Overview
What is Abacus Credit Counseling?
Abacus Credit Counseling is a nonprofit organization based in Encino, California, with a mission to promote and provide financial education and counseling services. In 2022, they reached nearly 100,000 individuals, offering assistance regardless of their financial capabilities. Their counseling program covers topics such as budgeting, money management, bankruptcy, and other financial issues. Completing Abacus' credit counseling course can lead to a certificate of completion, which may be utilized in a bankruptcy case to demonstrate fulfillment of the counseling requirement. The organization's activities are centered around educating the public on personal finance, financial planning, and consumer credit, aiming to empower individuals with financial literacy. With a team of 33 employees, Abacus Credit Counseling strives to support and guide individuals in managing their finances more effectively.
Official website here: www.abacuscc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 84% (Three-Star out of Four Stars)
Abacus Credit Counseling has achieved an 84% rating from Charity Navigator, indicating strong performance in accountability and finance. The organization displays a high level of transparency with 100% independent board members, a comprehensive audit of financial statements, and no reported diversion of assets. These factors reflect a commitment to ethical governance and responsible stewardship of funds.
The organization excels in maintaining a solid program expense ratio, dedicating over 67% of its budget to programmatic efforts. This reinforces its focus on delivering impactful services to its clients. However, the absence of a whistleblower policy and certain document retention practices may raise concerns about internal oversight and transparency.
While Abacus Credit Counseling demonstrates several strengths, particularly in financial management and board independence, addressing the noted administrative shortcomings could further enhance its accountability and trustworthiness in serving its mission. Overall, the organization shows promise in its operations and effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Abacus Credit Counseling legitimate?
Abacus Credit Counseling is a legitimate nonprofit organization registered as a 501(c)(3) entity. Abacus Credit Counseling submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $470,411
Professional Fundraising Fees: $0
Other Salaries and Wages: $824,964
For more financial information, click here
Official website here: www.abacuscc.org
What is the mission statement of Abacus Credit Counseling?
Abacus Credit Counseling's mission is centered around providing and promoting consumer education and counseling on financial and credit-related topics. This encompasses areas such as personal finance, budgeting, money management, financial options, bankruptcy, and the use of credit. The organization strives to teach and disseminate educational material to the public, focusing on topics like personal finance, financial planning, and consumer credit. In 2022, Abacus Credit Counseling offered credit counseling to nearly 100,000 individuals, regardless of their ability to pay. The counseling program educates individuals on financial issues, including budgeting, money management, bankruptcy, and other financial challenges. Many individuals who completed Abacus' credit counseling course receive a certificate of completion that can be used to demonstrate fulfillment of the counseling requirement in a bankruptcy case.
Official website here: www.abacuscc.org
Who is the CEO of Abacus Credit Counseling?
Laura Ahart is the Ceo of Abacus Credit Counseling. The CEO's salary of Abacus Credit Counseling is $235,677 and their total compensation is $261,455.
Official website here: www.abacuscc.org
What is the revenue of Abacus Credit Counseling?
Abacus Credit Counseling's revenue in 2022 was $2,591,697.
Official website here: www.abacuscc.org
Who are the executives of Abacus Credit Counseling and what are their salaries?
The average compensation at Abacus Credit Counseling during 2022 was $39,254. There are 33 employees at Abacus Credit Counseling.
Here are 6 key members and their salaries (Abacus Credit Counseling's CEO's salary is $235,677 and their total compensation is $261,455):
- Compensation: $235,677
- Related: $0
- Other: $25,778
- Compensation: $208,956
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.abacuscc.org
Where can I find the form 990 for Abacus Credit Counseling?
Abacus Credit Counseling's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.abacuscc.org
Learn more at the official website: www.abacuscc.org
Mission Statement of Abacus Credit Counseling
Abacus Credit Counseling, a renowned organization, is committed to promoting consumer education and counseling on financial and credit-related topics. Their mission is multifaceted, encompassing the dissemination of educational materials to the general public. This material covers a broad spectrum of financial subjects, including personal finance, financial planning, and consumer credit. Abacus Credit Counseling's primary objective is to educate individuals, equipping them with knowledge on topics such as budgeting, money management, and financial problems, including bankruptcy.
In line with their mission, Abacus Credit Counseling provided credit counseling services to nearly 100,000 individuals in 2022, regardless of their ability to pay. The counseling program offered by Abacus Credit Counseling is comprehensive, addressing various financial challenges faced by individuals. The organization's counseling course covers topics like budgeting, money management, and ways to overcome financial problems. Completion of this course often results in a certificate of completion, which can be submitted as part of a bankruptcy case to fulfill the counseling requirement as per Chapter 11 USC Section 109(H). This certificate serves as a testament to an individual's commitment to financial education and rehabilitation.
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Impact
October, 2024
Abacus Credit Counseling has made a significant impact by providing essential financial education and counseling services to nearly 100,000 individuals in 2022. By focusing on fundamental topics such as budgeting, money management, and understanding financial options, the organization empowers people to take control of their finances, regardless of their ability to pay.
Its comprehensive counseling program includes a credit counseling course that not only educates participants but also offers a certificate of completion. This certificate can be utilized in bankruptcy cases, ensuring compliance with legal requirements and aiding individuals in navigating financial challenges. By disseminating valuable educational materials related to personal finance and consumer credit, Abacus plays a crucial role in enhancing financial literacy and supporting individuals confronted with economic difficulties.
The organization's commitment to promoting consumer education is exemplified through its ongoing efforts to equip individuals with the necessary tools to make informed financial decisions, thereby fostering healthier economic well-being within the community.
This information is meant to be a general summary of Abacus Credit Counseling. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $441,133
- Program Service Revenue: $1,555,864
- Gross Receipts: $3,149,485
Assets and Liabilities:
- Total Assets: $6,687,119
- Total Liabilities: $70,469
- Net Assets: $6,616,650
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CREDIT COUNSELING
Revenue
$1,555,864
Organization Details
Founding Year
2007
Phone
(800) 516-3834Principal Officer
Laura Ahart
Main Address
15760 Ventura Blvd 700, ENCINO, CA, 91436
Website
www.abacuscc.orgNTEE Category
Code: P51 - Human services
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