Cities for Financial Empowerment Fund Inc

Analysis

Cities for Financial Empowerment Fund Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in September 2014, 12 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Cities for Financial Empowerment Fund Inc reported income of $7.6m and spending of $10.4m, spending 136% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $10.7m to $7.6m (-29%), an average of -8.1% a year. The sharpest change came in the year to June 2022, when income rose by 242%. Over the whole period it spent 86% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Cities for Financial Empowerment Fund Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 92nd percentile within NY. Charities of a similar size with the same main cause include Community Action Partnership of Hennepin County ($7.6m), Partners in Progress Inc ($7.6m) and Beloved Community ($7.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 94% and program service revenue 0.2% of the total. Compensation of current officers, directors and key employees was $1.1m (10% of expenses). Other salaries and wages came to $2.1m. At year end it held assets of $27.2m against liabilities of $5.0m, net assets of $22.2m. It reported 34 employees.