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.
Go to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2025
Open to Public Inspection
For calendar year 2025, or tax year beginning 01 - 01 2025, and ending 12 - 31, 20 25
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 SUITE 475
  Room/suite
City or town
DENVER
State or province
CO
Country  
ZIP or foreign postal code
80202
A Employer identification number

84-0632115
B Telephone number (see instructions)

3037416333
C
G Check all that apply:

D 1. Foreign organizations, check here.............
2. Foreign organizations meeting the 85%
test, check here and attach computation ...
E
H Check type of organization:
F
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$209,195,546J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I 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)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 308
2 Check .................
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,819,431 1,819,431 1,819,431
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment
List of Attached Documents:
// Content
8,564,635
b Gross sales price for all assets on line 6a 9,852,274
7 Capital gain net income (from Part IV, line 2)... 8,564,033
8 Net short-term capital gain......... 743,816
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)....... Click to see attachment
List of Attached Documents:
// Content
4,408,295 4,419,774 4,408,295
12 Total. Add lines 1 through 11........ 14,792,669 14,803,238 6,971,542
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 987,229 70,771 70,771 916,458
14 Other employee salaries and wages...... 3,021,197 26,065 26,065 2,995,132
15 Pension plans, employee benefits....... 1,285,652 19,223 19,223 1,266,429
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
67,877 527 527 67,350
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
56,700 5,670 5,670 51,030
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
976,819 345,161 345,161 631,658
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
120,000     120,000
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 667,553 6,668 6,668 660,885
21 Travel, conferences, and meetings....... 345,897 1,589 1,589 344,308
22 Printing and publications.......... 9,553 34 34 9,519
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
1,513,087 3,829 3,829 1,509,258
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 9,051,564 479,537 479,537 8,572,027
25 Contributions, gifts, grants paid....... 389,013 389,013
26 Total expenses and disbursements. Add lines 24 and 25 ................ 9,440,577 479,537 479,537 8,961,040
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 5,352,092
b Net investment income (if negative, enter -0-) 14,323,701
c Adjusted net income (if negative, enter -0-)... 6,492,005
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2025)
Form 990-PF (2025)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 8,924,647 10,233,762 10,259,512
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)....... 45,148,042 Click to see attachment
List of Attached Documents:
// Content
58,613,851 		71,214,051
c Investments—corporate bonds (attach schedule)....... 8,895,641 Click to see attachment
List of Attached Documents:
// Content
18,375,926 		18,229,731
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 86,504,285 Click to see attachment
List of Attached Documents:
// Content
67,601,168 		109,492,252
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) 149,472,615 154,824,707 209,195,546
Liabilities 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
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 149,472,615 154,824,707
25 Net assets with donor restrictions............    
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)..... 149,472,615 154,824,707
30 Total liabilities and net assets/fund balances (see instructions). 149,472,615 154,824,707
Part III
Analysis of Changes in Net Assets or Fund Balances
1
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) ...............
1
149,472,615
2
Enter amount from Part I, line 27a .....................
2
5,352,092
3
Other increases not included in line 2 (itemize)
3
 
4
Add lines 1, 2, and 3 ..........................
4
154,824,707
5
Decreases not included in line 2 (itemize)
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
154,824,707
Form 990-PF (2025)
Form 990-PF (2025)
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 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a AEW SEAPORT GLOBAL PROPERTY SECURITI P    
b DAVIDSON KEMPNER INSITUTIONAL PARTNE P    
c OVERLOOK PARTNERS P    
d STEPSTONE (FKA GREENSPRING) 9 P    
e AEW SEAPORT GLOBAL PROPERTY SECURITI P    
DAVIDSON KEMPNER INSITUTIONAL PARTNE P    
OVERLOOK PARTNERS P    
STEPSTONE (FKA GREENSPRING) 9 P    
AULDBRASS PARTNERS SECONDARY OPPORTU P    
DODGE & COX INCOME FUND P    
OWNERSHIP CAPITAL GLOBAL EQUITY P    
ULTRA SHORT DURATION SMA P    
AULDBRASS PARTNERS SECONDARY OPPORTU P    
FORESTER DIVERSIFIED LTD P    
OWNERSHIP CAPITAL GLOBAL EQUITY P    
ULTRA SHORT DURATION SMA P    
BRECKINRIDGE CAPITAL ADVISORS P    
FORTRESS CREDIT OPPORTUNITIES FUND 5 P    
PARAMETRIC P    
VANGUARD FTSE EM ETF P    
BRECKINRIDGE CAPITAL ADVISORS P    
FORTRESS CREDIT OPPORTUNITIES FUND 5 P    
PARAMETRIC P    
VANGUARD TOTAL STOCK INDEX FUND P    
CAPITAL GROUP AMERICAN FUNDS EUROPAC P    
FORTRESS CREDIT OPPORTUNITIES FUND V P    
PRIME FINANCE IV SHORT P    
WELLINGTON DURABLE COMPANIES P    
CIM ENTERPRISE LOAN FUND P    
HARBOURVEST REAL ASSETS 4 FEEDER FUN P    
SIGULER GUFF DISTRESSED OPPORTUNITIE P    
WELLINGTON DURABLE COMPANIES P    
CITY OF LONDON EM INVESTABLE FUND P    
INDUSTRY VENTURE PTR HOLDINGS V P    
SIGULER GUFF DISTRESSED OPPORTUNITIE P    
WELLINGTON US RESEARCH P    
CITY OF LONDON EM INVESTABLE FUND P    
INDUSTRY VENTURE PTR HOLDINGS V P    
SIGULER GUFF DISTRESSED OPPORTUNITIE P    
WELLINGTON US RESEARCH P    
COMMONFUND INTERNATIONAL PEP VI P    
INDUSTRY VENTURE PTR HOLDINGS VI P    
SIGULER GUFF DISTRESSED OPPORTUNITIE P    
COMMONFUND PEP VII P    
INDUSTRY VENTURE PTR HOLDINGS VI P    
SILCHESTER INTERNATIONAL INVESTORS P    
COMMONFUND PEP VII P    
INDUSTRY VENTURES PTR HOLDINGS VII P    
SILCHESTER INTERNATIONAL INVESTORS P    
COMMONFUND VENTURE PARTNERS XI P    
LAZARD GLOBAL LISTED P    
STEPSTONE (FKA GREENSPRING) 8 P    
COMMONFUND VENTURE PARTNERS XI P    
NIO INFRASTRUCTURE FEEDER FUND V P    
STEPSTONE (FKA GREENSPRING) 8 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     657,033 -657,033
b 310,047     310,047
c     180,109 -180,109
d 9,947     9,947
e     150,847 -150,847
23,548     23,548
91,006     91,006
531     531
    15,966 -15,966
    21,709 -21,709
743,089     743,089
222     222
2     2
503,883     503,883
    126,074 -126,074
    1,282 -1,282
    9,655 -9,655
13,216     13,216
76,537     76,537
106,374     106,374
17,547     17,547
    707 -707
1,987     1,987
2,670,264     2,670,264
656,903     656,903
864     864
941     941
660,229     660,229
1,421     1,421
231,129     231,129
    29,400 -29,400
8,573     8,573
476,523     476,523
16,497     16,497
    1,369 -1,369
305,950     305,950
    4,021 -4,021
    110 -110
    82,224 -82,224
732,027     732,027
    6,411 -6,411
70,855     70,855
    10 -10
31,828     31,828
    138 -138
1,432,057     1,432,057
13     13
    477 -477
147,623     147,623
248,244     248,244
112,749     112,749
146,741     146,741
122     122
1,028     1,028
1,058     1,058
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       -657,033
b       310,047
c       -180,109
d       9,947
e       -150,847
      23,548
      91,006
      531
      -15,966
      -21,709
      743,089
      222
      2
      503,883
      -126,074
      -1,282
      -9,655
      13,216
      76,537
      106,374
      17,547
      -707
      1,987
      2,670,264
      656,903
      864
      941
      660,229
      1,421
      231,129
      -29,400
      8,573
      476,523
      16,497
      -1,369
      305,950
      -4,021
      -110
      -82,224
      732,027
      -6,411
      70,855
      -10
      31,828
      -138
      1,432,057
      13
      -477
      147,623
      248,244
      112,749
      146,741
      122
      1,028
      1,058
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 8,564,033
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 ......................... 		Bracket 3 743,816
Part V
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. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 199,099
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) 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  
3 Add lines 1 and 2........................... 3 199,099
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 199,099
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 166,170
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 166,170
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9 32,929
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 2026 estimated tax   Refunded 11  
For Refunded amount, also complete and attach Form 8050. See instructions.
Form 990-PF (2025)
Form 990-PF (2025)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
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.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. $   (2) On foundation managers.$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
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....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet 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? ................
6
Yes
 
7
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 XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
CO
b
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 .
8b
Yes
 
9
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 2025 or the taxable year beginning in 2025? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
Yes
 
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
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 .............
11
 
No
12
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.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressWWW.NEFE.ORG
14
The books are in care ofTHE ORGANIZATION Telephone no. (303) 741-6333

Located at1550 MARKET STREET SUITE 475DENVERCO ZIP+480202
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........
and enter the amount of tax-exempt interest received or accrued during the year ........
15
 
16 At any time during calendar year 2025, 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
Form 990-PF (2025)
Form 990-PF (2025)
Page 5
Part VI-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
No
1a
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? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
Yes
 
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(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)? ......................
1a(5)
 
No
(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.) ...............
1a(6)
 
No
b
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 ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........
d
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 2025? .............
1d
 
 
2
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)):
a
At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2025?....................
2a
 
No
If "Yes," list the years 20, 20, 20, 20
b
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.) ..............
2b
 
 
c
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
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2025 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 Form 4720, Schedule C, to determine
if the foundation had excess business holdings in 2025.).....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
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 2025? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
Yes
 
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
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 ........
5b
 
No
c
Organizations relying on a current notice regarding disaster assistance check .........
d
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? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
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? .........................
8
 
No
Part VII
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 (e) Expense account,
other allowances
DIONNE BLUE PHD CHAIR
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
RACHELLE FELDMAN VICE CHAIR
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
JASON YOUNG MEMBER
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
RICK KETCHUM MEMBER
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
MEGAN GORMAN MEMBER
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
JOURDAN JONES MEMBER
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
BETH LESEN PHD MEMBER
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
MARGARET LIBBY MEMBER
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
BOB LEWIS MEMBER
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
CHRISTINE LOVELY MEMBER
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
CONNIE WEAVER MEMBER
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
LORETTA SANCHEZ MEMBER
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
TRACY SHAW MEMBER
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
MANISHA THAKOR MEMBER
1.00 		0 0 0
1550 MARKET STREET STE 475
DENVER,CO80202
BILLY HENSLEY PRES. & CEO
40.00 		502,476 28,662 0
1550 MARKET STREET STE 475
DENVER,CO80202
JOANNE FLORES MOSES TREAS. & CFO
40.00 		312,807 58,496 0
1550 MARKET STREET STE 475
DENVER,CO80202
BRIAN FORD SEC. & COS
40.00 		171,946 14,673 0
1550 MARKET STREET STE 475
DENVER,CO80202
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
MICHELLE SAMUELS-JONES SR VP EQUITY
40.00 		243,371 38,257  
1550 MARKET STREET STE 475
DENVER,CO80202
BETH BEAN SR VP RES &
40.00 		245,030 23,451  
1550 MARKET STREET STE 475
DENVER,CO80202
AMARIE FISHER SR. DIR & CO
40.00 		136,019 24,173  
1550 MARKET STREET STE 475
DENVER,CO80202
PAUL GOLDEN MD MEDIA
40.00 		123,944 32,957  
1550 MARKET STREET STE 475
DENVER,CO80202
JOSHUA CARABALLO MD RES & GRA
40.00 		123,945 19,553  
1550 MARKET STREET STE 475
DENVER,CO80202
Total number of other employees paid over $50,000................... 22
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
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
APPALACHIAN COLLEGE ASSOCIATION PARTNERSHIP 271,339
3816 CAMELOT DRIVE OFC
LEXINGTON,KY40517
CAMBRIDGE ASSOCIATES INV ADVISOR 256,731
115 FEDERAL STREET SUITE 200
BOSTON,MA02110
MERIPLEX TECH CONSULT 179,543
10111 RICHMOND AVE SUITE 500
HOUSTON,TX77042
AUGENBLICH PALAICH AND ASSOCIATES ROI CONSULTANTS 160,000
1658 LAFAYETTE ST PO 7337
DENVER,CO80207
FOUNDATION FOR COLORADO COMMUNITY
COLLEGES 		PARTNERSHIP 138,122
9101 E LOWRY BLVD
DENVER,CO80230
Total number of others receiving over $50,000 for professional services.............right arrow10
Part VIII-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 GRANT FUNDING NEFE ACCEPTS APPLICATIONS FOR RESEARCH FUNDING ANNUALLY, WHICH IDENTIFY KNOWLEDGE GAPS AND SEEK TO PROVIDE EVIDENCE FOR WHAT WORKS BEST REGARDING THE APPLICATION AND IMPLEMENTATION OF FINANCIAL EDUCATION IN ORDER TO 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 APPROVED FUNDING TO FIVE GRANT APPLICANTS IN 2025, BRINGING THE NUMBER OF ONGOING RESEARCH STUDIES TO EIGHT. NEFE HAS FUNDED A TOTAL OF 53 RESEARCH PROJECTS SINCE 2006. IN ADDITION, RESEARCH FUNDING SUPPORTS WORK ON SCALE VALIDATION, ADDRESSING A NEED FOR RIGOROUS TESTING AND VALIDATION OF HIGHLY UTILIZED SURVEY INSTRUMENTS IN THE FINANCIAL SERVICES INDUSTRY, AS WELL AS OUR RESEARCH ADVISORY COUNCIL WORK, CONSISTING OF OTHER SCHOLARS AND EXPERTS THROUGHOUT THE FIELD, WHO REVIEW AND ADVISE ON NEW INITIATIVES AND ELEVATE C 6,392,793
2  
3  
4  
Part VIII-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 N/A  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................  
Form 990-PF (2025)
Form 990-PF (2025)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
190,884,118
b
Average of monthly cash balances.......................
1b
8,911,111
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
199,795,229
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
 
2
Acquisition indebtedness applicable to line 1 assets..................
2
 
3
Subtract line 2 from line 1d.........................
3
199,795,229
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
2,996,928
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
196,798,301
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
9,839,915
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
 
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
 
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
 
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
 
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
 
6
Deduction from distributable amount (see instructions) .................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
 
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, line 26, column (d) ..........
1a
8,961,040
b
Program-related investments—total from Part VIII-B..................
1b
 
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
8,961,040
Form 990-PF (2025)
Form 990-PF (2025)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2024 		(c)
2024 		(d)
2025
1 Distributable amount for 2025 from Part X, line 7  
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only.......  
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2025:
a From 2020......  
b From 2021......  
c From 2022......  
d From 2023......  
e From 2024......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2025 from Part
XI, line 4: $  
a Applied to 2024, 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 2025 distributable amount.....  
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2025.    
(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 2024. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2025. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2026 .......... 		 
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 2020 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		 
10 Analysis of line 9:
a Excess from 2021 ....  
b Excess from 2022 ....  
c Excess from 2023 ....  
d Excess from 2024 ....  
e Excess from 2025 ....  
Form 990-PF (2025)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-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 2025, enter the date of the ruling ......
2005-06-24
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
6,492,005 7,025,959 5,595,654   19,113,618
b 85% (0.85) of line 2a ....... 5,518,204 5,972,065 4,756,306   16,246,575
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		8,961,040 9,774,679 9,393,665 7,889,055 36,018,439
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		389,031 654,052 590,568 786,411 2,420,062
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		8,572,009 9,120,627 8,803,097 7,102,644 33,598,377
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		6,559,943 6,309,175 5,995,029 6,126,090 24,990,237
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) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
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 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, 2b, 2c, and 2d. 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 LETTER OF 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:
NEFE ACCEPTS LETTERS OF INQUIRY ONCE PER YEAR. 2025 WAS MARCH 17 TO APRIL 25. 2026 IS MARCH 30 TO MA
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
NEFE DOES NOT FUND PROJECTS THAT: O HAVE COMMERCIAL OR PROPRIETARY ELEMENTS. O ARE RELATED TO THE PILOT, DEVELOPMENT, EXECUTION, EVALUATION, EXPANSION OR ADMINISTRATION OF SPECIFIC PROGRAMS, COURSES OR CURRICULA.
Form 990-PF (2025)
Form 990-PF (2025)
Page 11
Part XIV
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)
aPaid during the year

THE UNIVERSITY OF ALABAMA

318 ROSE ADMINISTRATION
BUILDING BOX 870135
TUSCALOOSA,AL35487 		NONE   RESEARCH GRANT 48,208

MONTANA STATE UNIVERSITY

328 MONTANA HALL
PO BOX 172470
BOZEMAN,MT59717 		NONE   RESEARCH GRANT 117,000

ST LOUIS UNIVERSITY

3545 LINDELL BLVD
ST LOUIS,MO63103 		NONE   RESEARCH GRANT 59,126

LEWIS AND CLARK COLLEGE

615 S PALATINE HILL ROAD
MSC 31
PORTLAND,OR97219 		NONE   RESEARCH GRANT 9,709

COUNCIL FOR ECONOMIC EDUCATION

122 E 42ND STREET
SUITE 1012
NEW YORK CITY,NY10168 		NONE   75TH ANNIVERSARY CAMPAIGN 1,500

IOWA JUMPSTART

321 EAST 12TH STREET
DES MOINES,IA50319 		NONE   IN HONOR FORMER BOARD MEMBER 1,500

JUMPSTART COALITION

PO BOX 51
HOLLEYWOOD,MD20636 		NONE   30TH ANNIVERSARY DONATION 10,000

MORGAN STATE UNIVERSITY

1700 EAST COLD SPRING LAN
MONTBELLOW COMPLEX
BALTIMORE,MD21251 		NONE   RESEARCH GRANT 85,970

UNIVERSITY OF CALIFORNIA

1125 MURPHY HALL 405 AVE
BOX 957089
LOS ANGELES,CA90095 		NONE   RESEARCH GRANT 33,000

UNIVERSITY OF NOTRE DAME

836A GRACE HALL
NOTRE DAME,IN46556 		NONE   FINANCIAL LITERACY 23,000
Total ................................. 3a 389,013
bApproved for future payment

UNIVERSITY OF CALIFORNIA BERKLEY
110 SPROUL HALL
BERKELEY,CA94720 		NONE   RESEARCH GRANT 35,000

CHAMINADE UNIVERSITY OF HONOLULU
3140 WAIALAE AVE
HONOLULU,HI96816 		NONE   RESEARCH GRANT 128,000

GALLAUDET UNIVERSITY
800 FLORIDA AVE NE
WASHINGTON,DC20002 		NONE   RESEARCH GRANT 246,233

UNIVERSITY OF WISCONSIN MADISON
500 LINCOLN DRIVE
MADISON,WI53706 		NONE   RESEARCH GRANT 127,645

SOCIETY FOR FINANCIAL EDUCATION AND
PROFESSIONAL DEVELOPMENT INC
1800 DIAGONAL RD
SUITE 600
ALEXANDRIA,VA22314 		NONE   RESEARCH GRANT 100,000
Total ................................. 3b 636,878
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-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
aREGISTRATION FEES         250
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 1,819,431  
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 .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		523000 602 18 8,564,033  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aPASS-THROUGH ENTITIES 		    14 4,419,774  
bPASS-THROUGH ENTITIES UBTI 523000 -11,729      
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. -11,127 14,803,238 250
13Total. Add line 12, columns (b), (d), and (e)..................
13
14,792,361
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
1A THE FOUNDATION HOSTS THE INNOVATION & IMPACT SUMMIT
Form 990-PF (2025)
Form 990-PF (2025)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
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
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
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
2a
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? ...........
b
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.
Signature of officer or trustee Date Title
Paid Preparer Use Only 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 (2025)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2025 AccountingFeesSchedule
Name:
NATIONAL ENDOWMENT FOR
 
FINANCIAL EDUCATION
EIN:
84-0632115
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
KUNDINGER, CORDER & MONTOYA, PC 56,700 5,670 5,670 51,030

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

TY 2025 GainLossSaleOtherAssetsSch
Name:
NATIONAL ENDOWMENT FOR
 
FINANCIAL EDUCATION
EIN:
84-0632115
Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
COMMONFUND INTERNATIONAL PEP VI - UB   PURCHASE       7     -7  
COMMONFUND PEP VII - UBTI   PURCHASE     699       699  
INDUSTRY VENTURE PTR HOLDINGS V - UB   PURCHASE       82     -82  
INDUSTRY VENTURE PTR HOLDINGS VI - U   PURCHASE       2     -2  
INDUSTRY VENTURES PTR HOLDINGS VII -   PURCHASE       6     -6  

TY 2025 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 3,868,563 3,815,799
RBC GLOBAL ASSET MANAGEMENT 4,631,619 4,315,943
BRECKINRIDGE CAPITAL ADVISORS 9,875,744 10,097,989

TY 2025 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 58,613,851 71,214,051

TY 2025 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
AEW GLOBAL PROPERTY SECURITIES FUND AT COST 4,363,749 6,110,595
ALPINE INVESTORS IX-A AT COST 751,004 1,031,904
ARES SECONDARIES INFRA SOLUTIONS III AT COST 185,876 201,389
AULDBRASS PTNRS SECONDARY OPP FUND AT COST 2,563,715 3,739,352
BANNER RIDGE SECONDARY FUN VI AT COST   25,854
CA RESOURCES FUND FCO VI AT COST 68,511 68,511
CIM ENTERPRISE LOAN FUND AT COST 7,895,668 8,769,780
CITY OF LONDON EM INVESTABLE FUND AT COST 1,592,098 4,231,519
COMMONFUND INTL PIP AT COST 124,765 1,540
COMMONFUND PIP VII AT COST 57,993 38,894
COMMONFUND VENTURE PARTNERS XI AT COST 1,205,519 3,848,429
CROWN GLOBAL SECONDARIES AT COST 1,073,334 1,183,233
DAVIDSON KEMPNER INSTITUTIONAL PTNR AT COST 7,435,520 16,191,794
FORESTER DIVERSIFIED LTD AT COST 62,513 133,432
FORTRESS CREDIT OPP FUND V AT COST 1,095,252 1,209,771
FORTRESS CREDIT OPP FUND VI AT COST 580,431 629,771
HARBOURVEST DOVER STREET 08 AT COST   80,232
HARBOURVEST DOVER STREET 09 AT COST   1,240,339
HARBOURVEST DOVER STREET 10 AT COST 2,862,595 5,538,741
HARBOURVEST DOVER STREET XI AT COST 2,224,461 2,987,867
HARBORVEST REAL ASSETS 4 FEEDER FUND AT COST 2,717,884 3,869,034
INDUSTRY VENTURE AT COST 1,331,196 1,663,645
INDUSTRY VENTURE VII AT COST 388,636 505,629
INDUSTRY VENTURE PARTNERS HOLDINGS AT COST 2,576,850 4,802,097
LANDMARK REAL ESTATE AT COST 999,729 1,072,537
LAZARD GLOBAL LISTED AT COST 4,016,398 4,571,470
NB SECONDARY OPP AT COST 2,297,763 3,349,151
NIO INFRASTRUCTURE FEEDER FUND II AT COST 445,132 493,386
NIO INFRASTRUCTURE FEEDER FUND V AT COST 345,365 289,340
OVERLOOK PARTNERS AT COST 4,065,768 5,109,284
OWNERSHIP CAPITAL GLOBAL EQUITY FUND AT COST    
PARAMETRIC AT COST 3,168,849 3,736,660
PRIME FINANCE III AT COST 2,373,075 2,027,530
PRIME FINANCE IV AT COST 550,856 476,623
SIGULER GUFF DISS OPP FUND 4 AT COST 83,993 9,441
SILCHESTER INTERNATIONAL AT COST    
STEPSTONE (FKA GREENSPRING) 8 AT COST 1,208,042 2,463,314
STEPSTONE (FKA GREENSPRING) 9 AT COST 2,255,089 3,543,902
TIVERTON AGRIFINANCE III AT COST 675,527 665,323
VISTRIA FUND (FT) AT COST 807,882 937,895
VANGUARD FTSE EM ETF AT COST 1,856,954 2,325,738
WELLINGTON ARCHIPELAGO PARTNERS AT COST 1,293,176 10,317,306
WELLINGTON DURABLE COMPANIES AT COST    

TY 2025 LegalFeesSchedule
Name:
NATIONAL ENDOWMENT FOR
 
FINANCIAL EDUCATION
EIN:
84-0632115
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
SHERIDAN ROSS 8,987     8,987
BCLP 41,194 527 527 40,667
SCHAUBLE LAW GROUP LLC 4,244     4,244
HOWITT LEGAL SERVICES 4,752     4,752
SECTOR LAW PLLC 8,700     8,700


TY 2025 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
EXPENSES        
RESEARCH/POLICY/ADVOCACY 34,141     34,141
SPONSORSHIPS/COMM/MARKETING 425,280     425,280
BUSINESS EXPENSES 103,324 972 972 102,352
COMMISSIONED RESEARCH 135,550     135,550
STRATEGIC PARTNERSHIPS 409,461     409,461
COMPUTER, SOFTWARE, WEBSITES 405,331 2,857 2,857 402,474


TY 2025 OtherIncomeSchedule2
Name:
NATIONAL ENDOWMENT FOR
 
FINANCIAL EDUCATION
EIN:
84-0632115
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
REGISTRATION FEES 250   250
PASS-THROUGH ENTITIES 4,419,774 4,419,774 4,419,774
PASS-THROUGH ENTITIES UBTI -11,729   -11,729


TY 2025 OtherProfessionalFeesSchedule
Name:
NATIONAL ENDOWMENT FOR
 
FINANCIAL EDUCATION
EIN:
84-0632115
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
CAMBRIDGE ASSOCIATES, LLC 256,731 256,731 256,731  
BRECKINRIDGE CAPITAL ADVISORS, I 8,783 8,783 8,783  
WELLINGTON TRUST CO. 41,106 41,106 41,106  
KEYBANK 12,012 12,012 12,012  
PARAMETRIC 5,081 5,081 5,081  
ULTRA SHORT 12,640 12,640 12,640  
OCTOBER THREE CONSULTING 61,512 615 615 60,897
CONSULTING 578,954 8,193 8,193 570,761


TY 2025 TaxesSchedule
Name:
NATIONAL ENDOWMENT FOR
 
FINANCIAL EDUCATION
EIN:
84-0632115
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
2025 ESTIMATED EXCISE TAXES PAID 120,000     120,000