Form 990 for tax year 2022

Totals

Total revenue

$7,628,594

Total expenses

$10,398,984

Contributions and grants received

$7,183,300

Grants paid

$2,742,998

Program service revenue

$16,800

Investment income

$420,253

Other revenue

$8,241

Total assets, end of year

$27,222,487

Total liabilities, end of year

$5,040,466

Net assets or fund balances, end of year

$22,182,021

Program services expenses (Part IX)

$8,701,826

Management and general expenses

$1,057,280

Fundraising expenses

$639,878

Program service expenses (Part III)

$8,701,826

Program services were 83.7% 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 · 2022

• 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.

  Expenses $681,758 · Grants $445,000

• 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.

  Expenses $700,340 · Grants $235,000 · Revenue $16,800

• 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.

  Expenses $2,913,661 · Grants $979,281

• 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.

  Expenses $4,406,067 · Grants $1,083,717

As filed on the 2022 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

• CITY OF PUEBLO CO

  $150,000

  LAUNCHING A LOCAL FINANCIAL EMPOWERMENT CENTER INITIATIVE

• ECONOMIC AWARENESS COUNCIL

  $130,000

  IDENTIFYING AND IMPLEMENTING STRATEGIES TO CONNECT AT-RISK YOUTH TO BANKING

• CITY OF JACKSON TN

  $100,000

  LAUNCHING A LOCAL FINANCIAL EMPOWERMENT CENTER INITIATIVE

• LOUISVILLE METRO GOVERNMENT

  $100,000

  LAUNCHING A LOCAL FINANCIAL EMPOWERMENT CENTER INITIATIVE

• BALTIMORE CITY FOUNDATION

  $100,000

  LAUNCHING A LOCAL FINANCIAL EMPOWERMENT CENTER INITIATIVE

• CITY OF TULSA

  $100,000

  LAUNCHING A LOCAL FINANCIAL EMPOWERMENT CENTER INITIATIVE

• CITY OF GAITHERSBURG

  $100,000

  LAUNCHING A LOCAL FINANCIAL EMPOWERMENT CENTER INITIATIVE

• CITY OF ALBUQUERQUE

  $100,000

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

• CITY OF DALLAS

  $100,000

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

• CITY OF GAITHERSBURG

  $100,000

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

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

Provenance

Return type

form_990

Tax year

2022

Filed

25 April 2024

IRS schema version

2022v5.0

Source object

202441169349300219

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.