Cities For Financial Empowerment Fund Inc

Organization Overview

Cities For Financial Empowerment Fund Inc is located in New York, NY. The organization was established in 2014. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Cities For Financial Empowerment Fund Inc employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cities For Financial Empowerment Fund Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 06/2023, Cities For Financial Empowerment Fund Inc generated $7.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (8.1%) each year. All expenses for the organization totaled $10.4m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.

Since 2016, Cities For Financial Empowerment Fund Inc has awarded 625 individual grants totaling $61,533,572. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

HELP MUNICIPALITIES BUILD PROGRAMS AND STRATEGIES TO SUPPORT HOUSEHOLD FINANCIAL STABILITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SUMMER JOBS CONNECT (SJC)THROUGH SUMMER JOBS CONNECT, THE CFE FUND AND ITS 41 MUNICIPAL GOVERNMENT PARTNERS HAVE DEVELOPED A NATIONAL MODEL FOR USING THE SCALE AND INFRASTRUCTURE OF MUNICIPAL SUMMER YOUTH EMPLOYMENT PROGRAMS TO INTEGRATE FINANCIAL EMPOWERMENT STRATEGIES AND ACHIEVE GREATER IMPACT. THE CFE FUND IS SUPPORTING MUNICIPALITIES IN DEVELOPING TARGETED FINANCIAL EDUCATION AND BANKING ACCESS STRATEGIES THAT TAKE ADVANTAGE OF THE PAYCHECK OPPORTUNITY, AND IS WELCOMING NEW COHORTS OF LOCAL GOVERNMENTS TO THIS WORK THROUGH A STRUCTURED SUMMER JOBS CONNECT ACADEMY OPPORTUNITY.


ADDITIONAL CFE FUND PROGRAMS INCLUDE: SUPPORTING THE CFE COALITION, AN INVITATION-ONLY GROUP OF 20 CITIES ON THE CUTTING EDGE OF MUNICIPAL FINANCIAL EMPOWERMENT; DEVELOPING CONSUMER FINANCIAL PROTECTION CAPACITY AND OFFICES OF FINANCIAL EMPOWERMENT WITHIN LOCAL GOVERNMENT; AND PROVIDING INTENSIVE TECHNICAL ASSISTANCE TO HELP CITIES AND OTHER GOVERNMENT LEADERS EMBED FINANCIAL EMPOWERMENT STRATEGIES INTO PROGRAMS AND INFRASTRUCTURE, FOCUSING ON THE NEEDS OF BLACK RESIDENTS.


BANK ONBANK ON PROVIDES CENTRAL SUPPORT TO 100 LOCAL COALITIONS AND LIAISES NATIONALLY WITH BANKING, REGULATORY, AND NONPROFIT ORGANIZATION PARTNERS TO ENSURE THAT EVERYONE HAS ACCESS TO SAFE, AFFORDABLE BANKING. PROGRAM ACCOMPLISHMENTS INCLUDE: THE RELEASE OF THE FIRST-EVER BANK ON NATIONAL ACCOUNT STANDARDS, AND THE ACCOMPANYING MOVEMENT OF THE MARKET TO MEET THE STANDARDS; THE CREATION OF AN INFRASTRUCTURE TO EVALUATE AND VALIDATE ACCOUNTS THAT MEET THE STANDARDS; THE CREATION OF A PLATFORM TO FACILITATE AND AGGREGATE FINANCIAL INSTITUTION REPORTING OF DATA ABOUT BANK ON ACCOUNTS; A RANGE OF GRANT SUPPORT TO ASSIST LOCAL COALITIONS IN BUILDING THEIR CAPACITY AND EXPANDING BANKING ACCESS, INCLUDING THROUGH THE DEVELOPMENT OF REPLICABLE, LARGE-SCALE PROGRAMS THAT CONNECT UNDERSERVED POPULATIONS TO CERTIFIED ACCOUNTS; THE ESTABLISHMENT OF THE BANK ON FELLOWSHIP TO DEMONSTRATE WHAT FULL-TIME COALITION LEADERSHIP CAN ACCOMPLISH; AND ADDITIONAL TECHNICAL ASSISTANCE EFFORTS AIMED AT HELPING FINANCIAL INSTITUTIONS AND MUNICIPAL LEADERS UPGRADE AND REINVIGORATE LOCAL BANK ON PROGRAMS.


FINANCIAL EMPOWERMENT CENTER (FEC) REPLICATIONMUNICIPAL FINANCIAL EMPOWERMENT CENTERS (FECS) OFFER PROFESSIONAL, ONE-ON-ONE FINANCIAL COUNSELING AS A FREE PUBLIC SERVICE. THE MODEL, FIRST PILOTED IN NEW YORK CITY, IS NOW ACTIVE IN 31 CITIES AND COUNTIES, HELPING OVER 150,000 CLIENTS REDUCE DEBT BY OVER $225 MILLION AND INCREASE SAVINGS BY OVER $45 MILLION; DOZENS OF ADDITIONAL LOCAL GOVERNMENTS ARE WORKING TO LAUNCH A LOCAL FEC INITIATIVE. EACH PARTNER HAS SEEN INCREDIBLE DEMAND FOR FEC SERVICES AND HAS QUICKLY REALIZED THE IMPORTANCE OF THIS WORK; MANY HAVE TRANSITIONED SUCCESSFULLY FROM PRIVATE INVESTMENT INTO ONGOING PUBLIC FUNDING SUSTAINABILITY. THE CFE FUND LAUNCHED FEC ACADEMY, AN EXPANDED ENTRY POINT TO GUIDE CITIES AND COUNTIES THROUGH EACH STEP OF PLANNING TO LAUNCH THE MODEL LOCALLY. FINALLY, THE CFE FUND IS PILOTING NEW ENHANCEMENTS TO THE FEC MODEL RANGING FROM CONNECTIONS TO SMALL BUSINESS/ENTREPRENEURSHIP SERVICES TO ESTATE PLANNING.


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Board, Officers & Key Employees

Name (title)Compensation
Jonathan Mintz
President And CEO
$384,554
Michael Dubin
Treasurer
$0
Cathleen Mahon
Secretary
$0
Naomi Gendler Camper
Board Member
$0
Jose Cisneros
Board Member
$0
Latia Curry
Board Member
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Allegiance Group
Digital Ad Campaigns, Website Design
$253,043
Soliant Consulting Inc
Database And Website Design And Maintena
$175,095
Urban Institute
Program Evaluation
$196,053
Hill Knowlton Strategies
Graphic Design, Media Pitching Assistanc
$123,149
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$7,183,300
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$7,183,300
Total Program Service Revenue$16,800
Investment income $420,253
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,628,594

Grants Awarded

Over the last fiscal year, Cities For Financial Empowerment Fund Inc has awarded $2,734,281 in support to 51 organizations.

Grant RecipientAmount

CITY OF DETROIT

PURPOSE: EXPANDING AND SUPPORTING THE CAPACITY OF A LOCAL BANK ON COALITION

$10,000

CITY OF CHARLESTON SC

PURPOSE: EXPANDING AND SUPPORTING THE CAPACITY OF A LOCAL BANK ON COALITION

$25,000

UNITED WAY OF GREATER ST LOUIS

PURPOSE: EXPANDING AND SUPPORTING THE CAPACITY OF A LOCAL BANK ON COALITION

$25,000

URBAN ECONOMIC DEVELOPMENT ASSOCIATION OF WISCONSIN(UEDA)

PURPOSE: EXPANDING AND SUPPORTING THE CAPACITY OF A LOCAL BANK ON COALITION

$25,000

UNITED WAY OF SUNCOAST

PURPOSE: EXPANDING AND SUPPORTING THE CAPACITY OF A LOCAL BANK ON COALITION

$25,000

NEIGHBORHOOD ALLIES

PURPOSE: EXPANDING AND SUPPORTING THE CAPACITY OF A LOCAL BANK ON COALITION

$25,000
View Grant Profile

Peer Organizations

Organization NameAssets
Alliance For Downtown New York Inc
New York, NY
$22,676,926
The Bottom Line Inc
Jamaica Plain, MA
$36,544,277
Quadrivium
New York, NY
$2,015,062
Neighborhood Stabilization Corporation
Boston, MA
$7,708,192
Pennsylvania Microenterprise Coalition
Philadelphia, PA
$13,231,920
Cidny-Independent Living Services Inc
Brooklyn, NY
$12,076,864
Cities For Financial Empowerment Fund Inc
New York, NY
$7,628,594
Berks Community Action Program Inc
Reading, PA
$8,769,646
Buffalo Urban Development Corporation
Buffalo, NY
$5,250,163
Juvenile Justice Center Of Phila
Philadelphia, PA
$6,364,511
The Fund For Parks And Recreation In Boston
Boston, MA
$12,298,863
128 West Transportation Council Inc
Waltham, MA
$4,369,686
Mass Mentoring Partnership Inc
Boston, MA
$3,310,731
Community Capacity Development Inc
Jamaica, NY
$3,575,228
Excavators 731 Property Corp
Astoria, NY
$2,631,078
Connecticut Project Inc
Bridgeport, CT
$33,500,265
Addie Mae Collins Community Services
New York, NY
$2,796,584
International Brotherhood Of Painters And Allied Trades
Philadelphia, PA
$2,225,304
Brownsville Think Tank Matters
Brooklyn, NY
$2,434,427
Econometric Society Inc
New Haven, CT
$2,765,365
Building Trades Employers Association Of Boston & Eastern Ma
Braintree, MA
$2,963,741
Building Trades Employers Assn Of The City Of New York
New York, NY
$1,669,605
Associated General Contractors Of Massachusetts Inc
Wellesley, MA
$2,302,222
Schoharie Community Action Program Corp
Cobleskill, NY
$1,877,552
United Association Of Journeymen & Apprentices Of The Plumbing & Pipe
Englishtown, NJ
$2,231,027

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