Consolidated Credit Solutions Inc
- Assets
- $8.5m
- Revenue
- $25.5m
- Investments
- $2.0m
- Employees
- 123
- Location
- Fort Lauderdale, FL
- Founding
- 12/1984
- Data as of
- 01/2022
- EIN
- 59-2261789
Organization Overview
Consolidated Credit Solutions Inc is located in Fort Lauderdale, FL. The organization was established in 1984. According to its NTEE Classification (I11) the organization is classified as: Single Organization Support, under the broad grouping of Crime & Legal-Related and related organizations. As of 01/2022, Consolidated Credit Solutions Inc employed 123 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Consolidated Credit Solutions 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 01/2022, Consolidated Credit Solutions Inc generated $25.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.4% each year . All expenses for the organization totaled $25.4m during the year ending 01/2022. While expenses have increased by 20.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE RELATED FOOTNOTE ON SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONSOLIDATED CREDIT SOLUTIONS OFFERS LOSS MITIGATION AND FORECLOSURE PREVENTION COUNSELING, 1ST TIME HOMEBUYER EDUCATION, A SUBSTANTIAL FINANCIAL LITERACY PROGRAM, CREDIT COUNSELING, AND REVERSE MORTGAGE COUNSELING. CONSOLIDATED CREDIT SOLUTIONS IS COMMITTED TO BRINGING FINANCIAL EDUCATION PROGRAMS TO INDIVIDUALS AND FAMILIES WITH A FOCUS ON HOUSEHOLDS IN LOW, LOW-TO-MODERATE AND MODERATE INCOME CENSUS TRACKS. TO ACCOMPLISH THIS, CONSOLIDATED CREDIT SOLUTIONS PROVIDES FREE, MONTHLY COMMUNITY SEMINARS AND WEBINARS ON TOPICS INCLUDING BUDGETING, CREDIT MANAGEMENT, PRE-PURCHASE COUNSELING, FORECLOSURE PREVENTION, AND REVERSE MORTGAGES.SEE ATTACHED STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS.
DEBT AND BUDGET COUNSELING SERVICES ARE PROVIDED TO INDIVIDUALS EXPERIENCING FINANCIAL DIFFICULTIES. A CERTIFIED CREDIT COUNSELOR HELPS TO ASSESS THE FINANCIAL SITUATION OF THE CONSUMER, DEVELOP A DETAILED HOUSEHOLD BUDGET AND ACTION PLAN. THESE COUNSELING SESSIONS ARE PROVIDED IN PERSON, BY TELEPHONE OR THROUGH THE INTERNET. ADDITIONALLY, ALL CONSUMERS ARE OFFERED FINANCIAL EDUCATION TAILORED TO THEIR LIFE SITUATIONS. WHERE APPLICABLE, SOME CONSUMERS CHOOSE A DEBT MANAGEMENT PLAN (DMP) TO ASSIST WITH THEIR UNSECURED DEBTS. UNDER A DMP, THE CONSUMER MAKES A MONTHLY PAYMENT TO CONSOLIDATED CREDIT SOLUTIONS WHICH IN TURN PAY THE UNSECURED DEBT COVERED UNDER THE PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Herman Officer | Officer | 40 | $305,285 |
Hilton Sher Officer | Officer | 40 | $270,285 |
Romeo Librea Officer | Officer | 40 | $196,807 |
Alan Newman Employee | 40 | $143,950 | |
Kerryll Malcom Employee | 40 | $116,196 | |
Mercedes Perez Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,351,400 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,127,153 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,478,553 |
| Total Program Service Revenue | $20,815,093 |
| Investment income | $17,065 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,542,435 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $33,746 |
| 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. | $798,246 |
| Compensation of current officers, directors, key employees. | $79,825 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,594,044 |
| Pension plan accruals and contributions | $114,077 |
| Other employee benefits | $378,467 |
| Payroll taxes | $345,436 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,132 |
| Fees for services: Accounting | $92,661 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $126,685 |
| Advertising and promotion | $6,176,660 |
| Office expenses | $235,279 |
| Information technology | $2,236,889 |
| Royalties | $0 |
| Occupancy | $982,074 |
| Travel | $3,534 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,176 |
| Insurance | $0 |
| All other expenses | $548,464 |
| Total functional expenses | $25,413,640 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,274,573 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $65,270 |
| 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 | $0 |
| Net Land, buildings, and equipment | $207,990 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,989,840 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,991,548 |
| Total assets | $8,529,221 |
| Accounts payable and accrued expenses | $2,694,981 |
| Grants payable | $0 |
| Deferred revenue | $1,512,500 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,986,550 |
| 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 | $8,194,031 |
| Net assets without donor restrictions | $335,190 |
| 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 | $8,529,221 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Consolidated Credit Solutions Inc Fort Lauderdale, FL | $8,529,221 | $25,542,435 |
Atlanta Police Foundation Inc Atlanta, GA | $28,296,920 | $12,116,561 |
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Delray Citizens For Delray Police Inc Delray Beach, FL | $264,239 | $89,010 |
Sheriffs Employee Assistance Tr Inc Orlando, FL | $886,954 | $86,274 |
Hundred Club Of Indian River County Inc Vero Beach, FL | $425,304 | $94,422 |
Two Hundred Club Of Jacksonville Inc Jacksonville, FL | $283,697 | $0 |
Vero Beach Police Benevolent Association Inc Vero Beach, FL | $379,740 | $0 |