Form 990 for tax year 2023
Filed by DEBTWAVE CREDIT COUNSELING INC.
Totals
- Total revenue
- $2,888,871
- Total expenses
- $3,451,397
- Contributions and grants received
- $691,425
- Grants paid
- $12,000
- Program service revenue
- $2,236,397
- Investment income
- $0
- Other revenue
- -$38,951
- Total assets, end of year
- $524,184
- Total liabilities, end of year
- $408,582
- Net assets or fund balances, end of year
- $115,602
- Program services expenses (Part IX)
- $2,825,689
- Management and general expenses
- $625,708
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $2,825,689
Program services were 81.9% 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.
-
1c · Fundraising events
$50,655
-
1e · Government grants (contributions)
$476,681
-
1f · All other contributions, gifts and grants
$164,089
-
2a · Program service revenue: DEBT MANAGEMENT PRGM FEES
total $2,236,397 · related or exempt $2,236,397
-
3 · Investment income
total $0
-
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
-
8a · Fundraising events: contributions included on line 1c
$50,655
-
8b · Fundraising events: direct expenses
$38,951
-
8c · Net income from fundraising events
total -$38,951 · excluded -$38,951
-
9c · Net income from gaming
total $0
-
10c · Net income from sales of inventory
total $0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $12,000 · program services $12,000
-
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 $201,096 · program services $160,877 · management and general $40,219
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $1,314,097 · program services $1,051,278 · management and general $262,819
-
8 · Pension plan contributions
total $33,938 · program services $27,150 · management and general $6,788
-
9 · Other employee benefits
total $0
-
10 · Payroll taxes
total $124,749 · program services $99,799 · management and general $24,950
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $350 · program services $280 · management and general $70
-
11c · Fees: accounting
total $30,124 · program services $24,099 · management and general $6,025
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $793,900 · program services $635,120 · management and general $158,780
-
12 · Advertising and promotion
total $183,955 · program services $148,059 · management and general $35,896
-
13 · Office expenses
total $3,468 · program services $2,774 · management and general $694
-
14 · Information technology
total $23,649 · program services $18,919 · management and general $4,730
-
15 · Royalties
total $0
-
16 · Occupancy
total $3,445 · program services $2,756 · management and general $689
-
17 · Travel
total $1,277 · program services $1,022 · management and general $255
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $0
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $25,958 · program services $20,766 · management and general $5,192
-
23 · Insurance
total $156,779 · program services $125,423 · management and general $31,356
-
24a · Other expenses: CLIENT SERVICE FEES
total $150,088 · program services $150,088
-
24b · Other expenses: SOFTWARE FEES
total $96,914 · program services $96,914
-
24c · Other expenses: FORBEARANCE EXPENSE
total $81,575 · program services $65,260 · management and general $16,315
-
24d · Other expenses: LICENSES AND PERMITS
total $59,285 · program services $59,285
-
24e · All other expenses
total $154,750 · program services $123,820 · management and general $30,930
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $920,042 · end of year $462,074
-
2 · Savings and temporary cash investments
end of year $0
-
3 · Pledges and grants receivable
end of year $0
-
4 · Accounts receivable
end of year $0
-
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
end of year $0
-
10a · Land, buildings and equipment: cost or other basis
$353,293
-
10b · Land, buildings and equipment: accumulated depreciation
$291,183
-
10c · Land, buildings and equipment, net
beginning of year $35,631 · end of year $62,110
-
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
end of year $0
-
15 · Other assets
beginning of year $50,914 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $328,459 · end of year $340,603
-
25 · Other liabilities
end of year $67,979
-
27 · Net assets without donor restrictions
beginning of year $678,128 · end of year $115,602
Mission and programs · 2023
Mission
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.
-
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. 2,759 COUNSELING SESSIONS WERE COMPLETED IN 2023.
Expenses $2,774,738 · Revenue $2,236,397
-
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.
Expenses $50,951 · Grants $12,000 · Revenue $50,655
As filed on the 2023 return.
Listed in Part VII
-
Michael MarsdenMICHAEL MARSDEN
Executive Dir.
- Total calculated
- $201,096
- From this org
- $201,096
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $201,096
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $201,096
-
Antony MuriguANTONY MURIGU
Chairman
- Total calculated
- $0
- Hours/week
- 5
-
Michael S ButskoMICHAEL S BUTSKO
Vice President
- Total calculated
- $0
- Hours/week
- 1
-
Doug TokarikDOUG TOKARIK
Secretary
- Total calculated
- $0
- Hours/week
- 1
-
James MarshJAMES MARSH
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
John CasariettiJOHN CASARIETTI
Treasurer
- Total calculated
- $0
- Hours/week
- 1
-
Brianna LeissooBRIANNA LEISSOO
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
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
None.
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
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
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
- 2023
- Filed
- 18 April 2024
- IRS schema version
- 2023v5.0
- Source object
- 202411099349300216
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