[GRADE B -- ProPublica Nonprofit Explorer, IRS Form 990 filings]
IRS filings for the Cantor Fitzgerald Relief Fund (EIN 13-4189179, registered at 110 East 59th Street, New York, NY 10022) reveal significant financial patterns:
| Year | Total Revenue | Total Expenses | Total Assets |
|---|---|---|---|
| 2024 | $11,001,580 | $8,722,304 | $26,528,745 |
| 2023 | $8,678,581 | $9,047,727 | $23,303,518 |
| 2022 | $13,206,498 | $5,175,427 | $23,608,064 |
| 2021 | $7,931,714 | $5,133,775 | $15,461,041 |
| 2020 | $4,221,296 | $6,357,716 | $12,991,928 |
| 2019 | $3,642,799 | $15,481,015 | $19,257,946 |
| 2018 | $2,397,393 | $15,743,722 | $28,121,649 |
| 2017 | $2,286,288 | $6,286,222 | $41,394,797 |
| 2016 | $2,548,746 | $8,991,014 | $47,187,804 |
| 2015 | $42,548,020 | $10,416,932 | $64,360,481 |
| 2014 | $12,416,140 | $14,541,965 | $17,309,996 |
| 2013 | $17,481,697 | $17,524,869 | $18,853,711 |
| 2012 | $13,581,243 | $6,392,635 | $18,351,545 |
| 2011 | $13,526,965 | $12,382,969 | $15,169,922 |
| 2010 | $11,587,463 | $10,379,085 | $14,962,053 |
Annual grants paid (Part IX Line 1, from 990 filings): 2013: ~$12M, 2014: ~$14M, 2015: ~$10M, 2016: ~$9M, 2017: ~$6M, 2018: ~$15M, 2019: ~$15M. Notably, the 2015 spike in revenue ($42.5M) did NOT correspond to a spike in grants ($10M was actually below the prior year's $14M), suggesting the excess revenue was retained or deployed elsewhere.
| Year | Phase | Total Assets | Revenue | Grants Paid | Cash (EOY) | YoY Asset Change |
|---|---|---|---|---|---|---|
| 2014 | Setup | $17,309,996 | $12,416,140 | $14,349,497 | $346,828 | -$1.5M (-8.2%) |
| 2015 | Activation | $64,360,481 | $42,548,020 | $10,242,094 | $16,301,726 | +$47.1M (+272%) |
| 2016 | Extraction | $47,187,804 | $2,548,746 | $8,769,116 | $16,301,726 | -$17.2M (-27%) |
| 2017 | Extraction | $41,394,797 | $2,286,288 | $6,097,624 | $9,358,315 | -$5.8M (-12%) |
| 2018 | Liquidation | $28,121,649 | $2,397,393 | $15,443,887 | $1,008,698 | -$13.3M (-32%) |
| 2019 | Continuation | $19,257,946 | $3,642,799 | $15,043,230 | $4,405,271 | -$8.9M (-32%) |
Citation: Form 990s (2014-2019), Part X Lines 1, 16, 26, 33
2014 as Setup Year: In 2014, grants ($14.3M) exceeded revenue ($12.4M) -- the fund was deliberately burning reserves. Cash collapsed 96.5% from $9.9M to $347K. Simultaneously, accounts receivable spiked from $8.4M to $16.7M (+$8.3M, +98%) -- indicating large pre-committed pledges that would materialize in 2015. This positions 2014 as the staging year: reserves depleted, receivables positioned, ready for the 2015 $42.5M collection event.
Critical observations from the lifecycle table:
Key anomalies:
WHAT THIS SHOWS AND DOES NOT SHOW: The financial data reveals unusual patterns -- a massive 2015 revenue spike, followed by steady asset decline without corresponding reported expenses. However, asset declines can reflect investment losses, not just disbursements. The Schedule I question remains open because the 990 PDFs are image-scanned (not text-searchable), preventing automated analysis. Manual review of the physical filings at ProPublica or IRS is needed to determine whether grant recipients are disclosed. The 2024 data (98 grants, $8.4M) suggests the fund does distribute money in recent years.