The American Association of Debt Management Organizations Releases the Only Publicly Available Compendium of Internal Revenue Service 501(c)(3) Denials Relevant to the Credit Counseling Industry

The American Association of Debt Management Organizations (AADMO), the trade association for the credit counseling industry, has published the only compendium of written adverse determination letters from the Internal Revenue Service (IRS) denying 501(c)(3) status to credit counseling agencies.

Kingwood, TX (PRWEB) April 20, 2006

The American Association of Debt Management Organizations (AADMO), the trade association for the credit counseling industry, has published the only compendium of written adverse determination letters from the Internal Revenue Service (IRS) denying 501(c)(3) status to credit counseling agencies.

According to Mark Guimond, Executive Director of the AADMO, “As part of a process that has taken more than one year, we are pleased to report that the 501(c)(3) denial letters we sought through our Freedom of Information Act (FOIA) request have finally been obtained by AADMO. The most recent denial was just released on April 7, 2006. This 220 page document is the most current and comprehensive information on this subject available from any source.”

“We undertook our FOIA request to better understand the Internal Revenue Service’s treatment of 501(c)(3) credit counseling agencies. The denial letters are not the same as revocations, but it is clear that the legal reasoning and rationale of the denials, taken to their logical conclusion, would cause revocations for the same reasons”, said Guimond.

“Given the fact that the denials of tax-exempt status closely mirror the revocations, this document is the only real policy guidebook available to the credit counseling industry at this moment”, added Guimond.

ABOUT AADMO

AADMO is the largest trade association for the credit counseling and debt management industry. Nationwide, the majority of licensed and legally operating credit counseling agencies are members of AADMO.

AADMO 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.

AADMO is the only trade association to have held state law compliance workshops with the New York State Banking Department and the California Department of Corporations upon enactment of their respective laws governing credit counseling and AADMO is the only trade association for the industry to publish a formal summary of state laws that has been reviewed by state regulators.

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