Debtwave Credit Counseling Inc
- Assets
- $1.6m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 40
- Location
- Escondido, CA
- Founding
- 12/2001
- Data as of
- 12/2021
- EIN
- 91-2156504
Organization Overview
Debtwave Credit Counseling Inc is located in Escondido, CA. The organization was established in 2001. 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, Debtwave Credit Counseling Inc employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Debtwave 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, Debtwave Credit Counseling Inc generated $5.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $4.4m during the year ending 12/2021. While expenses have increased by 4.3% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
IT IS OUR COMMITMENT TO EDUCATE ON THE PROPER USE OF CREDIT THROUGH BUDGET MANAGEMENT, TO OFFER SOUND COUNSELING AND TO ASSIST CLIENTS TO REDUCE AND ELIMINATE DEBT. WE EDUCATE AND EMPOWER INDIVIDUALS AND FAMILIES TO MAKE SOUND FINANCIAL DECISIONS AND DEVELOP POSITIVE PERSONAL FINANCE HABITS FOR LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES ONE ON ONE COUNSELING SESSIONS FOR THEIR CLIENTS. THROUGH THIS SERVICE, EACH CLIENT RECEIVES A DETAILED REVIEW OF ALL LIABILITIES, ASSETS, MONTHLY EXPENSES AND MONTHLY INCOME. AT THE CONCLUSION OF EACH SESSION CLIENTS RECEIVE A DETAILED FINANCIAL ANALYSIS REPORT WITH A LIST OF POSSIBLE OPTIONS TO PAY BACK THEIR DEBT. 3,478 COUNSELING SESSIONS WERE COMPLETED IN 2021.
THE ORGANIZATION HAS A ROBUST EDUCATION AND OUTREACH WHICH IS BUILT AROUND A COMPREHENSIVE PERSONAL FINANCIAL EDUCATION PLATFORMTHAT FOCUSES ON THE OVERALL FINANCIAL HEALTH OF ITS CONSTITUENTS, INCLUDING MEMBERS OF THE MILITARY, YOUTH AND LOW-MODERATE INCOME FAMILIES. THE ORGANIZATION USES A MACRO APPROACH TOWARD TRANSFORMING PEOPLE'S FINANCIAL BEHAVIOR IN A WAY THAT ENCOURAGES THEM TO MAKE A LONG-TERM COMMITMENT TO INCREASING INCOME, DECREASING EXPENSES AND ACQUIRING ASSETS.THE ORGANIZATION PROVIDES SERVICES ACROSS KEY AREAS: FINANCIAL LITERACY, DEBT MANAGEMENT,BUDGETING AND CREDIT COUNSELING WHICH ARE INTEGRATED TOGETHER ALONG WITH ANCILLARY SERVICES PROVIDED BY COMMUNITY PARTNERS IN THE AREAS OF EMPLOYMENT/WORKFORCE DEVELOPMENT AND FINANCIAL EDUCATION/ADVISEMENT. ALL OF THESE SERVICES ARE PROVIDED TO CLIENTS IN A BUNDLED FASHION TO REINFORCE ONE ANOTHER AND TO FORGE A MULTI-FACETED APPROACH TO OVERALL FINANCIAL FITNESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Marsden Executive Dir. | OfficerTrustee | 40 | $195,414 |
Michael S Butsko Vice President | OfficerTrustee | 1 | $0 |
Doug Tokarik Secretary | OfficerTrustee | 1 | $0 |
John Casarietti Treasurer | OfficerTrustee | 1 | $0 |
Antony Murigu Chairman | OfficerTrustee | 5 | $0 |
James Marsh Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Worthyycom Advertising | 12/30/21 | $660,150 |
Zensifi Llc Consulting | 12/30/21 | $720,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $57,531 |
| Related organizations | $0 |
| Government grants | $411,600 |
| All other contributions, gifts, grants, and similar amounts not included above | $914,864 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,383,995 |
| Total Program Service Revenue | $3,876,654 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$37,683 |
| Net Income from Fundraising Events | -$32,992 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,189,974 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $12,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $195,414 |
| Compensation of current officers, directors, key employees. | $39,083 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,684,145 |
| Pension plan accruals and contributions | $47,704 |
| Other employee benefits | $0 |
| Payroll taxes | $154,300 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,723 |
| Fees for services: Accounting | $28,330 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $505,845 |
| Advertising and promotion | $645,891 |
| Office expenses | $4,806 |
| Information technology | $14,919 |
| Royalties | $0 |
| Occupancy | $65,661 |
| Travel | $806 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,482 |
| Insurance | $183,695 |
| All other expenses | $125,101 |
| Total functional expenses | $4,411,039 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,515,765 |
| Savings and temporary cash investments | $0 |
| 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 | $62,508 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $50,914 |
| Total assets | $1,629,187 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $549,497 |
| 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 | $549,497 |
| Net assets without donor restrictions | $1,079,690 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $1,629,187 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Debtwave Credit Counseling Inc has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Foundation For Financial Planning Inc Washington, DC PURPOSE: OUTRECH | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Consumer Credit Counseling Service Of San Francisco Concord, CA | $9,996,299 | $17,336,495 |
Springboard Non-Profit Consumer Credit Management Inc Riverside, CA | $8,795,796 | $5,993,379 |
Take Charge America Inc Phoenix, AZ | $22,881,953 | $7,255,476 |
Usa Homeownership Foundation Inc Corona, CA | $3,434,411 | $5,441,843 |
Debtwave Credit Counseling Inc Escondido, CA | $1,629,187 | $5,189,974 |
Access Counseling Inc Los Angeles, CA | $878,879 | $2,910,345 |
Earn To Learn Tucson, AZ | $1,535,362 | $2,450,878 |
Christian Credit Counselors Inc Carlsbad, CA | $6,458,952 | $2,790,959 |
Abacus Credit Counseling Encino, CA | $7,151,653 | $2,039,579 |
Cricket Debt Counseling Portland, OR | $3,870,920 | $1,652,866 |
National Budget Planners Of South Florida Inc Livermore, CA | $1,611,064 | $2,018,775 |
Helping Feet Reno, NV | $1,178,095 | $32,218 |