2012-11-12T07:06:45-08:00 2011-12-31 SA Koenig & Associates CPAs PC 485 Underhill Blvd Ste 100 Syosset NY 11791 990 2011-01-01 043337726 CAMBRIDGE CREDIT COUNSELING CORP CAMB 4138218900 67 HUNT STREET AGAWAM MA 01001 CHRISTOPHER A VIALE 2012-11-12 true Steven A Koenig 5169216480 2011 2016-02-24 21:20:13Z 6856501 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. 8 7 65 0 916040 886508 6252955 5969967 39 26 54584 0 7223618 6856501 0 0 4068122 4131019 0 0 2352046 2869409 6420168 7000428 803450 -143927 8376821 8533291 3789324 4089721 4587497 4443570 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. false false 1982072 Individualized Educational Financial Counseling - Cambridge's tax-exempt status is based on the provision of financial education to the public. The organization's primary method of fulfilling this exempt purpose was accomplished through the provision of 29,597 individual educational financial counseling sessions.Cambridge provides financial counseling, education and debt management programs to individuals in 46 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 organization's thirty-three AFCPE-certified credit counselors. The AFCPE, or Association for Financial Counseling and Planning Education, is the preferred certification program provider of the Association of Independent Consumer Credit Counseling Agencies. Cambridge's financial analysis is aimed at identifying the best course of action for each individual, and it allows the Cambridge counselor to provide education and budgeting information appropriate to each person's circumstances. This assessment, which is performed at no cost and without obligation, is based on AFCPE and statutory requirements for identifying an individual's current financial condition, and, when appropriate, techniques are used to discover the factors and behaviors that may be contributing to the individual's 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 TransUnion that allows Cambridge counselors to review each individual's 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 assessed 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") program 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 individual's 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 individual's enrollment, however, all consumers are encouraged to participate in post-counseling sessions with Cambridge counselors, and are also provided with the most current editions of Cambridge's free financial management guides and DVD, which the public may also access on Cambridge's websites, www.cambridgecredit.org and www.goodpayer.com. In 2011, Cambridge provided 29,597 individual counseling sessions. Of the roughly 15,000 individuals who contacted our agency for the first time in 2011, 2,695 (approximately 18%) enrolled in Cambridge's DMP program. For these 2,695 individuals, DMP enrollment is only one aspect of Cambridge's 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." Cambridge's policy of providing extensive follow-up, or "Post-Counseling," sessions for 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. Furthermore, the data presented in Cambridge's 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 individuals become debt-free in a five-year timeframe, 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, Cambridge's counselors provide three post-counseling sessions within an individual's first 90 days of enrollment, and then again every six months thereafter.The first three post-counseling sessions are designed to help build a productive and trusting relationship with the participant, and to help the participant recognize that Cambridge intends to extend its educational efforts beyond the initial counseling period. Counseling sessions are held with each new participant 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 participant's particular issues, these follow-up calls continue building the participant's 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 sufficient 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 individual's Action Plan. The consumer is encouraged to access the company's educational websites and to continue to use his or her counselor as a financial education resource, at no cost or obligation.The impact of Cambridge's post-counseling program has been significant. Cambridge's 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 positive payment histories. 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 Cambridge's post-counseling program are the survey responses gathered through Iota Solutions, a third party, which indicate that 89% of long-term program participants continue to track their expenses, while 76% review their budgets every six months.In 2011, Cambridge's counselors conducted 11,302 one-on-one post-counseling sessions for individuals already enrolled in the Cambridge DMP program.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 2011, Cambridge provided sessions for 18,295 individuals who chose not to enroll in the Cambridge DMP program. These individuals were among the 43,592 people who each received copies of free educational materials from Cambridge, including: guidebooks, DVDs, relevant articles, and video links. 1947452 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 Cambridge's financials 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 America's classrooms. In fact, only thirteen states currently make financial education a requirement for high school 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 Association's 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 has also designed a personal finance unit for the Springfield, Massachusetts, public school system's School-to-Career initiative, and Cambridge's 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 American International College. In 2011, the Cambridge Education Department presented 563 free financial seminars to 6,372 individuals throughout Cambridge's community. Additionally, in 2011, Cambridge expanded the number and variety of free educational content that Cambridge placed on the internet. In 2011, Cambridge added 40 new educational videos to the 144 videos already available online at www.youtube.com/cambridgecredit. Cambridge's 184 videos were viewed a total of 32,768 times in 2011. 628525 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. To date, Cambridge has provided housing counseling services to more than 3,058 homeowners. In 2011, Cambridge provided 251 free one-on-one foreclosure prevention counseling sessions. Additionally, 56 prospective homebuyers attended Cambridge's pre-purchase classes, of which 38 subsequently received free educational financial counseling from Cambridge. Finally, during 2011, Cambridge provided 1,091 reverse mortgage counseling sessions.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 2011, Cambridge provided pre-filing credit counseling sessions for 111 individuals, and Cambridge provided pre-discharge debtor education courses to 23 individuals. 4558049 true true false false false false false false true false true false false true true false 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 17 0 true 65 true false false false false false false false false false false false 0 false false false false false false false false false false false X 8 7 false false false false false false false true true false false false true true true true true true true true false false OR NY NJ MT MS MD MA IL AK X X THOMAS W HEBERT 4132412400 67 HUNT STREET AGAWAM MA 01001 SALVATORE J PIZZANELLI CPA 5.00 X 24050 0 48 JOHN J KRAWCZYNSKI CPA 5.00 X 29700 0 48 JOHN D CONNOR ESQ 5.00 X 28750 0 48 DEAN R O'KEEFE 5.00 X 26050 0 48 JOHN H DLUGOENSKI 5.00 X 23700 0 48 LIAM P REYNOLDS 5.00 X 26400 0 48 ALFRED H COLONNA JR 24.00 X 68400 0 2106 TRACY J GUAY 39.00 X 75849 0 356 THOMAS W HEBERT 39.00 X 154680 0 718 CHRISTOPHER A VIALE 39.00 X 303253 0 8235 WILLIAM C SOLE 39.00 X 106991 0 7076 867823 18779 3 false true false TROBEC CONSULTING LLC 5009 SHIMBURG PLACE FUQUAYVARINA NC 27526 INFORMATION SYSTEMS 313035 TARGET & RESPONSE INC 420 NORTH WABASH AVESUITE 201 CHICAGO IL 606113569 PUBLIC OUTREACH 125000 PINE CREEK AGAWAM LP 380 UNION STREET SUITE 300 WEST SPRINGFIELD MA 01089 FACILITIES MGT 252927 HEALTH NEW ENGLAND INC PO BOX 415425 BOSTON MA 022415425 HEALTH CARE PROVIDER 283741 AMHERST ENTERPRISES LTD 84 WALWORTH AVE SCARSDALE NY 10583 PUBLIC OUTREACH 135000 12 886508 886508 PROGRAM SERVICE FEES 3485413 3485413 PAYMENT DESIGN FEES 90630 90630 HOUSING COUNSELING REVENU 305437 305437 FAIR SHARE REVENUES 2084233 2084233 BANKRUPTCY FEES 4254 4254 5969967 26 26 0 0 0 0 0 0 0 0 6856501 5969967 26 0 0 0 0 866139 144003 722136 0 2775843 2275294 500549 0 191483 135656 55827 297554 210801 86753 0 87010 87010 5375 5375 0 0 0 140892 140892 0 86439 61239 25200 320588 227119 93469 0 252927 179185 73742 94996 53434 41562 0 0 92905 92905 0 234977 166469 68508 88907 62986 25921 TELEPHONE 106290 75301 30989 SETTLEMENTS 250000 250000 PUBLIC OUTREACH 681435 681435 Postage and Shipping 81957 58062 23895 EQUIPMENT LEASE 130788 92656 38132 213923 134409 79514 7000428 4558049 2442379 0 444652 506259 209 200 0 47058 207543 0 0 0 0 150984 137775 1243387 675834 619957 567553 0 0 0 0 7113961 7113961 8376821 8533291 1072834 1298605 567046 721799 1869083 1802546 280361 266771 3789324 4089721 X 4587497 4443570 4587497 4443570 8376821 8533291 -143927 X false true true X false false X 360340 1489578 1144748 916040 886508 4797214 9376556 6789092 5956293 6252955 5969967 34344863 0 0 0 9736896 8278670 7101041 7168995 6856475 39142077 0 0 39142077 1653 1382 482 39 26 3582 0 1653 1382 482 39 26 3582 0 957898 237830 197797 54584 1448109 10696447 8517882 7299320 7223618 6856501 40593768 0.96420 0.96950 0.00010 0.00010 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true 27294 14788 12506 213700 124950 88750 1002393 536096 466297 567553 INTANGIBLE ASSET 7113961 7113961 PAYROLL & RELATED COSTS PAYABLE 266771 266771 6856501 7000428 -143927 -143927 6856501 6856501 6856501 7000428 7000428 7000428 Part IV, Line 2b Part IV, Line 2b: Explanation of escrow account liability FUNDS RECEIVED FROM CLIENTS FOR DISBURSEMENTS TO THIRD PARTIES ARE REFLECTED AS A LIABILITY. X X X X X false false false false false false false false false false THOMAS W HEBERT 154680 718 155398 CHRISTOPHER A VIALE 303253 8235 311488 AMY VIALE MARRIED TO PRES 42161 EMPLOYEE false FORM 990, PART 1, LINE 1-ORGANIZATION 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. Form 990, Part VI, Line 19 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 VI, Line 12c 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 11 Form 990, Part VI, Line 11: 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.