TY 2020 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
bullet

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0052

2020

Open to Public Inspection

For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020

Name of foundation
NATIONAL ENDOWMENT FOR
FINANCIAL EDUCATION

Number and street (or P.O. box number if mail is not delivered to street address)1550 Market Street No 475
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Denver, CO80202

A Employer identification number

84-0632115

B Telephone number (see instructions)

(303) 741-6333

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$183,159,411J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)	42,578
2	Check .............
3	Interest on savings and temporary cash investments	44,379		44,379	44,379
4	Dividends and interest from securities...	1,069,453		1,069,453	1,069,453
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		7,927,281
b	Gross sales price for all assets on line 6a
7	Capital gain net income (from Part IV, line 2)...			7,907,932
8	Net short-term capital gain.........				43,723
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......		4,619,641	4,617,745	4,618,004
12	Total. Add lines 1 through 11........	13,703,332		13,639,509	5,775,559
13	Compensation of officers, directors, trustees, etc.	664,150		59,811	59,811	604,339
14	Other employee salaries and wages......	2,133,235		22,914	22,914	2,110,321
15	Pension plans, employee benefits.......	991,471		19,829	19,829	971,642
16a	Legal fees (attach schedule).........		135,102	2,331	2,331	132,771
b	Accounting fees (attach schedule).......		123,600	4,880	4,880	118,720
c	Other professional fees (attach schedule)....		638,279	214,728	214,728	423,551
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		110,872	0	0	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............	966,613		19,332	19,332	947,281
21	Travel, conferences, and meetings.......	113,935		983	983	112,952
22	Printing and publications..........	255,471		29	29	255,442
23	Other expenses (attach schedule).......		922,189	2,644	2,644	919,545
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	7,054,917		347,481	347,481	6,596,564
25	Contributions, gifts, grants paid.......	453,366				453,366
26	Total expenses and disbursements. Add lines 24 and 25	7,508,283		347,481	347,481	7,049,930
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	6,195,049
b	Net investment income (if negative, enter -0-)			13,292,028
c	Adjusted net income (if negative, enter -0-)...				5,428,078

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2020)

Form 990-PF (2020)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	6,746,947	7,264,157	7,264,157
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	46,226,379	47,019,862	61,374,979
	c	Investments—corporate bonds (attach schedule).......	16,630,760	9,914,401	10,828,132
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	57,267,203	68,867,918	103,692,143
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	126,871,289	133,066,338	183,159,411
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	126,813,823	133,066,338
	25	Net assets with donor restrictions............	57,466	0
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	126,871,289	133,066,338
	30	Total liabilities and net assets/fund balances (see instructions).	126,871,289	133,066,338

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

126,871,289

Enter amount from Part I, line 27a .....................

6,195,049

Other increases not included in line 2 (itemize) bullet

Add lines 1, 2, and 3 ..........................

133,066,338

Decreases not included in line 2 (itemize) bullet

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

133,066,338

Form 990-PF (2020)

Page 3

Part IV

Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation
1 a	Vanguard Total Stock Index Fund	P
b	Prime Cap Odyssey Growth Fund	P
c	Vulcan Value Partners Large Cap	P
d	Capital Group American Funds	P
e	City of London EM Investable Fund	P
	Wellington EMO	P
	Wellington Archipelago Partners	P
	Davidson Kempner Institutional Partner	P
	Forester Diversified Ltd	P
	Harvest MLP Income Fund II	P
	T. Rowe. Price Global Natural Resources	P
	AEW Global Property Securities (Seaport)	P
	Dodge & Cox Income Fund	P
	Templeton Global Bond	P
	Merganser Short Term Bond Fund	P
	Breckinridge Capital Advisors	P
	Common Fund International PEP VI	P
	Common Fund International PEP VI - UBTI	P
	Gain/loss reported on 990-T	P
	Common Fund Private Equity Partners VII	P
	Common Fund Private Equity Partners VII - UBTI	P
	Gain/loss reported on 990-T	P
	Common Fund Venture Partners XI	P
	Common Fund Venture Partners XI - UBTI	P
	Gain/loss reported on 990-T	P
	Greenspring Global Partners 8	P
	Greenspring Global Partners 9	P
	Industry Venture Partners Holdings	P
	Siguler Guff Distressed Opportunities 3	P
	Siguler Guff Distressed Opportunities 4	P
	Vulcan Value Partners Large Cap	P
	City of London EM Investable Fund	P
	Davidson Kempner Institutional Partner	P
	Harvest MLP Income Fund II	P
	T. Rowe. Price Global Natural Resources	P
	AEW Global Property Securities (Seaport)	P
	Parametric	P
	Dodge & Cox Income Fund	P
	Merganser Short Term Bond Fund	P
	Common Fund Private Equity Partners VII	P
	Common Fund Venture Partners XI	P
	Greenspring Global Partners 8	P
	Greenspring Global Partners 9	P
	Industry Venture Partners Holdings	P
	Siguler Guff Distressed Opportunities 3	P
	Siguler Guff Distressed Opportunities 4	P
	Ownership Capital Global Equity LP	P
	Ownership Capital Global Equity LP	P
	Silchester International	P
	Silchester International	P

(e) Gross sales price		(f) Depreciation allowed (or allowable)	(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a				1,125,248
b				4,323,481
c				425,662
d				157,268
e				539,951
				316,794
				1,893,176
				203,788
				491,424
				-1,313,139
				-348,087
				6,357
				200,995
				-634,941
				129,844
				81,589
				26,208
				913
				-913
				70,665
				9,109
				-9,109
				146,038
				9,327
				-9,327
				3,768
				154
				9,606
				2,122
				33,980
				-428,874
				19,963
				494,230
				-85,613
				6,985
				-3,156
				-42,776
				107,431
				16,844
				-29
				5,127
				-387
				-1,351
				31
				-161
				-54
				172,093
				-2,057
				-199,835
				-42,430

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			1,125,248
b			4,323,481
c			425,662
d			157,268
e			539,951
			316,794
			1,893,176
			203,788
			491,424
			-1,313,139
			-348,087
			6,357
			200,995
			-634,941
			129,844
			81,589
			26,208
			913
			-913
			70,665
			9,109
			-9,109
			146,038
			9,327
			-9,327
			3,768
			154
			9,606
			2,122
			33,980
			-428,874
			19,963
			494,230
			-85,613
			6,985
			-3,156
			-42,776
			107,431
			16,844
			-29
			5,127
			-387
			-1,351
			31
			-161
			-54
			172,093
			-2,057
			-199,835
			-42,430

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	7,907,932
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3	43,723

Part V

Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE

1 Reserved

(a) Reserved	(b) Reserved	(c) Reserved	(d) Reserved

Reserved...........................

Reserved,..........................

Form 990-PF (2020)

Page 4

Part VI

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Reserved................................	1	184,759
c	All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	184,759
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	184,759
6	Credits/Payments:

a	2020 estimated tax payments and 2019 overpayment credited to 2020	6a	183,656
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	183,656
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	1,103
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2021 estimated tax	Refunded	11

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes Click to see attachment

....

Yes

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

Yes

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Yes

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument?................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XV..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.

If "Yes," complete Part XIV .............................

Yes

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

Form 990-PF (2020)

Page 5

Part VII-A

Statements Regarding Activities (continued)

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement. See instructions.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

www.NEFE.org

The books are in care of bullet

The Organization Telephone no. bullet

(303) 741-6333

Located at bullet

1550 Market Street No 475DenverCO ZIP+4 bullet

80202

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here ......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ........ bullet

16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country bullet

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?......................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)?...............YesNo

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.).......YesNo

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........

Organizations relying on a current notice regarding disaster assistance check here........ bullet

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2020?.............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2020, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2020?.............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year?......................YesNo

If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2020.)..................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?

Form 990-PF (2020)

Page 6

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?.............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions................YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?.....YesNo

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......

Organizations relying on a current notice regarding disaster assistance check here......... bullet

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant?..........YesNo

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract?.....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .................YesNo

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation
Rachelle Feldman	Member 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Member 1.00	0	0
Margaret Libby	Member 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Member 1.00	0	0
Colleen Walker	Member 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Member 1.00	0	0
Greg Maged	Vice Chair 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Vice Chair 1.00	0	0
Kevin Plummer	Member 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Member 1.00	0	0
David G Strege	Emeritus Chair 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Emeritus Chair 1.00	0	0
Patrick Bannigan	Emeritus Chair 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Emeritus Chair 1.00	0	0
Helen Norris	Chair 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Chair 1.00	0	0
Jason Young	Member 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Member 1.00	0	0
Doug McCormick	Member 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Member 1.00	0	0
Rick Ketchum	Member 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Member 1.00	0	0
Joyce Nelson	Member 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Member 1.00	0	0
Manisha Thakor	Member 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Member 1.00	0	0
Billy Hensley	President & CEO 40.00	369,204	23,564
1550 Market Street Ste 475 Denver,CO80202	President & CEO 40.00	369,204	23,564
Joanne Flores Moses	Treasurer & CFO 40.00	201,706	45,867
1550 Market Street Ste 475 Denver,CO80202	Treasurer & CFO 40.00	201,706	45,867
Carol Chapman	Secretary & Executive Assis 40.00	93,240	38,067
1550 Market Street Ste 475 Denver,CO80202	Secretary & Executive Assis 40.00	93,240	38,067
Dionne Blue PhD	Member 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Member 1.00	0	0
Jourdan Jones	Member 1.00	0	0
1550 Market Street Ste 475 Denver,CO80202	Member 1.00	0	0

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
Chris Shannon	VP External Affairs 40.00	185,941	34,939	0
1550 Market St Ste 475 Denver,CO80202	VP External Affairs 40.00	185,941	34,939	0
Katherine Sauer	VP Research and Prog 40.00	193,277	10,642	0
1550 Market St Ste 475 Denver,CO80202	VP Research and Prog 40.00	193,277	10,642	0
Annette Fowler	Managing Dir. of Tec 40.00	131,291	41,597	0
1550 Market St Ste 475 Denver,CO80202	Managing Dir. of Tec 40.00	131,291	41,597	0
Jill Jones	Managing Dir. Resear 40.00	106,779	20,580	0
1550 Market St Ste 475 Denver,CO80202	Managing Dir. Resear 40.00	106,779	20,580	0
Paul Golden	Managing Dir. of Med 40.00	104,320	21,200	0
1550 Market St Ste 475 Denver,CO80202	Managing Dir. of Med 40.00	104,320	21,200	0
Total number of other employees paid over $50,000...................				8

Form 990-PF (2020)

Page 7

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
ITX Corp	Web design and consulting	251,900
1169 Pittsford-Victor Rd Pittsford,NY14534	Web design and consulting	251,900
BCLP	Legal	107,404
PO Box 503089 St Louis,MO63150	Legal	107,404
Cambridge Associates LLC	Investment advisor	95,000
PO Box 10317 Uniondale,NY11555	Investment advisor	95,000
Beacon Technologies	Marketing consulting	91,300
164-B Thatcher Rd Greensboro,NC27409	Marketing consulting	91,300
Willis Towers Watson	Actuary	74,800
555 17th Street Suite 2050 Denver,CO80202	Actuary	74,800

Total number of others receiving over $50,000 for professional services............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1	Research and Programs: Funding is provided for research that has the potential to make a profound contribution to the field of financial education and seeks to improve the public's financial well-being. NEFE provides programs and resources to facilitate financial education in schools and communities, and helps educators evaluate learning success. In 2020, NEFE continued access to the High School Financial Planning Program (HSFPP) for high school teachers and students; the CashCourse program for college audiences; and Smart About Money for adult learners. The NEFE Financial Education Evaluation Toolkit helps educators evaluate program effectiveness. NEFE educational resources had more than 1.1 million online users/visitors in 2020.	3,686,818
2	External Affairs: Our diverse range of partnerships span social services, education and media organizations. In the last year, NEFE had nearly 40 active partnerships. For example, NEFE provided support to 100 people of color who sought Accredited Financial Counselor certification through the Association for Financial Counseling and Planning Education. Additionally, to advance the research agenda and theory of change in the field of financial education, NEFE funds think tanks and forums to advance dialogue and raise awareness. NEFE is partnering with Council for Economic Education to host a series of 5 financial education policy convenings that were produced through collaboration in 2020 and will take place in 2021. These invitation-only events will provide state policymakers with a neutral forum in which to discuss opportunities, technicalities and challenges of considering statewide financial education policy and programming.	2,007,350
3


4

Part IX-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Form 990-PF (2020)

Page 8

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

154,529,191

Average of monthly cash balances.......................

11,636,709

Fair market value of all other assets (see instructions)................

Total (add lines 1a, b, and c).........................

166,165,900

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

166,165,900

Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see

instructions) .............................

2,492,489

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

163,673,411

Minimum investment return. Enter 5% of line 5..................

8,183,671

Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

Minimum investment return from Part X, line 6....................

Tax on investment income for 2020 from Part VI, line 5......

Income tax for 2020. (This does not include the tax from Part VI.)...

Add lines 2a and 2b............................

Distributable amount before adjustments. Subtract line 2c from line 1............

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...

Part XII

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

7,049,930

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

7,049,930

Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment

income. Enter 1% of Part I, line 27b. See instructions.................

Adjusted qualifying distributions. Subtract line 5 from line 4..............

7,049,930

Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
the section 4940(e) reduction of tax in those years.

Form 990-PF (2020)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2019	(c) 2019	(d) 2020
1 Distributable amount for 2020 from Part XI, line 7
2 Undistributed income, if any, as of the end of 2020:
a Enter amount for 2019 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2020:
a From 2015......
b From 2016......
c From 2017......
d From 2018......
e From 2019......
fTotal of lines 3a through e........
4Qualifying distributions for 2020 from Part
XII, line 4: $
a Applied to 2019, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........
d Applied to 2020 distributable amount.....
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2020.
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2019. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2020. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2021 ..........
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......
8 Excess distributions carryover from 2015 not applied on line 5 or line 7 (see instructions) ...
9Excess distributions carryover to 2021. Subtract lines 7 and 8 from line 6a ......
10 Analysis of line 9:
a Excess from 2016....
b Excess from 2017....
c Excess from 2018....
d Excess from 2019....
e Excess from 2020....

Form 990-PF (2020)

Page 10

Part XIV

Private Operating Foundations (see instructions and Part VII-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet

2005-06-24

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2020	(b) 2019	(c) 2018	(d) 2017	(e) Total
	5,428,078	3,562,665	2,270,576	2,712,417	13,973,736
b 85% of line 2a .........	4,613,866	3,028,265	1,929,990	2,305,554	11,877,676
c Qualifying distributions from Part XII, line 4 for each year listed .....	7,049,930	7,605,606	7,432,933	6,465,656	28,554,125
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........	453,366	284,609	583,250	476,724	1,797,949
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....	6,596,564	7,320,997	6,849,683	5,988,932	26,756,176
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......					0
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)					0
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed...	5,455,781	5,612,559	5,788,705	5,628,579	22,485,624
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....					0
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....					0
(3) Largest amount of support from an exempt organization					0
(4) Gross investment income					0

Part XV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here bullet

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:

Applications should be submitted to
1550 Market Street Suite 475
Denver,CO80202
(303) 741-6333
NEFE.org

bThe form in which applications should be submitted and information and materials they should include:

Applicants must submit a Concept Inquiry Form as the first step to being considered for funding. The Form is available on NEFE's website at NEFE.org

cAny submission deadlines:

First Tuesday in December and the first Tuesday in June.

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Through support of rigorous research, NEFE identifies knowledge gaps and seeks evidence of what works in the field to prove the effectiveness of financial education and lay the groundwork for greater future impact. Funding is provided for research that has the potential to make a profound contribution to the field of financial education and seeks to improve the public's financial well-being. NEFE funds projects that: Are based on original research questions that necessitate rigorous, empirical analysis; Generate new data or utilize existing datasets; Involve the direct study of U.S. households and individuals and trends related to them; Investigate direct impacts of financial education or propose research that results in findings impactful to the field. NEFE does not fund projects that: Have commercial or proprietary elements; Are related to the pilot, development, execution, evaluation, expansion or administration of programs, courses or curricula.

Form 990-PF (2020)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
AFCPE 79 S State St Suite D-3 Westerville,OH43081	None	PC	Sponsor training and credentialing of 100 new Accredited Financial Counselors	50,000
Coalition of Communities of Color 211 NW 2nd Ave Suite 303 Portland,OR97209	None	PC	Operating grant	25,000
Connect to Compete Inc 413 K Street NE Washington,DC20002	None	PC	Operating grant	25,000
Foundation for the Mid South 134 East Amite Street Jackson,MS39201	None	PC	Operating grant	25,000
National Coalition Against Domestic Violence 600 Grant St Suite 750 Denver,CO80203	None	PC	Operating grant	25,000
Society for Financial Education & Professional Development 1800 Diagonal Rd Suite 600 Alexandria,VA22314	None	PC	Operating grant and Student Ambassador program	35,000
Knology 40 Exchange Place New York,NY10005	None	PC	State financial spending and benefits	104,000
Stevens Institutes of Technology 1 Castle Point Terrace Hoboken,NJ07030	None	PC	Collectivism all around: informal networks, savings shortfalls, and financial education in the US	31,083
The University of Arizona 1140 E South Campus Dr PO Box 210036 Tuscon,AZ85721	None	PC	Measuring family financial socialization	27,433
The Urban Institute 500 LEnfant Plaza SW Wahington,DC20024	None	PC	Efficacy in measuring financial literacy	80,000
Womens Community Revitalization Project 100 West Oxford St Suite E-2300 Philadelphia,PA19122	None	PC	Operating grant	25,000
Grantmakers for Effective Organizations 1310 L Street NW Suite 650 Washington,DC20005	None	PC	Operating grant	850
Total ................................. 3a				453,366

bApproved for future payment
The University of Arizona 1140 E South Campus Dr PO Box 210036 Tuscon,AZ85721	None	PC	Measuring Family Financial Socialization	101,077
University of Alabama 152 Rose Administration Box 870104 Tuscaloosa,AL35487	None	PC	Efficacy in measuring financial literacy	87,001
Urban Institute 500 LEnfant Plaza SW Washington,DC20024	None	PC	Efficacy in Measuring Financial Literacy	170,000
Total ................................. 3b				358,078

Form 990-PF (2020)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........			14	44,379
4 Dividends and interest from securities....			14	1,069,453
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income.....	523000	1,637	14	4,617,745
8 Gain or (loss) from sales of assets other than inventory ............	523000	19,349	18	7,907,932
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aOther			14	259
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		20,986		13,639,768	0

13Total. Add line 12, columns (b), (d), and (e)..................

13,660,754

(See worksheet in line 13 instructions to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2020)

Page 13

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2020)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

Schedule B
(Form 990, 990-EZ,
or 990-PF)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2020

Name of the organization

NATIONAL ENDOWMENT FOR
FINANCIAL EDUCATION

Employer identification number

84-0632115

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Arrow Bullet

Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2020)

Schedule B (Form 990, 990-EZ, or 990-PF) (2020) Page 2

Name of organization NATIONAL ENDOWMENT FOR FINANCIAL EDUCATION

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	Cy pres distribution PO Box 6191 Novato, CA94948	$ 16,560	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
2	Cy pres distribution PO Box 9009 Hicksville, NY11802	$ 24,794	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2020)

Schedule B (Form 990, 990-EZ, or 990-PF) (2020)

Page 3

Name of organization NATIONAL ENDOWMENT FOR FINANCIAL EDUCATION		Employer identification number 84-0632115

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2020)

Schedule B (Form 990, 990-EZ, or 990-PF) (2020)

Page 4


Name of organization NATIONAL ENDOWMENT FOR FINANCIAL EDUCATION			Employer identification number 84-0632115
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990, 990-EZ, or 990-PF) (2020)

Additional Data

Software ID:
Software Version:

- TIN:

TY 2020 AccountingFeesSchedule

Name:

NATIONAL ENDOWMENT FOR

FINANCIAL EDUCATION

EIN:

84-0632115

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Kundinger, Corder & Engle, PC	48,800	4,880	4,880	43,920
Willis Towers Watson	74,800	0	0	74,800

- TIN:

TY 2020 InvestmentsCorpBondsSchedule

Name:

NATIONAL ENDOWMENT FOR

FINANCIAL EDUCATION

EIN:

84-0632115

Name of Bond	End of Year Book Value	End of Year Fair Market Value
Dodge & Cox Income Fund	7,613,479	8,527,210
RBC Global Asset Management	2,300,922	2,300,922

- TIN:

TY 2020 InvestmentsCorpStockSchedule

Name:

NATIONAL ENDOWMENT FOR

FINANCIAL EDUCATION

EIN:

84-0632115

Name of Stock	End of Year Book Value	End of Year Fair Market Value
Publicly traded securities	47,019,862	61,374,979

- TIN:

TY 2020 InvestmentsOtherSchedule2

Name:

NATIONAL ENDOWMENT FOR

FINANCIAL EDUCATION

EIN:

84-0632115

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
Wellington Archipelago Holdings, Ltd.	AT COST	293,176	5,891,538
Davidson Kempner Institutional Partners, L.P.	AT COST	8,712,907	17,375,951
Wellington EMO	AT COST	2,636,959	4,190,750
City of London Emerging Markets Country Fund	AT COST	1,950,325	6,984,108
Silchester International Value Equities	AT COST	15,735,412	17,401,768
Commonfund VI, LLP	AT COST	16,713	132,474
Commonfund VII, LLP	AT COST	0	351,947
Sigular Guff Distressed Opportunity Fund 3	AT COST	0	258,649
Forester Diversified Hedge Fund	AT COST	5,491,424	9,636,294
Sigular Guff Distressed Opportunity IV Fund	AT COST	0	835,460
Harvest MLP Income Fund II	AT COST	103,823	103,823
Dover Street VIII Cayman Fund L.P.	AT COST	211,559	705,411
AEW Global	AT COST	8,170,036	7,951,218
Commonfund Venture Ptrns XI	AT COST	1,620,740	3,216,564
Dover Street IX Cayman Fund L.P.	AT COST	1,331,935	2,324,414
Greenspring Global Partners VIII-B, L.P.	AT COST	1,387,119	1,725,111
Parametric Portfolio Associates LLC	AT COST	4,098,405	4,226,748
Industry Ventures	AT COST	1,225,864	1,442,398
Greenspring Global Partners IX-B, LP	AT COST	1,337,435	1,527,105
Wellington Durable Companies	AT COST	6,489,603	7,605,226
Ownership Capital Global Equity Fund LP	AT COST	6,669,042	7,866,292
HarborVest Real Assets 4 Feeder Fund	AT COST	0	187,899
Dover Street X Cayman Fund	AT COST	1,310,441	1,675,995
Fortress Credit Opportunities Fund V Exp 8	AT COST	75,000	75,000

- TIN:

TY 2020 LegalFeesSchedule

Name:

NATIONAL ENDOWMENT FOR

FINANCIAL EDUCATION

EIN:

84-0632115

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Sheridan Ross	13,017	132	132	12,885
Leaffer Law Group	3,250	51	51	3,199
Davis Graham Stubbs	11,431	0	0	11,431
BCLP	107,404	2,148	2,148	105,256

- TIN:

TY 2020 OtherExpensesSchedule

Name:

NATIONAL ENDOWMENT FOR

FINANCIAL EDUCATION

EIN:

84-0632115

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Technology	181,000	570	570	180,430
Directed research and other program expenses	249,354	0	0	249,354
Advertising/media	107,156	0	0	107,156
Postage/shipping	100,783	0	0	100,783
Other	65,115	0	0	65,115
Consulting	218,781	2,074	2,074	216,707

- TIN:

TY 2020 OtherIncomeSchedule2

Name:

NATIONAL ENDOWMENT FOR

FINANCIAL EDUCATION

EIN:

84-0632115

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
Income from pass-through entities	4,619,382	4,617,745	4,617,745
Other	259		259

- TIN:

TY 2020 OtherProfessionalFeesSchedule

Name:

NATIONAL ENDOWMENT FOR

FINANCIAL EDUCATION

EIN:

84-0632115

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Wellington Trust Co.	53,803	53,803	53,803	0
Cambridge Associates, LLC	95,000	95,000	95,000	0
ITX Corporation	251,900	0	0	251,900
Vulcan Value Partners, LLC	45,596	45,596	45,596	0
Breckinridge Capital Advisors, Inc.	11,519	11,519	11,519	0
Other advisor fees	45,351	0	0	45,351
Beacon Technologies	91,300	0	0	91,300
Parametric	8,810	8,810	8,810	0
Cook Street Consulting	35,000	0	0	35,000

- TIN:

TY 2020 TaxesSchedule

Name:

NATIONAL ENDOWMENT FOR

FINANCIAL EDUCATION

EIN:

84-0632115

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
2020 estimated excise taxes	110,000	0	0	0
2020 CO unrelated business income taxes	500	0	0	0
2019 CO unrelated business income taxes	372	0	0	0