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Nonprofiteer
← CITY FIRST ENTERPRISES INC

Form 990 for tax year 2024

Filed by CITY FIRST ENTERPRISES INC.

Totals

Total revenue
$15,260,987
Total expenses
$12,090,417
Contributions and grants received
$11,716,215
Grants paid
$8,631,152
Program service revenue
$0
Investment income
$3,255,551
Other revenue
$289,221
Total assets, end of year
$74,225,691
Total liabilities, end of year
$43,848,033
Net assets or fund balances, end of year
$30,377,658
Program services expenses (Part IX)
$11,039,585
Management and general expenses
$840,582
Fundraising expenses
$210,250
Program service expenses (Part III)
$11,039,585

Program services were 91.3% 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

    $11,716,215

  • 3 · Investment income

    total $3,255,551 · excluded $3,255,551

  • 11a · Other revenue: OTHER REVENUE

    total $289,221 · excluded $289,221

  • 11e · Other revenue, total

    $289,221

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $8,631,152 · program services $8,631,152

  • 7 · Other salaries and wages

    total $2,326,682 · program services $1,624,520 · management and general $532,536 · fundraising $169,626

  • 9 · Other employee benefits

    total $234,586 · program services $163,366 · management and general $54,124 · fundraising $17,096

  • 10 · Payroll taxes

    total $182,843 · program services $125,945 · management and general $43,736 · fundraising $13,162

  • 11b · Fees: legal

    total $37,656 · program services $37,656

  • 11c · Fees: accounting

    total $48,300 · management and general $48,300

  • 11g · Fees: other

    total $99,382 · program services $99,177 · management and general $205

  • 13 · Office expenses

    total $296,284 · program services $165,239 · management and general $130,550 · fundraising $495

  • 16 · Occupancy

    total $143,000 · program services $101,998 · management and general $31,131 · fundraising $9,871

  • 17 · Travel

    total $42,381 · program services $42,381

  • 22 · Depreciation, depletion and amortization

    total $27,417 · program services $27,417

  • 24a · Other expenses: STAFF TRAINING

    total $20,734 · program services $20,734

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $21,466,755 · end of year $14,625,175

  • 4 · Accounts receivable

    beginning of year $123,393 · end of year $117,152

  • 7 · Other notes and loans receivable

    beginning of year $38,831,659 · end of year $52,981,676

  • 9 · Prepaid expenses and deferred charges

    beginning of year $100,738 · end of year $176,115

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

    $82,252

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

    $29,702

  • 10c · Land, buildings and equipment, net

    beginning of year $79,967 · end of year $52,550

  • 11 · Investments: publicly traded securities

    beginning of year $5,620,619 · end of year $5,903,631

  • 12 · Investments: other securities

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

  • 15 · Other assets

    beginning of year $1,859,307 · end of year $345,305

  • 17 · Accounts payable and accrued expenses

    beginning of year $309,799 · end of year $555,604

  • 19 · Deferred revenue

    beginning of year $12,868,297 · end of year $7,211,579

  • 21 · Escrow or custodial account liability

    beginning of year $17,051 · end of year $21,659

  • 23 · Secured mortgages and notes payable

    beginning of year $27,605,000 · end of year $35,355,000

  • 25 · Other liabilities

    beginning of year $217,087 · end of year $704,191

  • 27 · Net assets without donor restrictions

    beginning of year $26,850,133 · end of year $30,238,794

  • 28 · Net assets with donor restrictions

    beginning of year $239,158 · end of year $138,864

Mission and programs · 2024

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 $11,039,585 · Grants $8,631,152

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

Listed in Part VII

  • Dr William Longbrake

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Chuck Muckenfuss

    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 Kucher Bell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Estrella Lucero

    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

  • Shannon Scott

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Mary Ann Donovan

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Oswaldo Acosta

    PRESIDENT AND CHIEF EXECUTIVE OFFICER

    Total calculated
    $362,606
    From this org
    $362,606
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $315,806
    Bonus
    $46,800
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $362,606

  • Rodrigo Cordon

    CHIEF OPERATING OFFICER

    Total calculated
    $191,461
    From this org
    $191,461
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,664
    Bonus
    $10,797
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $191,461

  • Jonathan Reyes

    CHIEF LENDING OFFICER

    Total calculated
    $168,370
    From this org
    $168,370
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,845
    Bonus
    $6,525
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $168,370

  • Stephanie Meyer

    CHIEF CREDIT OFFICER

    Total calculated
    $148,242
    From this org
    $148,242
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Shannon Nys

    FORMER DIRECTOR OF FINANCE & ACCOUNTING

    Total calculated
    $157,447
    From this org
    $157,447
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,447
    Bonus
    $10,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $157,447

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

  • SPD CONTRACTING INC

    $0

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • REGINA'S REAL ESTATE HOLDING COMPANY LLC

    $0

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • SHUKBUILT LLC

    $0

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • HEIDI DC LLC

    $0

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • BELLA MARKET LLC

    $0

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • FIRST CHOICE CONSTRUCTION INC

    $0

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • AMERICANTINA LLC

    $0

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • 1037 30TH ST NW LLC

    $0

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • ONE KARE ENTERPRISE LLC

    $0

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • OAK AT MORSE STREET LLC

    $0

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

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 · 9.3% owned

Provenance

Return type
form_990
Tax year
2024
Filed
29 May 2025
IRS schema version
2024v5.1
Source object
202531499349300323

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

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