Civic Intelligence

City First Enterprises Inc.

990 • Fiscal year 2020 • EIN 52-2101165

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 01, 2021

Organization ProfileCFENTERPRISES.ORG

View Organization Page

1 Thomas Circle NW No 700Washington, DC 20005

(202) 745-4490

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

54th percentile

0.30x

Higher debt load relative to assets than 54% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Liabilities / Revenue

70th percentile

0.76x

Higher debt load relative to revenue than 70% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Net Margin

73rd percentile

15%

Higher net margin than 73% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Top Officer Pay

28th percentile

$171,667

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Asset Growth

75th percentile

21%

Faster asset growth than 75% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Revenue Growth

99th percentile

1766%

Faster revenue growth than 99% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets54th percentile

Assets

Up

$33,346,322

Up $5,739,625 (+21%) from 2019

Net Assets

Up

$23,216,163

Up $2,321,675 (+11%) from 2019

Liabilities

Up

$10,130,159

Up $3,417,950 (+51%) from 2019

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin73rd percentile

Revenue

Up

$13,255,048

Up $12,544,875 (+1766%) from 2019

Expenses

Up

$11,245,182

Up $10,148,468 (+925%) from 2019

Net Income

Up

$2,009,866

Up $2,396,407 (+620%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth75th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$80M$60M$40M$20M$0Assets 2010: $16,292,407Liabilities 2010: $5,812,142Net Assets 2010: $10,480,2652010Assets 2011: $12,323,256Liabilities 2011: $1,726,858Net Assets 2011: $10,596,3982011Assets 2012: $13,973,676Liabilities 2012: $122,946Net Assets 2012: $13,850,7302012Assets 2013: $14,773,705Liabilities 2013: $153,940Net Assets 2013: $14,619,7652013Assets 2014: $18,584,365Liabilities 2014: $1,878,293Net Assets 2014: $16,706,0722014Assets 2015: $18,929,764Liabilities 2015: $406,783Net Assets 2015: $18,522,9812015Assets 2016: $20,550,028Liabilities 2016: $538,801Net Assets 2016: $20,011,2272016Assets 2017: $21,964,071Liabilities 2017: $1,987,206Net Assets 2017: $19,976,8652017Assets 2018: $24,205,868Liabilities 2018: $3,686,823Net Assets 2018: $20,519,0452018Assets 2019: $27,606,697Liabilities 2019: $6,712,209Net Assets 2019: $20,894,4882019Assets 2020: $33,346,322Liabilities 2020: $10,130,159Net Assets 2020: $23,216,1632020Assets 2021: $50,642,589Liabilities 2021: $20,553,982Net Assets 2021: $30,088,6072021Assets 2022: $60,726,218Liabilities 2022: $34,487,174Net Assets 2022: $26,239,0442022Assets 2023: $68,106,525Liabilities 2023: $41,017,234Net Assets 2023: $27,089,2912023Assets 2024: $74,225,691Liabilities 2024: $43,848,033Net Assets 2024: $30,377,6582024

Highlighted filing

2020

Assets$33,346,322
Liabilities$10,130,159
Net Assets$23,216,163
Open 2020 Filing

Operations Trend

Revenue Growth99th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0-$20MExpenses 2010: $1,310,8422010Expenses 2011: $6,001,8722011Expenses 2012: $1,125,7052012Revenue 2013: $2,465,838Expenses 2013: $2,188,772Net Income 2013: $277,0662013Revenue 2014: $4,412,341Expenses 2014: $2,686,748Net Income 2014: $1,725,5932014Revenue 2015: $3,187,249Expenses 2015: $1,581,824Net Income 2015: $1,605,4252015Revenue 2016: $2,111,560Expenses 2016: $1,112,077Net Income 2016: $999,4832016Revenue 2017: $1,237,761Expenses 2017: $1,312,082Net Income 2017: -$74,3212017Revenue 2018: $1,170,253Expenses 2018: $906,259Net Income 2018: $263,9942018Revenue 2019: $710,173Expenses 2019: $1,096,714Net Income 2019: -$386,5412019Revenue 2020: $13,255,048Expenses 2020: $11,245,182Net Income 2020: $2,009,8662020Revenue 2021: $41,161,285Expenses 2021: $40,988,291Net Income 2021: $172,9942021Revenue 2022: $55,549,555Expenses 2022: $50,790,211Net Income 2022: $4,759,3442022Revenue 2023: $21,464,449Expenses 2023: $20,222,093Net Income 2023: $1,242,3562023Revenue 2024: $15,260,987Expenses 2024: $12,090,417Net Income 2024: $3,170,5702024

Highlighted filing

2020

Revenue$13,255,048
Expenses$11,245,182
Net Income$2,009,866
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 1, 2021
Return Version
2020v4.1
Gross Receipts
$13,255,048
Mission and Program Overview

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.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$13,017,661$19,129,545▲ $6,111,884
Investments Other Securities$8,536,106$8,847,915▲ $311,809
Savings and Temporary Cash Investments$4,054,529$4,451,431▲ $396,902
Pledges and Grants Receivable$1,199,401$0▼ $1,199,401
Accounts Receivable$799,000$902,158▲ $103,158
Prepaid Expenses and Deferred Charges-$15,273-
Total Assets$27,606,697$33,346,322▲ $5,739,625
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,000,000$5,647,100▲ $1,647,100
Deferred Revenue$1,417,346$3,595,217▲ $2,177,871
Other Liabilities$1,224,527$873,823▼ $350,704
Accounts Payable and Accrued Expenses$70,336$14,019▼ $56,317
Total Liabilities$6,712,209$10,130,159▲ $3,417,950
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$20,460,654$23,187,524▲ $2,726,870
Net Assets With Donor Restrictions$433,834$28,639▼ $405,195
Total Net Assets Fund Balance$20,894,488$23,216,163▲ $2,321,675
Total Liabilities and Net Assets / Fund Balance$27,606,697$33,346,322▲ $5,739,625

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$8,597,915--
Compensation and Service Providers
Top Officer Pay28th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Oswaldo AcostaPresident and CEOFT$171,667$171,667
Rodrigo CordonPortfolio Operations DirectorFT$106,864$106,864

Board Members and Trustees

NameTitle
Brian ArgrettChairman
David McgradyVice-chairman
Dr Hassan MinorDirector
Lisa Green HallDirector
Peggy HamiltonDirector
Chuck MuckenfussSecretary
Dr William LongbrakeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$12,113,218
Program Service Revenue
$0
Investment Income
$706,015
Other Revenue
$435,815
All Other Contributions
$12,113,218
Change in Net Assets
$2,009,866

Audited Revenue Reconciliation

Revenue per Audited Statements
$-273,227
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$273,227
Total Revenue per Audited Statements
$0
Total Revenue per Form 990
$-273,227
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$9,760,569
Salaries, Compensation, and Employee Benefits$751,221
Other Expenses$733,392
Total Fundraising Expense$101,298
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$8,765,354--$8,765,354
Grants to Domestic Individuals$995,215--$995,215
Other Salaries and Wages$500,642$62,744$52,236$615,622
Other Expenses$373,682$15,460$30$389,172
Fees for Services Other$64,437-$34,500$98,937
Other Employee Benefits$69,881$7,291$8,758$85,930
Office Expenses$24,020$58,908$394$83,322
Fees for Services Accounting$5,607$77,466-$83,073
Payroll Taxes$40,393$4,214$5,062$49,669
Fees for Services Management$37,535--$37,535
Occupancy$35,274$1,764$318$37,356
Conferences and Meetings$498$2,349-$2,847
Travel$1,082$68-$1,150
Total Functional Expenses$10,913,620$230,264$101,298$11,245,182

Audited Expense Reconciliation

Line ItemAmount
Expenses Not Reported on Form 990$273,227
Expenses Not Reported on Financial Statements$0
Total Expenses per Audited Statements$0
Expenses per Audited Statements$-273,227
Total Expenses per Form 990$-273,227
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
See Attachment--Various Purposes of Grant Assistance. See Attachment.-
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Dcgb/mcgb Loan Commitment$743,105
Pre-development Funding Commitment$110,718
Funds Held of Community Land Trust$20,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Business relationship at cfbanc corporation - brian argrett,william longbrake, david mcgrady, dr. Hassan minor, chuck muckenfuss. Business relationship at city first homes, inc. - brian argrett,william longbrake, david mcgrady, dr. Hassan minor, chuck muckenfuss.”

Form 990, Part VI, Section B, Line 11B

“Management reviews return. Audit committee is given a copy of return to review. Audit committee submits comments to management. Management discusses return with tax preparer to incorporate any changes; final draft prepared & discussed with audit committee. The final draft, reflecting any necessary corrections, is provided to the board for review and final approval; then the return is filed by the preparer.”

Form 990, Part VI, Section B, Line 12C

“The organization monitors for conflict of interest issues that are referred to its lawyers as needed.”

Form 990, Part VI, Section B, Line 15

“The board reviews comparable pay data, considers qualifications of the candidate(s) and formalizes its compensation decisions through a formal board of directors vote that is recorded in board minutes.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
City First Enterprises Inc
EIN
52-2101165
Phone
2027454490
Address
1 THOMAS CIRCLE NW NO 700, WASHINGTON, DC 20005

Signing Officer

Name
Oswaldo Acosta
Title
President & CEO
Phone
2027454490
Signed
2021-11-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Oswaldo Acosta
Formed
1998
Legal Domicile
Dc
Voting Board Members
7
Independent Board Members
7
Employees
10
Volunteers
0

Preparer

Firm
Novogradac & Company Llp
Address
5 GREAT VALLEY PARKWAY SUITE 319, MALVERN, PA 19355
Preparer
Tonya Phongsavanh
Phone
6102324810
Supplemental Narrative

Additional Explanations

Form 990, Pari XII, Line 2C

“City first enterprises, incorporated maintains an audit committee that has the responsibility for oversight of the audit.”

Additional Information

“City first enterprises is a non-profit bank holding company engaged in promoting equity and opportunity in underserved communities. Through the holding company and our city first homes subsidiary we provide capital that is broader and more flexible than bank lending to support housing, small business and community facilities in low and moderate income communities, and we operate programs designed to promote and sustain permanently affordable housing. City first enterprises also owns a minority stake and controlling interest in city first bank, a for-profit community development financial institution chartered by the occ which shares our mission. Working together, the city first family of companies strive to deliver capital and services that can enable disadvantaged individuals, families and businesses across our market area to prosper.”

Financial Statement Notes

PART X, LINE 2:

“The organization is exempt from federal income taxes under internal revenue code section 501(c)(3). The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the united states of america requires the organization to report information regarding its exposure to various tax positions taken by the organization. The organization has determined whether any tax positions have met the recognition threshold and has measured the organization's exposure to those tax positions. Management believes that the organization has adequately addressed all relevant tax positions and that there are no unrecorded tax liabilities. Federal and state tax authorities generally have the right to examine and audit the previous three years of tax returns filed. Any interest or penalties assessed to the organization are recorded in operating expenses. No interest or penalties from federal or state tax authorities were recorded in this return.”

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IRS990/MissionDesc0TO 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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NondeductibleContributionsInd00
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IRS990/OccupancyGrp/ManagementAndGeneralAmt01764
IRS990/OccupancyGrp/ProgramServicesAmt035274
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IRS990/OfficeExpensesGrp/FundraisingAmt0394
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IRS990/OfficeExpensesGrp/TotalAmt083322
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt08758
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt069881
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IRS990/OtherSalariesAndWagesGrp/FundraisingAmt052236
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt062744
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0500642
IRS990/OtherSalariesAndWagesGrp/TotalAmt0615622
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt019129545
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/FundraisingAmt05062
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt04214
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IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt015273
IRS990/PrincipalOfficerNm0OSWALDO ACOSTA
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0174720
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0189923
IRS990/PYInvestmentIncomeAmt0486976
IRS990/PYOtherExpensesAmt0231205
IRS990/PYOtherRevenueAmt048477
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0-386541
IRS990/PYSalariesCompEmpBnftPaidAmt0675586
IRS990/PYTotalExpensesAmt01096714
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0710173
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt02009866
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd01
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt04054529
IRS990/SavingsAndTempCashInvstGrp/EOYAmt04451431
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt012113218
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0174720
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0585554
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0692396
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt01731492
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt015297380
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0706015
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0486976
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0458214
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0408745
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0253878
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt02313828
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.86860
IRS990ScheduleA/PublicSupportPY170Pct00.78380
IRS990ScheduleA/PublicSupportTotal170Amt015297380
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt012113218
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0174720
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0585554
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0692396
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt01731492
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt015297380
IRS990ScheduleA/TotalSupportAmt017611208
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt0273227
IRS990ScheduleD/DonatedServicesUseFcltsAmt0273227
IRS990ScheduleD/ExpensesNotReportedAmt0273227
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0-273227
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt020000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1110718
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2743105
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0FUNDS HELD OF COMMUNITY LAND TRUST
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1PRE-DEVELOPMENT FUNDING COMMITMENT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2DCGB/MCGB LOAN COMMITMENT
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt08597915
IRS990ScheduleD/OtherSecuritiesGrp/Desc0INVESTMENT IN CFBANC CORPORATION - 23.77% OWNERSHIP
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/RevenueNotReportedAmt0273227
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0-273227
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(3). THE PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES THE ORGANIZATION TO REPORT INFORMATION REGARDING ITS EXPOSURE TO VARIOUS TAX POSITIONS TAKEN BY THE ORGANIZATION. THE ORGANIZATION HAS DETERMINED WHETHER ANY TAX POSITIONS HAVE MET THE RECOGNITION THRESHOLD AND HAS MEASURED THE ORGANIZATION'S EXPOSURE TO THOSE TAX POSITIONS. MANAGEMENT BELIEVES THAT THE ORGANIZATION HAS ADEQUATELY ADDRESSED ALL RELEVANT TAX POSITIONS AND THAT THERE ARE NO UNRECORDED TAX LIABILITIES. FEDERAL AND STATE TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS THREE YEARS OF TAX RETURNS FILED. ANY INTEREST OR PENALTIES ASSESSED TO THE ORGANIZATION ARE RECORDED IN OPERATING EXPENSES. NO INTEREST OR PENALTIES FROM FEDERAL OR STATE TAX AUTHORITIES WERE RECORDED IN THIS RETURN.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueSecuritiesAmt08597915
IRS990ScheduleD/TotalExpensesPerForm990Amt0-273227
IRS990ScheduleD/TotalLiabilityAmt0873823
IRS990ScheduleD/TotalRevenuePerForm990Amt0-273227
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt00
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt00
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt0995215
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0COVID-19 ASSISTANCE
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/NonCashAssistanceAmt00
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt0113
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/ValuationMethodUsedDesc0CASH
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0VARIOUS PURPOSES OF GRANT ASSISTANCE. SEE ATTACHMENT.
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0SEE ATTACHMENT
IRS990ScheduleI/TotalOtherOrgCnt0707
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0171667
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0OSWALDO ACOSTA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT AND CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0171667
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BUSINESS RELATIONSHIP AT CFBANC CORPORATION - BRIAN ARGRETT,WILLIAM LONGBRAKE, DAVID MCGRADY, DR. HASSAN MINOR, CHUCK MUCKENFUSS. BUSINESS RELATIONSHIP AT CITY FIRST HOMES, INC. - BRIAN ARGRETT,WILLIAM LONGBRAKE, DAVID MCGRADY, DR. HASSAN MINOR, CHUCK MUCKENFUSS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MANAGEMENT REVIEWS RETURN. AUDIT COMMITTEE IS GIVEN A COPY OF RETURN TO REVIEW. AUDIT COMMITTEE SUBMITS COMMENTS TO MANAGEMENT. MANAGEMENT DISCUSSES RETURN WITH TAX PREPARER TO INCORPORATE ANY CHANGES; FINAL DRAFT PREPARED & DISCUSSED WITH AUDIT COMMITTEE. THE FINAL DRAFT, REFLECTING ANY NECESSARY CORRECTIONS, IS PROVIDED TO THE BOARD FOR REVIEW AND FINAL APPROVAL; THEN THE RETURN IS FILED BY THE PREPARER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MONITORS FOR CONFLICT OF INTEREST ISSUES THAT ARE REFERRED TO ITS LAWYERS AS NEEDED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD REVIEWS COMPARABLE PAY DATA, CONSIDERS QUALIFICATIONS OF THE CANDIDATE(S) AND FORMALIZES ITS COMPENSATION DECISIONS THROUGH A FORMAL BOARD OF DIRECTORS VOTE THAT IS RECORDED IN BOARD MINUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5CITY FIRST ENTERPRISES, INCORPORATED MAINTAINS AN AUDIT COMMITTEE THAT HAS THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6CITY FIRST ENTERPRISES IS A NON-PROFIT BANK HOLDING COMPANY ENGAGED IN PROMOTING EQUITY AND OPPORTUNITY IN UNDERSERVED COMMUNITIES. THROUGH THE HOLDING COMPANY AND OUR CITY FIRST HOMES SUBSIDIARY WE PROVIDE CAPITAL THAT IS BROADER AND MORE FLEXIBLE THAN BANK LENDING TO SUPPORT HOUSING, SMALL BUSINESS AND COMMUNITY FACILITIES IN LOW AND MODERATE INCOME COMMUNITIES, AND WE OPERATE PROGRAMS DESIGNED TO PROMOTE AND SUSTAIN PERMANENTLY AFFORDABLE HOUSING. CITY FIRST ENTERPRISES ALSO OWNS A MINORITY STAKE AND CONTROLLING INTEREST IN CITY FIRST BANK, A FOR-PROFIT COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION CHARTERED BY THE OCC WHICH SHARES OUR MISSION. WORKING TOGETHER, THE CITY FIRST FAMILY OF COMPANIES STRIVE TO DELIVER CAPITAL AND SERVICES THAT CAN ENABLE DISADVANTAGED INDIVIDUALS, FAMILIES AND BUSINESSES ACROSS OUR MARKET AREA TO PROSPER.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PARI XII, LINE 2C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6ADDITIONAL INFORMATION
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0522101164
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0DC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/OwnershipPct00.23770
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0MANAGING CITY FIRST BANK OF D.C.
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0CFBANC CORPORATION
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt01432 U STREET NW
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm0WASHINGTON
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd0DC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/ZIPCd020009
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0CITY FIRST ENTERPRISES INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0CITY FIRST HOMES INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0262335395
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0DC

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$33,346,322
Liabilities
$10,130,159
Net assets
$23,216,163
Revenue
$13,255,048
Expenses
$11,245,182
Net income
$2,009,866
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$74.2$43.8$30.4$15.3$12.1$3.17
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$68.1$41.0$27.1$21.5$20.2$1.24
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$60.7$34.5$26.2$55.5$50.8$4.76
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$50.6$20.6$30.1$41.2$41.0$0.17
2020Detailed filing. Detailed filing data is available for this year.$33.3$10.1$23.2$13.3$11.2$2.01
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.6$6.71$20.9$0.71$1.10$0.39
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$24.2$3.69$20.5$1.17$0.91$0.26
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.0$1.99$20.0$1.24$1.31$0.07
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.6$0.54$20.0$2.11$1.11$1.00
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.9$0.41$18.5$3.19$1.58$1.61
2014Detailed filing. Detailed filing data is available for this year.$18.6$1.88$16.7$4.41$2.69$1.73
2013Detailed filing. Detailed filing data is available for this year.$14.8$0.15$14.6$2.47$2.19$0.28
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.0$0.12$13.9$1.13
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.3$1.73$10.6$6.00
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.3$5.81$10.5$1.31