Overview
What is Debt Reduction Services Inc?
Debt Reduction Services Inc, a nonprofit organization based in Boise, Idaho, is committed to promoting financial responsibility nationwide. They achieve this goal by offering educational programs, counseling, and personalized services. Their initiatives aim to empower individuals to develop positive budgeting skills, manage spending effectively, utilize credit wisely, and prevent, manage, and eliminate consumer debt. The organization experienced significant progress in 2022, particularly in their virtual educational programs. Notable achievements included the continued popularity of their award-winning financial education course, the creation and facilitation of educational YouTube videos, and the launch of a weekly podcast. Income received and expenditures incurred supported housing counseling services, expanding statewide and developing a self-paced online homebuyer education course. Debt Reduction Services Inc also participated in regional coalitions and associations to coordinate services and promote financial education.
Official website here: www.debtreductionservices.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star Rating)
Debt Reduction Services Inc. has earned a Three-Star rating from Charity Navigator, reflecting a solid performance in Accountability & Finance, where it scored 81%. This score indicates that the organization is well-managed and maintains a commitment to responsible financial practices, including an independent board and comprehensive oversight measures. The organization has demonstrated transparency with no material diversions of assets noted and has robust policies in place for conflict of interest, whistleblowing, and document retention.
User feedback on platforms such as Great Nonprofits highlights Debt Reduction Services Inc. as a compassionate and effective resource for individuals seeking financial counseling. Many clients have praised the organization for its supportive staff and their ability to help clients better manage budgeting and repayment of debts. Reviews consistently reflect positive experiences, emphasizing the staff's professionalism and genuine care for their clients' well-being.
While the overall feedback is overwhelmingly positive, potential clients should be aware that services come with a modest fee. However, many users find this cost justified given the comprehensive support and guidance provided. The organization appears to be a reliable option for those struggling with debt and looking for structured debt management assistance.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
What do the Facebook reviews say about Debt Reduction Services Inc?
82% of 14 reviewers on Facebook recommend Debt Reduction Services Inc. However, the sentiment is highly polarized. One user expressed a deeply negative experience, claiming the organization mismanaged their debts without consent, leading to increased financial strain. This individual's frustration highlights serious concerns about communication and transparency, raising questions about the reliability of the services provided.
While a majority have had positive experiences, it appears that some clients face significant issues surrounding the execution of debt plans. The critical review underlines the potential risks involved and suggests that not all clients receive the support needed to navigate their financial challenges effectively.
Overall, the responses indicate that while some customers are satisfied with their interactions, there are notable instances where expectations are not met, resulting in distress and frustration for affected individuals. Caution may be warranted for potential clients looking for assistance with debt reduction.
This AI summary has been generated from reviews found on Facebook.
Is Debt Reduction Services Inc legitimate?
Debt Reduction Services Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Debt Reduction Services Inc 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: $754,889
Professional Fundraising Fees: $0
Other Salaries and Wages: $841,258
For more financial information, click here
Official website here: www.debtreductionservices.org
What is the mission statement of Debt Reduction Services Inc?
Debt Reduction Services Inc's mission is centered around promoting financial responsibility among its clients and community members nationwide. They achieve this goal through educational programs, counseling, and personalized services. By doing so, they aim to empower individuals to develop effective budgeting skills, adopt wise spending habits, and use credit responsibly. Their mission also includes helping people prevent, manage, and eliminate consumer debt.
Official website here: www.debtreductionservices.org
Who is the CEO of Debt Reduction Services Inc?
Joseph Cestaro is the Board Member of Debt Reduction Services Inc.
Official website here: www.debtreductionservices.org
What is the revenue of Debt Reduction Services Inc?
Debt Reduction Services Inc's revenue in 2022 was $2,593,429.
Official website here: www.debtreductionservices.org
Who are the executives of Debt Reduction Services Inc and what are their salaries?
The average compensation at Debt Reduction Services Inc during 2022 was $38,930. There are 41 employees at Debt Reduction Services Inc.
Here are 12 key members and their salaries:
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- Compensation: $69,922
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- Other: $7,079
- Compensation: $106,701
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- Other: $8,322
Official website here: www.debtreductionservices.org
Where can I find the form 990 for Debt Reduction Services Inc?
Debt Reduction Services Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.debtreductionservices.org
Learn more at the official website: www.debtreductionservices.org
Mission Statement of Debt Reduction Services Inc
Debt Reduction Services Inc, as a mission-driven organization, strives to foster financial responsibility among its clients and the broader community nationwide. They achieve this objective through a combination of educational programs, counseling, and personalized services. By doing so, Debt Reduction Services empowers individuals to develop and implement positive budgeting skills, promote effective spending habits, and utilize credit responsibly. Furthermore, the organization assists in preventing, managing, and eliminating consumer debt, thereby equipping people with the tools necessary to improve their financial well-being.
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Impact
July, 2024
Debt Reduction Services Inc has had a positive impact by promoting financial responsibility and empowering individuals to develop positive budgeting skills and effective spending behaviors. Through their educational programs, counseling, and personalized services, they have helped clients and community members nationwide prevent, manage, and eliminate consumer debt. Their focus on financial literacy and healthy personal finance behavior has reached a wide audience through online videos, live virtual classes, and webinars accessible at any time. By offering programs like housing counseling, credit-building services, and financial management education, they have played a significant role in promoting stable housing and financial wellness. Additionally, their involvement in coalitions, associations, and conferences demonstrates their commitment to advancing financial education and stability in various communities. Overall, Debt Reduction Services Inc's efforts have made a meaningful contribution to improving financial well-being and empowering individuals to make informed financial decisions.
This information is meant to be a general summary of Debt Reduction Services Inc. 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.
- Program Service Revenue: $2,326,429
- Gross Receipts: $2,593,429
Assets and Liabilities:
- Total Assets: $2,036,838
- Total Liabilities: $1,516,478
- Net Assets: $520,360
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FINANCIAL EDUCATION
Revenue
$2,326,309
OTHER INCOME
Revenue
$120
Organization Details
Founding Year
1996
Phone
(208) 378-0200Principal Officer
Joseph Cestaro
Main Address
6213 N CLOVERDALE RD STE 100, BOISE, ID, 83713
NTEE Category
Code: P51 - Human services
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