Abacus Credit Counseling
- Assets
- $7.2m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 38
- Location
- Encino, CA
- Founding
- 12/2009
- Data as of
- 12/2021
- EIN
- 26-0678503
Organization Overview
Abacus Credit Counseling is located in Encino, CA. The organization was established in 2009. According to its NTEE Classification (P51) the organization is classified as: Financial Counseling, under the broad grouping of Human Services and related organizations. As of 12/2021, Abacus Credit Counseling employed 38 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Abacus Credit Counseling 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 12/2021, Abacus Credit Counseling generated $2.0m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $2.2m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AND PROMOTE CONSUMER EDUCATION AND COUNSELING ON TOPICS RELATED TO FINANCE AND CREDIT, INCLUDING BUT NOT LIMITED TO, PERSONAL FINANCE, BUDGETING, MONEY MANAGEMENT, FINANCIAL OPTIONS, BANKRUPTCY, AND THE USE OF CREDIT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ABACUS CREDIT COUNSELING PROVIDED CREDIT COUNSELING TO NEARLY 100,000 INDIVIDUALS IN 2021, WITHOUT REGARD TO THEIR ABILITY TO PAY. ITS COUNSELING PROGRAM EDUCATES INDIVIDUALS ON FINANCIAL TOPICS SUCH AS BUDGETING, MONEY MANAGEMENT, BANKRUPTCY AND OTHER FINANCIAL PROBLEMS. MANY OF THESE INDVIDUALS COMPLETED ABACUS' CREDIT COUNSELING COURSE AND RECEIVED A CERTIFICATE OF COMPLETION THAT MAY BE FILED AS PART OF A BANKRUPTCY CASE TO DEMONSTRATE THAT THE INDIVIDUAL FULFILLED THE COUNSELING REQUIREMENT SET FORTH IN CHAPTER 11 USC SECTION 109(H).
ABACUS SUPPORTS THE EFFORTS OF OTHER 501(C)(3) NON-PROFIT ORGANIZATIONS THROUGH DONATIONS APPROVED BY THE BOARD OF DIRECTORS. ABACUS SEEKS TO BENEFIT ORGANIZATIONS THAT ASSIST ABACUS' TARGET POPULATION AND/OR FURTHER A MISSION THAT IS COMPLIMENTARY TO ABACUS'S MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laura Ahart CEO | Officer | 40 | $235,802 |
Kristina L Ketchel Chief Counsel | Officer | 40 | $201,652 |
Matthew L Ahart CFO | Officer | 10 | $0 |
Sheila Chanani Director | Trustee | 1 | $0 |
Tom Yu Director | Trustee | 1 | $0 |
Henkie Barron Director | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,606,810 |
| Investment income | $132,400 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $294,347 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,039,579 |
| 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. | $460,434 |
| Compensation of current officers, directors, key employees. | $92,086 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $879,911 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $167,902 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $47,758 |
| Fees for services: Other | $0 |
| Advertising and promotion | $314,640 |
| Office expenses | $42,926 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $15,860 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,363 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $115,358 |
| Insurance | $19,418 |
| All other expenses | $3,674 |
| Total functional expenses | $2,221,161 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $134,418 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $9,242 |
| Net Land, buildings, and equipment | $6,420 |
| Investments—publicly traded securities | $6,651,762 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $347,379 |
| Other assets | $2,432 |
| Total assets | $7,151,653 |
| Accounts payable and accrued expenses | $86,111 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $86,111 |
| Net assets without donor restrictions | $7,065,542 |
| 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 | $7,151,653 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Consumer Credit Counseling Service Of San Francisco Concord, CA | $9,996,299 | $17,336,495 |
Springboard Non-Profit Consumer Credit Management Inc Riverside, CA | $8,795,796 | $5,993,379 |
Take Charge America Inc Phoenix, AZ | $22,881,953 | $7,255,476 |
Usa Homeownership Foundation Inc Corona, CA | $3,434,411 | $5,441,843 |
Debtwave Credit Counseling Inc Escondido, CA | $1,629,187 | $5,189,974 |
Access Counseling Inc Los Angeles, CA | $878,879 | $2,910,345 |
Earn To Learn Tucson, AZ | $1,535,362 | $2,450,878 |
Christian Credit Counselors Inc Carlsbad, CA | $6,458,952 | $2,790,959 |
Abacus Credit Counseling Encino, CA | $7,151,653 | $2,039,579 |
Cricket Debt Counseling Portland, OR | $3,870,920 | $1,652,866 |
National Budget Planners Of South Florida Inc Livermore, CA | $1,611,064 | $2,018,775 |
Helping Feet Reno, NV | $1,178,095 | $32,218 |