2012 Annual Report - Credit Counseling Centers of Oklahoma
Credit Counseling Centers of Oklahoma, Inc. 2012 Annual Report Confounding is the best word to describe 2012. From 2011 to 2012 credit card balances dropped to $672 billion which is the lowest level since 2002 and a decline of 22.4% from their peak in 2008. Some believe this statistic demonstrates that Americans are becoming more financially responsible. Others contend the falling indebtedness is largely due to defaults rather than repayment. Margo Mitchell, President & CEO C redit Counseling Centers of Oklahoma, Inc. has been helping people improve their quality of life since 1968 with the support from people like you. Each year your support allows CCCS of Oklahoma to train and provide certified credit counselors who offer financial management and credit education services from four locations throughout Tulsa and northeastern Oklahoma. The massive onslaught of illegal robocalls that promise consumers credit card interest rates reductions that will save thousands of dollars and eliminate their debt more quickly is alarming and disconcerting. In reality, the end results are usually substantial upfront fees and the companies do little if anything promised. These actions have put us on the defensive because fewer consumers are seeking our services. To respond in 2013, the agency plans to launch an awareness campaign and to expand our financial literacy efforts through partnerships/collaborations and new program offerings that go beyond basic financial skills. 2012 Program Outcomes Financial Counseling Only Thank You to the Following Supporters Special Thanks Tulsa Area United Way Bank of America Citi The George Kaiser Family Foundation The Anne and Henry Zarrow Foundation The Maxine and Jack Zarrow Family Foundation Ruth K Nelson Revocable Trust Elizabeth & Victor R Schock Michelle & Aaron Choquette Dr. Sissy Osteen Mary & Floyd Schulte Sheryl St. George Public Service Company of Oklahoma Robert E Lawyer II Mike Patterson Brian J Easlon Karen & Stephen Howe Dameris & Craig Denslow Debra J Morrow Ingram Phillip Mulkins Bruce Adkins Mark Solano HSBC Household Finance Chase HUD NeighborWorks GE Capital Target American Express Discover Capital One Wells Fargo Aspire Kohl's Hardesty Family Foundation Steve Berry Edward J. Wilkinson • Provided credit counseling for 1,827 families and individuals • More aware of spending habits – 92.3 % • Better able to budget – 86.1% • Have a better understanding of a need versus a want – 92.9% • Feel less stress afterwards – 75.1% • Have a solution to financial crisis – 79.8% Debt Management Plans • Returned $4,530,270 to creditors on behalf of our DMP clients • 197 clients paid off all their debts through our program • Average debt $25,191 • Average number of months on our program – 44.5 Education Programs CCCS Locations Tulsa Broken Arrow Claremore Sapulpa 4646 South Harvard Main Office 317 South Main 104 South Missouri Suite 205 19 North Main Community Resource Center • Facilitated 218 community education programs reaching 2,108 people • High School Credit – 25.2% increase in knowledge • High School Budgeting – 37.9% increase in knowledge • Adult Credit – 20.5% increase in knowledge • Adult Budgeting – 28.5% increase in knowledge www.cccsofok.org 2012 Board of Directors Officers Chair Dr. Sissy Osteen, Oklahoma State University Chair Elect Sheryl St. George, Simply Sushi Vice Chair R. Mark Solano, Newton, O’Connor, Turner & Ketchum Secretary Mike Patterson, Hood & Raynolds Treasurer J. Stephen Howe, J.P. Morgan Chase Directors Bruce Adkins, Regent Bank Steve Berry, Blue Cross & Blue Shield of Oklahoma Michelle Choquette, CAPTC Craig Denslow, Oolagah United Methodist Church Brian Easlon, Northwest Mutual Financial Group D.J. Morrow Ingram, Morrow Public Relations 2012 Financials Phil Mulkins, Tulsa World 2012 Sources of Funding Floyd Schulte, Public Service Company of Oklahoma United Way 19.3% Victor Schock, Retired Federal and State Grants 10.8% Investment Income 1.9% Client Fees 25.3% Grants and Donations 11.7% Creditor Contributions 31% R. Mark Solano, Newton, O'Connor, Turner & Ketchum Intern Josh Miller, The Persimmon Group Staff Julie Bailey Randy McKenney Revenue Mary Bell Margo Mitchell Creditor Contributions.....................................………... $285,717 John Dessauer Dennis Neibling Client Fees……………….............………........................... 233,080 John Fullington Dennis Reecher United Way…………………........................................…..177,531 Norman Gootee Tom Simpson* Federal and State Grants..........................................……...…99,712 Wayne Kindrick Mary Thomas Grants and Donations….....................................………..….107,945 Investment Income…......................................………….…….18,071 Total……………….........................................…..…922,056 *We wish to recognize Tom Simpson for his 34 years of service. He began work for the agency on 4/2/1979 and during that time successfully assisted hundreds of clients move towards a better financial future. Best of luck Tom; we will miss you. www.cccsofok.org Consumer Credit Counseling Service Our Consumer Credit Counseling Service (CCCS) includes a credit and budget counseling program designed to assist families and individuals to better plan their spending and learn to budget funds in the most efficient manner possible. We provide several convenient counseling options for our clients. These choices include: face-to-face counseling in one of our offices, telephone counseling for those who cannot come into our offices and counseling on our website. Each of our counselors is certified as a consumer credit counselor. They provide the guidance and support necessary to help each client through this very difficult time in their lives. The Debt Management/Repayment Program serves a dual role of helping our clients repay their debt and helping creditors receive the money owed to them. The program involves establishing and administering a strict and realistic budget for our clients. Our counselors handle payment arrangements with creditors. With the funds the client deposits with us, we make the monthly payments in an agreed upon amount. Community Education Our Education Department provides quality educational programs to all segments of the community. We offer a choice of courses, each dedicated to delivering specific information to help participants identify current spending habits, establish a budget for their current income level, understand credit and its related laws, and make a plan for savings. These courses are taught utilizing a variety of teaching methods including interactive games, case studies, role playing and practical exercises to best serve the audience. Housing Counseling CCCS also provides counseling about all aspects of housing including pre-purchase, default mortgages, delinquent rent and reverse mortgages. This program is HUD certified. Bankruptcy Counseling For the first time in history, a federal law, the Bankruptcy Abuse Prevention & Consumer Protection Act of 2005, includes provisions for financial counseling and education. Our agency is “Approved to issue certificates in compliance with the Bankruptcy Code. Approval does not endorse or assure the quality of an agency’s services.” www.cccsofok.org Employees from The Holmes Organisation and PSO participate in United Way’s Day of Caring painting offices. Mission Statement: Credit Counseling Centers of Oklahoma, Inc. is an educational, not-for-profit agency that improves lives by providing money management, education and confidential credit counseling. Credit Counseling Centers of Oklahoma, Inc. 4646 South Harvard • Tulsa, OK 74135-2908 918-744-5611 • www.cccsofok.org
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