American Credit Foundation Inc
- Assets
- $673.8k
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 22
- Location
- Draper, UT
- Founding
- 11/1999
- Data as of
- 12/2021
- EIN
- 87-0628487
Organization Overview
American Credit Foundation Inc is located in Draper, UT. 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 12/2021, American Credit Foundation Inc employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Credit 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 12/2021, American Credit Foundation Inc generated $2.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $2.0m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THIS ORGANIZATION IS TO PROVIDE FREE CREDIT COUNSELING TO THE GENERAL PUBLIC. DIRECT CONSULTATIONS WITH TRAINED STAFF, PROGRAM IMPLEMENTATION AND SEMINARS HAVE BEEN EXTREMELY SUCCESSFUL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THIS ORGANIZATION IS TO PROVIDE FREE CREDIT COUNSELING TO THE GENERAL PUBLIC. THIS HAS BEEN SUCCESSFUL IN THE TAX YEAR 2013. OUR EXPERIENCED, TRAINED STAFF HAVE THROUGH DIRECT CONSULTATIONS BEEN ABLE TO HELP OUR CLIENTS, FROM ALL WALKS OF LIFE, TO CREATE DEBT MANAGEMENT PROGRAMS AND MAINTAIN THAT PROGRAM FOR LONGER THAN A YEAR. THIS IS A LARGE ACCOMPLISHMENT BECAUSE MOST CLIENTS CANNOT MAINTAIN THEIR PROGRAM FOR A YEAR. WE CREDIT OUR HIGH RETENTION NUMBERS TO THE ONE ON ONE TRAINED CREDIT COUNSELORS WHO FOLLOW UP ON A REGULAR BASIS WITH THEIR ASSIGNED CLIENT. WE HAVE ALSO BEEN SUCCESSFUL WITH OUR FREE SEMINARS THAT REACH OUT TO THE GENERAL PUBLIC. WE HAVE USED BOTH OUR IN HOUSE FACILITY AND OUR OUT OF THE OFFICE. IN THESE SEMINARS WE USE TRAINED STAFF TO TEACH DEBT MANAGEMENT, HOW TO GET OUT AND STAY OUT OF DEBT, HOW TO USE MONEY WISELY IN THESE TOUGH ECONOMIC CONDITIONS. THESE SEMINARS HAVE BEEN WELL ATTENDED AND WE HAVE RECEIVED POSITIVE FEEDBACK FROM THOSE ATTENDING THE SEMINARS.
GRANT TO LDS CHURCH FOR HELP WITH THE NEEDY
THE PURPOSE OF THIS ORGANIZATION IS TO PROVIDE FREE CREDIT COUNSELING TO THE GENERAL PUBLIC. THIS HAS BEEN SUCCESSFUL IN THE TAX YEAR 2013. OUR EXPERIENCED, TRAINED STAFF HAVE THROUGH DIRECT CONSULTATIONS BEEN ABLE TO HELP OUR CLIENTS, FROM ALL WALKS OF LIFE, TO CREATE DEBT MANAGEMENT PROGRAMS AND MAINTAIN THAT PROGRAM FOR LONGER THAN A YEAR. THIS IS A LARGE ACCOMPLISHMENT BECAUSE MOST CLIENTS CANNOT MAINTAIN THEIR PROGRAM FOR A YEAR. WE CREDIT OUR HIGH RETENTION NUMBERS TO THE ONE ON ONE TRAINED CREDIT COUNSELORS WHO FOLLOW UP ON A REGULAR BASIS WITH THEIR ASSIGNED CLIENT. WE HAVE ALSO BEEN SUCCESSFUL WITH OUR FREE SEMINARS THAT REACH OUT TO THE GENERAL PUBLIC. WE HAVE USED BOTH OUR IN HOUSE FACILITY AND OUR OUT OF THE OFFICE. IN THESE SEMINARS WE USE TRAINED STAFF TO TEACH DEBT MANAGEMENT, HOW TO GET OUT AND STAY OUT OF DEBT, HOW TO USE MONEY WISELY IN THESE TOUGH ECONOMIC CONDITIONS. THESE SEMINARS HAVE BEEN WELL ATTENDED AND WE HAVE RECEIVED POSITIVE FEEDBACK FROM THOSE ATTENDING THE SEMINARS.
GRANT TO LDS CHURCH FOR HELP WITH THE NEEDY
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John C Keller Manager | $111,803 | ||
Scott Peterson President | Officer | 40 | $50,000 |
Mike Carpenter Director | Trustee | $0 | |
Curtis Jones Director | Trustee | $0 | |
Richard Fowlks Director | Trustee | $0 | |
Daniel Weeks Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $695,834 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $695,834 |
| Total Program Service Revenue | $1,573,670 |
| Investment income | $4,940 |
| 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 | $2,274,444 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,000 |
| 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. | $50,000 |
| Compensation of current officers, directors, key employees. | $7,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $372,873 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $30,208 |
| Payroll taxes | $53,196 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,152 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,265 |
| Advertising and promotion | $128,347 |
| Office expenses | $88,606 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $126,000 |
| Travel | $13,179 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,120 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $40,163 |
| All other expenses | $98,215 |
| Total functional expenses | $1,996,202 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $194,791 |
| Savings and temporary cash investments | $133,676 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $67,902 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $277,438 |
| Total assets | $673,807 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $201,826 |
| 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 | $0 |
| Total liabilities | $201,826 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $471,981 |
| Total liabilities and net assets/fund balances | $673,807 |
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