Parachute Credit Counseling Inc

Analysis

Parachute Credit Counseling Inc is a registered charity in United States, based in West Seneca, NY. It received its IRS tax-exemption ruling in January 1967, 59 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Parachute Credit Counseling Inc reported income of $1.7m and spending of $1.7m, spending 103% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.7m to $1.7m (-2.8%), an average of -0.7% a year. The sharpest change came in the year to December 2022, when income dropped by 16%. Over the whole period it spent 94% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Parachute Credit Counseling Inc sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 81st percentile within NY. Charities of a similar size with the same main cause include Hope Distributed Community Development Corporation ($1.7m), Odyssey Family Counseling Center Corporation ($1.7m) and Jackson County Arc Inc ($1.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 33% and program service revenue 67% of the total. Compensation of current officers, directors and key employees was $119k (7.0% of expenses). Other salaries and wages came to $794k. At year end it held assets of $1.3m against liabilities of $183k, net assets of $1.2m. It reported 19 employees.