Overview
What is Family Credit Counseling Service?
Family Credit Counseling Service, also known as Family Credit Management Services, is a nonprofit organization located in Chicago, Illinois. Their primary mission is to offer financial education and support, particularly focusing on individuals with low income and significant debt. They provide a range of counseling services such as developing household budgets, reviewing credit reports, pre-purchase housing counseling, and addressing various financial concerns at no cost to the consumer. Approved by the Department of Justice, they also offer pre-filing bankruptcy counseling and issue certificates in compliance with bankruptcy code. Their services can be accessed via telephone, electronic communication, or in-person visits at any of their locations. With a workforce of 46 individuals, Family Credit Counseling Service aims to empower individuals to manage their finances effectively.
Official website here: www.familycredit.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
Family Credit Counseling Service has received a commendable Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The organization scored exceptionally well in various metrics, demonstrating effective governance with a majority of independent board members. The financial health indicators are robust, with a low liabilities-to-assets ratio and a high program expense ratio, indicating that a significant portion of its funding is directed towards programs rather than administrative costs.
Key strengths of Family Credit Counseling Service include its comprehensive financial oversight practices, such as having an audit and oversight committee and clear policies for conflict of interest and whistleblower protections. The organization also maintains transparency with its documentation, ensuring that board meeting minutes and financial statements are readily available. These factors contribute to its high score in accountability.
Despite the strong overall performance, the summary does not mention any specific limitations or areas for improvement for the organization. This suggests that Family Credit Counseling Service is currently operating effectively within its financial and governance frameworks, making it a trustworthy choice for potential donors and beneficiaries.
This AI summary has been generated from information found on Charity Navigator.
Is Family Credit Counseling Service legitimate?
Family Credit Counseling Service is a legitimate nonprofit organization registered as a 501(c)(3) entity. Family Credit Counseling Service 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: $903,068
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,104,171
For more financial information, click here
Official website here: www.familycredit.org
What is the mission statement of Family Credit Counseling Service?
The Family Credit Counseling Service, established with a focus on consumers with limited income or significant debt, is committed to delivering financial education. Its mission is to provide guidance and support, specifically tailoring its services to individuals who may require it the most. The organization offers counseling services through various platforms, including telephone, electronic communication, and in-person visits at their locations. These services encompass creating a household budget, reviewing credit reports, offering pre-purchase housing counseling, and addressing any other financial concerns that consumers may have. These services are provided at no cost to the consumers. Furthermore, the Family Credit Counseling Service is approved by the Department of Justice to provide pre-filing bankruptcy counseling and issue certificates in accordance with the bankruptcy code.
Official website here: www.familycredit.org
What is the revenue of Family Credit Counseling Service?
Family Credit Counseling Service's revenue in 2024 was $7,901,292.
Official website here: www.familycredit.org
Who are the executives of Family Credit Counseling Service and what are their salaries?
The average compensation at Family Credit Counseling Service during 2024 was $50,121. There are 60 employees at Family Credit Counseling Service.
Here are 9 key members and their salaries:
- Compensation: $396,159
- Related: $0
- Other: $48,414
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
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- Other: $0
- Compensation: $228,490
- Related: $0
- Other: $41,472
- Compensation: $182,114
- Related: $0
- Other: $8,996
Official website here: www.familycredit.org
Where can I find the form 990 for Family Credit Counseling Service?
Family Credit Counseling Service's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.familycredit.org
Learn more at the official website: www.familycredit.org
Mission Statement of Family Credit Counseling Service
Family Credit Counseling Service, abbreviated as FCCS, was established with a mission to provide financial education to consumers, particularly focusing on those with low income and substantial debt. This nonprofit organization aims to equip individuals with the necessary knowledge and tools to manage their finances more effectively. The primary objective of FCCS is to offer comprehensive counseling services, which can be availed through phone calls, electronic communication, or in-person visits at any of their locations. These services encompass the creation of a household budget, reviews of credit reports, pre-purchase housing counseling, and addressing any other financial concerns that a consumer may have. All these services are provided free of charge to the consumer. Furthermore, FCCS is approved by the Department of Justice to offer pre-filing bankruptcy counseling and issue certificates in accordance with the bankruptcy code.
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Impact
October, 2024
Family Credit Counseling Service (FCCS) plays a vital role in enhancing financial literacy and stability, particularly for consumers facing challenges such as low income and high debt. By offering comprehensive counseling services, FCCS empowers individuals to take control of their financial situations.
Through personalized support, clients can develop household budgets tailored to their unique circumstances, review their credit reports to understand their financial health, and gain knowledge through pre-purchase housing counseling—a critical need for many seeking stable housing. These services are accessible via telephone, electronic communication, or in-person visits, providing flexibility that caters to various preferences and situations.
The commitment to deliver these essential services at no cost ensures that financial education and counseling are available to those who may not otherwise afford such resources. Furthermore, FCCS's approval by the Department of Justice to provide pre-filing bankruptcy counseling adds a significant layer of support for individuals navigating financial distress, helping them understand their options and comply with legal requirements.
Overall, the impact of Family Credit Counseling Service extends beyond individual counseling sessions; it cultivates a more informed and financially resilient community, equipping consumers with the necessary tools and knowledge to improve their financial well-being and ultimately work towards greater economic stability.
This information is meant to be a general summary of Family Credit Counseling Service. 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 2024.
- Investment Income: $437,190
- Program Service Revenue: $6,390,769
- Gross Receipts: $11,245,901
Assets and Liabilities:
- Total Assets: $7,877,348
- Total Liabilities: $673,228
- Net Assets: $7,204,120
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Credit Counseling Revenue
Revenue
$6,390,769
Organization Details
Founding Year
1996
Principal Officer
Michael Mcauliffe
Website
www.familycredit.orgNTEE Category
Code: P51 - Human services
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