North Seattle Community College Foundation

What it reported doing in 2024

Consumer credit counseling: the foundation's consumer credit counseling program provides confidential, individualized financial counseling and education to financially distressed individuals. In fy2025, certified counselors assisted over 14,800 clients in managing personal finances and identifying solutions for debt repayment. All counseling and educational services are provided at no charge. Net revenues are available at the discretion of the board to further the foundation's financial aid and programmatic support of the college. Debt management plans: american financial solutions (afs) helps clients free themselves from the anxiety and stress of credit, debt, and financial worries by providing credit counseling, financial education, and debt management services that put clients in control of their financial success. Clients struggling with unsecured debt may enroll in a debt management plan (dmp), consolidating multiple debts into a single monthly payment tailored to the client's budget. Fees for dmp enrollment are regulated and waived in cases of financial hardship. During the fiscal year, 7,150 dmps were initiated, and 2,250 clients successfully completed their plans, collectively repaying over $21 million in debt. Total client debt repayment for the year exceeded $119 million. Home foreclosure counseling: as a sub-grantee of the Washington state housing finance commission and a hud-approved agency, afs provided foreclosure prevention counseling to over 600 clients. Counselors worked directly with clients and lenders to identify solutions, resulting in 222 families maintaining homeownership. All services were delivered confidentially and at no cost to the client. Homebuyer counseling: afs assisted 75 clients in preparing for homeownership by evaluating financial readiness, educating on the lending process, and reviewing loan documents. Twenty clients successfully purchased homes during the fiscal year. Bankruptcy counseling and education: certified counselors provided pre-bankruptcy assessments and post-bankruptcy financial education in compliance with federal requirements. Approximately 90 clients received pre-bankruptcy counseling, and 33 completed post-bankruptcy education. Student loan counseling afs delivered tailored counseling to over 100 individuals seeking assistance with student loan management. The program also offered educational resources to employers and employees, including on-site classes and individual counseling.

Financial Efficiency

• Mission deployment rate: 60.3%; rating input score 60
• Program expense ratio: 89.3%; rating input score 89
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 34.7%; rating input score 90; 90th percentile among comparable filings
• Total-asset coverage ratio: 3.73; rating input score 80; 80th percentile among comparable filings
• Liabilities to assets ratio: 0.13; rating input score 68; 68th percentile among comparable filings
• Officer compensation ratio: 14.2%; rating input score 9; 9th percentile among comparable filings

Growth

• Program expense growth: 5.2% per year; rating input score 100; 44th percentile among comparable filings
• Revenue growth: 3.2% per year; rating input score 100; 27th percentile among comparable filings
• Asset growth: 8.1% per year; rating input score 100; 55th percentile among comparable filings