Cities For Financial Empowerment Fund Inc

Organization Overview

Cities For Financial Empowerment Fund Inc is located in New York, NY. The organization was established in 2014. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Cities For Financial Empowerment Fund Inc employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cities For Financial Empowerment Fund Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 06/2021, Cities For Financial Empowerment Fund Inc generated $8.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (9.9%) each year. All expenses for the organization totaled $14.4m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.

Since 2016, Cities For Financial Empowerment Fund Inc has awarded 615 individual grants totaling $64,971,268. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

HELP CITIES BUILD PROGRAMS AND STRATEGIES TO SUPPORT HOUSEHOLD FINANCIAL STABILITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

FINANCIAL EMPOWERMENT CENTER (FEC) REPLICATION:MUNICIPAL 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 27 CITIES AND COUNTIES, HELPING OVER 128,000 CLIENTS REDUCE DEBT BY OVER $183 MILLION AND INCREASE SAVINGS BY OVER $35 MILLION; ANOTHER 16 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 RECENTLY LAUNCHED FEC ACADEMY, A NEW EXPANDED ENTRY POINT TO GUIDE CITIES AND COUNTIES THROUGH EACH STEP OF PLANNING TO LAUNCH THE MODEL LOCALLY. IN ADDITION, INFORMED BY THE FEC MODEL, THE CFE FUND LAUNCHED A NEW FINANCIAL NAVIGATORS INITIATIVE IN 31 CITIES AND COUNTIES TO HELP RESIDENTS DEAL WITH THE FINANCIAL IMPACT OF THE COVID-19 PANDEMIC, PROVIDING PHONE-BASED REMOTE ASSISTANCE IN NAVIGATING CRITICAL FINANCIAL ISSUES AND MAKING REFERRALS TO OTHER SOCIAL SERVICES AND RESOURCES.


SUMMER JOBS CONNECT (SJC):THROUGH SUMMER JOBS CONNECT, THE CFE FUND AND ITS 22 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. IN ADDITION TO DIRECTLY FUNDING OVER 2,000 YOUTH JOB SLOTS EACH SUMMER, THE CFE FUND IS SUPPORTING MUNICIPALITIES IN DEVELOPING TARGETED FINANCIAL EDUCATION AND BANKING ACCESS STRATEGIES THAT TAKE ADVANTAGE OF THE PAYCHECK OPPORTUNITY.


BANK ON:BANK ON PROVIDES CENTRAL SUPPORT TO ALMOST 90 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; (CONTINUED ON SCHEDULE O) 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.


ADDITIONAL CFE FUND PROGRAMS INCLUDE: SUPPORTING THE CFE COALITION, AN INVITATION-ONLY GROUP OF 18 CITIES ON THE CUTTING EDGE OF MUNICIPAL FINANCIAL EMPOWERMENT; PROMOTING EFFORTS TO PROFESSIONALIZE AND EXPAND FINANCIAL COUNSELING AS A PUBLIC SERVICE; DEVELOPING CONSUMER FINANCIAL PROTECTION AGENCIES 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.


FINANCIAL EMPOWERMENT CENTER (FEC) REPLICATION:MUNICIPAL 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 27 CITIES AND COUNTIES, HELPING OVER 128,000 CLIENTS REDUCE DEBT BY OVER $183 MILLION AND INCREASE SAVINGS BY OVER $35 MILLION; ANOTHER 16 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 RECENTLY LAUNCHED FEC ACADEMY, A NEW EXPANDED ENTRY POINT TO GUIDE CITIES AND COUNTIES THROUGH EACH STEP OF PLANNING TO LAUNCH THE MODEL LOCALLY. IN ADDITION, INFORMED BY THE FEC MODEL, THE CFE FUND LAUNCHED A NEW FINANCIAL NAVIGATORS INITIATIVE IN 31 CITIES AND COUNTIES TO HELP RESIDENTS DEAL WITH THE FINANCIAL IMPACT OF THE COVID-19 PANDEMIC, PROVIDING PHONE-BASED REMOTE ASSISTANCE IN NAVIGATING CRITICAL FINANCIAL ISSUES AND MAKING REFERRALS TO OTHER SOCIAL SERVICES AND RESOURCES.


SUMMER JOBS CONNECT (SJC):THROUGH SUMMER JOBS CONNECT, THE CFE FUND AND ITS 22 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. IN ADDITION TO DIRECTLY FUNDING OVER 2,000 YOUTH JOB SLOTS EACH SUMMER, THE CFE FUND IS SUPPORTING MUNICIPALITIES IN DEVELOPING TARGETED FINANCIAL EDUCATION AND BANKING ACCESS STRATEGIES THAT TAKE ADVANTAGE OF THE PAYCHECK OPPORTUNITY.


BANK ON:BANK ON PROVIDES CENTRAL SUPPORT TO ALMOST 90 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; (CONTINUED ON SCHEDULE O) 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.


ADDITIONAL CFE FUND PROGRAMS INCLUDE: SUPPORTING THE CFE COALITION, AN INVITATION-ONLY GROUP OF 18 CITIES ON THE CUTTING EDGE OF MUNICIPAL FINANCIAL EMPOWERMENT; PROMOTING EFFORTS TO PROFESSIONALIZE AND EXPAND FINANCIAL COUNSELING AS A PUBLIC SERVICE; DEVELOPING CONSUMER FINANCIAL PROTECTION AGENCIES 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.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Rally
Market Research
$352,238
Soliant Consulting Inc
Technology Development
$149,115
Rally
Market Research
$352,238
Soliant Consulting Inc
Technology Development
$149,115
Soliant Consulting Inc
Technology Development
$149,115
Rally
Market Research
$352,238
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $352,989
All other contributions, gifts, grants, and similar amounts not included above$7,570,000
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$7,922,989
Total Program Service Revenue$0
Investment income $56,455
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,980,604

Grants Awarded

Over the last fiscal year, Cities For Financial Empowerment Fund Inc has awarded $19,290,527 in support to 226 organizations.

Grant RecipientAmount

MAYOR'S FUND TO ADVANCE NEW YORK CITY

Org PageRecipient Profile

New York, NY

PURPOSE: INTEGRATING BANKING ACCESS AND FINANCIAL EMPOWERMENT INTO YOUTH EMPLOYMENT PROGRAMS

$600,000

MAYOR'S FUND TO ADVANCE NEW YORK CITY

Org PageRecipient Profile

New York, NY

PURPOSE: INTEGRATING BANKING ACCESS AND FINANCIAL EMPOWERMENT INTO YOUTH EMPLOYMENT PROGRAMS

$600,000

CITY OF CHICAGO

PURPOSE: INTEGRATING BANKING ACCESS AND FINANCIAL EMPOWERMENT INTO YOUTH EMPLOYMENT PROGRAMS

$474,524

CITY OF CHICAGO

PURPOSE: INTEGRATING BANKING ACCESS AND FINANCIAL EMPOWERMENT INTO YOUTH EMPLOYMENT PROGRAMS

$474,524

WAYNE COUNTY TREASURER'S OFFICE

PURPOSE: OPERATING A LOCAL FINANCIAL EMPOWERMENT CENTER INITIATIVE

$337,275

WAYNE COUNTY TREASURER'S OFFICE

PURPOSE: OPERATING A LOCAL FINANCIAL EMPOWERMENT CENTER INITIATIVE

$337,275
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 13 grants that Cities For Financial Empowerment Fund Inc has recieved totaling $24,936,755.

Awarding OrganizationAmount
Bloomberg Family Foundation Inc

New York, NY

PURPOSE: TO SUPPORT FINANCIAL EMPOWERMENT WORK IN CITIES

$11,989,000
Bloomberg Family Foundation Inc

New York, NY

PURPOSE: TO SUPPORT FINANCIAL EMPOWERMENT WORK IN CITIES

$7,118,000
Citi Foundation

New York, NY

PURPOSE: SUMMER JOBS CONNECT PROGRAM

$3,660,000
Citi Foundation

New York, NY

PURPOSE: COVID-19 EMERGENCY RESPONSE: FINANCIAL NAVIGATORS INITIATIVE

$900,000
The Jpb Foundation

New York, NY

PURPOSE: SCALING THE FINANCIAL EMPOWERMENT CENTER MOVEMENT

$300,000
Citi Foundation

New York, NY

PURPOSE: COLLEGE BOOST PLANNING PROJECT

$175,000
View Grant Recipient Profile

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