Fetching 990 data and generating analysis…
Fetching 990 data and generating analysis…
Form 990 report
EIN 52-2101165 · Washington, DC
Source: IRS TEOS
At a glance
The selected financial period shows a surplus, while the available filings show a donation decline.
For the selected financial period, the organization reported $15.3M in revenue and $12.1M in expenses, a $3.2M surplus. End-of-period net assets equal about 30 months of expenses at that period's rate; this rough comparison does not show how much was liquid or restricted. The available filings also show revenue rising about 35% in 2022 and then falling about 61% in 2023, with donations & grants accounting for much of the movement. A useful follow-up question is whether the decline reflects a temporary pullback or a lower ongoing revenue level.
Selected financial FY
Net assets relative to expenses
Revenue exceeded expenses
Nominal decline over available filings
In 2024, 91% of expenses went to programs, 7% to management, and 2% to fundraising.
City first enterprises is a community development financial institution specializing in flexible lending for affordable housing, commercial real estate, small businesses, non-profits, clean energy, and homeownership. With a mission to create equitable financial solutions to support people and communities in achieving their economic aspirations, we envision a future where all people and communities transform their futures through equitable access to capital.
Largest programs, as described in the filing
Managed portfolio of deployed funds in subordinated loans to nonprofits, small businesses, green energy, and affordable housing organizations within the greater washington metropolitan community, as well as provide te…
$11.0M · 100%
$11.0M
Managed portfolio of deployed funds in subordinated loans to nonprofits, small businesses, green energy, and affordable housing organizations within the greater washington metropolitan community, as well as provide technical assistance and credit counseling to borrowers. Continued creation of permanently affordable housing by wholly owned subsidiary.
Made 11 grants totaling $0 to other organizations.
| Recipient | Purpose | Cash grant |
|---|---|---|
FIRST CHOICE CONSTRUCTION INC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
AMERICANTINA LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
1037 30TH ST NW LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
ONE KARE ENTERPRISE LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
OAK AT MORSE STREET LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
WALTER REED MF PARTNER LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
| Recipient | Purpose | Cash grant |
|---|---|---|
FIRST CHOICE CONSTRUCTION INC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
AMERICANTINA LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
1037 30TH ST NW LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
ONE KARE ENTERPRISE LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
OAK AT MORSE STREET LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
WALTER REED MF PARTNER LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
SPD CONTRACTING INC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
REGINA'S REAL ESTATE HOLDING COMPANY LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
SHUKBUILT LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
HEIDI DC LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
BELLA MARKET LLC WASHINGTON, DC | SUPPORT FOR EQUITY IMPACT ENTERPRISES | $0 |
A comparison is not available for this organization in the current dataset. Methodology and limitations
Context
Most expenses were classified as program services. That is a helpful signal, but not a measure of whether the programs worked well.
| Year | Revenue | Expenses | Surplus / deficit |
|---|---|---|---|
| 2021 | $41.2M | $41.0M | +$173K |
| 2022 | $55.5M | $50.8M | +$4.8M |
| 2023 | $21.5M | $20.2M | +$1.2M |
| 2024 | $15.3M | $12.1M | +$3.2M |
What stands out
Revenue fell 61% in 2023, with expenses moving roughly in step (fell 60%). The filing reports a surplus of $1.2M for that year. Other year-over-year changes provide context, so this does not clearly read as an isolated change. The Form 990 shows the size of the change, not the reason behind it.
The filing itemizes what the money was spent on. These are the largest lines, shown as reported (Part IX).
Most revenue came from donations and grants: 77% in the selected financial period.
Selected financial FY (2024)
Context
The filing shows this mix for one period; it does not establish whether the largest source is recurring or restricted. The available history shows how the reported amount changed over time.
Revenue mix over time
Each source as a share of annual revenue — useful for judging whether the mix has stayed stable. Hover for exact values.
Form 990 separates government grants from private contributions, but public filings do not identify individual donors. Private contributions may include individuals, companies, foundations, donor-advised funds, and other private sources. We do not estimate donor-level giving.
Grants that other organizations report making to this nonprofit in their own Form 990 (Schedule I) — a public, filed source, not an estimate.
| Grantor (source filing) | Year | Amount |
|---|---|---|
| CAPITAL IMPACT PARTNERS | 2024 | $234K |
Ended the year with $30.4M in net assets (what it owns minus what it owes), equal to roughly 30 months of expenses at that period's rate.
| Year | Net assets |
|---|---|
| 2021 | $30.1M |
| 2022 | $26.2M |
| 2023 | $27.1M |
| 2024 | $30.4M |
Reserve context
This calculation compares year-end net assets with one year of reported expenses; it is not a measure of cash available for operations. Reported net assets are broadly similar across the available filings. The latest balance sheet lists $14.6M in cash and savings, $5.9M in investments, and $53K in property and equipment. Donors have restricted <1% of the net assets to specific uses, so that portion isn't freely available for general operations.
In the selected financial period, liabilities made up 59% of total assets, with net assets making up the rest.
15 officers, directors and key staff listed; 5 report positive compensation.
Highest-paid leader
OSWALDO ACOSTA
PRESIDENT AND CHIEF EXECUTIVE OFFICER
$363K
total reported compensation
| Name & role | From org | Related | Total |
|---|---|---|---|
OSWALDO ACOSTA PRESIDENT AND CHIEF EXECUTIVE OFFICER · Highest paid | $363K | — | $363K |
RODRIGO CORDON CHIEF OPERATING OFFICER · Highest paid | $191K | — | $191K |
JONATHAN REYES CHIEF LENDING OFFICER · Highest paid | $168K | — | $168K |
SHANNON NYS FORMER DIRECTOR OF FINANCE & ACCOUNTING · Former | $157K | — | $157K |
STEPHANIE MEYER CHIEF CREDIT OFFICER · Highest paid | $148K | — | $148K |
Scale check
The top package is about 3% of the $12.1M the organization spent that year.
| Name & role | From org | Related | Total |
|---|---|---|---|
OSWALDO ACOSTA PRESIDENT AND CHIEF EXECUTIVE OFFICER · Highest paid | $363K | — | $363K |
RODRIGO CORDON CHIEF OPERATING OFFICER · Highest paid | $191K | — | $191K |
JONATHAN REYES CHIEF LENDING OFFICER · Highest paid | $168K | — | $168K |
SHANNON NYS FORMER DIRECTOR OF FINANCE & ACCOUNTING · Former | $157K | — | $157K |
STEPHANIE MEYER CHIEF CREDIT OFFICER · Highest paid | $148K | — | $148K |
DR WILLIAM LONGBRAKE DIRECTOR · Director/Trustee | $0 | — | $0 |
CHUCK MUCKENFUSS DIRECTOR · Director/Trustee | $0 | — | $0 |
PRIYA JAYACHANDRAN DIRECTOR · Director/Trustee | $0 | — | $0 |
LORI CHATMAN DIRECTOR · Director/Trustee | $0 | — | $0 |
AMBER KUCHER BELL DIRECTOR · Director/Trustee | $0 | — | $0 |
ESTRELLA LUCERO DIRECTOR · Director/Trustee | $0 | — | $0 |
BRIAN ARGRETT CHAIRMAN OF THE BOARD · Officer | $0 | — | $0 |
DAVID MCGRADY VICE-CHAIRMAN OF THE BOARD · Officer | $0 | — | $0 |
SHANNON SCOTT TREASURER · Officer | $0 | — | $0 |
MARY ANN DONOVAN SECRETARY · Officer | $0 | — | $0 |
11-member board, 10 independent, 26 employees, 0 volunteers.
Context
The filing reports 91% of voting board members as independent. It reports all three listed written policies as in place. The filing reports an independent audit of the financial statements and oversight by a board committee.
Worth noting
Financial figures and trends are computed from City First Enterprises Inc's IRS Form 990 e-files covering FY 2021–2024. Programs, compensation, spending detail, governance, and grants are parsed from the newest canonical full IRS e-file (FY 2024). ProPublica supplies search, organization metadata, available filing links, and fallback financials. Trend figures use 4 filings through FY 2024. The written summary is AI-generated from these figures; it highlights patterns worth reviewing but does not verify audits, annual reports, news, or program outcomes. See our methodology and data sources.