Debtwave Credit Counseling Inc

Analysis

Debtwave Credit Counseling Inc is a registered charity in United States, based in Escondido, CA. It received its IRS tax-exemption ruling in December 2001, 25 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, Debtwave Credit Counseling Inc reported income of $2.9m and spending of $3.5m, spending 119% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $5.3m to $2.9m (-45%), an average of -14% a year. The sharpest change came in the year to December 2022, when income dropped by 38%. Over the whole period it spent 103% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Debtwave Credit Counseling Inc 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 89th percentile, and in the 89th percentile within CA. Charities of a similar size with the same main cause include Child Bridge Inc ($2.9m), Care Dynamics Incorporate ($2.9m) and Recovery Empowerment Network of Maricopa County Inc ($2.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 24% and program service revenue 77% of the total. Compensation of current officers, directors and key employees was $201k (5.8% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $524k against liabilities of $409k, net assets of $116k. It reported 29 employees.