2016-11-09T08:15:21-06:00 2015-12-31 943108253 NOVOGRADAC & COMPANY LLP 5 GREAT VALLEY PARKWAY SUITE 319 MALVERN PA 19355 990 2015-01-01 522101165 CITY FIRST ENTERPRISES INC CITY 2027454490 1436 U STREET NW NO 404 WASHINGTON DC 20009 ROBERT BURNS EXECUTIVE DIRECTOR 2027454490 2016-11-09 1 BENTLEY STANTON P00369094 6102324810 2015 2017-02-10 21:41:12Z ROBERT BURNS 1436 U STREET NW NO 404 WASHINGTON DC 20009 3187249 0 X CFENTERPRISES.ORG X 1998 DC TO PROMOTE COMMUNITY AND ECONOMIC DEVELOPMENT IN METRO DC'S DISTRESSED COMMUNITIES. 9 8 11 9 0 0 4201818 3010164 0 0 28215 100949 182308 76136 4412341 3187249 1115046 91250 0 0 983412 524174 0 0 149676 588290 966400 2686748 1581824 1725593 1605425 18584365 18929764 1878293 406783 16706072 18522981 TO PROMOTE COMMUNITY AND ECONOMIC DEVELOPMENT IN METRO DC'S DISTRESSED AND UNDERSERVED COMMUNITIES, ATTRACT RESPONSIVE INVESTMENT CAPITAL TO DC'S UNDERSERVED COMMUNITIES, AND DEVELOP NEW PRODUCTS AND SERVICES TO FILL MARKET GAPS AND STRENGTHEN DISTRESSED NEIGHBORHOODS. 0 0 1011822 3010164 MANAGED PORTFOLIO OF DEPLOYED FUNDS IN SUBORDINATED LOANS TO NONPROFITS, SMALL BUSINESSES, AND AFFORDABLE HOUSING ORGANIZATIONS WITHIN THE GREATER WASHINGTON METROPOLITAN COMMUNITY, AS WELL AS PROVIDING TECHNICAL ASSISTANCE AND CREDIT COUNSELING TO BORROWERS. INCENTIVIZED THE CONTINUED CREATION OF PERMANENTLY AFFORDABLE HOUSING BY WHOLLY OWNED SUBSIDIARY THROUGH LOAN FORGIVENESS AND WORK ON AN INNOVATIVE CROWDFUNDING MODEL. 1011822 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 1 1 1 0 0 1 19 0 1 11 1 0 0 0 0 0 0 0 0 0 0 X 9 8 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 DC X ROBERT BURNS EXECUTIVE DIRECTOR 2027454490 1436 U STREET NW NO 404 WASHINGTON DC 20009 AURIE HALL DIRECTOR 1.00 X 0 0 0 KIMBERLY LEVINE DIRECTOR 1.00 X 0 0 0 DR HASSAN MINOR DIRECTOR 1.00 X 0 0 0 ELLEN LAZAR DIRECTOR 1.00 X 0 0 0 DAVID MCGRADY DIRECTOR 1.00 X 0 0 0 BRIAN ARGRETT CHAIRMAN 1.00 X 0 0 0 JAIME BORDENAVE VICE-CHAIRMAN 1.00 X 0 0 0 PATRICIA HENRIQUES TREASURER 1.00 X 0 0 0 CHUCK MUCKENFUSS SECRETARY 1.00 X 0 0 0 ROBERT BURNS EXECUTIVE DIRECTOR 12.00 33.00 X 42500 112600 12583 42500 112600 12583 1 0 1 0 0 1464818 1545346 3010164 100949 100949 OTHER REVENUE 900099 76136 76136 76136 3187249 0 0 177085 91250 91250 451050 204326 181322 65402 39970 18106 16033 5831 33154 15019 13328 4807 1642 744 660 238 39041 17686 15694 5661 174147 78889 70007 25251 22197 10055 8923 3219 4729 2142 1901 686 5494 5494 18624 8437 7487 2700 PROFESSIONAL FEES 388786 253428 99477 35881 LOAN LOSS RESERVE 196009 196009 PROGRAM EXPENSE 115731 115731 1581824 1011822 420326 149676 7772495 5233225 10352 27119 4289667 7098574 26367 11851 53411 48547 9532 4864 6342501 6553985 133451 146 18584365 18929764 157315 138954 1720978 267829 1878293 406783 X 15075407 18522981 1630665 0 16706072 18522981 18584365 18929764 1605425 211484 0 X X 0 1 X 1 1 1 X 5699600 3717342 1524596 4201818 3010164 18153520 5699600 3717342 1524596 4201818 3010164 18153520 18153520 51338 31356 51182 28215 100949 263040 18416560 0.98570 0.97890 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 53411 48547 4864 4864 INVESTMENT IN CFBANC CORPORATION - 23.7% OWNERSHIP 6553985 C 6553985 X 3489308 211484 90575 302059 3187249 0 3187249 1672399 90575 90575 1581824 0 1581824 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. 1 CITY FIRST HOMES INC 1436 U STREET NW WASHINGTON DC 20009 262335395 501(C)(3) 91250 CASH TO SUPPORT THE PROGRAM SERVICES OF CITY FIRST HOMES, INC. INVESTIGATE/PROMOTE SHARED OFFICE SPACE/INFRASTRUCTURE FOR NON-GOVERNMENTAL ORGS. 1 1 PART I, LINE 2: CITY FIRST ENTERPRISES, INCORPORATED IS THE SOLE MEMBER OF CITY FIRST HOMES, INC. FOR WHICH IT MAKES CERTAIN FINANCIAL COMMITMENTS AS ITS SOLE MEMBER. THE FOLLOWING METHODOLOGY, MONITORED ON AN ON-GOING BASIS, IS USED FOR ALLOCATING COSTS AND EXPENSES: 1) COST AND EXPENSES ARE ALLOCATED BASED ON EMPLOYEE HOURS. 2) THE EMPLOYEES HOURS ARE TRACKED ON MONTHLY TIMESHEETS. 3) AT THE END OF A PERIOD THE TOTAL HOURS FOR THE EMPLOYEE ARE ACCUMULATED TO DETERMINE THE RATIO APPLIED TO THE EMPLOYEES SALARY AS WELL AS OTHER OPERATING EXPENSES. 4) THE DENOMINATOR IS TOTAL EMPLOYEE HOURS. 5) THE NUMERATOR IS THE HOURS FOR THAT ACTIVITY (I.E., CHIP HOURS/TOTAL EE HOURS). THE ACTIVITIES ARE AS FOLLOWS: 1) PROGRAM COSTS WHICH ARE DIRECT COSTS ATTRIBUTABLE TO A PROGRAM. 2) GENERAL AND ADMINISTRATIVE EXPENSES INCLUDE OFFICE TASKS, VACATION, ETC. 3) FUNDRAISING EXPENSES INCLUDE PROPOSAL WRITING, CONTACT WITH POTENTIAL FUNDERS, ETC. 4) LOAN FORGIVENESS. X X 0 0 0 0 0 0 0 0 0 ROBERT BURNS EXECUTIVE DIRECTOR 42500 112600 0 0 0 0 0 0 3448 9135 45948 121735 0 0 DAVID MCGRADY DIRECTOR 43125 CONSULTIN 0 FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIP AT CFBANC CORPORATION - C.F. MUCKENFUSS III, KIM LEVINE, DR. HASSAN MINOR, BRIAN ARGRETT, DAVID MCGRADY BUSINESS RELATIONSHIP AT CITY FIRST HOMES, INC. - BRIAN ARGRETT, JAIME BORDENAVE, AURIE HALL, PAT HENRIQUES, ELLEN LAZAR, KIM LEVINE, DAVID MCGRADY, DR. HASSAN MINOR, CHUCK MUCKENFUSS. FORM 990, PART VI, SECTION B, LINE 11 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. BOARD REVIEWS AND SENDS EMAIL TO AUDIT COMMITTEE CONFIRMING THE RETURN IS CORRECT AND THERE ARE NO CHANGES. BOARD APPROVES RETURN; 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 THEIR 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. FORM 990, PARI XII, LINE 2C CITY FIRST ENTERPRISES, INCORPORATED MAINTAINS AN AUDIT COMMITTEE THAT HAS THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT. CITY FIRST HOMES INC 1436 U STREET NW WASHINGTON DC 20009 262335395 TO PROMOTE COMMUNITY DEVELOPMENT BY PROVIDING AFFORDABLE HOUSING. DC 501(C)(3) 509(A)(2) CITY FIRST ENTERPRISES INC 0 CFBANC CORPORATION 1432 U STREET NW WASHINGTON DC 20009 522101164 MANAGING CITY FIRST BANK OF D.C. DC C 0.23700 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 CITY FIRST HOMES INC A 36000 CASH CITY FIRST HOMES INC B 91250 CASH CITY FIRST HOMES INC D 3575333 CASH CITY FIRST HOMES INC Q 146 CASH CITY FIRST HOMES INC P 57009 CASH CITY FIRST BANK OF DC R 3160 CASH CITY FIRST BANK OF DC S 53 CASH