Skip to content
Nonprofiteer
← CITY FIRST ENTERPRISES INC

Form 990 for tax year 2022

Filed by CITY FIRST ENTERPRISES INC.

Totals

Total revenue
$55,549,555
Total expenses
$50,790,211
Contributions and grants received
$53,554,233
Grants paid
$47,967,757
Program service revenue
$0
Investment income
$1,410,639
Other revenue
$584,683
Total assets, end of year
$60,726,218
Total liabilities, end of year
$34,487,174
Net assets or fund balances, end of year
$26,239,044
Program services expenses (Part IX)
$49,571,045
Management and general expenses
$873,361
Fundraising expenses
$345,805
Program service expenses (Part III)
$49,571,045

Program services were 97.6% 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

    $53,554,233

  • 3 · Investment income

    total $1,410,639 · excluded $1,410,639

  • 11a · Other revenue: OTHER REVENUE

    total $584,683 · excluded $584,683

  • 11e · Other revenue, total

    $584,683

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $47,967,757 · program services $47,967,757

  • 7 · Other salaries and wages

    total $1,829,172 · program services $1,212,921 · management and general $351,383 · fundraising $264,868

  • 9 · Other employee benefits

    total $210,355 · program services $137,924 · management and general $43,912 · fundraising $28,519

  • 10 · Payroll taxes

    total $136,128 · program services $90,644 · management and general $25,222 · fundraising $20,262

  • 11b · Fees: legal

    total $38,535 · program services $14,750 · management and general $23,785

  • 11c · Fees: accounting

    total $85,313 · management and general $85,313

  • 11g · Fees: other

    total $166,908 · program services $65,544 · management and general $69,208 · fundraising $32,156

  • 13 · Office expenses

    total $195,666 · program services $46,929 · management and general $148,737

  • 16 · Occupancy

    total $76,832 · management and general $76,832

  • 17 · Travel

    total $18,751 · program services $16,789 · management and general $1,962

  • 19 · Conferences, conventions and meetings

    total $64,794 · program services $17,787 · management and general $47,007

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $14,754,445 · end of year $23,918,695

  • 4 · Accounts receivable

    beginning of year $44,531 · end of year $9,206

  • 7 · Other notes and loans receivable

    beginning of year $20,263,587 · end of year $29,884,746

  • 9 · Prepaid expenses and deferred charges

    beginning of year $32,661 · end of year $69,963

  • 11 · Investments: publicly traded securities

    beginning of year $15,297,365 · end of year $6,688,458

  • 12 · Investments: other securities

    beginning of year $250,000 · end of year $155,150

  • 17 · Accounts payable and accrued expenses

    beginning of year $35,102 · end of year $210,427

  • 19 · Deferred revenue

    beginning of year $8,142,262 · end of year $12,023,592

  • 21 · Escrow or custodial account liability

    beginning of year $13,800 · end of year $35,766

  • 23 · Secured mortgages and notes payable

    beginning of year $12,252,100 · end of year $22,105,000

  • 25 · Other liabilities

    beginning of year $110,718 · end of year $112,389

  • 27 · Net assets without donor restrictions

    beginning of year $30,059,968 · end of year $25,923,422

  • 28 · Net assets with donor restrictions

    beginning of year $28,639 · end of year $315,622

Mission and programs · 2022

Mission

TO PROMOTE EQUITY AND OPPORTUNITY BY PROVIDING INCREASED ACCESS TO RESPONSIBLE CAPITAL AND COMPLEMENTARY FINANCIAL SERVICES TO UNDERSERVED COMMUNITIES WITH A GOAL OF ENSURING THE LONG-TERM WELL BEING AND RESILIENCE OF INDIVIDUALS, FAMILIES AND INSTITUTIONS.

Activities or mission (Part I)

TO PROMOTE EQUITY AND OPPORTUNITY BY PROVIDING INCREASED ACCESS TO RESPONSIBLE CAPITAL AND COMPLEMENTARY FINANCIAL SERVICES TO UNDERSERVED COMMUNITIES WITH A GOAL OF ENSURING THE LONG-TERM WELL BEING AND RESILIENCE OF INDIVIDUALS, FAMILIES AND INSTITUTIONS. WE OFFER FINANCING AND RELATED SERVICES FOR HOUSING, SMALL BUSINESSES, COMMUNITY FACILITIES, NON-PROFITS AND OTHER MARKET PARTICIPANTS THAT HAVE A POSITIVE IMPACT ON LOW AND MODERATE INCOME COMMUNITIES.

  • 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 $49,571,045 · Grants $47,967,757

As filed on the 2022 return.

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

  • Brian Argrett

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • David McGrady

    VICE-CHAIRMAN

    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 CEO

    Total calculated
    $315,840
    From this org
    $315,840
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $263,340
    Bonus
    $52,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $315,840

  • Rodrigo Cordon

    PORTFOLIO OPERATIONS DIREC

    Total calculated
    $153,782
    From this org
    $153,782
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,967
    Bonus
    $9,815
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $153,782

  • Stephanie Meyer

    CHIEF CREDIT OFFICER

    Total calculated
    $133,464
    From this org
    $133,464
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Jonathan Reyes

    LOAN OFFICER

    Total calculated
    $123,538
    From this org
    $123,538
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Shanna McClearn

    DIRECTOR OF SMALL BUSINESS PROGRAMS

    Total calculated
    $111,924
    From this org
    $111,924
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Sharon Feuer Gruber

    DIRECTOR PARTNERSHIP & DEV

    Total calculated
    $104,419
    From this org
    $104,419
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $104,419
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $104,419

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

  • COMMUNITY WELLNESS VENTURES LLC

    $750,000

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • DEVELOPMENT INSTITUTE LLC

    $750,000

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • MHP WORTHINGTON WOODS LLC

    $697,006

    HOUSING PROVIDER RENTAL ASSISTANCE

  • V-TECH SOLUTIONS INC

    $598,750

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • TRENTON PARK APARTMENTS LIMITED PARTNERSHIP

    $529,864

    HOUSING PROVIDER RENTAL ASSISTANCE

  • TUGOOH LLC

    $499,750

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • CONSTITUENT SERVICES WORLDWIDE PUBLIC BENEFIT CORPORATION

    $420,000

    SUPPORT FOR EQUITY IMPACT ENTERPRISES

  • PARK 7 RESIDENTIAL LIMITED PARTNERSHIP

    $412,110

    HOUSING PROVIDER RENTAL ASSISTANCE

  • WCS CARVER TERRACE LIMITED PARTNERSHIP

    $367,500

    HOUSING PROVIDER RENTAL ASSISTANCE

  • PARKLAND MANOR ASSOCIATES

    $358,384

    HOUSING PROVIDER RENTAL ASSISTANCE

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 · 9.01% owned

Provenance

Return type
form_990
Tax year
2022
Filed
26 July 2023
IRS schema version
2022v5.0
Source object
202312079349300306

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.