Credit Research Foundation Inc
- Assets
- $1.4m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 7
- Location
- Westminster, MD
- Founding
- 03/1957
- Data as of
- 12/2022
- EIN
- 13-5569334
Organization Overview
Credit Research Foundation Inc is located in Westminster, MD. The organization was established in 1957. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Credit Research Foundation Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Credit Research Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Credit Research Foundation Inc generated $1.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.1%) each year. All expenses for the organization totaled $1.6m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION'S PRIMARY OBJECTIVE IS TO PROVIDE EDUCATION AND RESEARCH FOR TODAY'S CREDIT, ACCOUNTS RECEIVABLE AND CUSTOMER FINANCIAL SERVICE PROFESSIONALS. CRF PROMOTES LEADERSHIP AND PROVIDES LINKAGE BETWEEN PRACTICE AND EDUCATION, SERVING ITS DIVERSE MEMBERSHIP BY RECOGNIZING EXCELLENCE, PROMOTING THE EXCHANGE OF INFORMATION AND FOSTERING INTELLECTUAL DEVELOPMENT.
Describe the Organization's Program Activity:
CONFERENCES AND MEETINGS - THE FOUNDATION HOSTS SEVERAL CONFERENCES ANNUALLY AND SPONSORS ROUNDTABLE DISCUSSIONS ON VARIOUS TOPICS RELATED TO CREDIT MANANGEMENT.
PUBLICATIONS - THE FOUNDATION PUBLISHES A COMPENSATION STUDY OF CREDIT EXECUTIVES AND PERIODICALS FOR USE BY ITS MEMBERS AND THE GENERAL PUBLIC.
EDUCATION - THE FOUNDATION OFFERS ONLINE SEMINARS COVERING A VARIETY OF CREDIT RELATED TOPICS AS WELL AS GENERAL BUSINESS TOPICS.
RESEARCH - THE FOUNDATION CONDUCTS RESEARCH IN CREDIT RELATED FIELDS AND ACCOUNTS RECEIVABLE MANAGEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matt Skudera President 20 | Officer | 40 | $251,000 |
William Balduino President 20 | Officer | 40 | $203,461 |
Cheryl Weaverling CFO | Officer | 40 | $166,000 |
Jackie Mulligan Trustee | Trustee | 1 | $0 |
Dan Harvick Trustee | Trustee | 1 | $0 |
Robert Anderson Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $342,200 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $342,200 |
| Total Program Service Revenue | $870,234 |
| Investment income | $15,939 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$209,221 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,087,744 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $620,461 |
| Compensation of current officers, directors, key employees. | $155,115 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $233,193 |
| Pension plan accruals and contributions | $53,539 |
| Other employee benefits | $123,434 |
| Payroll taxes | $70,410 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,019 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,098 |
| Fees for services: Other | $21,195 |
| Advertising and promotion | $6,410 |
| Office expenses | $11,037 |
| Information technology | $18,926 |
| Royalties | $0 |
| Occupancy | $24,815 |
| Travel | $3,927 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,902 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $21,881 |
| Insurance | $6,153 |
| All other expenses | $0 |
| Total functional expenses | $1,648,958 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $102,849 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,093 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $47,657 |
| Net Land, buildings, and equipment | $90,495 |
| Investments—publicly traded securities | $1,119,754 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,400 |
| Total assets | $1,367,248 |
| Accounts payable and accrued expenses | $61,891 |
| Grants payable | $0 |
| Deferred revenue | $370,541 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $82,430 |
| Total liabilities | $514,862 |
| Net assets without donor restrictions | $852,386 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,367,248 |
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