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Cities for Financial Empowerment Fund
Cities for Financial Empowerment Fund reported $17.3 million in revenue and $14.3 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $85.78 went to program services, $8.21 to management and general costs and $6.01 to fundraising. Its largest source of revenue was contributions and grants: 94.7% of the total. The highest compensation it reported for one person was $475,811 (PRESIDENT AND CEO). 15 people received more than $100,000 in reportable compensation. Revenue rose 25% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $14MFor context, the median across 479 covered community improvement & capacity building charities: $90.45 programs, $9.31 management, $0.24 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $17MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 85.8% | 89.1% |
| Management & general Part IX 25(C) ÷ 25(A) | 8.2% | 9.2% |
| Fundraising Part IX 25(D) ÷ 25(A) | 6.0% | 0.2% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.05 | $0.00 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 94.7% | 80.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 14.9% |
| Program service revenue share Part VIII 2g ÷ 12 | 0.0% | 11.9% |
| Highest reported compensation Part VII-A, columns D–F | $475,811 | $291,103 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 3.32% | 1.49% |
| People paid over $100,000 Part VII, line 2 | 15 | 5 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 14.1 | 9.2 |
| Independent voting board members Part VI 1a–1b | 6 of 8 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseFinancial 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…
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
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…
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| PRESIDENT AND CEO Director/trustee, officer, 40.00 hrs/week | $456,946 | $0 | $18,865 | $475,811 |
| CHIEF OPERATING OFFICER Officer, 40.00 hrs/week | $264,113 | $0 | $47,397 | $311,510 |
| CHIEF RESEARCH, EVALUATION & FINANCE Officer, 40.00 hrs/week | $213,763 | $0 | $23,556 | $237,319 |
| CHIEF - STRATEGY Key employee, 40.00 hrs/week | $195,063 | $0 | $24,081 | $219,144 |
| CHIEF- COMMUNICATIONS & DEVELOPMENT Key employee, 40.00 hrs/week | $169,148 | $0 | $21,858 | $191,006 |
| SENIOR PRINCIPAL Highest compensated employee, 40.00 hrs/week | $157,895 | $0 | $28,146 | $186,041 |
| SENIOR PRINCIPAL Highest compensated employee, 40.00 hrs/week | $139,157 | $0 | $40,900 | $180,057 |
| SENIOR PRINCIPAL Highest compensated employee, 40.00 hrs/week | $143,018 | $0 | $33,466 | $176,484 |
15 people received more than $100,000 in reportable compensation from Cities for Financial Empowerment Fund (Part VII, line 2). Compensation of current officers, directors and key employees totaled $1.5M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b8 · 6 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18Yes
- Over $10,000 of activity outside the U.S. Part IV 14bNo
- Employees Part I, line 534
- Volunteers Part I, line 66
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| MDRC Program evaluation | $600,000 |
| HIGHER ED INSIGHT LLC Program evaluation | $482,579 |
| SOLIANT CONSULTING INC Database and website development and mai | $313,364 |
| GROUP GORDON Communications strategy | $190,800 |
| SIGHTLINES GROUP INC Database development and maintenance | $155,423 |
Individuals listed as contractors are left out. 7 contractors were paid more than $100,000 in all.
Private foundation grants it received
5 private foundations reported grants to Cities for Financial Empowerment Fund totaling $1.0M on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Cities for Financial Empowerment Fund's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Cities for Financial Empowerment Fund, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Cities for Financial Empowerment Fund spent in FY2025, $85.78 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- The Arab-American Family Support CenterBrooklyn, NY · revenue $17M · programs 83.5% · FY2025
- Mountainheart Community ServicesOceana, WV · revenue $17M · programs 97.2% · 2025
- Heart of America FoundationWashington, DC · revenue $17M · programs 88.7% · 2024
- Community Action Partnership of Sonoma CountySanta Rose, CA · revenue $17M · programs 87.9% · FY2025
- PennreachAllentown, NJ · revenue $17M · programs 92.7% · FY2025
All community improvement & capacity building charities · Largest charities in New York
Questions people ask
How much of Cities for Financial Empowerment Fund's spending goes to programs?
In the fiscal year ending June 30, 2025, Cities for Financial Empowerment Fund reported that 85.8% of its $14.3 million in expenses went to program services, 8.2% to management and general and 6.0% to fundraising (Form 990, Part IX).
How much does Cities for Financial Empowerment Fund pay its top executive?
The largest total compensation Cities for Financial Empowerment Fund reported for one person in the fiscal year ending June 30, 2025 was $475,811, for the role of PRESIDENT AND CEO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Cities for Financial Empowerment Fund get its money?
Of $17.3 million in revenue in the fiscal year ending June 30, 2025, 94.7% came from contributions and grants and 0.0% from program service revenue (Form 990, Part VIII).
Is Cities for Financial Empowerment Fund a registered charity?
The IRS lists EIN 46-3612187 as a 501(c)(3) organization (publicly supported organization (170(b)(1)(a)(vi))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202621319349305387 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202511289349303301 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202441169349300219 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202311309349304561 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021 (amended), object 202202859349300300 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202141339349301624 · read the filing
All filings for EIN 46-3612187: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.