Debtwave Credit Counseling Inc

Organization Overview

Debtwave Credit Counseling Inc is located in Escondido, CA. The organization was established in 2001. 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, Debtwave Credit Counseling Inc employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Debtwave Credit Counseling 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 12/2021, Debtwave Credit Counseling Inc generated $5.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $4.4m during the year ending 12/2021. While expenses have increased by 4.3% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

IT IS OUR COMMITMENT TO EDUCATE ON THE PROPER USE OF CREDIT THROUGH BUDGET MANAGEMENT, TO OFFER SOUND COUNSELING AND TO ASSIST CLIENTS TO REDUCE AND ELIMINATE DEBT. WE EDUCATE AND EMPOWER INDIVIDUALS AND FAMILIES TO MAKE SOUND FINANCIAL DECISIONS AND DEVELOP POSITIVE PERSONAL FINANCE HABITS FOR LIFE.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE ORGANIZATION PROVIDES ONE ON ONE COUNSELING SESSIONS FOR THEIR CLIENTS. THROUGH THIS SERVICE, EACH CLIENT RECEIVES A DETAILED REVIEW OF ALL LIABILITIES, ASSETS, MONTHLY EXPENSES AND MONTHLY INCOME. AT THE CONCLUSION OF EACH SESSION CLIENTS RECEIVE A DETAILED FINANCIAL ANALYSIS REPORT WITH A LIST OF POSSIBLE OPTIONS TO PAY BACK THEIR DEBT. 3,478 COUNSELING SESSIONS WERE COMPLETED IN 2021.


THE ORGANIZATION HAS A ROBUST EDUCATION AND OUTREACH WHICH IS BUILT AROUND A COMPREHENSIVE PERSONAL FINANCIAL EDUCATION PLATFORMTHAT FOCUSES ON THE OVERALL FINANCIAL HEALTH OF ITS CONSTITUENTS, INCLUDING MEMBERS OF THE MILITARY, YOUTH AND LOW-MODERATE INCOME FAMILIES. THE ORGANIZATION USES A MACRO APPROACH TOWARD TRANSFORMING PEOPLE'S FINANCIAL BEHAVIOR IN A WAY THAT ENCOURAGES THEM TO MAKE A LONG-TERM COMMITMENT TO INCREASING INCOME, DECREASING EXPENSES AND ACQUIRING ASSETS.THE ORGANIZATION PROVIDES SERVICES ACROSS KEY AREAS: FINANCIAL LITERACY, DEBT MANAGEMENT,BUDGETING AND CREDIT COUNSELING WHICH ARE INTEGRATED TOGETHER ALONG WITH ANCILLARY SERVICES PROVIDED BY COMMUNITY PARTNERS IN THE AREAS OF EMPLOYMENT/WORKFORCE DEVELOPMENT AND FINANCIAL EDUCATION/ADVISEMENT. ALL OF THESE SERVICES ARE PROVIDED TO CLIENTS IN A BUNDLED FASHION TO REINFORCE ONE ANOTHER AND TO FORGE A MULTI-FACETED APPROACH TO OVERALL FINANCIAL FITNESS.


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Board, Officers & Key Employees

Name (title)Compensation
Michael Marsden
Executive Dir.
$195,414
Michael S Butsko
Vice President
$0
Doug Tokarik
Secretary
$0
John Casarietti
Treasurer
$0
Antony Murigu
Chairman
$0
James Marsh
Board Member
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Worthyycom
Advertising
$660,150
Zensifi Llc
Consulting
$720,500
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$57,531
Related organizations$0
Government grants $411,600
All other contributions, gifts, grants, and similar amounts not included above$914,864
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$1,383,995
Total Program Service Revenue$3,876,654
Investment income $0
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$37,683
Net Income from Fundraising Events -$32,992
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $5,189,974

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Debtwave Credit Counseling Inc has recieved totaling $25,000.

Awarding OrganizationAmount
Foundation For Financial Planning Inc

Washington, DC

PURPOSE: OUTRECH

$25,000
View Grant Recipient Profile

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