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Nonprofiteer
← INCHARGE INSTITUTE OF AMERICA INC

Form 990 for tax year 2022

Filed by INCHARGE INSTITUTE OF AMERICA INC.

Totals

Total revenue
$1,217,547
Total expenses
$1,210,265
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,246,355
Investment income
-$28,808
Other revenue
$0
Total assets, end of year
$3,595,478
Total liabilities, end of year
$193,513
Net assets or fund balances, end of year
$3,401,965
Program services expenses (Part IX)
$1,181,225
Management and general expenses
$29,040
Fundraising expenses
$0
Program service expenses (Part III)
$1,181,225

Program services were 97.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: SUPPORT SERVICE INCOME

    total $1,246,355 · related or exempt $1,246,355

  • 3 · Investment income

    total $48,635 · excluded $48,635

  • 7a · Gross sales of assets other than inventory

    securities $1,043,944

  • 7b · Less cost or other basis and sales expenses

    securities $1,121,387

  • 7c · Gain or loss

    securities -$77,443

  • 7d · Net gain or loss

    total -$77,443 · excluded -$77,443

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $23,814 · program services $23,243 · management and general $571

  • 7 · Other salaries and wages

    total $650,228 · program services $634,627 · management and general $15,601

  • 8 · Pension plan contributions

    total $65,411 · program services $63,841 · management and general $1,570

  • 9 · Other employee benefits

    total $21,820 · program services $21,296 · management and general $524

  • 10 · Payroll taxes

    total $45,108 · program services $44,026 · management and general $1,082

  • 11b · Fees: legal

    total $8,354 · program services $8,354

  • 11c · Fees: accounting

    total $12,000 · program services $11,288 · management and general $712

  • 11g · Fees: other

    total $9,308 · program services $9,308

  • 13 · Office expenses

    total $31,280 · program services $30,530 · management and general $750

  • 14 · Information technology

    total $33,103 · program services $32,309 · management and general $794

  • 16 · Occupancy

    total $37,886 · program services $36,977 · management and general $909

  • 17 · Travel

    total $1,500 · program services $1,464 · management and general $36

  • 22 · Depreciation, depletion and amortization

    total $12,819 · program services $12,512 · management and general $307

  • 23 · Insurance

    total $196,233 · program services $191,525 · management and general $4,708

  • 24a · Other expenses: RECRUIT. & RELOCATION

    total $42,550 · program services $41,529 · management and general $1,021

  • 24b · Other expenses: EDUCATION

    total $9,528 · program services $9,299 · management and general $229

  • 24c · Other expenses: MISCELLANEOUS

    total $7,761 · program services $7,572 · management and general $189

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $1,562 · program services $1,525 · management and general $37

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $352,411 · end of year $419,146

  • 2 · Savings and temporary cash investments

    beginning of year $623,090 · end of year $535,028

  • 4 · Accounts receivable

    beginning of year $325,981 · end of year $351,690

  • 9 · Prepaid expenses and deferred charges

    beginning of year $271,567 · end of year $232,943

  • 10a · Land, buildings and equipment: cost or other basis

    $952,571

  • 10b · Land, buildings and equipment: accumulated depreciation

    $724,601

  • 10c · Land, buildings and equipment, net

    beginning of year $18,037 · end of year $227,970

  • 11 · Investments: publicly traded securities

    beginning of year $2,219,234 · end of year $1,790,632

  • 15 · Other assets

    beginning of year $38,069 · end of year $38,069

  • 17 · Accounts payable and accrued expenses

    beginning of year $155,467 · end of year $171,912

  • 25 · Other liabilities

    beginning of year $60,384 · end of year $21,601

  • 27 · Net assets without donor restrictions

    beginning of year $3,632,538 · end of year $3,401,965

Mission and programs · 2022

Mission

INCHARGE INSTITUTE OF AMERICA PROVIDES MANAGEMENT SUPPORT SERVICES TO AFFILIATED ENTITIES AND PERSONAL FINANCIAL EDUCATIONAL CONTENT TO CONSUMERS ON THE MILITARYMONEY WEBSITE.

Activities or mission (Part I)

TO PROVIDE GENERAL AND ADMINISTRATIVE SUPPORT TO AFFILIATED ENTITIES AND PERSONAL FINANCIAL EDUCATIONAL CONTENT TO CONSUMERS ON THE MILITARYMONEY WEBSITE.

  • CREDIT COUNSELING AND EDUCATION - INCHARGE INSTITUTE OF AMERICA ("ICI") PROVIDES ADMINISTRATIVE SUPPORT TO INCHARGE DEBT SOLUTIONS ("IDS") IN THE AREA OF CREDIT COUNSELING AND EDUCATION. THIS PROGRAM ASSISTS CONSUMERS IN MANAGING THEIR PERSONAL FINANCES THROUGH THE PROVISION OF SOLUTIONS-BASED CREDIT COUNSELING, BUDGET PLANNING AND FINANCIAL EDUCATIONAL MATERIALS. SOLUTIONS-BASED COUNSELING IS DESIGNED TO FIND THE RIGHT SOLUTION FOR EACH DEBT DISTRESSED CONSUMER. OVER 70,000 FINANCIALLY DISTRESSED INDIVIDUALS RECEIVED CREDIT COUNSELING, AND FINANCIAL EDUCATIONAL MATERIALS DURING 2022. FINANCIAL EDUCATIONAL MATERIALS ASSIST CONSUMERS IN ACQUIRING AND IMPROVING MONEY MANAGEMENT SKILLS AND MANAGING CREDIT. CREDIT COUNSELING SERVICES ARE OFFERED IN PERSON FOR INDIVIDUALS RESIDING IN THE CENTRAL FLORIDA AREA, AND NATIONALLY OVER THE TELEPHONE AND THROUGH THE INTERNET.

    Expenses $792,202 · Revenue $863,433

  • DEBT MANAGEMENT - ICI PROVIDES ADMINISTRATIVE SUPPORT TO IDS IN THE AREA OF DEBT MANAGEMENT SERVICES. IDS OFFERS DEBT MANAGEMENT PROGRAMS TO ASSIST CONSUMERS IN PAYING OFF THEIR UNSECURED DEBTS AND TO BETTER MANAGE THEIR FINANCIAL OBLIGATIONS IN THE FUTURE. IDS PROCESSES DEBT PAYMENTS, ATTEMPTS TO SECURE A REDUCTION IN INTEREST RATES, AND ATTEMPTS TO ESTABLISH AFFORDABLE MONTHLY PAYMENTS ON THE CLIENTS' BEHALF. CLIENTS ARE PROVIDED INITIAL AND CONTINUING EDUCATIONAL ASSISTANCE THROUGH FINANCIAL EDUCATIONAL MATERIALS AND GUIDANCE IN FINANCIAL MATTERS AS DETERMINED BY THEIR NEEDS.

    Expenses $264,067 · Revenue $287,811

  • BANKRUPTCY COUNSELING/DEBTOR EDUCATION - ICI PROVIDES ADMINISTRATIVE SUPPORT TO IDS IN THE AREA OF BANKRUPTCY COUNSELING AND DEBTOR EDUCATION SERVICES. BANKRUPTCY LEGISLATION ENACTED BY CONGRESS IN 2005 REQUIRES INDIVIDUALS FILING FOR BANKRUPTCY TO COMPLETE A BANKRUPTCY CREDIT COUNSELING SESSION PRIOR TO FILING, AND AN INSTRUCTIONAL COURSE IN PERSONAL FINANCIAL MANAGEMENT (DEBTOR EDUCATION) PRIOR TO RECEIVING A BANKRUPTCY DISCHARGE. TO OFFER CONVENIENT, ON-DEMAND ACCESS TO THIS REQUIRED CONTENT, IDS PROVIDES INTERACTIVE WEB-BASED AND TELEPHONIC BANKRUPTCY CREDIT COUNSELING AND WEB-BASED DEBTOR EDUCATION PROGRAMS. BOTH PROGRAMS ISSUE CERTIFICATES TO INDIVIDUALS WHO COMPLETE EACH PROGRAM AS REQUIRED BY THE TITLE 11 BANKRUPTCY CODE. DURING 2022, APPROXIMATELY 6,000 CERTIFICATES WERE ISSUED TO BANKRUPTCY PETITIONERS EVIDENCING THEIR SUCCESSFUL COMPLETION OF THE BANKRUPTCY CREDIT COUNSELING SESSION AND THE PERSONAL FINANCIAL MANAGEMENT COURSE.

    Expenses $54,853 · Revenue $59,786

  • HOUSING COUNSELING AND EDUCATION - ICI PROVIDES ADMINISTRATIVE SUPPORT TO IDS IN THE AREA OF HOUSING COUNSELING AND EDUCATION SERVICES. IDS IS A LOCAL U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD") APPROVED AGENCY IN THE STATE OF FLORIDA AND A MEMBER OF THE NATIONAL FOUNDATION FOR CREDIT COUNSELING ("NFCC"), WHICH ENABLES IDS TO SERVE CONSUMERS ON A NATIONWIDE BASIS. HOUSING COUNSELING SERVICES INCLUDE FORECLOSURE PREVENTION, HOMEBUYER EDUCATION AND PRE-PURCHASE HOMEBUYER COUNSELING. FORECLOSURE PREVENTION IS DESIGNED TO PROVIDE EXISTING BORROWERS WITH INFORMATION AND ASSISTANCE NEEDED TO AVOID FORECLOSURE. PROGRAM HIGHLIGHTS INCLUDE BUDGET PLANNING, EVALUATION OF ELIGIBILITY FOR LOAN MODIFICATION, ASSESSMENT OF ABILITY TO SUSTAIN HOME OWNERSHIP AND ALTERNATIVE HOUSING OPTIONS. HOMEBUYER EDUCATION IS DESIGNED TO BETTER PREPARE POTENTIAL HOMEOWNERS FOR HOMEOWNERSHIP. PARTICIPANTS EXAMINE THEIR HOUSING NEEDS, ANALYZE THEIR FINANCIAL SITUATION AND LEARN STRATEGIES TO IMPROVE FINANCIAL MANAGEMENT IN AN EFFORT TO BETTER PREPARE FOR HOMEOWNERSHIP. PARTICIPANTS ALSO LEARN HOW TO SHOP FOR A HOME, OBTAIN A MORTGAGE AND PREPARE FOR LIFE AS A HOMEOWNER. PRE-PURCHASE HOMEBUYER COUNSELING, A PERSONAL ONE-ON-ONE SESSION, IS OFFERED TO PROVIDE EDUCATION AND TIPS TO ASSIST POTENTIAL HOMEBUYERS IN IMPROVING FINANCIAL MANAGEMENT SKILLS AND UNDERSTANDING ALTERNATIVE SOURCES OF FUNDING AND MORTGAGE OPTIONS. DURING 2022, APPROXIMATELY 7,100 HOUSING COUNSELING SESSIONS WERE CONDUCTED.

    Expenses $32,411 · Revenue $35,325

  • EDUCATIONAL PROGRAM DEVELOPMENT/OUTREACH - ICI PROVIDES ADMINISTRATIVE SUPPORT SERVICES TO INCHARGE EDUCATION FOUNDATION (THE "FOUNDATION") WHOSE MISSION IS TO PROVIDE EDUCATIONAL MATERIALS, PROGRAMS, AND OUTREACH SERVICES FOR IDS FINANCIALLY DISTRESSED INDIVIDUALS AND FAMILIES. THE FOUNDATION FULFILLS THIS MISSION BY PUBLISHING WEBSITE ARTICLES, NEWSLETTERS, ONLINE COURSES, INTERACTIVE TOOLS, AND WORKSHOPS THAT PROVIDE INFORMATION ABOUT MONEY MANAGEMENT, PERSONAL FINANCE AND THE RESPONSIBLE USE OF CREDIT. THE FOUNDATION, IN CONJUNCTION WITH IDS, ALSO CONDUCTS FREE FINANCIAL LITERACY WORKSHOPS AND HOMEBUYER EDUCATION CLASSES FOR THE GENERAL PUBLIC. DURING 2022, 956 INDIVIDUALS ATTENDED THE SPONSORED EDUCATIONAL WORKSHOPS AND CLASSES. MILITARY MONEY, A FINANCIAL LITERACY OUTREACH INITIATIVE, PROVIDES FREE FINANCIAL EDUCATION AND TOOLS SUCH AS ONLINE ARTICLES, EBOOKS AND RADIO CLIPS TO SERVICE MEMBERS, VETERANS, AND THEIR FAMILIES. MILITARY MONEY RESOURCES CAN BE FOUND AT INCHARGE.ORG/MILITARY-MONEY AND MILITARYMONEY.COM, AND INCLUDE INFORMATION, INSPIRATION AND TOOLS TO HELP SERVICE MEMBERS MAXIMIZE THEIR PERSONAL FINANCIAL POTENTIAL. MILITARY WEBSITE ARTICLES RECEIVED OVER 241,000 VISITS IN 2022. "MILITARY MONEY MINUTES" ARE RADIO CLIPS OFFERING TIMELY ONE-MINUTE FINANCIAL TIPS. THE TIPS ARE BROADCAST SIX TIMES PER DAY ON THE ARMED FORCES RADIO NETWORK AND HAVE A REACH OF A QUARTER MILLION SERVICE MEMBERS. "MILITARY MONEY MINUTES" ARE ALSO MADE AVAILABLE AS PODCASTS ON ITUNES AND OTHER WEBSITES. TO HELP ACCOMPLISH ITS MISSION, THE FOUNDATION CONTINUALLY SEEKS PARTNERSHIPS WITH OTHER ORGANIZATIONS.

    Expenses $37,692

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Richard Anderson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Florence Watford

    TRUSTEE UNTIL DEC. 2022

    Total calculated
    $0
    Hours/week
    2

  • Etta W Money

    PRESIDENT & CEO

    Total calculated
    $448,979
    From this org
    $0
    From related orgs
    $418,106
    Other
    $30,873
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $334,674 related
    Bonus
    $0 + $26,000 related
    Other
    $0 + $57,432 related
    Deferred
    $0 + $12,757 related
    Nontaxable benefits
    $0 + $18,116 related
    Filer's total
    $0 + $448,979 related

  • William Malseed

    SECRETARY/TREASURER

    Total calculated
    $251,886
    From this org
    $0
    From related orgs
    $239,157
    Other
    $12,729
    Hours/week
    1 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $198,392 related
    Bonus
    $0 + $15,000 related
    Other
    $0 + $25,765 related
    Deferred
    $0 + $9,108 related
    Nontaxable benefits
    $0 + $3,621 related
    Filer's total
    $0 + $251,886 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
THE ORGANIZATION HAS A TAX-EXEMPT 457(B) DEFERRED COMPENSATION PLAN FOR CERTAIN KEY EXECUTIVES. A PORTION OF THE PARTICIPATING EXECUTIVES' COMPENSATION IS DEFERRED. PER IRS REQUIREMENTS, ALL PLAN AMOUNTS MUST BE SUBJECT TO THE CLAIMS OF IDS' CREDITORS, AND AS SUCH, A DEFERRED COMPENSATION ASSET AND CORRESPONDING DEFERRED LIABILITY ARE INCLUDED IN THE STATEMENTS OF FINANCIAL POSITION. DURING 2022, PARTICIPANTS IN THE PLAN INCLUDED ETTA W. MONEY AND WILLIAM R. MALSEED. INCLUDED IN SCHEDULE J, COLUMN B(III) ARE AMOUNTS DEFERRED DURING 2022 AND EARNINGS ON AMOUNTS DEFERRED.
PART I, LINE 7
THE NON-FIXED PAYMENTS REPRESENT NOMINAL AMOUNTS GRANTED BY THE BOARD OF TRUSTEES IN RECOGNITION OF ANNUAL GOAL ACHIEVEMENTS AS SPECIFIED IN THE STRATEGIC PLAN.
PART I, QUESTION 3:
A SEPARATE BOARD APPOINTED COMPENSATION COMMITTEE OF INCHARGE DEBT SOLUTIONS DETERMINES THE SALARY OF THE OFFICERS OF INCHARGE INSTITUTE OF AMERICA ON AN ANNUAL BASIS. SALARY COMPARABILITY DATA AND PERFORMANCE IS REVIEWED AS THE BASIS FOR OFFICER COMPENSATION ANNUALLY. ON A REGULAR BASIS, AN INDEPENDENT COMPENSATION CONSULTANT MAY BE USED TO PERFORM A COMPENSATION SURVEY OR STUDY. KEY EMPLOYEES MAY RECEIVE SALARY INCREASES BASED ON AN EVALUATION OF PERFORMANCE. PERIODICALLY, KEY EMPLOYEES' SALARIES ARE COMPARED TO MARKET DATA. THE LAST COMPENSATION REVIEW WAS CONDUCTED IN FEBRUARY OF 2023.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
10 October 2023
IRS schema version
2022v5.0
Source object
202332849349301748

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