The Future of Tax-Exempt Credit Counseling is Featured Topic at Industry Conference

A featured presentation at the American Association of Debt Management Organizations (AADMO) Fall Conference will examine the denials and revocations of 501(c)(3) tax-exempt status to credit counseling agencies, the non-profit elements of state law, the development of “for-profit” agencies and the business models that will be required to stay in business.

“The future of tax-exempt status for credit counseling agencies is the most important issue facing the industry. Given the on-going wave of denials of 501(c)(3) tax-exempt status to credit counseling agencies by the IRS and the its recent announcement that it intends to revoke the status of 20 credit counseling agencies representing half the entire industry by revenue, this may be one of the most important presentations available for credit counseling,” said Mark Guimond, Executive Director of the American Association of Debt Management Organizations (AADMO), the trade association for the credit counseling industry.

“Credit counseling agencies need to know now what is happening with the IRS’ treatment of the industry and learn what business models and processes are available for the future. If agencies want to survive, they need to know the facts,” added Guimond.

The American Association of Debt Management Organizations (AADMO) Fall Conference will be held on November 8 and 9, 2005 in Scottsdale, Arizona.

ABOUT AADMO
AADMO is the credit counseling and debt management industry?s largest trade association. It is an industry education and advocacy organization whose mission is to promote and ensure the continued operation and viability of credit counseling and debt management organizations. AADMO provides its members and the consumer public with information about the credit and debt counseling industry. AADMO members are consumer credit counseling agencies, debt management organizations, credit counselors, personal finance educators, credit and debt information educators, consumer lawyers and many others.