS CAN REMAIN IN THEIR HOMES, EVICTION PREVENTION (FOR RENTERS) AND FORECLOSURE PREVENTION (FOR HOME OWNERS).
VETERAN FINANCIAL EDUCATION: PARTNER WITH THE ASSOCIATION OF MILITARY BANKS OF AMERICA (AMBA) TO PROVIDE ACCESS TO CREDIT COUNSELING FOR VETERANS, THROUGH THEIR VETERANS BENEFITS BANKING PROGRAM, TARGETED AT PROVIDIING VETERANS ACCESS TO DIRECT DEPOSIT AND OTHER FINANCIAL SERVICES.SMALL BUSINESS COUNSELING: THE NFCC BEGAN DEVELOPMENT OF A NATIONAL SMALL BUSINESS COUSNELING PROGRAM WHICH WAS INITIALLY INTERGRATED INTO THE SHARPEN YOUR FINANCIAL FOCUS INITIATIVE. MEMBER AGENCIES SUPPORT ENTREPRENEURS' PERSONAL FINANCIAL MATTERS AS THEY LAUNCH AND MANAGE THEIR BUSINESS.STUDENT LOAN COUNSELING: PROVIDE A NATIONAL STUDENT LOAN PROGRAM TO TRAIN AND SUPPORT MEMBER AGENCIES IN COUNSELING CLIENTS WITH STUDENT LOAN DEBT TO REDUCE AND MANAGE THEIR FINANCIAL BURDEN AND HELP THEM ON A PARTH OF FINANCIAL SECURITY
MEMBERSHIP SUPPORT: FOSTER MEMBER COMMUNICATIONS; MEMBER MEETINGS AND ANNUAL CONFERENCE; COUNSELOR CERTIFICATION; PROVIDE A PATH TO ASSISTANCE FOR CONSUMERS VIA THE CONSUMER'S PREFERRED METHOD (CURRENTLY PHONE AND ONLINE FORM, WHILE BUILDING-OUT VIDEO AND DIGITAL ENTRY OPTIONS). MAINTAIN RELATIONSHIPS WITH CREDIT-GRANTING ORGANIZATIONS TO SUPPORT CLIENTS AND MEMBER ORGANIZATIONS, BUILD AWARENESS FOR MISSION THROUGH MEDIA OUTREACH.
GENERAL FINANCIAL EDUCATION: DEVELOP AND MAKE AVAILABLE EDUCATIONAL MATERIALS TO MEMBER AGENCIES AND CONSUMERS ON THE RESPONSIBLE USE OF CREDIT; DEVELOP PARTNERSHIPS WITH OTHER ORGANIZATIONS TO ADDRESS THE NEED FOR PERSONAL FINANCIAL LITERACY. NFCC MEMBER AGENCIES HAVE HELPED ALMOST 30 MILLION PEOPLE SINCE 2006.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Debbie Bianucci Chair | OfficerTrustee | 1 | $0 |
Jay Desmarteau Treasurer | OfficerTrustee | 1 | $0 |
Gloria Banks Trustee | Trustee | 1 | $0 |
Genger Charles Trustee | Trustee | 1 | $0 |
Duane Elmer Trustee | Trustee | 1 | $0 |
Jill Feldman Trustee | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Google Llc Marketing Advertising | 12/30/22 | $732,282 |
Finreglab Inc Industry Studies | 12/30/22 | $484,803 |
Frontline Managed Services Information Technology | 12/30/22 | $337,748 |
Creditly Corp Information Technology | 12/30/22 | $222,286 |
Harris Insights & Analytics Surveys | 12/30/22 | $142,740 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,661,255 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,408,331 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,069,586 |
| Total Program Service Revenue | $3,578,094 |
| Investment income | $861 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,648,541 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,850,782 |
| 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. | $1,490,439 |
| Compensation of current officers, directors, key employees. | $921,447 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,488,405 |
| Pension plan accruals and contributions | $94,795 |
| Other employee benefits | $175,785 |
| Payroll taxes | $185,000 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $70,000 |
| Fees for services: Accounting | $48,563 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $448,168 |
| Advertising and promotion | $1,561,351 |
| Office expenses | $138,308 |
| Information technology | $875,404 |
| Royalties | $0 |
| Occupancy | $188,221 |
| Travel | $61,675 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $69,680 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $142,049 |
| Insurance | $39,898 |
| All other expenses | $0 |
| Total functional expenses | $9,984,405 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,104,850 |
| Pledges and grants receivable | $1,749,298 |
| Accounts receivable, net | $219,539 |
| 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 | $56,154 |
| Net Land, buildings, and equipment | $458,820 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,813,526 |
| Total assets | $9,402,187 |
| Accounts payable and accrued expenses | $596,180 |
| Grants payable | $1,469,303 |
| Deferred revenue | $43,175 |
| 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 | $1,953,185 |
| Total liabilities | $4,061,843 |
| Net assets without donor restrictions | $1,473,672 |
| Net assets with donor restrictions | $3,866,672 |
| 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 | $9,402,187 |
Grants Awarded
Over the last fiscal year, National Foundation For Credit Counseling Inc has awarded $2,846,720 in support to 39 organizations.
| Grant Recipient | Amount |
|---|---|
GREENPATH INC PURPOSE: SUPPORT FOR HOUSING, CREDIT AND OTHER FINANCIAL COUNSELING | $322,103 |
CAMBRIDGE CREDIT COUNSELING CORP PURPOSE: SUPPORT FOR HOUSING, CREDIT AND OTHER FINANCIAL COUNSELING | $261,287 |
MONEY MANAGEMENT INTERNATIONAL PURPOSE: SUPPORT FOR HOUSING, CREDIT AND OTHER FINANCIAL COUNSELING | $260,969 |
CREDIT ADVISORS FOUNDATION PURPOSE: SUPPORT FOR HOUSING, CREDIT AND OTHER FINANCIAL COUNSELING | $210,081 |
CONSUMER EDUCATION SERVICES INC PURPOSE: SUPPORT FOR HOUSING, CREDIT AND OTHER FINANCIAL COUNSELING | $205,389 |
GARDEN STATE CONSUMER CREDIT COUNSELING INC PURPOSE: SUPPORT FOR HOUSING, CREDIT AND OTHER FINANCIAL COUNSELING | $170,301 |