Consumer Education Services Inc
- Assets
- $23.4m
- Revenue
- $7.5m
- Investments
- $0.0
- Employees
- 86
- Location
- Raleigh, NC
- Founding
- 01/1999
- Data as of
- 06/2022
- EIN
- 56-2106758
Organization Overview
Consumer Education Services Inc is located in Raleigh, NC. The organization was established in 1999. 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 06/2022, Consumer Education Services Inc employed 86 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Consumer Education Services 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 06/2022, Consumer Education Services Inc generated $7.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $5.4m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CONSUMER EDUCATION SERVICES, INC. EMPOWERS PEOPLE TO OVERCOME THEIR FINANCIAL CHALLENGES AND LEAD FINANCIALLY-HEALTHY LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THIS PROGRAM ASSISTS CLIENTS IN MANAGING THEIR PERSONAL FINANCES THROUGH THE PROVISION OF DEBT MANAGEMENT SERVICES, CREDIT COUNSELING, EDUCATION AND TRAINING, AND BUDGET PLANNING. CESI OFFERS ASSISTANCE OVER THE PHONE, ONLINE, AND IN PERSON. CERTIFIED CREDIT COUNSELOR'S DISCUSS VARIOUS OPTIONS WITH CLIENTS REGARDING FINANCIAL DECISIONS. THEY ASSESS INDIVIDUALS' PERSONAL FINANCIAL SITUATIONS AND ASSIST THEM IN DEVELOPING A BUDGET IN ORDER TO IMPROVE THEIR OVERALL CREDIT. DURING THE FISCAL YEAR ENDING JUNE 30, 2022 APPROXIMATELY 12,266 FINANCIALLY DISTRESSED INDIVIDUALS RECEIVED CREDIT COUNSELING AND FREE EDUCATIONAL RESOURCE MATERIALS.
THE HUD HOUSING PROGRAM OFFERS A WIDE VARIETY OF HOUSING COUNSELING SERVICES TO POTENTIAL HOMEBUYERS, RENTERS AND CURRENT HOMEOWNERS. THESE SERVICES INCLUDE EDUCATION THROUGH GROUP SESSIONS AND ON-ON-ONE COUNSELING. THE AREAS OF FOCUS ARE PRE-PURCHASE EDUCATION AND COUNSELING, RENTAL COUNSELING, FORECLOSURE PREVENTION COUNSELING, AND REVERSE MORTGAGE COUNSELING. CESI PROVIDED HOUSING STABILITY COUNSELING PROGRAM WITH ASSISTANCE TO 1,207 HOMEOWERS AND RENTERS BY REACHING OUT TO LOAN SERVICERS, LANDLORDS, EMERGENCY RENTAL ASSISTANCE FUNDERS, AND LOCAL/STATE HOUSING ASSISTANCE FUNDING PROGRAMS. CLIENTS WERE ALSO ASSISTED WITH BUDGETING NEEDS AND CREDIT REVIEW AND RECOMMENDATIONS AS WARRANTED.
COMMUNITY EDUCATION OUTREACH- CESI SUPPORTS THE ADVANCEMENT OF FINANCIAL LITERACY EDUCATION WITHIN LOCAL AND STATE COMMUNITIES THROUGH A STRONG COMMUNITY OUTREACH PROGRAM. OUTREACH EFFORTS INCLUDE GROUP EDUCATION PROGRAMS, USUALLY IN PARTNERSHIP WITH LOCAL COMMUNITY AGENCIES OR EDUCATIONAL INSTITUTIONS. THE SECOND PART OF THE CESI OUTREACH EFFORT IS IN THE FORM OF FREE INDIVIDUAL FINANCIAL COUNSELING AT THE CESI CENTER WITH AN ACCREDITED CESI COUNSELOR. DURING THE YEAR ENDED JUNE 30, 2022, CESI CONDUCTED 58 CLASSES ASSISTING APPROXIMATELY 729 INDIVIDUALS. CESI OFFERS NUMEROUS FINANCIAL EDUCATIONAL RESOURCES, WHICH ARE EASILY ACCESSED BY ALL CONSUMERS AND NOT JUST CESI CUSTOMERS. THESE RESOURCES ARE DESIGNED TO HELP CONSUMERS BETTER MANAGE THEIR FINANCES AND TO ACHIEVE THE GOAL OF BECOMING DEBT FREE.IN ADDITION, CONSUMERS MAY PARTICIPATE IN CESI'S FREE ONLINE COURSES THROUGH CESI COMPREHENSIVE GUIDE TO PERSONAL FINANCE, WHICH PROVIDES A COMPREHENSIVE FINANCIAL LITERACY CURRICULAM THAT OFFERS SELF-PACED INSTRUCTIONAL SESSIONS. THIS PROGRAM ASSISTS CONSUMERS WITH THE NECESSARY SKILLS TO IMPROVE THEIR FINANCIAL MANAGEMENT PRACTICES THAT INCLUDE DEBT MANAGEMENT, MINIMIZING CREDIT CARD SPENDING, AND DEVELOPING A BUDGET. CESI ALSO OFFERS A VARIETY OF EDUCATIONAL RESOURCES THAT INCLUDE PERSONAL FINANCIAL CALCULATORS, A BI-MONTHLY E-NEWSLETTER, EDUCATIONAL BLOGS ON ON-LINE COMMUNITY MESSAGE BOARDS, AS WELL AS VARIOUS E-LEARNING RESOURCES SUCH AS VIDEO WEBCASTS.
BANKRUPTCY COUNSELING- CESI OFFERS BANKRUPTCY COUNSELING FOR INDIVIDUALS IN NEED OF EITHER PRE-FILING CREDIT COUNSELING OR POST-FILING DEBTOR EDUCATION. BEFORE AN INDIVIDUAL FILES FOR CHAPTER 7 OR CHAPTER 13 BANKRUPTCY, A CREDIT COUNSELING CERTIFICATE FROM AN EXECUTIVE OFFICE FOR UNITED STATES TRUSTEES ( EOUST) APPROVED AGENCY IS REQUIRED. CESI PROVIDES THE REQUIRED COUNSELING FOR OUR CLIENTS IN ORDER TO OBTAIN THE CERTIFICATE. THIS CAN BE DONE BOTH ONLINE AND BY PHONE. AFTER COMPLETING THE CREDIT COUNSELING AND FILING FOR BANKRUPTCY, INDIVIDUALS ARE REQUIRED TO COMPLETE A DEBTOR EDUCATION COURSE BY AN EOUST APPROVED PROVIDER. THIS COURSE IS OFFERED BOTH ONLINE AND BY PHONE. BOTH PRE-CREDIT COUNSELING AND POST-CREDIT COUNSELING ARE PERFORMED BY CERTIFIED COUNSELORS.CESI ALSO PROVIDES SUPPORT OF THE CAROLINA COMMUNITY IMPACT, INC'S PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Croxson President/ceo | Officer | 30 | $235,952 |
Jean Elias Vice President Of Marketin | 40 | $159,926 | |
Steven Cole Treasurer | Officer | 40 | $102,980 |
Diane Chen Chairman / Secretary | OfficerTrustee | 5 | $0 |
Alexis Nelson Board Member | Trustee | 5 | $0 |
Wayne Stallings Board Member | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Google Marketing | 6/29/21 | $212,848 |
Envoy Media Marketing | 6/29/21 | $103,257 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $793,400 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,243,606 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,037,006 |
| Total Program Service Revenue | $2,799,972 |
| Investment income | $439,332 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,184,809 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,529,671 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $450,000 |
| 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. | $525,453 |
| Compensation of current officers, directors, key employees. | $420,363 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,894,330 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $315,770 |
| Payroll taxes | $190,623 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $36,625 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $114,099 |
| Fees for services: Other | $79,400 |
| Advertising and promotion | $461,617 |
| Office expenses | $234,393 |
| Information technology | $138,969 |
| Royalties | $0 |
| Occupancy | $43,750 |
| Travel | $16,417 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,221 |
| Interest | $123 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,905 |
| Insurance | $58,049 |
| All other expenses | $138,520 |
| Total functional expenses | $5,423,064 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,686,798 |
| Savings and temporary cash investments | $30,376 |
| Pledges and grants receivable | $32,300 |
| Accounts receivable, net | $327,480 |
| 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 | $53,471 |
| Net Land, buildings, and equipment | $82,963 |
| Investments—publicly traded securities | $18,526,448 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,620,794 |
| Total assets | $23,360,630 |
| Accounts payable and accrued expenses | $248,061 |
| Grants payable | $0 |
| Deferred revenue | $129,790 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $367,294 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $200,000 |
| Other liabilities | $34,410 |
| Total liabilities | $979,555 |
| Net assets without donor restrictions | $22,348,775 |
| Net assets with donor restrictions | $32,300 |
| 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 | $23,360,630 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Consumer Education Services Inc has recieved totaling $290,941.
| Awarding Organization | Amount |
|---|---|
Consumer Credit Counseling Service Of San Francisco Concord, CA PURPOSE: HOUSING COUNSELING & EDUCATION | $168,000 |
National Foundation For Credit Counseling Inc Washington, DC PURPOSE: FINANCIAL EDUCATION SUPPORT | $104,844 |
Consumer Credit Counseling Service Of Maryland And Delaware Inc Columbia, MD PURPOSE: COMPREHENSIVE HOUSING | $18,097 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Consumer Credit Union Greeneville, TN | $557,161,210 | $15,832,085 |
Consumer Education Services Inc Raleigh, NC | $23,360,630 | $7,529,671 |
Housing Consultants Group Greensboro, NC | $1,106,215 | $2,683,425 |
Motley Fool Foundation Alexandria, VA | $13,206,539 | $15,812,396 |
Financial Pathways Of The Piedmont Inc Winstonsalem, NC | $1,642,751 | $1,849,365 |
Consumer Credit Counseling Service Of Western North Carolina Inc Asheville, NC | $2,015,987 | $1,072,793 |
Consumer Credit Insurance Association Rocky Mount, NC | $1,066,199 | $942,381 |
American Financial Education Alliance Charlotte, NC | $225,082 | $614,339 |
D&e A Financial Education And Training Institute Inc East Point, GA | $953,735 | $847,505 |
Level Up 700 Incorporated Atlanta, GA | $69,929 | $257,513 |
Consumer Credit Counseling Service Of The Savannah Area Inc Savannah, GA | $1,147,306 | $564,336 |
Increasing H O P E North Charleston, SC | $127,870 | $448,680 |