The 990 read · EIN 11-2421972 · NY · Fiscal year 2025

Inclusiv

In its own words

“The mission of Inclusiv is to help low- and moderate-income people and communities achieve financial independence through credit unions.”

Data only Figures straight from the filing, screened by our rules. Not yet reviewed in depth by a CPA.

Methodology by Amir Arani, CPA, CA · Updated November 7, 2026

Top pay: $328K Cathleen Mahon, 1.4% of spending
Revenue: $101.3M 91.8% from donations and grants
Spent: $22.8M 93% on programs, as reported
Net assets: $1.99B end of 2025
Savings: 1047.9 months of spending, net assets ÷ spending
People: 69 employees, 15 volunteers

Form 990 (2025), Parts I, VII, IX, X

01 · Red flags

No red flags in its latest filing.

We screen every filing against twelve rules. A flag is a prompt for a closer look, not a finding of wrongdoing.

No reported asset diversions, no insider transactions, no fundraisers keeping most of the money, and the governance policies we check for are in place.

02 · Where $1 goes · 2025

Of each dollar it spent, 93.0¢ went to programs, as reported.

The split the charity filed.

93.0¢

Programs, $21.2M

0.9¢

Fundraising, $199K

6.1¢

Admin, $1.4M

Form 990 (2025), Part IX, line 25

Cost to raise $1

0¢

as reported

For each dollar donated, Inclusiv spent 0¢ on fundraising.

Fundraising ÷ $93.0M contributions · Form 990 Parts VIII, IX

03 · What it does

What it told the IRS it spent on.

The charity's own description of its largest programs, with what each cost.

Program 1 · 14.5% of program spending · $345K in grants $3.1M

Inclusiv's center for resiliency and clean energy was created in 2019 to teach and support community-based financial institutions, including credit unions, cdfi loan funds, and community banks, among others, launching and scaling clean energy finance initiatives that enable communities to access affordable clean energy services, reduce energy burdens, create good jobs, and build resilience and disaster preparedness. The center provides practical, hands-on training and technical assistance for community lenders; supports credit unions' access to technology platforms and financial instruments…

Program 2 · 13.9% of program spending · $2.7M in grants $2.9M

Inclusiv develops and provides financial inclusion programs to help our member cdcus expand the products and services they offer to low- and moderate-income people and communities and deepen their community impact. These programs include training and one-on-one support to help cdcus build effective financial coaching programs and asset building and asset protection initiatives.

Program 3 · 53.8% of program spending · $50K in grants $11.4M

Other.

Form 990 (2025), Part III

04 · The savings

Net assets: $9.2M to $1.99B in 11 years.

Net assets at each fiscal year end, 2013 to 2025.

Net assets at year end, $ millions

1987

Form 990 history via ProPublica Form 990 (2025)

05 · Who gets paid

The 8 highest-paid people.

Reportable pay in 2025, from the charity and related organizations.

Cathleen Mahon

President/CEO

$327,758

Pablo Defilippi

SVP Network Development

$252,089

Pamela Owens

Vice President

$225,380

Eben Sheaffer Thru 092025

CFO/Cio

$213,992

Neda Arabshahi

EVP Resiliency & Clean Energy

$212,963

Silvia Rincon

COO

$201,503

Ian Forster

General Counsel

$197,346

Alexis Iwanisziw

SVP Policy & Communication

$187,092

Form 990 (2025), Part VII, Section A

Largest outside contractors

Contractor	Service	Paid
Venable Llp	Legal	$418,392
Arnold & Porter	Legal	$288,285
Mitchell & Titus Llp	Auditing/tax filing	$193,686
Florence Julliard	Consulting	$177,550
Tmr & Associates LLC	Consulting	$174,558

Form 990 (2025), Part VII, Section B

06 · Questions

The questions people ask about the Inclusiv.

Short, sourced answers. Each one stands on its own.

How much does the Inclusiv CEO make?

Cathleen Mahon, President/CEO, received $327,758 in reportable compensation in 2025, 1.4% of Inclusiv's $22.8M in spending.

Form 990 (2025), Part VII

What percentage of Inclusiv donations go to programs?

Inclusiv reported 93% of 2025 spending as programs, 0.9% as fundraising and 6.1% as management.

Form 990 (2025), Part IX

How much money does Inclusiv have?

Net assets were $1.99B at the end of 2025, about 1047.9 months of spending.

Form 990 (2025), Part X

Does Inclusiv have any red flags in its filing?

Its latest Form 990 triggered none of our twelve screening rules, which cover reported asset diversions, insider transactions, fundraiser costs, governance policies and spending patterns.

Form 990 (2025)

07 · Sources and citing

Every number, traced.

Cite this page

Amir Arani, “Inclusiv: CEO salary, finances and where your dollar goes,” Charity Math, updated 2026-11-07. https://charitymath.com/charities/inclusiv/