Form 990 for tax year 2023

Totals

Total revenue

$4,006,798

Total expenses

$12,252,822

Contributions and grants received

$3,228,700

Grants paid

$4,114,234

Program service revenue

$0

Investment income

$663,658

Other revenue

$114,440

Total assets, end of year

$23,644,509

Total liabilities, end of year

$9,918,054

Net assets or fund balances, end of year

$13,726,455

Program services expenses (Part IX)

$10,473,738

Management and general expenses

$1,039,739

Fundraising expenses

$739,345

Program service expenses (Part III)

$10,473,738

Program services were 85.5% 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 · 2023

• 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 35 CITIES AND COUNTIES, HELPING ALMOST 190,000 CLIENTS REDUCE DEBT BY OVER $315 MILLION AND INCREASE SAVINGS BY OVER $61 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. FINALLY, THE CFE FUND IS PILOTING NEW ENHANCEMENTS TO THE FEC MODEL RANGING FROM CONNECTIONS TO SMALL BUSINESS/ENTREPRENEURSHIP SERVICES TO ESTATE PLANNING.

  Expenses $5,710,226 · Grants $1,607,513

• 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... (CONTINUED ON SCHEDULE O) 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 $1,699,171 · Grants $875,684 · Revenue $80

• EMERGENCY FINANCIAL EMPOWERMENT NATURAL DISASTERS, PUBLIC HEALTH CRISES, AND OTHER LOCALIZED EMERGENCIES CAN HAVE SERIOUS FINANCIAL RAMIFICATIONS FOR INDIVIDUALS AND FAMILIES, DUE TO UNEXPECTED EXPENSES, LOSS OF INCOME, AND LIMITED ACCESS TO RELIEF SUPPORTS AND PROGRAMS. THE EMERGENCY FINANCIAL EMPOWERMENT (EFE) INITIATIVE PARTNERS LOCAL EMERGENCY MANAGEMENT LEADERSHIP WITH GOVERNMENT AND OTHER COMMUNITY FINANCIAL EMPOWERMENT RESOURCES TO ENSURE THAT EMERGENCY RESPONSE PROTOCOLS INCORPORATE CRITICAL PERSONAL FINANCE PREPAREDNESS AND RESPONSE.

  Expenses $1,292,079 · Grants $750,000

• ADDITIONAL CFE FUND PROGRAMS INCLUDE: SUPPORTING THE CFE COALITION, AN INVITATION-ONLY GROUP OF 19 CITIES ON THE CUTTING EDGE OF MUNICIPAL FINANCIAL EMPOWERMENT; DEVELOPING CONSUMER FINANCIAL PROTECTION CAPACITY AND OFFICES OF FINANCIAL EMPOWERMENT WITHIN LOCAL GOVERNMENT; 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; AND USING THE SCALE AND INFRASTRUCTURE OF MUNICIPAL SUMMER YOUTH EMPLOYMENT PROGRAMS TO INTEGRATE TARGETED FINANCIAL EDUCATION AND BANKING ACCESS STRATEGIES.

  Expenses $1,772,262 · Grants $881,037

As filed on the 2023 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

• ORANGE COUNTY GOVERNMENT FL

  $300,000

  LAUNCHING A LOCAL FINANCIAL EMPOWERMENT CENTER INITIATIVE

• CITY OF DALLAS

  $150,000

  INTEGRATE FINANCIAL EMPOWERMENT INTO EMERGENCY RESPONSE PLANS.

• CITY OF GAINESVILLE

  $150,000

  INCORPORATING FINANCIAL EMPOWERMENT RESOURCES INTO MUNICIPAL EMERGENCY RESPONSE PROCEDURES

• THE CITY OF ROCHESTER

  $150,000

  INCORPORATING FINANCIAL EMPOWERMENT RESOURCES INTO MUNICIPAL EMERGENCY RESPONSE PROCEDURES

• CITY OF ST LOUIS

  $150,000

  INCORPORATING FINANCIAL EMPOWERMENT RESOURCES INTO MUNICIPAL EMERGENCY RESPONSE PROCEDURES

• CITY OF SAINT PAUL

  $150,000

  INCORPORATING FINANCIAL EMPOWERMENT RESOURCES INTO MUNICIPAL EMERGENCY RESPONSE PROCEDURES

• MAYOR'S FUND FOR LOS ANGELES

  $120,000

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

• CITY OF DALLAS

  $100,000

  LAUNCHING A LOCAL FINANCIAL EMPOWERMENT CENTER INITIATIVE

• CITY OF COLUMBUS

  $100,000

  LAUNCHING A LOCAL FINANCIAL EMPOWERMENT CENTER INITIATIVE

• CITY OF MILWAUKEE WI

  $100,000

  LAUNCHING A LOCAL FINANCIAL EMPOWERMENT CENTER INITIATIVE

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

Provenance

Return type

form_990

Tax year

2023

Filed

8 May 2025

IRS schema version

2023v6.0

Source object

202511289349303301

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.