Annual Report 2012 - Financial Pathways of the Piedmont

2012 ANNUAL REPORT
JULY 2011 — JUNE 2012
Formerly known as CCCS of Forsyth County
Meet One Couple
A
fter a long marriage and years of
working hard, Chester and Eleanor
Ipock (not their real names) were
having a peaceful retirement. They
didn’t have much in savings, but with a
small pension, social security, and
Chester’s part time
job, they got by. Then
Chester got sick.
While Chester underwent treatment, his
pay stopped. Medical
insurance did not pay
for everything and bills
piled up. As he recovered, the couple fell
one, two, and then six
months behind on
their mortgage. They started using
credit cards for living expenses. Overdraft and late fees began to kick in.
They felt like they were drowning.
Their bank tried to help by proposing a
payment plan to get the mortgage current, but the monthly payment of more
than $1500 was just too much.
Last July, the pair sat down to talk with
Sarah, a certified financial counselor
at Financial Pathways of the Piedmont. They were stressed, confused,
and afraid of losing their home.
Sarah contacted the Ipocks’ bank. The
bank had stretched the rules as far as
they could, but she learned that the couple had a lot of equity in their home. She
asked if they knew about a type of loan
called a reverse mortgage. This was a
possible solution IF
they could get on
top of the credit
card debt.
Sarah helped the
Ipocks review their
income and their
expenses, negotiated
with
their
credit card companies, and soon they
were on a plan that
allowed them to consider a reverse
mortgage.
Sarah then referred them to Deborah, a
Financial Pathways financial counselor
who specializes in helping seniors. With
Deborah’s help, the Ipocks learned the
pros and cons of a reverse mortgage
and decided to apply to a commercial
lender. With the reverse mortgage approved, the couple was able to begin
taking cash from their home’s equity to
live on while they used their other income to get current on all their debts.
We believe EVERY individual
and family deserves
the opportunity to achieve
financial well-being
Deborah also realized that the Ipocks
might be eligible for a program that let
seniors pay reduced property taxes.
Today, Chester and Eleanor Ipock pay
half the property tax on their home they
were paying a year ago.
Sarah and Deborah were there at every
step—not to tell the Ipocks what to do,
but to make sure they understood all
their options. The couple is now on the
path to full financial recovery.
Financial Pathways of the
Piedmont is accredited by the
National Council on
Accreditation as a high-quality
provider of consumer financial
counseling services. We are a
non-profit, HUD-approved
housing counseling agency. All
FPP financial counselors are
trained and certified to serve
clients professionally and with
the latest information and
options.
OUR MISSION
Board of Directors
To provide professional consumer
education and comprehensive
financial and housing guidance to
all members of the community.
OFFICERS
Chairman: Mike Waid
Wake Forest Baptist
Vice Chair & Treasurer: Terry Taylor
DataMax Corporation
Secretary: Vicky Denny
U-Can-Be-Healthy
Through the generosity of donors
and program funders, we are able to
serve local residents for either no
charge or a very low fee.
Immediate Past Chair: Charlette Lindell
Smart Start of Forsyth County
Serving Clients
President & CEO: Peter Laroche
Financial Pathways
DIRECTORS
Bill Barker, Capital Bank
Jon Bass, BB&T
Alvin Borders
Winston-Salem Urban League
April Broadway, Education Consultant
Ward Miller, NewBridge Bank
Ashley Rusher, Blanco Tackabery, PA
In 2012 Financial Pathways helped nearly 10,000 clients:
Avoid foreclosure and eviction
 585 homeowners avoided foreclosure through mortgage default counseling
 75% of counseled clients behind on mortgage or rent found ways to stay in their homes
Rebuild credit records
 273 clients used debt management plans to repay overextended credit
 $1.8 million in debt was repaid to creditors
Mark Stewart, UNC Greensboro
Crystal Tatman, Wells Fargo
Lori Timm, Multicultural Consultant
Mike Wells, Jr., Wells Jenkins Attorneys
Claudette Weston,
Weston & Associates
Ira Williams
Allegacy Federal Credit Union
Become homeowners
 1800 people contacted us for help in homeownership
 355 received one-on-one counseling
 48 Forsyth County clients purchased homes
Enhance senior finances
 1479 clients and their spouses served with
personal expense-management or monthly
bill-paying
 1043 seniors attended 28 workshops on
avoiding financial exploitation
Learn how to navigate credit, budgeting,
savings, and housing
 4000 individuals attended financial
education classes
 638 budget and credit counseling sessions were held
28,000 clients and their spouses, children and other household
members directly benefitted from Financial Pathways’ programs.
Financial Pathways is a local
nonprofit serving Winston-Salem,
Forsyth County, and surrounding area
for 40 years. Until September 2012,
our name was Consumer Credit
Counseling Services (CCCS) of
Forsyth County. Our new name reflects
the enormous variety of services we now
offer clients to help address both the
challenges and aspirations in their financial
lives. Our new name and logo also
represent our heart-felt belief that a wise
financial path is within everyone’s reach.
8064 North Point Boulevard
Winston-Salem, NC 27106
Phone 336-896-1191
Fax 336-896-0481
www.financialpaths.org
Strengthening Community
[email protected]
Financial Learning That Lasts
FPP is piloting a financial coaching project with
Winston-Salem State University. The goal is to help a
group of non-faculty female employees of WSSU
achieve sustainable financial stability. Participants
create a plan to save for emergencies, decrease debt
and improve their credit scores. The effort, funded by
Chase Financial, includes monthly one-on-one
financial coaching sessions, group sessions, and
campus-wide financial literacy events
Award-Winning Youth Program
Each year, our financial educators host an event to foster financial literacy among 16 to 21-yearolds. This event, “Real World,” has been attended by hundreds of young people, and won the 2012
National Association of Development Organizations Innovation Award.
Leveraging Partnerships
Financial Pathways collaborates and cross-refers with many service agencies, businesses, and
financial institutions, including city and county governments, real estate firms,
attorneys, employers, schools, and non-profits such as Goodwill of NWNC,
Senior Services, Habitat for Humanity, and many others.
Preserving Senior Independence
100% of senior clients we assist monthly with bill-paying and budgeting are
able to pay for their basics needs on time, and thus to remain in their homes.
Promoting Economic Vitality in the Piedmont
In 2012, Financial Pathways supplied significant support to the creation of
“Assets & Opportunity Profile: Winston-Salem and Forsyth County,” published
by the Corporation for Enterprise Development. This report provides powerful
data about the financial challenges of our area’s citizens.
Supporting Homeownership
FPP’s Center for Homeownership has helped 1198 clients purchase homes
since 2002 — at estimated annual tax revenue of $1.8 million.
Because all people
deserve a chance
for financial well being.
Annual Report for July 2011 - June 2012
Allegacy Federal Credit Union
North Carolina Housing Finance
Agency (NCHFA)
Bank of America
SUPPORTERS
Piedmont Federal Savings Bank
Branch Banking and Trust (BB&T)
Reinvestment Partners
Branch Banking and Trust
Foundation
State Home Foreclosure Prevention
Program (SHFPP)
Citi Cards
City of Winston-Salem
Southern Community Bank (now
Capital Bank)
Fairway Independent Mortgage
Group
Wells Fargo
Applied HR Solutions
Computer Cognizant
Davie County Senior Services
The Shepherd’s Center of
Kernersville
Walnut Cove Senior Center
Wells Fargo Foundation
Forsyth County Department of
Housing
Annese Public Relations
Butler & Burke Certified Public
Association
State Farm
Chase Card Services
In Kind
Weston & Associates
Winston-Salem Foundation
Goodwill of NWNC
United Way of Davie County
HSBC
United Way of Forsyth County
U.S Department of Housing and
Urban Development (HUD)
Winston Salem State University
We welcome tax-deductible
contributions. Donate online at:
financialpathways.org
Individual Donors
Kate B. Reynolds Charitable Trust
National Foundation for Credit
Counseling (NFCC)
Financials
Income and Expenses
Total Income
Program Service Expenses
Management & Fundraising Expenses
Total Expenses
FY 2011
FY 2012
$ 1,958,402
$ 1,826,995
1,547,250
1,539,788
272,301
228,029
$ 1,819,551
$ 1,767,817
Income by Funder