2013-05-14T09:50:43-05:00 2012-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2012-01-01 386142925 GREENPATH INC GREE 2485535400 36500 CORPORATE DRIVE FARMINGTON HILLS MI 48331 JANE E MCNAMARA 2485535400 2013-05-14 1 P00648440 2482443000 2012 2016-02-24 21:20:13Z JANE E MCNAMARA 36500 CORPORATE DRIVE FARMINGTON HILLS MI 48331 51529386 0 X WWW.GREENPATH.COM X 1967 MI GREENPATH PROVIDES EDUCATION AND COUNSELING TO CONSUMERS IN THE AREAS OF PERSONAL FINANCE, MONEY MANAGEMENT, THE WISE USE OF CREDIT, REPAYMENT OF DEBTS, BANKRUPTCY AND HOUSING ISSUES INCLUDING PRE-PURCHASE COUNSELING, MORTGAGE DELINQUENCY/LOSS MITIGATION COUNSELING AND REVERSE MORTGAGE COUNSELING. 11 10 601 0 0 0 17520443 20197155 25400932 22373967 -444507 199291 -43720 -77268 42433148 42693145 0 0 0 0 31292970 28996797 0 0 716361 11716741 11827931 43009711 40824728 -576563 1868417 61228755 54313472 41749755 32866652 19479000 21446820 X "THROUGH FINANCIAL KNOWLEDGE AND EXPERTISE, WE PROVIDE HIGH-QUALITY PRODUCTS AND SERVICES THAT ENABLE PEOPLE TO ENJOY A BETTER QUALITY OF LIFE." 0 0 18782595 15596098 COUNSELING SERVICES: GREENPATH EMPLOYS 260 CERTIFIED CREDIT COUNSELORS, 226 OF WHOM HAVE EARNED A BACHELOR'S DEGREE AND 24 OF WHOM IN ADDITION TO A BACHELOR'S DEGREE HAVE MASTERS OR DOCTORATE DEGREES. ALL GREENPATH COUNSELORS ARE REQUIRED TO OBTAIN AND RETAIN CERTIFICATION THROUGH THE NATIONAL FOUNDATION FOR CREDIT COUNSELING (NFCC).GREENPATH COUNSELORS ANALYZE CONSUMERS' FINANCIAL SITUATIONS, INCLUDING INCOME, FIXED AND VARIABLE EXPENSES, TOTAL SECURED AND UNSECURED INDEBTEDNESS AND ANY CURRENT DELINQUENCIES. THE COUNSELORS REVIEW THE FACTORS THAT CAUSED THE CONSUMER TO SEEK ASSISTANCE, DISCUSS FINANCIAL GOALS, AND DEVELOP AN ACTION PLAN TO MEET THOSE GOALS. COUNSELING SESSIONS TYPICALLY LAST 60-90 MINUTES AND ARE FREE OF CHARGE. CONSUMERS RECEIVE AN ACTION PLAN WHICH INCLUDES A CUSTOMIZED BUDGET AND ONE OR MORE OF THE FOLLOWING, INCLUDING THE PROS AND CONS OF EACH AS RELATED TO THE CONSUMER'S SPECIFIC SITUATION:*BETTER USE OF AND A BETTER UNDERSTANDING OF CREDIT*REVISED SPENDING/SHOPPING HABITS*TIPS FOR INCREASING INCOME*NEGOTIATING BETTER RATES/LOWER MONTHLY PAYMENTS WITH CREDITORS ON THEIR OWN*MORTGAGE MODIFICATION OR LOSS MITIGATION*DEBT MANAGEMENT PLAN*BANKRUPTCYIN 2012 COUNSELORS CONDUCTED OVER 65,000 DEBT ISSUE APPOINTMENTS. CLIENT SURVEY RESULTS FOR 2012 INDICATE THAT 94% OF THOSE COUNSELED WOULD RECOMMEND GREENPATH TO A FRIEND OR FAMILY MEMBER. ALL SERVICES ARE PROVIDED IN ENGLISH AND SPANISH. WITH ADVANCE NOTICE, TRANSLATION SERVICES CAN BE ARRANGED FOR COUNSELING SESSIONS IN ALMOST ANY OTHER MODERN LANGUAGE. ADMINISTRATIVE FEES, CONSISTENT WITH APPLICABLE STATE LAWS, ARE CHARGED FOR CONSUMERS CHOOSING TO ENTER INTO A DEBT MANAGEMENT PROGRAM. FOR THOSE CLIENTS WHO ENTER A DEBT MANAGEMENT PROGRAM, CLIENT SURVEY RESULTS FOR 2012 INDICATE THAT 97% WOULD RECOMMEND GREENPATH TO A FRIEND OR FAMILY MEMBER.QUALITY AND CONTINUOUS PROCESS IMPROVEMENT ARE AMONG GREENPATH'S CORE VALUES. TO THAT END, GREENPATH MAINTAINS ACCREDITATION THROUGH THE COUNCIL ON ACCREDITATION (COA). GREENPATH'S CEO HAS SERVED ON THE BOARD OF TRUSTEES OF COA AND CHAIRED THE COMMITTEE ON ACCREDITATION FOR THE NATIONAL FOUNDATION FOR CREDIT COUNSELING. GREENPATH'S QUALITY ASSURANCE DEPARTMENT CONDUCTS QUARTERLY REVIEWS OF EACH COUNSELOR TO INSURE THAT APPROPRIATE EDUCATION AND COUNSELING OCCUR WITH EACH CONSUMER INTERACTION, THAT THOROUGH ACTION PLANS ARE DEVELOPED FOR EACH CONSUMER AND THAT PROPER DOCUMENTATION OF EACH CONSUMER INTERACTION OCCURS. 13572062 2744857 EDUCATIONAL SERVICES: GREENPATH COUNSELORS EDUCATE CONSUMERS ABOUT BUDGETING, MONEY MANAGEMENT, FINANCIAL PLANNING AND GOAL SETTING AND THE WISE USE OF CREDIT. OVER 700 OF THESE ONE-ON-ONE EDUCATION/COUNSELING SESSIONS WERE CONDUCTED FREE OF CHARGE FOR INDIVIDUALS OR FAMILIES IN 2012. IN ADDITION, GREENPATH COUNSELORS AND COMMUNITY EDUCATORS CONDUCTED 752 WORKSHOPS/EDUCATIONAL SESSIONS IN 2012 FOR GROUPS AFFILIATED WITH CHURCHES, SOCIAL SERVICE AGENCIES, HIGH SCHOOLS, COLLEGES, EMPLOYERS, UNION LOCALS AND EMPLOYEE ASSISTANCE PROGRAMS. TOTAL ATTENDANCE AT THESE SESSIONS WAS 14,207. GREENPATH PARTNERS WITH 269 CREDIT UNIONS AND COMMUNITY BANKS NATIONWIDE THROUGH OUR ACCEL MEMBER SERVICES AND GREENPATH REFERRAL AND EDUCATION PROGRAMS. THESE PROGRAMS PROVIDE ONE-ON-ONE FINANCIAL COUNSELING AND EDUCATION AND GROUP WORKSHOPS ON TOPICS SUCH AS THE AMERICAN DREAM (HOME OWNERSHIP), IDENTITY THEFT, KIDS AND MONEY, UNDERSTANDING YOUR CREDIT REPORT, SURVIVING A LAYOFF, SAVING TO ACHIEVE YOUR GOALS, COLLEGE BOUND AND STEPS TO FINANCIAL FREEDOM TO 6.5 MILLION CREDIT UNION MEMBERS AND COMMUNITY BANK CUSTOMERS. GREENPATH ALSO PUBLISHES A BIMONTHLY NEWSLETTER FOR CREDIT UNION MEMBERS ENTITLED "ACCELERATION," WHICH CONTAINS ARTICLES ON CREDIT, PERSONAL FINANCE AND MONEY MANAGEMENT.GREENPATH'S BANKING IS PROGRAM IS DESIGNED TO TEACH HIGH SCHOOL AGE STUDENTS ABOUT CREDIT, BANKING AND MONEY MANAGEMENT. THE PARTICIPATING SCHOOLS TYPICALLY WORK BANKING IS DIRECTLY INTO THEIR ECONOMICS, CIVICS OR SKILLS-FOR-LIVING COURSES. IN 2012, 14,855 HIGH SCHOOL STUDENTS COMPLETED BANKING IS. GREENPATH ALSO PUBLISHES EDUCATIONAL MATERIALS FOR CLIENTS AND THE GENERAL PUBLIC. THESE MATERIALS INCLUDE "MY PATH TO FINANCIAL FREEDOM", A GENERAL TEXT ON PERSONAL FINANCE AND MONEY MANAGEMENT; "A FRESH PATH," A TEXT WRITTEN FOR THOSE CHOOSING TO FILE FOR BANKRUPTCY AND "DEBT FREE IN DUE TIME", A TEXT WHICH PROVIDES GUIDANCE ON HOW TO NEGOTIATE INTEREST RATES AND REPAYMENT TERMS WITH CREDITORS. IN 2011, GREENPATH LAUNCHED GREENPATH UNIVERSITY (GPU), A WEBSITE DEDICATED TO THE IMPROVEMENT OF FINANCIAL LITERACY AND THE DEVELOPMENT OF MONEY MANAGEMENT SKILLS. GPU CONTAINS DOZENS OF SELF GUIDED COURSES ON TOPICS SUCH AS CREDIT & LOANS, SAVING & INVESTING, BANKRUPTCY AND SAVING FOR COLLEGE. GREENPATH CONDUCTS LIVE, WEEKLY WEBINARS ON TOPICS SUCH AS STUDENT LOANS, CREDIT SCORES AND IDENTITY PROTECTION WHICH ARE RECORDED AND ARCHIVED ON GPU SO THAT THEY CAN BE ACCESSED BY CONSUMERS AT ANYTIME. GPU ALSO CONTAINS A NUMBER OF BUDGETING TOOLS AND CALCULATORS. GPU IS AVAILABLE TO ANYONE AT NO COST AT WWW.GREENPATH.COM/UNIVERSITY. GREENPATH IS AUTHORIZED TO PROVIDE BOTH THE STATUTORILY REQUIRED PRE-FILING COUNSELING AND PRE-DISCHARGE EDUCATION COURSE TO BANKRUPTCY CANDIDATES. THE PRE-FILING COUNSELING HELPS CONSUMERS DEVELOP A WORKABLE BUDGET AND ACTION PLANS TO AVOID CIRCUMSTANCES THAT MIGHT LEAD TO ANOTHER BANKRUPTCY FILING. THE PRE-DISCHARGE EDUCATION FOCUSES ON DEVELOPING BETTER MONEY MANAGEMENT AND BUDGETING SKILLS FOR THOSE WHO PROCEED WITH BANKRUPTCY. WHEN A BANKRUPTCY CONSUMER WISHES TO BEGIN THE EDUCATION COURSE, THE CONSUMER IS SENT OR DOWNLOADS A BOOK ON THE PERSONAL AND FINANCIAL IMPLICATIONS OF BANKRUPTCY AND LIFE AFTER BANKRUPTCY ENTITLED, "A FRESH PATH". AFTER READING "A FRESH PATH", THE CONSUMER TAKES A TEST ON THE SUBJECT MATTER AND THEN HAS A FOLLOW UP SESSION WITH A COUNSELOR DURING WHICH ADDITIONAL TEACHING IS DONE IN THOSE AREAS WHERE QUESTIONS WERE ANSWERED INCORRECTLY. THE COUNSELOR ALSO REVIEWS THE PREVIOUSLY DEVELOPED BUDGET AND REVIEWS TECHNIQUES FOR ADAPTING TO AND REMAINING ON THE BUDGET. FINALLY, THE CONSUMER IS EDUCATED ON THE FOLLOWING:* CREDIT REPORTS AND CREDIT SCORING* HOW CREDIT AND CREDIT SCORES ARE IMPACTED BY BANKRUPTCY* HOW TO REBUILD YOUR CREDIT SCORE * HOW TO REESTABLISH CREDIT* EVALUATING FUTURE CREDIT OFFERS.CLIENT SURVEY RESULTS FROM 2012 INDICATE THAT 95% OF CONSUMERS RECEIVING BANKRUPTCY COUNSELING OR EDUCATION FROM GREENPATH WOULD RECOMMEND GREENPATH TO A FRIEND OR FAMILY MEMBER. 4431341 3998673 HOUSING COUNSELING:GREENPATH HAS BEEN CERTIFIED BY THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT TO PROVIDE PRE-PURCHASE, MORTGAGE DELINQUENCY/LOSS MITIGATION AND REVERSE MORTGAGE (HECM) COUNSELING SINCE 1967. IN 2011 GREENPATH WAS DESIGNATED A HUD INTERMEDIARY IN RECOGNITION OF THE QUALITY OF OUR HOUSING COUNSELING AND ITS ABILITY TO DELIVERY COUNSELING TO CONSUMERS IN ALL 50 STATES. IN 2012, GREENPATH COUNSELORS CONDUCTED OVER 92,000 HOUSING COUNSELING APPOINTMENTS WITH CONSUMERS. 36785998 1 1 0 1 0 0 0 0 1 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 15 0 1 601 1 0 0 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AK AZ AR CA CT DC FL GA IL KS KY ME MD MA MI MN MS NH NJ NM NY NC ND OH OK OR PA RI TN UT VA WA WV WI X JANE E MCNAMARA PRESIDENTCEO 2485535400 36500 CORPORATE DRIVE FARMINGTON HILLS MI 48331 READ P DUNN 1.00 X 0 0 0 JANE E MCNAMARA 40.00 X X 458570 0 20423 ANEEL KARNANI 1.00 X 0 0 0 ARMANDO OJEDA 1.00 X 0 0 0 WILLIAM RICHARDS 1.00 X 0 0 0 SUSAN WEBB 1.00 X X 0 0 0 REBECCA MORELLI 40.00 X X 59105 0 12660 HERMAN GRAY 1.00 X 0 0 0 JANE SYDLOWSKI 1.00 X X 0 0 0 MICHAEL POULOS 1.00 X X 0 0 0 DONNA VENTIMIGLIA 1.00 X 0 0 0 KURT MURPHY 40.00 X 167860 0 6609 RUSSELL HALSEY 40.00 X 170290 0 18594 DONNA MCNEILL 40.00 X 201076 0 20201 WILLIAM LODGE LEFT 91412 40.00 X 226014 0 17307 RICHARD BIALOBRZESKI 40.00 X 179220 0 18677 SUDHAMOHAN SOMSAGAR 40.00 X 112084 0 20095 TAMIKA BRYANT-CROMER 40.00 X 120826 0 16789 MARK MUNZENBERGER 40.00 X 145010 0 17198 CANDY WRIGHT 40.00 X 134872 0 19562 RICK TUMAN 40.00 X 105505 0 15823 2080432 0 203938 13 0 1 0 YPM INC 18400 VON KARMAN AVE SUITE 200 IRVINE CA 92612 YELLOW PAGES ADVERTISING 485285 CONTRACTING RESOURCES INC 403C EAST GRAND RIVER BRIGHTON MI 48116 BUILDING CONSTRUCTION 404289 GOVERNOR BUSINESS SOLUTIONS 15260 COMMERCE DRIVE SOUTH DEARBORN MI 48120 PRINTING 207049 MCSHANE MECHANICAL CONTRACTING 2055 EASY STREET COMMERCE TWP MI 48390 HVAC 206644 PEREGRIN SERVICES CORP 10451 MILL RUN CIRCLE SUITE 310 OWINGS MILLS MD 21117 TELEPHONE ROUTING AND REPORTING 151220 5 7499744 12697411 20197155 CLIENT FEES AND OTHER 624100 22373967 22373967 22373967 106452 106452 117599 160528 -42929 -42929 -42929 5791000 2806724 5702986 2801899 88014 4825 92839 92839 78242 170828 -92586 -92586 MISCELLANEOUS INCOME 624100 58247 58247 58247 42693145 22339628 0 156362 1876430 572369 1106164 197897 22015863 21011535 817034 187294 528330 527418 -3996 4908 2697631 2554327 125573 17731 1878543 1754462 104921 19160 201634 201634 114175 114175 93549 93549 560968 360236 200732 861116 634022 17982 209112 3064511 2981555 65666 17290 2451689 2440306 6383 5000 700197 604442 90678 5077 583767 582922 845 1394284 1381494 12790 261462 59534 201776 152 EQUIPMENT 656954 629293 22953 4708 FINANCE COST 315199 315199 NFCC DUES AND RELATED E 193182 133531 59651 REGULATORY FEES 150839 150839 224405 92514 83859 48032 40824728 36785998 3322369 716361 7767999 4159337 2131006 1086643 776305 696092 42596424 11732371 32858393 30864053 6227953 6631981 11467099 10875366 61228755 54313472 3835594 2688285 25101511 17891284 287089 258537 12525561 12028546 41749755 32866652 X 19479000 21446820 19479000 21446820 61228755 54313472 1868417 99403 0 X X 0 1 X 1 1 1 X 9679565 17320945 17569020 17520443 20197155 82287128 25517298 27817693 27360430 25552821 22452209 128700451 35196863 45138638 44929450 43073264 42649364 210987579 0 0 0 210987579 471934 390418 297540 316492 224051 1700435 471934 390418 297540 316492 224051 1700435 148677 123705 139898 83789 58247 554316 35817474 45652761 45366888 43473545 42931662 213242330 0.98940 0.98440 0.00800 0.01250 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 93549 93549 40731179 40824728 1000000 250000 0 0 1000000 1000000 1000000 3000000 4500000 71435 63888 93549 228872 250000 250000 250000 750000 1125000 0 0 3837996 3837996 23533738 863178 22670560 7325558 4361421 2964137 7899132 6507772 1391360 30864053 CLIENT FUNDS HELD IN TRUST 10875366 10875366 CLIENT DEPOSITS 10875366 INTEREST RATE SWAP AGREEMENT 1153180 12028546 43123904 99403 331356 430759 42693145 0 42693145 41156084 331356 331356 40824728 0 40824728 PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 160,528. COST OF GOODS SOLD 170,828. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 160,528. COST OF GOODS SOLD 170,828. X 0 1 X X X X X X 1 0 0 0 0 0 0 0 0 JANE E MCNAMARA 438570 0 20000 0 0 0 12500 0 7923 0 478993 0 0 0 KURT MURPHY 167860 0 0 0 0 0 0 0 6609 0 174469 0 0 0 RUSSELL HALSEY 163290 0 7000 0 0 0 8719 0 9875 0 188884 0 0 0 DONNA MCNEILL 191076 0 10000 0 0 0 10260 0 9941 0 221277 0 0 0 WILLIAM LODGE LEFT 91412 171260 0 7500 0 47254 0 9540 0 7767 0 243321 0 0 0 RICHARD BIALOBRZESKI 163700 0 7000 0 8520 0 9037 0 9640 0 197897 0 0 0 MARK MUNZENBERGER 139010 0 6000 0 0 0 7357 0 9841 0 162208 0 0 0 CANDY WRIGHT 103075 0 0 0 31797 0 5615 0 13947 0 154434 0 0 0 PART I, LINE 1B UNDER THE TERMS OF THE FIVE YEAR EMPLOYMENT AGREEMENT NEGOTIATED BETWEEN GREENPATH'S BOARD OF TRUSTEES AND PRESIDENT & CEO JANE MCNAMARA, PART OF THE COMPENSATION PACKAGE IS "PAYMENT OF MEMBERSHIPS IN APPROPRIATE SOCIAL CLUBS FOR BUSINESS USE." PART I, LINE 4A WILLIAM LODGE $47,254.00 SEVERANCE PAYMENT. A MICHIGAN STRATEGIC FUND 521417332 594698JQ6 2011-02-01 19000000 CONSTRUCTION OF NEW HEADQUARTERS 0 0 0 B MICHIGAN STRATEGIC FUND 521417332 2011-09-29 3000000 FURNITURE, FIXTURES, EQUIPMENT FOR NEW HEADQUARTERS 0 0 0 A 19000000 236806 18656217 106977 2011 0 0 1 1 B 3000000 22500 2977500 2011 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 A 0 0 0 1 1 1 PNC BANK NA 10.000000000000 0 0 0 0 0 B 0 0 0 1 1 0 0 0 0 JOHN HARTLEY HUSBAND OF CEO JANE MCNAMARA JOHN HARTLEY, WHO BECAME THE HUSBAND OF GREENPATH CEO JANE MCNAMARA IN SEPTEMBER 2011, WAS HIRED AS AN INDEPENDENT CONTRACTOR TO SERVE AS AN OWNER'S REPRESENTATIVE DURING CONSTRUCTION OF A NEW CORPORATE HEADQUARTERS IN APRIL 2011. FROM JANUARY THROUGH DECEMBER 2012, MR. HARTLEY WAS PAID $40,075.00. 0 FORM 990, PART VI, SECTION B, LINE 11 MANAGEMENT WILL REVIEW THE 990 WITH THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. AFTER THE 990 IS FINALIZED, BUT PRIOR TO IT'S FILING, MANAGEMENT WILL E-MAIL A COPY TO ALL BOARD OF TRUSTEE MEMBERS, AND FEEDBACK WILL BE SOUGHT FROM THE BOT MEMBERS PRIOR TO FILING THE 990 RETURN. FORM 990, PART VI, SECTION B, LINE 12C GREENPATH REQUIRES OFFICERS, DIRECTORS AND KEY EMPLOYEES TO COMPLETE A CONFLICT OF INTEREST DISCLOSURE FORM ANNUALLY. THIS FORM ASKS FOR ANY MATERIAL INTERESTS OR AFFILIATION WHICH ARE, OR ARE LIKELY TO BECOME, CONFLICTS OF INTEREST. POTENTIAL CONFLICT CIRCUMSTANCES WHICH ARISE DURING THE COURSE OF THE YEAR ARE REQUIRED TO BE REPORTED TO THE BOARD OF TRUSTEES. BOARD MEMBERS MUST EXCUSE THEMSELVES FROM DISCUSSION ABOUT OR VOTING ON ANY TRANSACTIONS IN WHICH THEY MAY HAVE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD RELIES ON AN INDEPENDENT, THIRD PARTY COMPENSATION CONSULTANT TO COLLECT COMPARABILITY DATA, ASSESS MARKET TRENDS AND MAKE RECOMMENDATIONS ON THE CEO'S COMPENSATION PACKAGE. THE SAMPLE OF COMPARABLE ORGANIZATIONS IS COMPOSED OF ORGANIZATIONS FROM WHICH GREENPATH MIGHT RECRUIT A FUTURE CEO OR WHICH MIGHT HAVE AN INTEREST IN TRYING TO RECRUIT GREENPATH'S CEO AND WHICH ADDITIONALLY ARE LOCATED IN LABOR MARKETS WHERE GREENPATH HAS A SIGNIFICANT PRESENCE. SPECIFIC DEGREE OF COMPARABILITY IS BASED ON A.) GROSS RECEIPTS, B.) TOTAL ASSETS. FORM 990, PART VI, SECTION C, LINE 19 GREENPATH'S 990 IS AVAILABLE AT WWW.GUIDESTAR.ORG OR UPON REQUEST. THE ANNUAL REPORT, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE ALSO AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: GREENPATH HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDITED FINANCIAL STATEMENTS.