2024-11-13T09:22:51-08:00 2024-06-30 921472936 ADEPTUS ADVISORS LLC 244 WEST 54TH STREET 9TH FLOOR NEW YORK NY 10019 990 2023-07-01 043337726 CAMBRIDGE CREDIT COUNSELING CORP CAMB 4138218900 67 HUNT STREET 305 AGAWAM MA 01001 CHRISTOPHER A VIALE President & CEO 2024-11-13 true true STEVE KOENIG P00781918 2127588050 2023 2024-10-15 13:58:12Z CHRISTOPHER A VIALE 67 HUNT STREET 305 AGAWAM MA 01001 8848641 false X WWW.CAMBRIDGECREDIT.ORG X 1996 MA The organization specializes in providing education and counseling services to individuals and groups who are concerned about their financial situation. If appropriate, the organization also helps individuals establish affordable and convenient debt management plans to help them repay their debts in a timely manner. As a HUD-approved housing counseling agency, the organization also provides pre- and post-purchase counseling, rental and reverse mortgage counseling, and foreclosure intervention and default counseling. The organization has also been approved by the Executive Office for U.S. Trustees to provide pre-filing credit counseling and pre-discharge debtor education to consumers filing for bankruptcy protection. 12 10 83 0 2550122 1589365 4881788 6438733 58043 1812377 762500 9244287 8848641 0 0 5063277 5540877 0 0 2820706 3678538 7883983 9219415 1360304 -370774 13525445 13663696 4279991 4789016 9245454 8874680 The organization specializes in providing education and counseling services to individuals and groups who are concerned about their financial situation. If appropriate, the organization also helps individuals establish affordable and convenient debt management plans to help them repay their debts in a timely manner. As a HUD-approved housing counseling agency, the organization also provides pre- and post-purchase counseling, rental and reverse mortgage counseling, and foreclosure intervention and default counseling. The organization has also been approved by the Executive Office for U.S. Trustees to provide pre-filing credit counseling and pre-discharge debtor education to consumers filing for bankruptcy protection. false false 7153065 6438733 Individualized Educational Financial Counseling Cambridges tax-exempt status is based on the provision of financial education to the public. The organizations primary method of fulfilling this exempt purpose was accomplished through the provision of 41,881 individual educational financial counseling sessions. Cambridge provides financial counseling, education, and debt management programs to individuals in 50 states. Every individual who requests assistance from the organization is given the opportunity to participate in a comprehensive evaluation of his or her financial circumstances, conducted by one of the organizations forty-one independently certified credit counselors. Cambridges counselors are certified by the National Foundation for Credit Counseling and/or the Partnership for Financial Education, whose certification programs have been reviewed and approved by those states that require approval of counselor certification programs. Cambridges financial analysis is aimed at identifying the best course of action for each individual, allowing the Cambridge counselor to provide education and budgeting information appropriate to each persons circumstances. This assessment, which is performed at no cost and without obligation, is based on statutory requirements for identifying an individuals current financial condition, and, when necessary, appropriate techniques are used to discover the factors and behaviors that may be contributing to the individuals circumstances. To help ensure that all debts are discussed and to verify the accuracy of the account information provided, Cambridge has established an arrangement with Trans Union that allows Cambridge counselors to review each individuals credit report at no cost to the individual. On the basis of the information developed during the counseling session and through documentation of income and expenses, an appropriate Action Plan will be created and provided to the individual. If a financial assessment indicates that the consumer would not reasonably be able to alleviate his or her debt without significant creditor concessions, Cambridge will offer the option of enrolling in its educational debt management plan (DMP) to help the individual establish an affordable and convenient plan to repay his or her current debts in a timely manner. If, on the other hand, creditor concessions are unlikely or unnecessary under the individuals circumstances, the counselor will advise the individual of any other appropriate steps that he or she may take to address his or her financial condition. Regardless of the individuals enrollment, however, all consumers are encouraged to participate in post-counseling sessions with Cambridge counselors, and they are also provided with the most current editions of Cambridges free financial management guides, which the public may also access for free on Cambridges website, www.cambridgecredit.org.Between 7/1/2023 and 6/30/2024, Cambridge provided 41,881 individual counseling sessions. Of the roughly 29,620 individuals who contacted the agency for the first time, 6,139 (approximately 20.73%) enrolled in Cambridges debt management program. For these individuals, DMP enrollment is only one aspect of Cambridges educational counseling program.As the Consumer Federation of America, American Express, and the GeorgetownUniversity Credit Research Center noted in a joint 2006 report entitled Evaluating the Effects of Credit Counseling (the CFA Report), effective debt management plans contain a meaningful educational component. The effect of this education was evidenced by significantly improved credit profiles and a reduced risk of bankruptcy filing, which the report attributed to the DMP experience itself, e.g., budgeting to make regular DMP payments, continued interaction with and reinforcement from the counseling agency. Cambridges policy of establishing post-counseling follow-up contact with all consumers who receive a financial assessment and budget review is consistent with the conclusions of the CFA report: participation in a debt management plan provides an educational benefit for the individual, particularly when contact with the counselor is extended throughout the period of enrollment. The data collected through client surveys supports this approach. Although a DMP can be instrumental in helping people become debt-free in five years or less, enrollment alone does not prevent them from reverting to previous behaviors, attitudes and spending patterns that resulted in the need to contact a counseling agency. For this reason, Cambridge periodically contacts clients and consumers after their initial sessions to offer additional counseling. Within 45 days of the initial request for assistance, Cambridge counselors contact each individual whose financial assessment indicated that DMP enrollment would either not be necessary or for whom creditors would be unlikely to grant meaningful concessions. This is done to verify that the individual has received all of the free educational materials provided by Cambridge and, more important, that the individual has begun to utilize the tools and advice that his or her counselor provided in the individuals Action Plan. The consumer is encouraged to access the companys educational websites and to continue to use his or her counselor as a financial education resource, at no cost or obligation.The impact of these efforts has been significant. Cambridges most recent statistics indicate that more than 83% of new program participants have begun to track expenses and develop new budgets by their fourth month of enrollment, taking the first steps toward re-establishing a positive payment history. This often represents a remarkable accomplishment for these individuals, whose credit reports show evidence that their record of inconsistent payments resulted in the higher interest rates and late fees that compounded their financial difficulties. Perhaps even more indicative of the results of Cambridges post-counseling program are the survey responses gathered through Iota Solutions, an unaffiliated third party, which indicate that more than 88% of long-term program participants continue to track their expenses, while nearly 76% review their budgets every six months.While these services are very beneficial to individuals who decide to enroll in the program, Cambridge has also developed educational tools and programs for individuals who do not enroll in the Cambridge DMP program. From July 2023 to June 2024, Cambridge provided sessions for 23,481 individuals who did not enroll in Cambridges DMP. These consumers were among the more than 89,000 individuals who received or downloaded copies of free educational materials from Cambridge the year, including guidebooks, relevant articles about personal finance, and links to the agencys educational videos. Cambridge offers no-cost financial management education to individuals in a number of different ways. Cambridge provides outreach programs to members of its local community, including a significant number of non-profit social service agencies. Cambridge also offers financial management seminars and lesson plans to colleges and high schools, both locally and nationally. In addition, Cambridge provides a number of free online resources, including financial calculators, videos, guidebooks, informational articles, and budgeting tools. Finally, and perhaps most important, Cambridge provides comprehensive one-on-one financial assessments and counseling to any individual interested in improving his or her understanding of sound credit and debt management principles.The results of Cambridges financial assessments indicate that 15-20% of participants would be incapable of alleviating their own debt in less than five years without significant creditor concessions. Cambridge believes that, of the remaining 80-85% of individuals who have problems with money management and debt, the majority lack a basic understanding of the fundamentals of personal finance, a subject that, unfortunately, is rarely taught in Americas classrooms. In fact, while 19 states require high school students to take a course in personal finance, only a few mandate testing on the topic prior to graduation. While young adults have been targeted by credit card issuers, few have the proper education, resources, or tools to make informed decisions and establish responsible credit practices. It should come as little surprise then that many young adults need some form of financial assistance five, ten or twenty years down the road. Studies by the GAO and the Boston Bar Associations Task Force on Financial Literacy each confirm that young people in the post-college years are filing for bankruptcy at an alarming rate, the result of receiving too much credit, too soon, and with too little guidance on how to use it. Cambridge is committed to changing this trend, and to improving the lives of Americans by providing the education they need. In its local community, Cambridge provides free financial literacy education and counseling to veterans receiving services through local shelters and through HUDs VASH program. The agencys staff also presents financial literacy seminar series to inmates and former prisoners through programs delivered through the Connecticut Federal Re-Entry Courts and through the Hampden County Sheriffs Department, and to volunteers working with senior citizens through programs provided by Greater Springfield Senior Services. Cambridge also provides financial literacy and/or student loan education to several colleges, and we co-produce 7-8 major Credit for Life Fairs for area high school students every spring. During the pandemic, Cambridge expanded its online education capabilities, and that effort is continuing. Our Education Department conducts free financial literacy, identity theft, and student loan counseling webinars for employees of the Food and Drug Administration, for members of the Massachusetts, Connecticut, and New York teachers unions, and for the Public Employees Federation of New York, the states largest public employee union. From 7/1/2023 to 6/30/2024, Cambridges Education Department presented 360 free financial seminars and webinars to 6,437 participants throughout Massachusetts, Connecticut, and New York. Cambridge also provided a wide variety of free educational video content on the Internet. During that same period, Cambridges 246 videos were viewed a total of 7,248 times. Housing Counseling - In 2010, after a comprehensive application and on-site examination process, Cambridge became a HUD-approved housing counseling agency. Nearly half of Cambridge's counselors now hold one or more NeighborWorks certifications in foreclosure prevention counseling, pre- and post-purchase counseling, rental, and reverse mortgage counseling. The vast majority of these services are provided for free to the public. (Cambridge's reverse mortgage counseling fee of $125 is in keeping with HUD guidelines but can be waived, and participants in Cambridge's eight-hour pre-purchase class pay a nominal fee of $50 for materials.) Cambridge's reverse mortgage counseling program has also been approved by the Massachusetts Executive Office of Elder Affairs. From 7/1/2023 to 6/30/2024, Cambridge provided 69 free one-on-one foreclosure prevention counseling sessions. 191 prospective homebuyers attended Cambridges pre-purchase classes. Sixty-nine participants subsequently received free follow-up housing counseling sessions from the agency. Over those same twelve months, Cambridge also conducted 3,647 reverse mortgage counseling sessions, 308 of which were provided free of charge.Bankruptcy Counseling - In the fall of 2011, following an exhaustive round of applications and examinations, Cambridge received approval from the Executive Office for United States Trustees to provide credit counseling and debtor education services to financially troubled consumers who are considering bankruptcy or who are awaiting the discharge of their debt. From 7/1/2023 to 6/30/2024, Cambridge conducted pre-filing credit counseling sessions for 220 individuals and provided pre-discharge debtor education courses to 118 individuals. 7153065 true true false false false false false false true false true false false true true true true false false false false false false false false false false false false true false false false false false false true false false false false false false false false false false true 25 0 true 83 true false false false false false false false 0 false false false false false false false X 12 10 false false false false false false false true true false false true true true true true true true true false AK IL MA MD MS MT NJ NY OR X X TOM HEBERT 4132412400 67 HUNT STREET AGAWAM MA 01001 CHRISTOPHER A VIALE President & CEO 39.00 0.00 X X 319142 0 29553 THOMAS HEBERT Treasurer 39.00 0.00 X 170692 0 19185 WILLIAM SOLE GENERAL MANAGER 39.00 0.00 117750 0 20673 TIMOTHY GREENMAN CREDIT COUNSELING 39.00 0.00 102743 0 19895 ALFRED H COLONNA JR Chairman 25.00 0.00 X X 90290 0 19662 DAVID JUZBA JR HUMAN RESOURCES MG 39.00 0.00 103373 0 673 LIAM P REYNOLDS Director 5.00 0.00 X 18500 0 309 JOHN DLUGOENSKI Director 5.00 0.00 X 18000 0 309 SALVATORE PIZZANELLI CPA JD Director 5.00 0.00 X 18000 0 309 DEAN O'KEEFE Director 5.00 0.00 X 13000 0 309 JOHN D CONNOR ESQ Director 5.00 0.00 X 13000 0 309 JENNIFER CONNOLLY Director 5.00 0.00 X 12000 0 309 JOHN KRAWCZYNSKI CPA Director 5.00 0.00 X 11297 0 309 JOHN KRAWCZYNSKI CPA DIRECTOR 5.00 0.00 11606 0 0 STEPHEN BUONICONTI ESQ Director 5.00 0.00 X 10000 0 309 DAWN DISTEFANO Director 5.00 0.00 X 2000 0 212 JAMES SHERBO Director 5.00 0.00 X 2000 0 212 JULIE QUINK Director 5.00 0.00 X 2000 0 169 1035393 112706 5 true true false TROBEC CONSULTING LLC 5009 SHIMBURG PLACE FUQUAYVARINA NC 27526 INFORMATION SYSTEMS 169690 DIGITAL ACORN PO BOX 84 MILLIKEN CO 80543 INFORMATION SYSTEMS 200930 KEYSTONE MEDIA LLC 51 S BROADWAY 807 SALEM NH 03079 FINANCIAL COUNSELING 149204 NETLOGIX INC 48 COURT ST WESTFIELD MA 01085 INFORMATION SYSTEMS 148186 NATIONAL FOUNDATION FOR CREDIT COUNSELING CL500072 PO BOX 5007 MERRIFIELD VA 22116 FINANCIAL COUNSELING 356380 5 632807 956558 1589365 FAIR SHARE REVENUE 541990 1816402 1816402 HOUSING COUNSELING REVENU 541990 518825 518825 INITIAL FEES 541990 252450 252450 OTHER REVENUE 541990 18974 18974 PROGRAM SERVICE FEES 541990 3825471 3825471 6611 6611 6438733 58043 58043 0 0 0 0 0 0 0 SETTLEMENT WRITE OFF 900099 762500 762500 762500 8848641 7259276 0 0 0 0 1022180 182528 839652 0 3552960 3159506 393454 99130 74338 24792 522400 391748 130652 344207 258121 86086 0 17686 17686 79712 79712 0 0 0 437264 357053 80211 0 289792 263614 26178 319820 277411 42409 0 355796 266811 88985 0 55860 50276 5584 0 68225 68225 0 812794 609514 203280 95806 80514 15292 FINANCIAL COUNSELING 950796 950796 COMPLIANCE 83320 83320 DUES AND SUBSCRIPTIONS 69867 62880 6987 OPERATING LEASE 25390 25390 16410 16410 9219415 7153065 2066350 0 1547371 3084280 0 434534 83125 1416782 197906 0 0 0 0 173687 186625 1348439 786231 708225 562208 0 0 0 7113961 7646106 2130885 1903446 13525445 13663696 994395 305180 192500 362500 422139 822467 187459 964450 2483498 2334419 4279991 4789016 X 9245454 8874680 9245454 8874680 13525445 13663696 -370774 X false true X true false X 1204484 811859 1261134 2550122 1589365 7416964 3851275 7120548 5840291 4881788 6438733 28132635 0 0 0 5055759 7932407 7101425 7431910 8028098 35549599 0 0 35549599 173520 58043 231563 0 173520 58043 231563 0 300 1638857 762500 2401657 5056059 7932407 7101425 9244287 8848641 38182819 0.93100 0.95140 0.00610 X Part I: Additional Information SHORT YEAR THE ORGANIZATION PREVIOUSLY FILED A SHORT-YEAR 2020 RETURN COVERING THE PERIOD JANUARY 1, 2020 TO JUNE 30, 2020.AS A RESULT, THE TAX YEARS LISTED IN PART III AREJANUARY 1, 2020 TO JUNE 30, 2020JULY 1, 2020 TO JUNE 30, 2021JULY 1, 2021 TO JUNE 30, 2022JULY 1, 2022 TO JUNE 30, 2023JULY 1, 2023 TO JUNE 30, 2024 Part I, Line 12f: Supported Org Not Named in Organizing Documents RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 21895 7495 14400 394301 245164 149137 932243 533572 398671 562208 RIGHT-OF-USE - FINANCE LEASES RIGHT-OF-USE - OPERATING LEASES 1903446 1903446 CURRENT OP/FINANCE LEASES 126890 operating lease non current 1854931 PAYROLL PAYABLE 352598 2334419 X 8848641 8848641 8848641 9219415 9219415 9219415 Part IV, Line 2b: Explanation of escrow account liability FUNDS RECEIVED FROM CLIENTS FOR DISBURSEMENTS TO THIRD PARTIES ARE REFLECTED AS A LIABILITY Part X : FIN48 Footnote THE ORGANIZATION FOLLOWS FASB ASC TOPIC 740, INCOME TAXES, AND EVALUATES ITS INCOME TAX POSITIONS EACH YEAR. THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVEBUE CODE AND BELIEVES IT HAS NO UNCERTAIN TAX POSITIONS FOR OPEN TAX YEARS. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE FINANCIAL STATEMENT. IN THE EVENT THE ORGANIZATION INCURS INTEREST OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, INTEREST WOULD BE INCLUDED AS COMPONENT OF INTEREST EXPENSE AND PENALTIES WOULD BE INCLUDED AS A COMPONENT OF PROGRAM SERVICES IN THE STATEMENT OF ACTIVITIES. IN ADDITION, THE ORGANIZATION HAS BEEN DETERMINDED BY THE INTERNAL REVENUE SERVICE NOT TO BE A "PRIVATE FOUNDATION" WITHIN THE MEANING OF SECTION 509(A) OF THE INTERNAL REVENUE CODE. THERE WAS NO UNRELATED BUSINESS INCOME FOR THE FISCAL YEAR ENDING JUNE 30, 2024.THE ORGANIZATION FILES A FORM 990 INFORMATIONAL RETURN WITH THE INTERNAL REVENUE SERVICE AND OTHER INFORMATIONAL RETURNS IN VARIOUS OTHER STATES, AS REQUIRED. THE ORGANIZATION IS NO LONGER SUBJECT TO U.S. FEDERAL AND STATE EXAMINATIONS BY TAXING AUTHORITIES FOR THE YEARS BEFORE 2020. X X X X false false false false false false false true false CHRISTOPHER A VIALE President & CEO 289528 29614 11912 17641 348695 JOHN KRAWCZYNSKI CPA DIRECTOR 11297 309 11606 THOMAS HEBERT Treasurer 159112 11580 7188 11997 189877 Part I, Line 7: Non-Fixed payments not listed above Part III, Additional Information THE BOARD OF DIRECTORS APPROVED BONUSES FOR VARIOUS EMPLOYEES, INCLUDING OFFICERS. SUCH BONUSES ARE ENTIRELY AT THE DISCRETION OF THE BOARD AND ARE NOT BASED ON ANY CONTRACT OR FORMULA. AMY VIALE EMPLOYEE AND MAR 52707 RECEIVED SALARY false Schedule L, Part V Supplemental Information SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVED INTERESTED PERSONS:(A) NAME OF PERSON: AMY VIALE(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: EMPLOYEE AND MARRIED TO PRESIDENT(C) AMOUNT OF TRANSACTION $52,707.(D) DESCRIPTION OF TRANSACTION: RECEIVED SALARY AS EMPLOYEE(E) SHARING OF ORGANIZATION REVENUE? = NO Form 990, Part VI, Section B, Line 11b AFTER THE PREPARED RETURN HAS BEEN APPROVED BY THE CFO AND THE PRESIDENT, IT IS SUBMITTED TO EACH MEMBER OF THE BOARD OF DIRECTORS ACCOMPANIED BY A DOCUMENT TITLED BOARD REVIEW OF FORM 990. THIS ACCOMPANYING DOCUMENT, PREPARED BY THE CFO, DRAWS THE BOARD'S ATTENTION TO THE INFORMATION THEY NEED TO FOCUS ON IN ORDER TO MEET THEIR OVERSIGHT RESPONSIBILITIES. THEY ARE PRESENTED WITH THE OPPORTUNITY TO ASK QUESTIONS PRIOR TO THE RETURN BEING FILED. Form 990, Part VI, Section B, Line 12c AFTER THE PREPARED RETURN HAS BEEN APPROVED BY THE CFO AND THE PRESIDENT, IT IS SUBMITTED TO EACH MEMBER OF THE BOARD OF DIRECTORS ACCOMPANIED BY A DOCUMENT TITLED BOARD REVIEW OF FORM 990. THIS ACCOMPANYING DOCUMENT, PREPARED BY THE CFO, DRAWS THE BOARD'S ATTENTION TO THE INFORMATION THEY NEED TO FOCUS ON IN ORDER TO MEET THE OVERSIGHT RESPONSIBILITIES. THEY ARE PRESENTED WITH THE OPPORTUNITY TO ASK QUESTIONS PRIOR TO THE RETURN BEING FILED. FORM 990, PART VI LINE 12C - EXPLANATION OF MONITORING AND ENFORCEMENT OF CONFLICTS ANNUALLY, THE CHAIRMAN OF THE BOARD DISCUSSES THE CONFLICT OF INTEREST POLICY WITH THE BOARD MEMBERS AND CORPORATE OFFICERS AND REQUESTS COMPLETION OF A CONFLICT OF INTEREST STATEMENT INCLUDING ANY EXISTING OR POTENTIAL CONFLICTS OF INTEREST. CONFLICTS DISCLOSED ARE REVIEWED BY THE CHAIRMAN OF THE BOARD AND THE CHAIR OF THE GOVERNANCE COMMITTEE. ANY ADDITIONS TO POTENTIAL OR ACTUAL CONFLICTS OF INTEREST WOULD BE COMMUNICATED TO THE PRESIDENT OF THE COMPANY FOR MONITORING PROPOSED AND ON-GOING TRANSACTIONS DURING THE YEAR. IF THERE ARE POTENTIAL TRANSACTIONS THAT WOULD CREATE A CONFLICT OF INTEREST, THE BOARD MEMBER WITH THE CONFLICT IS PROHIBITED FROM VOTING ON THE ISSUE. CURRENTLY, ALL BOARD MEMBERS AND CORPORATE OFFICERS ARE COVERED BY THE POLICY. Form 990, Part VI, Section B, Line 15b THE EXECUTIVE COMPENSATION COMMITTEE OF CAMBRIDGE CREDIT COUNSELING CORP. CURRENTLY CONSISTS OF 4 INDEPENDENT MEMBERS OF THE BOARD OF DIRECTORS. A COMPENSATION STUDY WAS CONDUCTED COMPARING EXECUTIVE SALARIES AT CAMBRIDGE WITH THOSE OF SEVERAL OTHER REGIONAL AND NATIONAL NON-PROFIT CREDIT COUNSELING AGENCIES. THE INFORMATION WAS COMPILED FROM PUBLICLY AVAILABLE INFORMATION FROM THE MOST RECENT 990S POSTED THROUGH GUIDESTAR.ORGTHE EXECUTIVE COMPENSATION COMMITTEE DEVELOPED A SET OF SALARY RECOMMENDATIONS TO PUT BEFORE THE FULL BOARD OF DIRECTORS. THE BOARD OF DIRECTORS TOOK UP THESE RECOMMENDATIONS AT THE NEXT SCHEDULED BOARD MEETING. THE EXECUTIVE COMPENSATION COMMITTEE TAKES INTO ACCOUNT MARKET CONDITIONS AND THE ORGANIZATION'S FINANCIAL CONDITION WHEN SALARY RECOMMENDATIONS ARE PUT BEFORE THE BOARD FOR COMPENSATION. Form 990, Part VI, Section C, Line 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE ON OUR WEBSITE FOR THE GENERAL PUBLIC TO VIEW.