Form 990 for tax year 2024
Filed by CAMBRIDGE CREDIT COUNSELING CORP.
Totals
- Total revenue
- $9,033,538
- Total expenses
- $9,897,578
- Contributions and grants received
- $1,245,887
- Grants paid
- $0
- Program service revenue
- $7,730,216
- Investment income
- $51,921
- Other revenue
- $5,514
- Total assets, end of year
- $12,470,961
- Total liabilities, end of year
- $4,460,321
- Net assets or fund balances, end of year
- $8,010,640
- Program services expenses (Part IX)
- $6,914,626
- Management and general expenses
- $2,982,952
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $6,914,626
Program services were 69.9% 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)
$115,000
-
1f · All other contributions, gifts and grants
$1,130,887
-
2a · Program service revenue: FAIR SHARE REVENUE
total $2,153,674 · related or exempt $2,153,674
-
2b · Program service revenue: HOUSING COUNSELING REVENU
total $594,211 · related or exempt $594,211
-
2c · Program service revenue: INITIAL FEES
total $276,015 · related or exempt $276,015
-
2d · Program service revenue: OTHER REVENUE
total $89,091 · related or exempt $89,091
-
2e · Program service revenue: PROGRAM SERVICE FEES
total $4,616,325 · related or exempt $4,616,325
-
2f · All other program service revenue
total $900 · related or exempt $900
-
3 · Investment income
total $51,921 · related or exempt $51,921
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6d · Net rental income or loss
total $0
-
7d · Net gain or loss
total $0
-
8c · Net income from fundraising events
total $0
-
9c · Net income from gaming
total $0
-
10c · Net income from sales of inventory
total $0
-
11a · Other revenue: MISC INCOME
total $5,514 · related or exempt $5,514
-
11e · Other revenue, total
$5,514
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $1,011,545 · program services $106,508 · management and general $905,037
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $3,959,538 · program services $2,861,955 · management and general $1,097,583
-
8 · Pension plan contributions
total $123,260 · program services $86,159 · management and general $37,101
-
9 · Other employee benefits
total $724,804 · program services $506,638 · management and general $218,166
-
10 · Payroll taxes
total $368,250 · program services $257,407 · management and general $110,843
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $16,602 · program services $11,605 · management and general $4,997
-
11c · Fees: accounting
total $63,008 · management and general $63,008
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $469,591 · program services $373,960 · management and general $95,631
-
12 · Advertising and promotion
total $0
-
13 · Office expenses
total $359,125 · program services $313,492 · management and general $45,633
-
14 · Information technology
total $393,568 · program services $347,820 · management and general $45,748
-
15 · Royalties
total $0
-
16 · Occupancy
total $355,975 · program services $248,827 · management and general $107,148
-
17 · Travel
total $0
-
18 · Travel or entertainment for public officials
total $55,242 · program services $49,718 · management and general $5,524
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $49,181 · program services $49,181
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $598,457 · program services $418,321 · management and general $180,136
-
23 · Insurance
total $129,989 · program services $101,293 · management and general $28,696
-
24a · Other expenses: FINANCIAL COUNSELING
total $982,585 · program services $982,585
-
24b · Other expenses: COMPLIANCE
total $95,841 · program services $95,841
-
24c · Other expenses: DUES AND SUBSCRIPTIONS
total $84,633 · program services $76,170 · management and general $8,463
-
24d · Other expenses: OPERATING LEASE
total $29,238 · management and general $29,238
-
24e · All other expenses
total $27,146 · program services $27,146
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,084,280 · end of year $2,497,273
-
2 · Savings and temporary cash investments
end of year $0
-
3 · Pledges and grants receivable
beginning of year $83,125 · end of year $161,250
-
4 · Accounts receivable
beginning of year $197,906 · end of year $89,381
-
5 · Loans and receivables from officers and key people
end of year $0
-
6 · Loans and receivables from disqualified persons
end of year $0
-
7 · Other notes and loans receivable
end of year $0
-
8 · Inventories for sale or use
end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $186,625 · end of year $141,379
-
10a · Land, buildings and equipment: cost or other basis
$1,348,928
-
10b · Land, buildings and equipment: accumulated depreciation
$743,188
-
10c · Land, buildings and equipment, net
beginning of year $562,208 · end of year $605,740
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
end of year $0
-
13 · Investments: program-related
end of year $0
-
14 · Intangible assets
beginning of year $7,646,106 · end of year $7,302,595
-
15 · Other assets
beginning of year $1,903,446 · end of year $1,673,343
-
17 · Accounts payable and accrued expenses
beginning of year $305,180 · end of year $400,554
-
19 · Deferred revenue
beginning of year $362,500 · end of year $257,496
-
21 · Escrow or custodial account liability
beginning of year $822,467 · end of year $1,071,449
-
23 · Secured mortgages and notes payable
beginning of year $964,450 · end of year $536,405
-
25 · Other liabilities
beginning of year $2,334,419 · end of year $2,194,417
-
27 · Net assets without donor restrictions
beginning of year $8,874,680 · end of year $8,010,640
Mission and programs · 2024
Mission
The organization specializes in providing education and counseling services to individuals and groups who are concerned about their financial situation. If appropriate, the organization also helps individuals establish affordable and convenient debt management plans to help them repay their debts in a timely manner. As a HUD-approved housing counseling agency, the organization also provides pre- and post-purchase counseling, rental and reverse mortgage counseling, and foreclosure intervention and default counseling. The organization has also been approved by the Executive Office for U.S. Trustees to provide pre-filing credit counseling and pre-discharge debtor education to consumers filing for bankruptcy protection.
-
Individualized Educational Financial Counseling Cambridges tax-exempt status is based on the provision of financial education to the public. The organizations primary method of fulfilling this exempt purpose was accomplished through the provision of 43,996 individual educational financial counseling sessions. Cambridge provides financial counseling, education, and debt management programs to individuals in 50 states. Every individual who requests assistance from the organization is given the opportunity to participate in a comprehensive evaluation of his or her financial circumstances, conducted by one of the organizations forty-one independently certified credit counselors. Cambridges counselors are certified by the National Foundation for Credit Counseling, whose certification programs have been reviewed and approved by those states that require approval of counselor certification programs. Cambridges financial analysis is aimed at identifying the best course of action for each individual, allowing the Cambridge counselor to provide education and budgeting information appropriate to each persons circumstances. This assessment, which is performed at no cost and without obligation, is based on statutory requirements for identifying an individuals current financial condition, and, when necessary, appropriate techniques are used to discover the factors and behaviors that may be contributing to the individuals circumstances. To help ensure that all debts are discussed and to verify the accuracy of the account information provided, Cambridge has established an arrangement with Trans Union that allows Cambridge counselors to review each individuals credit report at no cost to the individual. On the basis of the information developed during the counseling session and through documentation of income and expenses, an appropriate Action Plan will be created and provided to the individual. If a financial assessment indicates that the consumer would not reasonably be able to alleviate his or her debt without significant creditor concessions, Cambridge will offer the option of enrolling in its educational debt management plan (DMP) to help the individual establish an affordable and convenient plan to repay his or her current debts in a timely manner. If, on the other hand, creditor concessions are unlikely or unnecessary under the individuals circumstances, the counselor will advise the individual of any other appropriate steps that he or she may take to address his or her financial condition. Regardless of the individuals enrollment, however, all consumers are encouraged to participate in post-counseling sessions with Cambridge counselors, and they are also provided with the most current editions of Cambridges free financial management guides, which the public may also access for free on Cambridges website, www.cambridgecredit.org.Between 7/1/2024 and 6/30/2025, Cambridge provided 43,996 individual counseling sessions. Of the roughly 31,203 individuals who contacted the agency for the first time, 6,346 (20.34%) enrolled in Cambridges debt management program. For these individuals, DMP enrollment is only one aspect of Cambridges educational counseling program.As the Consumer Federation of America, American Express, and the GeorgetownUniversity Credit Research Center noted in a joint 2006 report entitled Evaluating the Effects of Credit Counseling (the CFA Report), effective debt management plans contain a meaningful educational component. The effect of this education was evidenced by significantly improved credit profiles and a reduced risk of bankruptcy filing, which the report attributed to the DMP experience itself, e.g., budgeting to make regular DMP payments, continued interaction with and reinforcement from the counseling agency. Cambridges policy of establishing post-counseling follow-up contact with all consumers who receive a financial assessment and budget review is consistent with the conclusions of the CFA report: participation in a debt management plan provides an educational benefit for the individual, particularly when contact with the counselor is extended throughout the period of enrollment. The data collected through client surveys supports this approach. Although a DMP can be instrumental in helping people become debt-free in five years or less, enrollment alone does not prevent them from reverting to previous behaviors, attitudes and spending patterns that resulted in the need to contact a counseling agency. For this reason, Cambridge periodically contacts clients and consumers after their initial sessions to offer additional counseling.The goal of the post-counseling program is to determine whether or not the individual has begun to follow his or her Action Plan, to offer encouragement and advice to help them take the steps that have been recommended, and to offer additional counseling for any issues that may not have been introduced previously. Each participant will receive a Financial Checkup from his or her counselor every six months for the duration of their enrollment in the program. In addition to addressing the participants particular issues, these follow-up calls continue building the participants financial skills by emphasizing the need to create and follow working budgets, to record all expenses, to implement appropriate savings plans, and to develop realistic short- and long-term financial goals.Within 45 days of the initial request for assistance, Cambridge counselors also contact each individual whose financial assessment indicated that DMP enrollment would either not be necessary or for whom creditors would be unlikely to grant meaningful concessions. This is done to verify that the individual has received all of the free educational materials provided by Cambridge and, more important, that the individual has begun to utilize the tools and advice that his or her counselor provided in the individuals Action Plan. The consumer is encouraged to access the companys educational websites and to continue to use his or her counselor as a financial education resource, at no cost or obligation.The impact of Cambridges program has been significant. Cambridges most recent statistics indicate that more than 85% of new program participants have begun to track expenses and develop new budgets by their fourth month of enrollment, taking the first steps toward re-establishing a positive payment history. This often represents a remarkable accomplishment for these individuals, whose credit reports show evidence that their record of inconsistent payments resulted in the higher interest rates and late fees that compounded their financial difficulties. Perhaps even more indicative of the results of Cambridges post-counseling program are the survey responses gathered through Iota Solutions, an unaffiliated third party, which indicate that more than 86% of long-term program participants continue to track their expenses, while nearly 75% review their budgets every six months.While these services are very beneficial to individuals who decide to enroll in the program, Cambridge has also developed educational tools and programs for individuals who do not enroll in the Cambridge DMP program. From July 2024 to June 2025, Cambridge provided sessions for 24,857 individuals who did not enroll in Cambridges DMP. These consumers were among the more than 77,920 individuals who received or downloaded copies of free educational materials from Cambridge the year, including guidebooks, relevant articles about personal finance, and links to the agencys educational videos.
Expenses $6,914,626 · Revenue $7,719,190
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Cambridge offers no-cost financial management education to individuals in a number of different ways. Cambridge provides outreach programs to members of its local community, including a significant number of non-profit social service agencies. Cambridge also offers financial management seminars and lesson plans to colleges and high schools, both locally and nationally. In addition, Cambridge provides a number of free online resources, including financial calculators, videos, guidebooks, informational articles, and budgeting tools. Finally, and perhaps most important, Cambridge provides comprehensive one-on-one financial assessments and counseling to any individual interested in improving his or her understanding of sound credit and debt management principles.The results of Cambridges financial assessments indicate that 15-20% of participants would be incapable of alleviating their own debt in less than five years without significant creditor concessions. Cambridge believes that, of the remaining 80-85% of individuals who have problems with money management and debt, the majority lack a basic understanding of the fundamentals of personal finance. To address this issue, 29 states have passed legislation requiring high school students to pass a course in personal finance before graduating, but the effects wont be seen for years. In the meantime, educational nonprofits are doing what we can to help consumers understand the basics of credit, debt, and personal money management.In its local community, Cambridge provides free financial literacy education and counseling to veterans receiving services through local shelters and through HUDs VASH program. The agencys staff also presents financial literacy seminar series to inmates and former prisoners through programs delivered through the Connecticut Federal Re-Entry Courts and through the Hampden County Sheriffs Department, and to volunteers working with senior citizens through programs provided by Greater Springfield Senior Services. Cambridges Education Department staff also provides financial literacy and/or student loan education to several colleges, and we co-produce 6-7 major Credit for Life Fairs for area high school students every spring. The staff has been able to move some classes online, conducting free financial literacy and student loan counseling webinars to members of the Massachusetts, Connecticut, and New York teachers unions, and to the Public Employees Federation of New York, the states largest public employee union. From 7/1/2024 to 6/30/2025, Cambridges Education Department presented 314 free financial seminars and webinars to 6,726 participants throughout Massachusetts, Connecticut, and New York. Cambridge also provided a wide variety of free educational video content on the Internet. During that same period, Cambridges 246 videos were viewed a total of 6,677 times, and our social media content was viewed by an additional 57,954 individuals.
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Housing Counseling - In 2010, after a comprehensive application and on-site examination process, Cambridge became a HUD-approved housing counseling agency. Nearly half of Cambridge's counselors now hold one or more NeighborWorks certifications in foreclosure prevention counseling, pre- and post-purchase counseling, rental, and reverse mortgage counseling. The vast majority of these services are provided for free to the public. (Cambridge's reverse mortgage counseling fee of $125 is in keeping with HUD guidelines but can be waived, and participants in Cambridge's eight-hour pre-purchase class pay a nominal fee of $50 for materials.) Cambridge's reverse mortgage counseling program has also been approved by the Massachusetts Executive Office of Elder Affairs. From 7/1/2024 to 6/30/2025, Cambridge provided 45 free one-on-one foreclosure prevention counseling sessions. 430 prospective homebuyers attended Cambridges pre-purchase classes, and 223 participants subsequently received free follow-up housing counseling sessions from the agency. During the time period, Cambridge also conducted 4,012 reverse mortgage counseling sessions, 306 of which were provided free of charge.Bankruptcy Counseling - In the fall of 2011, following an exhaustive round of applications and examinations, Cambridge received approval from the Executive Office for United States Trustees to provide credit counseling and debtor education services to financially troubled consumers who are considering bankruptcy or who are awaiting the discharge of their debt. From 7/1/2024 to 6/30/2025, Cambridge conducted pre-filing credit counseling sessions for 466 individuals and provided pre-discharge debtor education courses to 224 individuals.
As filed on the 2024 return.
Listed in Part VII
-
CHRISTOPHER A VIALE
President & CEO
- Total calculated
- $313,107
- From this org
- $290,045
- From related orgs
- $0
- Other
- $23,062
- Hours/week
- 39
Schedule J breakdown matched by us
- Base
- $290,045
- Bonus
- not reported
- Other
- not reported
- Deferred
- $11,907
- Nontaxable benefits
- $11,155
- Filer's total
- $313,107
-
THOMAS HEBERT
Treasurer
- Total calculated
- $198,829
- From this org
- $175,063
- From related orgs
- $0
- Other
- $23,766
- Hours/week
- 39
Schedule J breakdown matched by us
- Base
- $164,839
- Bonus
- $10,224
- Other
- not reported
- Deferred
- $7,313
- Nontaxable benefits
- $16,453
- Filer's total
- $198,829
-
WILLIAM SOLE
GENERAL MANAGER
- Total calculated
- $142,545
- From this org
- $120,070
- From related orgs
- $0
- Other
- $22,475
- Hours/week
- 39
-
TIMOTHY GREENMAN
CREDIT COUNSELING
- Total calculated
- $119,300
- From this org
- $98,202
- From related orgs
- $0
- Other
- $21,098
- Hours/week
- 39
-
ALFRED H COLONNA JR
Chairman
- Total calculated
- $116,067
- From this org
- $92,428
- From related orgs
- $0
- Other
- $23,639
- Hours/week
- 25
-
DAVID JUZBA JR
HUMAN RESOURCES MG
- Total calculated
- $106,763
- From this org
- $106,071
- From related orgs
- $0
- Other
- $692
- Hours/week
- 39
-
LIAM P REYNOLDS
Director
- Total calculated
- $20,809
- From this org
- $20,500
- From related orgs
- $0
- Other
- $309
- Hours/week
- 5
-
SALVATORE PIZZANELLI CPA JD
Director
- Total calculated
- $18,309
- From this org
- $18,000
- From related orgs
- $0
- Other
- $309
- Hours/week
- 5
-
JOHN DLUGOENSKI
Director
- Total calculated
- $14,309
- From this org
- $14,000
- From related orgs
- $0
- Other
- $309
- Hours/week
- 5
-
DEAN O'KEEFE
Director
- Total calculated
- $12,809
- From this org
- $12,500
- From related orgs
- $0
- Other
- $309
- Hours/week
- 5
-
JOHN D CONNOR ESQ
Director
- Total calculated
- $12,809
- From this org
- $12,500
- From related orgs
- $0
- Other
- $309
- Hours/week
- 5
-
JENNIFER CONNOLLY
Director
- Total calculated
- $12,309
- From this org
- $12,000
- From related orgs
- $0
- Other
- $309
- Hours/week
- 5
-
STEPHEN BUONICONTI ESQ
Director
- Total calculated
- $10,309
- From this org
- $10,000
- From related orgs
- $0
- Other
- $309
- Hours/week
- 5
-
JULIE QUINK CPA
Director
- Total calculated
- $10,169
- From this org
- $10,000
- From related orgs
- $0
- Other
- $169
- Hours/week
- 5
-
DAWN DISTEFANO
Director
- Total calculated
- $8,212
- From this org
- $8,000
- From related orgs
- $0
- Other
- $212
- Hours/week
- 5
-
JAMES SHERBO
Director
- Total calculated
- $8,212
- From this org
- $8,000
- From related orgs
- $0
- Other
- $212
- Hours/week
- 5
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
- 3 · Compensation committee
- 3 · Form 990 of other organizations
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 7 · Other non-fixed payments
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 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 7: Non-Fixed payments not listed above
- Part III, Additional Information
- THE BOARD OF DIRECTORS APPROVED BONUSES FOR VARIOUS EMPLOYEES, INCLUDING OFFICERS. SUCH BONUSES ARE ENTIRELY AT THE DISCRETION OF THE BOARD AND ARE NOT BASED ON ANY CONTRACT OR FORMULA.
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.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 13 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202503179349302620
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