2015-08-14T09:04:29-05:00 2014-12-31 943108253 NOVOGRADAC & COMPANY LLP 2325 LAKEVIEW PARKWAY SUITE 450 ALPHARETTA GA 30009 990 2014-01-01 522101165 CITY FIRST ENTERPRISES INC CITY 2027454490 1436 U STREET NW NO 404 WASHINGTON DC 20009 JOHN HAMILTON ACTING EXECUTIVE DIRECTOR 2027454490 2015-08-14 1 BENTLEY STANTON P00369094 6788672333 2014 2016-04-25 22:37:26Z ROBERT BURNS 1436 U STREET NW NO 404 WASHINGTON DC 20009 4412341 0 X CFENTERPRISES.ORG X 1998 DC TO PROMOTE COMMUNITY AND ECONOMIC DEVELOPMENT IN METRO DC'S DISTRESSED COMMUNITIES. 10 9 10 0 0 0 1524596 4201818 0 0 51182 28215 890060 182308 2465838 4412341 743561 1115046 0 0 717509 983412 0 0 70232 727702 588290 2188772 2686748 277066 1725593 14773705 18584365 153940 1878293 14619765 16706072 X 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 1885151 1115046 MANAGED PORTFOLIO OF OVER $1M OF DEPLOYED FUNDS IN SUBORDINATED LOANS TO NON-PROFITS, SMALL BUSINESSES, AND AFFORDABLE HOUSING ORGANIZATIONS WITHIN THE GREATER WASHINGTON METROPOLITAN COMMUNITY, AS WELL AS PROVIDING TECHNICAL ASSISTANCE AND CREDIT COUNSELING TO BORROWERS. WORKED WITH MAJOR DC FUNDER TO EXECUTE FEASIBILITY STUDY AND IN TURN, ULTIMATELY IMPLEMENTED THE METROPOLITAN WASHINGTON WEALTH BUILDING INITIATIVE DESIGNED TO PROVIDE LOWER INCOME INDIVIDUALS WITH OPPORTUNITIES FOR WEALTH CREATION THROUGH JOINT OWNERSHIP OF SMALL BUSINESSES. ENGAGED IN WORK WITH REGULATORY BODIES TO SECURE A SOURCE OF COMMUNITY DEVELOPMENT CAPITAL FOR UNDERSERVED COMMUNITIES THROUGH REGULATION CROWDFUNDING. INCENTIVIZED THE CONTINUED CREATION OF PERMANENTLY AFFORDABLE HOUSING BY WHOLLY OWNED SUBSIDIARY THROUGH LOAN FORGIVENESS. 1885151 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 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 14 0 1 10 1 0 0 0 0 0 0 0 0 0 0 X 10 9 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 DC X ROBERT BURNS ACTING EXECUTIVE DIRECTOR 2027454490 1436 U STREET NW NO 404 WASHINGTON DC 20009 CF MUCKENFUSS III CHAIRMAN 1.00 X 0 0 0 JAIME BORDENAVE DIRECTOR 1.00 1.00 X 0 0 0 PATRICIA HENRIQUES DIRECTOR 1.00 X 0 0 0 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 NEIL O ALBERT 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 DIRECTOR 1.00 X 0 0 0 JOHN HAMILTON PRESIDENT 25.00 1.00 X 218665 0 5579 DAVE WILKINSON EXECUTIVE DIRECTOR 45.00 X 150064 0 6180 LISA GANS EXECUTIVE VICE PRESIDENT 45.00 X 140960 0 5800 JASON WASHINGTON SENIOR VICE PRESIDENT 40.00 X 114775 0 4600 624464 0 22159 4 0 1 0 0 847000 3354818 4201818 28215 28215 OTHER REVENUE 900099 182308 182308 182308 4412341 0 0 210523 1115046 1115046 846024 359964 443160 42900 78102 33230 40911 3961 59286 25225 31055 3006 50358 21427 26378 2553 172739 73497 90483 8759 27003 11489 14145 1369 2603 1108 1363 132 5866 5866 9633 4099 5046 488 PROGRAM EXPENSE 160438 160438 PROFESSIONAL FEES 139283 59261 72958 7064 LOAN LOSS RESERVE 20367 20367 2686748 1885151 731365 70232 4992551 7772495 32209 10352 3702368 4289667 25764 26367 52585 43053 7898 9532 5981787 6342501 31128 133451 14773705 18584365 128106 157315 25834 1720978 153940 1878293 X 13074349 15075407 1545416 1630665 14619765 16706072 14773705 18584365 1725593 360714 0 X X 0 1 X 1 1 1 X 945000 5699600 3717342 1524596 4201818 16088356 945000 5699600 3717342 1524596 4201818 16088356 16088356 185083 51338 31356 51182 28215 347174 16435530 0.97890 0.96690 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 52585 43053 9532 9532 INVESTMENT IN CFBANC CORPORATION - 23.7% OWNERSHIP 6342501 C 6342501 4994093 360714 221038 581752 4412341 0 4412341 2907786 221038 221038 2686748 0 2686748 1 CITY FIRST HOMES INC 1436 U STREET NW WASHINGTON DC 20009 262335395 501(C)(3) 1115046 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 0 0 0 0 0 0 0 1 0 JOHN HAMILTON PRESIDENT 168665 0 50000 0 0 0 0 0 0 0 218665 0 50000 0 DAVE WILKINSON EXECUTIVE DIRECTOR 150064 0 0 0 0 0 0 0 0 0 150064 0 0 0 PART I, LINE 7 THE BOARD ADOPTED THE RECOMMENDATION OF THE PERFORMANCE COMMITTEE FOR A $50,000 BONUS FOR JOHN HAMILTON FOR 2013. THE BONUS WAS IN RECOGNITION OF BOTH THE SIGNIFICANT INCREASE IN THE HOURS WORKED AND THE SUCCESSFUL YEAR. THE BONUS WAS PAID OUT IN 2014 AND REFLECTED IN JOHN HAMILTON'S 2014 W-2. DAVID MCGRADY DIRECTOR 4563 CONSULTING 0 FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIP AT CFBANC CORPORATION - C.F. MUCKENFUSS III, KIM LEVINE, DR. HASSAN MINOR, JOHN HAMILTON, BRIAN ARGRETT, DAVID MCGRADY BUSINESS RELATIONSHIP AT CITY FIRST HOMES, INC. - JAIME BORDENAVE, REV. DAVID BOWERS, JOHN HAMILTON, DAVID MCGRADY 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. DAVID MCGRADY SERVED AS EXECUTIVE DIRECTOR FROM FEBRUARY 2015 THROUGH JUNE 30, 2015. AS OF JULY 1, 2015, ROBERT BURNS WAS APPOINTED AS ACTING EXECUTIVE DIRECTOR. 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 360714 0.23700 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 CITY FIRST HOMES INC B 1115046 CASH CITY FIRST HOMES INC D 3575333 CASH CITY FIRST HOMES INC P 133451 CASH CITY FIRST HOMES INC A 36000 CASH CITY FIRST BANK OF DC R 41957 CASH CITY FIRST BANK OF DC P 20094 CASH CITY FIRST HOMES INC A 8917 CASH CITY FIRST HOMES INC Q 34649 CASH CITY FIRST HOMES INC O 23278 CASH