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Petitioner’s bylaws provide that its specific objectives and
purposes are:
1. Establish Solution-PLUS as a viable and beneficial
entity in the credit counseling industry through
expanded financial services and diversification of
revenue.
2. Provide a financial literacy model that focuses on
increasing consumer financial awareness and preventing
financial distress.
3. Provide a structured debt repayment plan (debt
management program) for the immediate and long-term
relief of financially overburdened consumers.
4. Establish Solution-PLUS as a reliable corporate
community support mechanism for those in need.
C. Board of Directors and Officers
Petitioner’s articles of incorporation and bylaws provide
that petitioner shall have two directors. Petitioner’s articles
of incorporation named Mr. Dennis and his wife as the only
directors.
Mr. Dennis is petitioner’s president, chief executive
officer (CEO), and only employee. Mr. Dennis’s compensation is
determined, in part, by the growth of petitioner’s portfolio of
DMPs.
D. Petitioner’s Application for Exemption and Followup
Correspondence
1. Application for Recognition of Exemption
Mr. Dennis signed petitioner’s Form 1023, Application for
Recognition of Exemption Under Section 501(c)(3) of the Internal
Revenue Code, and dated it February 25, 2005, a date 10 days
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