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.
Form
990
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.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Jonathan Mintz President And CEO | OfficerTrustee | 40 | $384,554 |
Michael Dubin Treasurer | OfficerTrustee | 1 | $0 |
Cathleen Mahon Secretary | OfficerTrustee | 1 | $0 |
Naomi Gendler Camper Board Member | Trustee | 1 | $0 |
Jose Cisneros Board Member | Trustee | 1 | $0 |
Latia Curry Board Member | Trustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Allegiance Group Digital Ad Campaigns, Website Design | 6/29/23 | $253,043 |
Soliant Consulting Inc Database And Website Design And Maintena | 6/29/23 | $175,095 |
Urban Institute Program Evaluation | 6/29/23 | $196,053 |
Hill Knowlton Strategies Graphic Design, Media Pitching Assistanc | 6/29/23 | $123,149 |
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 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $2,742,998 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $1,080,301 |
Compensation of current officers, directors, key employees. | $273,523 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $2,109,342 |
Pension plan accruals and contributions | $93,322 |
Other employee benefits | $302,847 |
Payroll taxes | $236,742 |
Fees for services: Management | $0 |
Fees for services: Legal | $442 |
Fees for services: Accounting | $135,522 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $217,790 |
Advertising and promotion | $183,686 |
Office expenses | $108,033 |
Information technology | $339,667 |
Royalties | $0 |
Occupancy | $351,960 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $272,034 |
Insurance | $55,180 |
All other expenses | $40,077 |
Total functional expenses | $10,398,984 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $332,732 |
Savings and temporary cash investments | $15,517,005 |
Pledges and grants receivable | $8,382,000 |
Accounts receivable, net | $0 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $62,469 |
Net Land, buildings, and equipment | $424,696 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $2,503,585 |
Total assets | $27,222,487 |
Accounts payable and accrued expenses | $884,348 |
Grants payable | $1,746,112 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $0 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $0 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $2,410,006 |
Total liabilities | $5,040,466 |
Net assets without donor restrictions | $3,875,381 |
Net assets with donor restrictions | $18,306,640 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Retained earnings, endowment, accumulated income, or other funds | $0 |
Total liabilities and net assets/fund balances | $27,222,487 |
Over the last fiscal year, Cities For Financial Empowerment Fund Inc has awarded $2,734,281 in support to 51 organizations.
Grant Recipient | Amount |
---|---|
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 |