Abacus Credit Counseling

Analysis

Abacus Credit Counseling is a registered charity in United States, based in Encino, CA. It received its IRS tax-exemption ruling in December 2009, 17 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, Abacus Credit Counseling reported income of $2.8m and spending of $2.1m, leaving 26% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.4m to $2.8m (+18%), an average of +4.3% a year. The sharpest change came in the year to December 2022, when income rose by 27%. Over the whole period it spent 91% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Abacus Credit Counseling sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 89th percentile within CA. Charities of a similar size with the same main cause include Community Based Connections ($2.8m), Unity Shelter ($2.8m) and Foster Forward ($2.8m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 67% of the total. Compensation of current officers, directors and key employees was $491k (24% of expenses). Other salaries and wages came to $836k. At year end it held assets of $7.4m against liabilities of $114k, net assets of $7.3m. It reported 38 employees.