Skip to content
Nonprofiteer
← CITY FIRST ENTERPRISES INC

Form 990 for tax year 2023

Filed by CITY FIRST ENTERPRISES INC.

Totals

Total revenue
$21,464,449
Total expenses
$20,222,093
Contributions and grants received
$18,832,191
Grants paid
$16,874,962
Program service revenue
$0
Investment income
$2,307,418
Other revenue
$324,840
Total assets, end of year
$68,106,525
Total liabilities, end of year
$41,017,234
Net assets or fund balances, end of year
$27,089,291
Program services expenses (Part IX)
$19,265,608
Management and general expenses
$667,353
Fundraising expenses
$289,132
Program service expenses (Part III)
$19,265,608

Program services were 95.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $18,832,191

  • 3 · Investment income

    total $2,307,418 · excluded $2,307,418

  • 11a · Other revenue: OTHER REVENUE

    total $324,840 · excluded $324,840

  • 11e · Other revenue, total

    $324,840

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $16,874,962 · program services $16,874,962

  • 7 · Other salaries and wages

    total $2,263,470 · program services $1,476,312 · management and general $553,745 · fundraising $233,413

  • 9 · Other employee benefits

    total $203,990 · program services $133,049 · management and general $49,905 · fundraising $21,036

  • 10 · Payroll taxes

    total $167,944 · program services $109,539 · management and general $41,086 · fundraising $17,319

  • 11b · Fees: legal

    total $16,235 · program services $16,235

  • 11c · Fees: accounting

    total $58,496 · program services $58,496

  • 11g · Fees: other

    total $229,288 · program services $207,508 · management and general $8,134 · fundraising $13,646

  • 13 · Office expenses

    total $284,130 · program services $272,901 · management and general $8,857 · fundraising $2,372

  • 16 · Occupancy

    total $90,243 · program services $84,261 · management and general $4,718 · fundraising $1,264

  • 17 · Travel

    total $19,552 · program services $19,163 · management and general $307 · fundraising $82

  • 22 · Depreciation, depletion and amortization

    total $2,285 · program services $2,285

  • 24a · Other expenses: STAFF TRAINING

    total $11,498 · program services $10,897 · management and general $601 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $2

  • 2 · Savings and temporary cash investments

    beginning of year $23,918,695 · end of year $21,466,753

  • 4 · Accounts receivable

    beginning of year $9,206 · end of year $123,393

  • 7 · Other notes and loans receivable

    beginning of year $29,884,746 · end of year $38,831,659

  • 9 · Prepaid expenses and deferred charges

    beginning of year $69,963 · end of year $100,738

  • 10a · Land, buildings and equipment: cost or other basis

    $82,252

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,285

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $79,967

  • 11 · Investments: publicly traded securities

    beginning of year $6,688,458 · end of year $5,620,619

  • 12 · Investments: other securities

    beginning of year $155,150 · end of year $24,087

  • 15 · Other assets

    beginning of year $0 · end of year $1,859,307

  • 17 · Accounts payable and accrued expenses

    beginning of year $210,427 · end of year $309,799

  • 19 · Deferred revenue

    beginning of year $12,023,592 · end of year $12,868,297

  • 21 · Escrow or custodial account liability

    beginning of year $35,766 · end of year $17,051

  • 23 · Secured mortgages and notes payable

    beginning of year $22,105,000 · end of year $27,605,000

  • 25 · Other liabilities

    beginning of year $112,389 · end of year $217,087

  • 27 · Net assets without donor restrictions

    beginning of year $25,923,422 · end of year $26,850,133

  • 28 · Net assets with donor restrictions

    beginning of year $315,622 · end of year $239,158

Mission and programs · 2023

Mission

CITY FIRST ENTERPRISES IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION SPECIALIZING IN FLEXIBLE LENDING FOR AFFORDABLE HOUSING, COMMERCIAL REAL ESTATE, SMALL BUSINESSES, NON-PROFITS, CLEAN ENERGY, AND HOMEOWNERSHIP. WITH A MISSION TO CREATE EQUITABLE FINANCIAL SOLUTIONS TO SUPPORT PEOPLE AND COMMUNITIES IN ACHIEVING THEIR ECONOMIC ASPIRATIONS, WE ENVISION A FUTURE WHERE ALL PEOPLE AND COMMUNITIES TRANSFORM THEIR FUTURES THROUGH EQUITABLE ACCESS TO CAPITAL.

  • MANAGED PORTFOLIO OF DEPLOYED FUNDS IN SUBORDINATED LOANS TO NONPROFITS, SMALL BUSINESSES, GREEN ENERGY, AND AFFORDABLE HOUSING ORGANIZATIONS WITHIN THE GREATER WASHINGTON METROPOLITAN COMMUNITY, AS WELL AS PROVIDE TECHNICAL ASSISTANCE AND CREDIT COUNSELING TO BORROWERS. CONTINUED CREATION OF PERMANENTLY AFFORDABLE HOUSING BY WHOLLY OWNED SUBSIDIARY.

    Expenses $19,265,608 · Grants $16,874,962

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Annie Donovan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Priya Jayachandran

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lori Chatman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Amber Kuchar-Bell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Shannon Scott

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brian Argrett

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    1

  • David McGrady

    VICE-CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    1

  • Dr William Longbrake

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Chuck Muckenfuss

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Oswaldo Acosta

    PRESIDENT AND CHIEF EXECUTIVE OFFICER

    Total calculated
    $351,733
    From this org
    $351,733
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $298,733
    Bonus
    $53,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $351,733

  • Rodrigo Cordon

    CHIEF OPERATING OFFICER

    Total calculated
    $161,750
    From this org
    $161,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,750
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $161,750

  • Stephanie Meyer

    CHIEF CREDIT OFFICER

    Total calculated
    $137,294
    From this org
    $137,294
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Jonathan Reyes

    CHIEF LENDING OFFICER

    Total calculated
    $142,988
    From this org
    $142,988
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Shanna McClearn

    SR. DIRECTOR, PARTNERSHIPS AND STRATEGIC INITIATIV

    Total calculated
    $138,960
    From this org
    $138,960
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • THE CLEANER OF CLEANERS LLC

    $0

    COVID-19 SMALL BUSINESS RELIEF

  • THE FRESH FOOD FACTORY MARKET LLC

    $0

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • THE FRESH FOOD FACTORY MARKET LLC

    $0

    COVID-19 SMALL BUSINESS RELIEF

  • THE LOVELY LADY BOUTIQUE LLC

    $0

    COVID-19 SMALL BUSINESS RELIEF

  • THE RESIDENCE AT MINNESOTA GARDENS COOPERATIVE INC

    $0

    HOUSING PROVIDER RENTAL ASSISTANCE

  • THE SHOP AT SHAW LLC

    $0

    COVID-19 SMALL BUSINESS RELIEF

  • THE SHOP AT UNION MARKET LLC

    $0

    COVID-19 SMALL BUSINESS RELIEF

  • THEKUKUSNEST LLC

    $0

    COVID-19 SMALL BUSINESS RELIEF

  • MELPRO LLC

    $0

    HOUSING PROVIDER RENTAL ASSISTANCE

  • 11ELEVEN GALLERY LLC

    $0

    COVID-19 SMALL BUSINESS RELIEF

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • CITY FIRST HOMES INC

    501(C)(3) · TO PROMOTE COMMUNITY DEVELOPMENT BY PROVIDING AFFORDABLE HOUSING. · DC

    Directly controlled by CITY FIRST ENTERPRISES INC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • BROADWAY FINANCIAL CORPORATION

    C · BANK HOLDING COMPANY THAT CONDUCTS OPERATIONS THROUGH CITY FIRST BANK · DC · 9.18% owned

Provenance

Return type
form_990
Tax year
2023
Filed
4 June 2024
IRS schema version
2023v5.0
Source object
202421579349301002

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.