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Nonprofiteer
← PARACHUTE CREDIT COUNSELING INC

Form 990 for tax year 2025

Filed by PARACHUTE CREDIT COUNSELING INC.

Totals

Total revenue
$1,699,674
Total expenses
$1,766,286
Contributions and grants received
$476,703
Grants paid
$0
Program service revenue
$1,191,181
Investment income
$23,103
Other revenue
$8,687
Total assets, end of year
$1,359,302
Total liabilities, end of year
$327,607
Net assets or fund balances, end of year
$1,031,695
Program services expenses (Part IX)
$1,644,813
Management and general expenses
$121,473
Fundraising expenses
$0
Program service expenses (Part III)
$1,644,813

Program services were 93.1% 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.

  • 1e · Government grants (contributions)

    $68,992

  • 1f · All other contributions, gifts and grants

    $407,711

  • 2a · Program service revenue: CREDITOR PROCESSING FE

    total $673,439 · related or exempt $673,439

  • 2b · Program service revenue: FAIR SHARE REVENUE

    total $437,681 · related or exempt $437,681

  • 2c · Program service revenue: EDUCATIONAL PROGRAMS

    total $79,436 · related or exempt $79,436

  • 2d · Program service revenue: APPOINTMENT FEES

    total $625 · related or exempt $625

  • 3 · Investment income

    total $23,103 · excluded $23,103

  • 11a · Other revenue: OTHER REVENUE

    total $8,687 · excluded $8,687

  • 11e · Other revenue, total

    $8,687

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $147,359 · program services $135,570 · management and general $11,789

  • 7 · Other salaries and wages

    total $850,969 · program services $789,151 · management and general $61,818

  • 8 · Pension plan contributions

    total $19,687 · program services $18,112 · management and general $1,575

  • 9 · Other employee benefits

    total $74,892 · program services $69,918 · management and general $4,974

  • 10 · Payroll taxes

    total $75,524 · program services $69,959 · management and general $5,565

  • 11c · Fees: accounting

    total $19,718 · program services $18,141 · management and general $1,577

  • 11g · Fees: other

    total $93,677 · program services $87,317 · management and general $6,360

  • 12 · Advertising and promotion

    total $87,600 · program services $87,600

  • 13 · Office expenses

    total $18,891 · program services $17,558 · management and general $1,333

  • 14 · Information technology

    total $8,388 · program services $7,801 · management and general $587

  • 16 · Occupancy

    total $140,915 · program services $131,052 · management and general $9,863

  • 19 · Conferences, conventions and meetings

    total $6,735 · program services $6,264 · management and general $471

  • 22 · Depreciation, depletion and amortization

    total $7,398 · program services $6,853 · management and general $545

  • 23 · Insurance

    total $23,528 · program services $21,881 · management and general $1,647

  • 24a · Other expenses: REFERRAL FEES

    total $89,320 · program services $83,068 · management and general $6,252

  • 24b · Other expenses: DUES

    total $49,956 · program services $46,459 · management and general $3,497

  • 24c · Other expenses: EQUIPMENT LEASES AND MA

    total $42,617 · program services $39,634 · management and general $2,983

  • 24d · Other expenses: MISCELLANEOUS

    total $9,112 · program services $8,475 · management and general $637

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $55,667 · end of year $293,393

  • 2 · Savings and temporary cash investments

    beginning of year $815,945 · end of year $470,933

  • 3 · Pledges and grants receivable

    beginning of year $35,370 · end of year $36,515

  • 4 · Accounts receivable

    beginning of year $4,337 · end of year $5,111

  • 9 · Prepaid expenses and deferred charges

    beginning of year $24,224 · end of year $34,449

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

    $165,088

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

    $130,291

  • 10c · Land, buildings and equipment, net

    beginning of year $15,025 · end of year $34,797

  • 12 · Investments: other securities

    beginning of year $264,776 · end of year $296,422

  • 15 · Other assets

    beginning of year $302,130 · end of year $187,682

  • 17 · Accounts payable and accrued expenses

    beginning of year $140,536 · end of year $90,654

  • 19 · Deferred revenue

    beginning of year $10,000 · end of year $20,000

  • 21 · Escrow or custodial account liability

    beginning of year $210 · end of year $29,480

  • 25 · Other liabilities

    beginning of year $301,973 · end of year $187,473

  • 27 · Net assets without donor restrictions

    beginning of year $1,064,755 · end of year $1,031,695

Mission and programs · 2025

Mission

THE ORGANIZATION'S MISSION IS TO PROVIDE THE COMMUNITY WITH THE BEST STRATEGIES TO MASTER THEIR CREDIT.

  • CREDIT COUNSELING: PARACHUTE CREDIT COUNSELING OFFERS COMPREHENSIVE DEBT MANAGEMENT SOLUTIONS. WHILE THE CREDIT COUNSELING AND DEBT MANAGEMENT INDUSTRY INCLUDES VARIOUS PROVIDERS, PARACHUTE DISTINGUISHES ITSELF BY PRIORITIZING CLIENT EDUCATION AND LONG-TERM FINANCIAL WELL-BEING. WE BELIEVE IN EMPOWERING INDIVIDUALS WITH THE KNOWLEDGE AND TOOLS THEY NEED TO ACHIEVE FINANCIAL FREEDOM, RATHER THAN SIMPLY OFFERING QUICK FIXES. OUR SERVICES: CONFIDENTIAL FINANCIAL COUNSELING: CLIENTS CAN SCHEDULE A CONFIDENTIAL CONSULTATION WITH A CERTIFIED FINANCIAL COUNSELOR TO DISCUSS THEIR UNIQUE FINANCIAL SITUATION. PERSONALIZED BUDGET ANALYSIS: OUR COUNSELORS CONDUCT THOROUGH BUDGET ANALYSES TO IDENTIFY AREAS FOR IMPROVEMENT AND DEVELOP CUSTOMIZED FINANCIAL PLANS. DEBT MANAGEMENT PLANS (DMPS): FOR ELIGIBLE CLIENTS, WE OFFER DMPS THAT MAY INCLUDE: REDUCED MONTHLY PAYMENTS: LOWERING OVERALL MONTHLY DEBT OBLIGATIONS. REDUCED INTEREST RATES AND FEES: NEGOTIATING LOWER INTEREST RATES AND ELIMINATING OR REDUCING FEES CHARGED BY CREDITORS. PARACHUTE IS COMMITTED TO PROVIDING HIGH-QUALITY, CLIENT-CENTERED SERVICES THAT EMPOWER INDIVIDUALS TO ACHIEVE LONG-TERM FINANCIAL STABILITY. 3,676 CLIENTS SERVED.

    Expenses $1,112,245 · Revenue $1,111,745

  • THE HOUSING PROGRAMMING PARACHUTE CREDIT COUNSELING OFFERS A RANGE OF HOUSING SERVICES, PRIMARILY FOCUSED ON: 1. FORECLOSURE PREVENTION: THIS SERVICE, FUNDED BY FEDERAL AND STATE GRANTS, ASSISTS HOMEOWNERS FACING MORTGAGE DELINQUENCY. PARACHUTE COUNSELORS WORK CLOSELY WITH LENDERS TO EXPLORE OPTIONS FOR CURING THE DELINQUENCY. 2. REVERSE MORTGAGE (HECM) COUNSELING: PARACHUTE PROVIDES MANDATORY COUNSELING SESSIONS FOR INDIVIDUALS CONSIDERING A REVERSE MORTGAGE. THESE SESSIONS EDUCATE CLIENTS ON THE INTRICACIES OF HECM LOANS, INCLUDING POTENTIAL RISKS AND BENEFITS, AND ARE REQUIRED TO OBTAIN A CERTIFICATE OF COMPLETION.3. HOMEBUYER EDUCATION: PARACHUTE OFFERS PRE-PURCHASE EDUCATION FOR FIRST-TIME HOMEBUYERS. THESE SESSIONS COVER ESSENTIAL TOPICS SUCH AS THE HOME-BUYING PROCESS, FINANCING OPTIONS, AND HOME MAINTENANCE. ALL PARACHUTE HOUSING COUNSELORS ARE HUD-CERTIFIED, AND PARACHUTE HAS BEEN A HUD-APPROVED HOUSING COUNSELING AGENCY SINCE 2003. 179 CLIENTS SERVED.

    Expenses $247,828 · Revenue $23,103

  • CREDIT EDUCATION: PARACHUTE IS COMMITTED TO EMPOWERING INDIVIDUALS WITH STRONG FINANCIAL LITERACY SKILLS. RECOGNIZING THE CRITICAL NEED FOR FINANCIAL EDUCATION IN TODAY'S COMPLEX WORLD, PARACHUTE ACTIVELY PROMOTES RESPONSIBLE FINANCIAL HABITS WITHIN OUR COMMUNITY. IN 2025, PARACHUTE PARTNERED WITH 184 COMMUNITY AGENCIES AND SERVED 1,972 CLIENTS THROUGH A RANGE OF FINANCIAL OUTREACH PROGRAMS. NOTABLY, PRE- AND POST-TEST SCORES FROM OUR EDUCATIONAL PROGRAMS DEMONSTRATED AN AVERAGE IMPROVEMENT OF 18.7% IN CLIENT KNOWLEDGE. WE ARE HONORED TO BE A LEADING PROVIDER OF FINANCIAL LITERACY EDUCATION IN OUR COMMUNITY.

    Expenses $252,545 · Revenue $49,418

  • BANKRUPTCY EDUCATION: PARACHUTE IS AN APPROVED AGENCY AUTHORIZED TO ISSUE CERTIFICATES OF COMPLIANCE WITH THE BANKRUPTCY LAW. WE PROVIDE COMPREHENSIVE BANKRUPTCY COUNSELING SERVICES, INCLUDING: PRE-FILING CREDIT COUNSELING: INDIVIDUALIZED COUNSELING SESSIONS TO HELP CLIENTS UNDERSTAND THEIR OPTIONS AND MAKE INFORMED DECISIONS BEFORE FILING FOR BANKRUPTCY. DEBTOR EDUCATION COURSES: COURT-MANDATED COUNSELING THAT PROVIDES ESSENTIAL FINANCIAL EDUCATION AND PREPARE CLIENTS FOR A SUCCESSFUL FINANCIAL FUTURE AFTER BANKRUPTCY. UPON SUCCESSFUL COMPLETION OF THE REQUIRED COUNSELING OR EDUCATION COURSE, ALL BANKRUPTCY PETITIONERS WILL RECEIVE THE NECESSARY CERTIFICATE OF COUNSELING. 240 CLIENTS SERVED.

    Expenses $32,195 · Revenue $6,915

As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • JOSEPH M MORRISON

    BOARD CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • MATTHEW SCHERMERHORN

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • RAMON MORALES

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • KATHERINE Q LEWIS

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • STEVEN DOLAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DEANNA EASON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOSEPH SALLEE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • NANCY L LATULIP

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROBERT TORELLA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOSHUA ZALEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • NOELLE CARTER

    PRESIDENT & CEO

    Total calculated
    $140,216
    From this org
    $135,716
    From related orgs
    $0
    Other
    $4,500
    Hours/week
    40

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2025
Filed
3 March 2026
IRS schema version
2025v4.0
Source object
202600639349301100

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