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PARACHUTE CREDIT COUNSELING INC
WEST SENECA, NY · EIN 160909583 · Form 990 · FY2025 · NTEE P51Z · Human Services · Medium ($1M-$10M) · parachutecreditcounseling.org
revenue
$1.7M
expenses
$1.8M
net assets
$1.0M
employees
21
volunteers
11
program ratio
93%
mission · from form 990

THE ORGANIZATION'S MISSION IS TO PROVIDE THE COMMUNITY WITH THE BEST STRATEGIES TO MASTER THEIR CREDIT.

profile · synthesized from sources

Parachute Credit Counseling Inc. is a nonprofit financial counseling agency providing credit education, debt management, and housing counseling services. It offers free financial literacy seminars and one-on-one counseling to help individuals budget, manage debt, and navigate student loans. The organization has been a HUD-approved housing counseling agency since 2003 and serves communities primarily in New York, with state registrations across the U.S.

irs program accomplishments · form 990 part iii · fy2025

What they reported doing

  1. #1 primary $248K
    THE HOUSING PROGRAMMING PARACHUTE CREDIT COUNSELING OFFERS A RANGE OF HOUSING SERVICES, PRIMARILY FOCUSED ON: 1. FORECLOSURE PREVENTION: THIS SERVICE, FUNDED BY FEDERAL AND STATE GRANTS, ASSISTS HOMEOWNERS FACING MORTGAGE DELINQUENCY. PARACHUTE COUNSELORS WORK CLOSELY WITH LENDERS TO EXPLORE OPTIONS FOR CURING THE DELINQUENCY. 2. REVERSE MORTGAGE (HECM) COUNSELING: PARACHUTE PROVIDES MANDATORY COUNSELING SESSIONS FOR INDIVIDUALS CONSIDERING A REVERSE MORTGAGE. THESE SESSIONS EDUCATE CLIENTS ON THE INTRICACIES OF HECM LOANS, INCLUDING POTENTIAL RISKS AND BENEFITS, AND ARE REQUIRED TO OBTAIN A CERTIFICATE OF COMPLETION.3. HOMEBUYER EDUCATION: PARACHUTE OFFERS PRE-PURCHASE EDUCATION FOR FIRST-TIME HOMEBUYERS. THESE SESSIONS COVER ESSENTIAL TOPICS SUCH AS THE HOME-BUYING PROCESS, FINANCING OPTIONS, AND HOME MAINTENANCE. ALL PARACHUTE HOUSING COUNSELORS ARE HUD-CERTIFIED, AND PARACHUTE HAS BEEN A HUD-APPROVED HOUSING COUNSELING AGENCY SINCE 2003. 179 CLIENTS SERVED.
  2. #2 $253K
    CREDIT EDUCATION: PARACHUTE IS COMMITTED TO EMPOWERING INDIVIDUALS WITH STRONG FINANCIAL LITERACY SKILLS. RECOGNIZING THE CRITICAL NEED FOR FINANCIAL EDUCATION IN TODAY'S COMPLEX WORLD, PARACHUTE ACTIVELY PROMOTES RESPONSIBLE FINANCIAL HABITS WITHIN OUR COMMUNITY. IN 2025, PARACHUTE PARTNERED WITH 184 COMMUNITY AGENCIES AND SERVED 1,972 CLIENTS THROUGH A RANGE OF FINANCIAL OUTREACH PROGRAMS. NOTABLY, PRE- AND POST-TEST SCORES FROM OUR EDUCATIONAL PROGRAMS DEMONSTRATED AN AVERAGE IMPROVEMENT OF 18.7% IN CLIENT KNOWLEDGE. WE ARE HONORED TO BE A LEADING PROVIDER OF FINANCIAL LITERACY EDUCATION IN OUR COMMUNITY.
named programs · 6 · from sources

What they call their work

Debt Management Counseling
One-on-one sessions to create personalized debt repayment plans, negotiate with creditors, and improve credit health without judgment.
Financial Literacy Education
Free seminars and outreach programs on budgeting, credit management, and debt repayment, offered in partnership with 184 community agencies.
Foreclosure Prevention Counseling
Provides assistance to homeowners facing mortgage delinquency, working with lenders to develop solutions and prevent foreclosure. Funded by federal and state grants.
HECM Reverse Mortgage Counseling
Mandatory counseling sessions for individuals considering a reverse mortgage, providing education on risks and benefits and issuing required completion certificates.
Homebuyer Education (Make Your Move)
Pre-purchase education classes for first-time homebuyers covering the home-buying process, financing options, and home maintenance. Required for certain loan programs.
Student Loan Counseling
Free counseling to help borrowers understand repayment options, consolidate loans, and navigate forgiveness programs, particularly in response to policy changes.
activities · 4 groups

What they do

  • Financial Coaching and Credit Counseling 6 activities
    • Bankruptcy counseling services
      Provides EOUST-approved pre-filing bankruptcy counseling and pre-discharge debtor education, issuing required certificates for bankruptcy filing and debt discharge.
    • Credit report review and credit health education
      Provides credit report review services, including express options, to help individuals understand and improve their credit health. Offers education on credit scores, credit reporting, and strategies to build, rebuild, protect, and improve credit.
    • Debt management counseling and Debt Management Plan (DMP) services
      Provides debt management counseling and negotiates with creditors to reduce interest rates, lower monthly payments, and stop fees for clients enrolled in a Debt Management Plan, enabling full debt repayment within five years or less. Charges a monthly fee capped at $75 per month in accordance with state regulations.
    • Financial coaching and budgeting services
      Provides financial coaching to help individuals create and maintain budgets, achieve financial goals, and improve financial management. Offers step-by-step guidance on budgeting using multiple methods tailored to individual needs.
    • Small business credit review and financial guidance
      Provides small business credit review services to help entrepreneurs understand their credit profiles and access lending resources.
    • Student loan counseling and debt management
      Offers free student loan counseling to help individuals manage student debt through repayment options such as consolidation, income-driven plans, deferments, and loan forgiveness programs. Provides educational resources on student loan repayment and responsible borrowing.
  • Financial Literacy Education Programs 3 activities
    • Financial education workshops and webinars
      Offers free financial education seminars, agency-specific presentations, and customizable workshops led by nationally certified financial experts. Includes webinars such as "Conquering Credit and Crushing Debt" and "Budget Bootcamp," as well as short educational videos and outreach programs.
    • Financial literacy outreach through community partnerships
      Delivers financial literacy programming through partnerships with community agencies, reaching 3,034 clients in 2023 and 1,972 clients in 2025, with measurable improvements in financial knowledge based on pre- and post-testing.
    • Publication of financial education materials
      Produces and publishes educational articles, webinars, and videos on topics including budgeting, debt solutions, credit scores, identity theft prevention, and student loans to guide individuals in improving their financial lives.
  • Free Tax Preparation Services 1 activity
    • Free tax preparation services
      Hosts free tax preparation sites in Western New York from January to mid-April each year.
  • Emergency Rental Assistance and Eviction Prevention 1 activity
    • Housing counseling services
      Offers HUD-certified housing counseling including free delinquency counseling for homeowners in New York through the Homeowner Protection Program (HOPP), free rental counseling to prevent eviction, free reverse mortgage counseling, and fee-based homebuyer education and homeownership readiness counseling. Also provides foreclosure prevention counseling by working with lenders to resolve mortgage delinquency.
financials · form 990 · fy2025
revenue
Total revenue$1.70M
Contributions & grants$477K28%
Program service revenue$1.19M70%
Investment income$23K1%
Other revenue$9K
expenses
Total expenses$1.77M
Program expenses93%
Admin / overhead7%
Fundraising0%
Salaries & benefits$1.17M
Grants paid out$0
Largest expense lineCompensation
balance sheet
Total assets$1.36M
Cash$764K
Investments$296K
Liabilities$328K
Net assets$1.03M
Liquid reserves7.2 mo
5 years on record · 2020–2025 · YoY revenue +2.6%
leadership · form 990 part vii · fy2025

Who runs it

paid leadership · 1
NameTitleHours/wkCompensation
NOELLE CARTER PRESIDENT & CEO 40 $140K
board members · 10
  • DEANNA EASON — DIRECTOR
  • JOSEPH M MORRISON — BOARD CHAIRMAN
  • JOSEPH SALLEE — DIRECTOR
  • JOSHUA ZALEN — DIRECTOR
  • KATHERINE Q LEWIS — SECRETARY
  • MATTHEW SCHERMERHORN — TREASURER
  • NANCY L LATULIP — DIRECTOR
  • RAMON MORALES — VICE CHAIR
  • ROBERT TORELLA — DIRECTOR
  • STEVEN DOLAN — DIRECTOR
relationships · 13

Who they work with

  • Better Business Bureau Partner — A+ member of the Better Business Bureau.
  • Council on Accreditation of Services for Families & Children (COA), Inc. Partner — Accredited by the Council on Accreditation of Services for Families & Children (COA), Inc.
  • EOUST Government — Approved by the Executive Office for United States Trustees (EOUST) to provide bankruptcy counseling and issue required certificates.
  • Executive Office of the U.S. Trustees Government — Approved provider of certified bankruptcy counseling sessions.
  • HUD Government — HUD-certified counselors provide housing counseling services.
  • Housing and Urban Development (HUD) Government — HUD-approved housing counseling agency since 2003
  • IRS Government — Partners with the IRS to deliver the Volunteer Income Tax Assistance (VITA) program.
  • National Foundation for Credit Counseling Network — Member of the National Foundation for Credit Counseling.
  • National Foundation for Credit Counseling (NFCC) Network — Housing counselors are certified through the NFCC
  • New York State Attorney General Government — Partner in the Homeowner Protection Program (HOPP) to deliver free mortgage assistance services.
  • New York State Department of Financial Services Government — Licensed budget planner through the NYS Department of Financial Services.
  • U.S. Department of Housing and Urban Development (HUD) Government — Certified HUD Counseling Agency.
  • community organizations Partner — Partners with community organizations to deliver financial education workshops.
strategies · 5

How they approach the work

Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.

  • Behavioral Financial Coaching
    methodology: behavioral_financial_coaching
    By combining financial education with ongoing coaching, goal-setting, and behavioral support, Parachute helps clients maintain budgets and improve financial habits over time because sustained engagement addresses the psychological barriers to long-term financial stability.
  • Certified Counselor Delivery Model
    methodology: certified_counselor_model
    By employing HUD-certified and IRS-trained counselors, Parachute ensures standardized, credible, and regulated financial and housing counseling services, increasing client trust and program effectiveness because certification signals expertise and compliance with national standards.
  • Client-Centered Debt Resolution
    methodology: client_centered_counseling
    By conducting holistic financial assessments that incorporate personal circumstances, emotional health, and behavioral patterns, Parachute creates personalized debt management and counseling plans that increase client engagement and long-term financial stability because tailored approaches reduce stigma and improve adherence.
  • Financial Education as Preventive Safety Net
    methodology: financial_education_as_safety_net
    By delivering accessible, audience-customized financial education through microlearning and webinars, Parachute frames financial literacy as a proactive safety mechanism to prevent debt crises because timely, relevant knowledge empowers individuals to make informed decisions before financial distress occurs.
  • Structured Creditor Negotiation Model
    methodology: debt_consolidation_through_negotiation
    By consolidating client debt into a single monthly payment and centrally negotiating with creditors to reduce interest rates, waive fees, and lower payments, Parachute improves repayment feasibility and completion rates because simplified obligations reduce cognitive load and financial strain.