2016-05-13T14:33:50-07:00 2015-12-31 SA Koenig & Associates CPAs PC 485 Underhill Blvd Ste 100 Syosset NY 11791 990 2015-01-01 043337726 CAMBRIDGE CREDIT COUNSELING CORP CAMB 4138218900 67 HUNT STREET AGAWAM MA 01001 CHRISTOPHER A VIALE PRESIDENT, CEO 2016-05-13 true Steven A Koenig P00781918 5169216480 2015 2016-12-15 16:53:06Z 6747599 false 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. 10 8 79 0 1111179 840183 5497964 5906133 27 27 12518 1256 6621688 6747599 0 0 4217214 3868439 0 0 2764957 2649404 6982171 6517843 -360483 229756 8845452 8132277 4125002 3182071 4720450 4950206 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 1987723 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 38,626 individual educational financial counseling sessions.Cambridge provides financial counseling, education and debt management programs to individuals in 47 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 independently certified credit counselors. Cambridges counselors are certified by the Association for Financial Counseling and Planning Education, or by the Partnership for Financial Education. Both organizations' certification programs have been reviewed and approved by the Financial Counseling Association of America and 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 assessed 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. In 2015, Cambridge provided 38,626 individual counseling sessions. Of the roughly 26,654 individuals who contacted the agency for the first time in 2015, 4,357 (approximately 16.4%) 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 Georgetown University Credit Research Center noted in a joint 2006 report entitled Evaluating the Effects of Credit Counseling,(the CFA Report) effective debt management plans must 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 providing extensive post- counseling follow-up sessions to 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 presented in Cambridges Transparency Reports supports this approach. Clients who actively participate in post-counseling sessions are more likely to adopt healthier budgeting practices and to begin saving money. Although a DMP can be instrumental in helping people become debt-free in five years or less, enrollment alone does not prevent individuals from reverting to previous behaviors, attitudes and spending patterns that resulted in the need to contact a counseling agency. For this reason, Cambridges counselors provide three post-counseling sessions within an individuals first 90 days of enrollment, and the agency contacts the client again every six months thereafter to offer additional counseling.The first three post-counseling sessions are designed to help build a productive and trusting relationship with the client, and to help them recognize that Cambridge intends to extend its educational efforts beyond the initial counseling period. Counseling sessions are held with each new client after the third, seventh, and eleventh week of enrollment to determine whether or not the individual has begun to follow his or her Action Plan, to offer encouragement and advice to help them take the steps that have been recommended, and to offer additional counseling for any issues that may not have been introduced previously. After these initial post-counseling sessions, each participant will receive a Financial Checkup from his or her counselor every six months for the duration of their enrollment in the program. In addition to addressing the participants particular issues, these follow-up calls continue building the participants financial skills by emphasizing the need to create and follow working budgets, to record all expenses, to implement appropriate savings plans, and to develop realistic short- and long-term financial goals.In addition, within 45 days of the initial request for assistance, Cambridge counselors also contact each individual whose financial assessment indicates 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 Cambridges post-counseling program has been significant. Cambridges most recent statistics indicate that more than 86% 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 88.8% of long-term program participants continue to track their expenses, while 75.7% 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. In 2015, Cambridge provided sessions for 22,297 individuals who did not enroll in the Cambridge DMP program. These individuals were among the 75,386 individuals who received copies of free educational materials from Cambridge, including: guidebooks, relevant articles about personal finance, and links to the agency's educational videos. 1731255 FINANCIAL LITERACY EDUCATION 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 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 6 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 HUD's VASH program, to inmates and former prisoners through programs delivered through the Hampden County Sheriff's Department, and to senior citizens receiving assistance from Greater Springfield Senior Services. Cambridges Education Department staff continues to provide educational materials and classroom speakers for the Westover Job Corps, the largest vocational training program for young people in Massachusetts. Cambridge also conducts seminars for several local colleges, including one program specifically designed for low-income, first-generation college students at Springfield Technical Community College.In 2015, the Cambridge's Education Department presented 418 free financial seminars to 7,454 participants throughout Massachusetts and Connecticut. Cambridge also provided a wide variety of free educational video content on the Internet. In 2015, Cambridge's 253 videos were viewed a total of 42,275 times. 793608 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. In 2015, Cambridge provided 543 free one-on-one foreclosure prevention counseling sessions. 296 prospective homebuyers attended Cambridges pre-purchase classes. Nine participants subsequently received free educational financial counseling from the agency. During the year, Cambridge also conducted 5,309 reverse mortgage counseling sessions, 426 of which were provided free of charge. Bankruptcy Counseling - In the fall of 2011, following another round of applications and examination, 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. In 2015, Cambridge conducted pre-filing credit counseling sessions for 4,928 individuals and provided pre-discharge debtor education courses to 128 individuals. 4512586 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 false false false true false false false false false false false false false false false true 14 0 true 79 true false false false false false false false false 0 false false false false false false false false false false X 10 8 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 THOMAS W HEBERT 4132412400 67 HUNT STREET AGAWAM MA 01001 LIAM P REYNOLDS Director 5.00 0.00 X 15250 0 48 JOHN H DLUGOENSKI DIRECTOR 5.00 0.00 X 11500 0 48 DEAN R O'KEEFE DIRECTOR 5.00 0.00 X 9750 0 48 JOHN D CONNOR ESQ DIRECTOR 5.00 0.00 X 11000 0 48 JOHN J KRAWCZYNSKI CPA DIRECTOR 5.00 0.00 X 12750 0 48 SALVATORE J PIZZANELLI CPA DIRECTOR 5.00 0.00 X 17000 0 48 JENNIFER CONNOLLY Director 5.00 0.00 X 7500 0 48 STEPHEN BUONICONTI Director 5.00 0.00 X 6250 0 48 ALFRED H COLONNA JR VP/CHAIRMAN 25.00 0.00 X 93999 0 7463 CHRISTOPHER A VIALE President, CEO 39.00 0.00 X 278774 0 9798 THOMAS W HEBERT Treasurer, CFO 39.00 0.00 X 159392 0 1231 WILLIAM C SOLE GENERAL MANAGER 39.00 0.00 X 120652 0 7975 743817 26851 3 false true false KEYSTONE MEDIA PO BOX 140668 CORAL GABLES FL 33114 PUBLIC OUTREACH 417900 TROBEC CONSULTING LLC 5009 SHIMBURG PLACE FUQUAYVARINA NC 27526 INFORMATION SYSTEMS 301831 3C INCORPORATED 8930 STANFORD BLVD COLUMBIA MD 21045 PUBLIC OUTREACH 278835 HEALTH NEW ENGLAND ONE MONARCH PLACE STE 1500 SPRINGFIELD MA 011441500 HEALTH CARE PROVIDER 273798 AGAWAM CORPORATE CENTER 380 UNION ST STE 300 WEST SPRINGFIELD MA 01089 FACILITIES MGT 205984 7 173207 666976 840183 BANKRUPTCY FEES 66142 66142 FAIR SHARE REVENUES 1772469 1772469 HOUSING COUNSELING REVENU 704336 704336 PAYMENT DESIGN FEES 177404 177404 PROGRAM SERVICE FEES 3152555 3152555 33227 33227 5906133 27 27 0 0 0 0 0 0 0 MISCELLANEOUS 1256 1256 1256 6747599 5906133 1283 0 0 0 0 718171 109027 609144 0 2686548 2095151 591397 0 208647 138785 69862 255073 169666 85407 0 0 39295 39295 0 0 0 35980 35980 0 72685 48103 24582 254390 169212 85178 0 205873 136940 68933 37041 19315 17726 0 0 102531 102531 0 214539 142704 71835 96348 64088 32260 PUBLIC OUTREACH 1102380 1102380 TELEPHONE 123315 82025 41290 Postage and Shipping 94723 63089 31634 BANK CHARGES 90794 90794 179510 81307 98203 6517843 4512586 2005257 0 778575 129744 100 100 0 294248 219776 0 0 0 0 127810 117526 1262586 711416 530758 551170 0 0 0 0 7113961 7113961 8845452 8132277 1337016 1179376 764108 55143 1831124 1786985 192754 160567 4125002 3182071 X 4720450 4950206 4720450 4950206 8845452 8132277 229756 X false true X true false X 1013237 1153442 1083518 1111179 840183 5201559 5843238 5957469 5732768 5497964 5906133 28937572 0 0 0 6856475 7110911 6816286 6609143 6746316 34139131 0 0 34139131 26 26 33 27 27 139 0 26 26 33 27 27 139 0 3090 12518 1256 16864 6856501 7110937 6819409 6621688 6747599 34156134 0.99950 0.99800 0.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 24087 24087 317039 146037 171002 921460 541292 380168 551170 INTANGIBLE ASSET 7113961 7113961 PAYROLL & RELATED COSTS PAYABLE 160565 Rounding 2 160567 X 6747599 6747599 6747599 6517843 6517843 6517843 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 THE UNCERTAINTY IN INCOME TAXES STANDARD AND EVALUATES ITS TAX POSITIONS EACH YEAR. THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION HAS BEEN DETERMINED BY THE IRS 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 2015 OR 2014.THE ORGANIZATION FILES A FORM 990 INFORMATIONAL RETURN WITH THE INTERNAL REVENUE SERVICE AND OTHER INFORMATIONAL RETURNS IN OTHER STATES, AS REQUIRED. THE ORGANIZATION IS NO LONGER SUBJECT TO U.S. FEDERAL AND STATE EXAMINATIONS BY TAXING AUTHORITIES FOR THE YEARS BEFORE 2012.ADDITIONALLY, THE ORGANIZATION BELIEVES IT HAS NO UNCERTAIN TAX POSITIONS FOR OPEN TAX YEARS. X X X X false false false false false false false false false false CHRISTOPHER A VIALE President, CEO 278774 9798 288572 THOMAS W HEBERT Treasurer, CFO 159392 1231 160623 AMY VIALE MARRIED TO PRES 53903 EMPLOYEE false Schedule L, Part V Supplemental Information AMY VIALE IS AN EMPLOYEE OF CAMBRIDGE CREDIT COUNSELING CORP. AND IS MARRIED TO CHRISTOPHER VIALE, THE PRESIDENT/CEO OF CAMBRIDGE. Form 990, Part VI, Line 11b: Form 990 Review Process 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, 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, Line 15a: Compensation Review & Approval Process - CEO, Top Management 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 13 OTHER REGIONAL AND NATIONAL NON-PROFIT CREDIT COUNSELING AGENCIES. THE INFORMATION WAS COMPILED FROM PUBLICLY AVAILABLE INFORMATION FROM THE MOST RECENT 990'S POSTED THROUGH GUIDESTAR.ORG.THE 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. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE ON OUR WEBSITE FOR THE GENERAL PUBLIC TO VIEW.FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.THE TAX FORMS ARE AVAILABLE UPON REQUEST OR BY VISITING WWW.GUIDESTAR.ORG. FORM 990, PART 1, LINE 1-ORGANIZATION 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.