Form 990 for tax year 2024

Totals

Total revenue

$17,266,819

Total expenses

$14,321,298

Contributions and grants received

$16,352,511

Grants paid

$4,854,081

Program service revenue

$0

Investment income

$892,341

Other revenue

$21,967

Total assets, end of year

$27,129,516

Total liabilities, end of year

$10,349,105

Net assets or fund balances, end of year

$16,780,411

Program services expenses (Part IX)

$12,284,249

Management and general expenses

$1,176,175

Fundraising expenses

$860,874

Program service expenses (Part III)

$12,284,249

Program services were 85.8% 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.

Mission and programs · 2024

• FINANCIAL EMPOWERMENT CENTERSMUNICIPAL 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 39 CITIES AND COUNTIES, HELPING OVER 200,000 CLIENTS REDUCE DEBT BY MORE THAN $344 MILLION AND INCREASE SAVINGS BY OVER $69 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. (CONTINUED ON SCHEDULE O)THE CFE FUND'S FEC ACADEMY ENTRY POINT GUIDES CITIES AND COUNTIES THROUGH EACH STEP OF PLANNING TO LAUNCH THE MODEL LOCALLY. THIS YEAR, THE CFE FUND ALSO INTRODUCED LEGACY PLANNING AS A NEW FEC SERVICE PLAN; COUNSELORS CAN NOW HELP CLIENTS PROTECT THEIR ASSETS, PLAN FOR RETIREMENT, AND ACCESS RESOURCES TO HELP THEM CREATE LEGAL DOCUMENTS LIKE WILLS. FINALLY, THE CFE FUND IS PILOTING A NEW ENHANCEMENT TO THE FEC MODEL FOCUSING ON SMALL BUSINESS AND ENTREPRENEURSHIP SERVICES.

  Expenses $8,108,471 · Grants $3,290,000

• CITY START THE CITYSTART INITIATIVE PROVIDES STRUCTURED SUPPORT TO HELP LOCAL GOVERNMENTS IDENTIFY FINANCIAL EMPOWERMENT GOALS, CONVENE RELEVANT STAKEHOLDERS, AND DEVELOP ACTIONABLE STRATEGIES, CULMINATING IN THE CREATION OF A "WEALTH EQUITY BLUEPRINT," ROOTED IN LOCAL INSIGHTS. THIS TWO-PHASE ENGAGEMENT COMBINES CRITICAL INSIGHTS ABOUT THE IMPACT OF FINANCIAL INSTABILITY ON MUNICIPAL GOVERNMENTS WITH TANGIBLE STRATEGIES TO HELP RESIDENTS BUILD FINANCIAL STABILITY. THE CFE FUND HAS SUPPORTED 50 MUNICIPALITIES THROUGH THE CITYSTART INITIATIVE.

  Expenses $1,210,987 · Grants $600,000

• FINANCIAL EMPOWERMENT CITIES ACROSS 150 MUNICIPALITIES AND YEARS OF WORK, THE CFE FUND'S PROGRAMMATIC EXPERIENCE HAVE SHOWN THAT FINANCIAL EMPOWERMENT EFFORTS CAN ACHIEVE SUCCESSFUL OUTCOMES IN BOTH IMPACT AND SCALE WHEN THEY ARE LED BY LOCAL GOVERNMENT. THROUGH THE FINANCIAL EMPOWERMENT CITIES (FE CITIES) INITIATIVE, THE CFE FUND SUPPORTS MUNICIPALITIES TO MORE DEEPLY INVEST IN THEIR FINANCIAL EMPOWERMENT WORK BY CREATING A DEDICATED OFFICE OF FINANCIAL EMPOWERMENT (OFE). EACH COHORT OF FE CITIES LEADERS COMPLETES A TWO-YEAR TRAINING PROGRAM, WORKING WITH THE CFE FUND TO LAUNCH AND LEAD OFES IN THEIR RESPECTIVE MUNICIPALITIES. THE CFE FUND HAS SUPPORTED 10 MUNICIPALITIES THROUGH THE FE CITIES INITIATIVE.

  Expenses $1,121,076 · Grants $480,000

• ADDITIONAL CFE FUND PROGRAMS INCLUDE: SUPPORTING THE CFE COALITION, AN INVITATION-ONLY GROUP OF 19 CITIES ON THE CUTTING EDGE OF MUNICIPAL FINANCIAL EMPOWERMENT; LIAISING NATIONALLY WITH BANKING, REGULATORY, AND NONPROFIT ORGANIZATION PARTNERS TO ENSURE THAT EVERYONE HAS ACCESS TO SAFE, AFFORDABLE BANKING; CONNECTING LOCAL EMERGENCY MANAGEMENT LEADERSHIP WITH COMMUNITY AND GOVERNMENT FINANCIAL EMPOWERMENT RESOURCES TO ENSURE THAT EMERGENCY RESPONSE PROTOCOLS INCORPORATE PERSONAL FINANCE CONSIDERATIONS; DEVELOPING CONSUMER FINANCIAL PROTECTION CAPACITY; AND USING THE SCALE AND INFRASTRUCTURE OF MUNICIPAL YOUTH EMPLOYMENT PROGRAMS TO INTEGRATE TARGETED FINANCIAL EDUCATION AND BANKING ACCESS STRATEGIES.

  Expenses $1,843,715 · Grants $484,081 · Revenue $9,600

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

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

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

• EQUAL JUSTICE WORKS

  $280,000

  FACILITATE A LEGAL FELLOWSHIP PROGRAM TO PROVIDE LEGAL ASSISTANCE TO FEC CLIENTS

• CITY OF CHARLESTON SC

  $200,000

  LAUNCHING A LOCAL FINANCIAL EMPOWERMENT CENTER (FEC) INITIATIVE

• CITY OF PHILADELPHIA

  $185,000

  LAUNCHING A LOCAL FINANCIAL EMPOWERMENT CENTER (FEC) INITIATIVE

• THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY

  $100,000

  SUPPORTING A FULL-TIME LEADER TO PLAN A MUNICIPAL OFFICE OF FINANCIAL EMPOWERMENT

• CITY OF KANSAS CITY MO

  $100,000

  CONVENING STAKEHOLDERS AND CREATING A MUNICIPAL FINANCIAL EMPOWERMENT BLUEPRINT

• CITY OF LITTLE ROCK AR

  $100,000

  SUPPORTING A FULL-TIME LEADER TO PLAN A MUNICIPAL OFFICE OF FINANCIAL EMPOWERMENT

• CITY OF MEMPHIS TN

  $100,000

  CONVENING STAKEHOLDERS AND CREATING A MUNICIPAL FINANCIAL EMPOWERMENT BLUEPRINT

• CITY OF PUEBLO CO

  $100,000

  LAUNCHING A LOCAL FINANCIAL EMPOWERMENT CENTER (FEC) INITIATIVE

• CITY OF SAVANNAH

  $100,000

  CONVENING STAKEHOLDERS AND CREATING A MUNICIPAL FINANCIAL EMPOWERMENT BLUEPRINT

• CITY OF SPRINGFIELD MA

  $100,000

  CONVENING STAKEHOLDERS AND CREATING A MUNICIPAL FINANCIAL EMPOWERMENT BLUEPRINT

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

Provenance

Return type

form_990

Tax year

2024

Filed

11 May 2026

IRS schema version

2024v5.5

Source object

202621319349305387

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.