Parachute Credit Counseling Inc

Nonprofit profile at a glance

EIN
160909583
IRS 990 coverage
2012–2025
Forms available
Form 990 2025
Location
West Seneca, NY, USA
Phone
7167122060
Rating
88
Verdict
STRONG
Rating confidence
Moderate
Sector
Financial Counseling

Reported finances

Revenue
$1,699,674
Expenses
$1,766,286
Assets
$1,359,302
Liabilities
$327,607

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • NOELLE CARTER (PRESIDENT & CEO)

Highest reported compensation

  • NOELLE CARTER (PRESIDENT & CEO): $140,216 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The organization's mission is to provide the community with the best strategies to master their credit.

What it reported doing in 2025

Credit counseling: parachute credit counseling offers comprehensive debt management solutions. While the credit counseling and debt management industry includes various providers, parachute distinguishes itself by prioritizing client education and long-term financial well-being. We believe in empowering individuals with the knowledge and tools they need to achieve financial freedom, rather than simply offering quick fixes. Our services: confidential financial counseling: clients can schedule a confidential consultation with a certified financial counselor to discuss their unique financial situation. Personalized budget analysis: our counselors conduct thorough budget analyses to identify areas for improvement and develop customized financial plans. Debt management plans (dmps): for eligible clients, we offer dmps that may include: reduced monthly payments: lowering overall monthly debt obligations. Reduced interest rates and fees: negotiating lower interest rates and eliminating or reducing fees charged by creditors. Parachute is committed to providing high-quality, client-centered services that empower individuals to achieve long-term financial stability. 3,676 clients served.

Operating model

Revenue model
Earned-program. 70% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 92
  • Accountability: 100
  • Sustainability: 28
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 96.8%; rating input score 97
  • Program expense ratio: 93.1%; rating input score 93
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 8 of 8 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: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -3.9%; rating input score 21; 21st percentile among comparable filings
  • Total-asset coverage ratio: 0.77; rating input score 35; 35th percentile among comparable filings
  • Liabilities to assets ratio: 0.24; rating input score 22; 22nd percentile among comparable filings
  • Officer compensation ratio: 7.9%; rating input score 43; 43rd percentile among comparable filings

Growth

  • Program expense growth: 1.9% per year; rating input score 100; 22nd percentile among comparable filings
  • Revenue growth: 1.8% per year; rating input score 100; 19th percentile among comparable filings
  • Asset growth: 5.8% per year; rating input score 100; 39th percentile among comparable filings

Details

  • Where the money goes: 96.8% of revenue deployed · 93.1% of spending went to programs
  • Governance: 10 of 10 board members independent · 8 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $1.6M in reported program spending
  • Leadership: top reported pay $140K · 11 people listed
  • Consistency: 31 of 31 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 14 filing years from 2012 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 21/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 35/100.
  • High — Sustainability: Liabilities to assets ratio scored 22/100.
  • Moderate — Sustainability: Officer compensation ratio scored 43/100.