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CHARITY REVIEW
Issued: October 2024 Expires: October 2026

National Foundation for Credit Counseling

Standards Not Met
Standards Not Met
17
(202) 677-4304
2033 K Street NW, Suite 425
Washington, DC, 20006
https://nfcc.org
📄 Full Report 🖨️ Print 📋 BBB Charity Standards

Standards For Charity Accountability

Governance

  1. Board Oversight
  2. Board Size
  3. Board Meetings
  4. Board Compensation
  5. Conflict of Interest

Measuring Effectiveness

  1. Effectiveness Policy
  2. Effectiveness Report

Finances

  1. Program Expenses
  2. Fundraising Expenses
  3. Accumulating Funds
  4. Audit Report
  5. Detailed Expense Breakdown
  6. Accurate Expense Reporting
  7. Budget Plan

Fundraising & Info

  1. Truthful Materials
  2. Annual Report
  3. Website Disclosures
  4. Donor Privacy
  5. Cause Marketing Disclosures
  6. Complaints

National Foundation for Credit Counseling does not meet the following 1 Standards for Charity Accountability:

Standard 17 (Web Site Disclosures)
Include on any charity websites that solicit contributions, the same information that is recommended for annual reports, as well as the mailing address of the charity and electronic access to its most recent IRS Form 990.

NFCC does not meet this Standard because the organization’s website, https://nfcc.org, does not include all of the recommended information for those charity websites that solicit for donations. Specifically, it does not include:

  • Electronic access to the organization’s 2022 IRS Form 990.
  • 2023 financial information.

National Foundation for Credit Counseling meets the remaining 19 Standards for Charity Accountability.

Stated Purpose:
"to offer education and solutions that ensure better financial futures for all."

Year, State Incorporated:
1970, DC

The National Foundation for Credit Counseling (NFCC) provides personal and family preventative and rehabilitative financial education and counseling services through NFCC-credited counselors. The organization promotes a national agenda for financially responsible behavior and works to build capacity for its members to deliver services in communities throughout the United States. Through multi-media campaigns and relationship building, NFCC works to create awareness about nonprofit credit counseling, including counseling about housing, general financial education, small business, student loans, Hispanic financial education, and veteran financial education, so that consumers in need know that help is available. The organization also works with lenders and faith-based leaders to spread awareness. NFCC reports that it is in the process of building out video counseling in the United States to provide access to consumers in need in a personal and safe way.

For the year ended December 31, 2023, National Foundation for Credit Counseling's program expenses were:

Housing counseling $4,755,461
Membership support $3,101,076
General financial education $607,256
Small business counseling $363,461
Total Program Expenses $8,827,254

Chief Executive
Michael Croxson, Chief Executive Officer

Compensation*
$113,357

Chair of the Board
Debbie Bianucci

Chair's Profession / Business Affiliation
President and Chief Executive Officer, BAI

Board Size
16

Paid Staff Size
19

*2022 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.

Note 1: Michael Croxson became Chief Executive Officer in September 2022. The previous Chief Executive Officer, Rebecca Steele, received $455,475 in compensation during 2022.

Note 2: Jeffrey Faulkner, Chief Financial Officer, was the highest paid employee, receiving $514,231.

Method(s) Used:
Grant proposals, Internet, Direct mail appeals

Fundraising costs were 4% of related contributions. (Related contributions, which totaled $5,366,039, are donations received as a result of fundraising activities.)

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.

The following information is based on National Foundation for Credit Counseling's audited financial statements for the year ended December 31, 2023.

Source of Funds
Loss on disposal of property and equipment $-115,004
Investment income, net $116,784
Sponsorships and exhibit fees $238,500
Dues $1,194,611
Government grants $2,426,810
Program income $2,894,225
Contributions and corporate grants $2,969,229
Total Income $9,725,155

Programs: 80% Fundraising: 2% Administrative: 18%

Total Income $9,725,155
Total expenses: $10,982,606
  Program expenses $8,827,254
  Fundraising expenses $188,303
  Administrative expenses $1,967,049
  Other expenses $0
Income in Excess of Expenses $-1,257,451
Beginning Net Assets $5,340,344
Other Changes In Net Assets $0
Ending Net Assets $4,082,893
Total Liabilities $3,606,156
Total Assets $7,689,049

An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the International Association of Better Business Bureaus.

This report is not to be used for fundraising or promotional purposes.

RELATED CONTENT

Report completed by:
BBB Wise Giving Alliance