Climate United Fund: The Case File

A nonprofit that reported $466,110 in total revenue for the year ending June 30, 2024 closed the next year with a $7.02 billion balance sheet, built on a $6.97 billion federal grant held at Citibank. Its own auditor then wrote that there is "substantial doubt" it can keep operating. In between: an EPA administrator who called the program "gold bars," Denise Cheung, chief of the criminal division at the D.C. U.S. Attorney's Office, who refused to order the bank to freeze the accounts and was asked to resign by interim U.S. Attorney Ed Martin, and a federal appeals court that has so far told the EPA it cannot take the money back. This is the record, with the documents.

Who this is

FactClimate United Fund, EIN 92-2069788, files IRS Form 990 as a tax-exempt organization; its 990 lists its website as weareclimateunited.org. [Form 990, FY ending June 30, 2025, via ProPublica]

FactClimate United received a $6.97 billion National Clean Investment Fund (NCIF) grant, part of the $27 billion Greenhouse Gas Reduction Fund (GGRF) created by the Inflation Reduction Act. The funds were disbursed to accounts at Citibank under a Financial Agency Agreement with the Treasury Department. [Plaintiffs' PI memorandum, D.D.C. 25-cv-698, ECF 33-1] EPA's grant number is 84094001. [Notice of Grant Termination, ECF 13]

The $20 billion and Citibank

FactFeb. 13, 2025. EPA Administrator Lee Zeldin announced the agency had found "roughly twenty billion of your tax dollars" "parked at an outside financial institution by the Biden EPA," called for termination of the financial agent agreement and return of the balance to Treasury, and said he would refer the matter to the EPA Office of Inspector General and Congress and work with the Justice Department. [EPA news release, Feb. 13, 2025]

FactFeb. 18, 2025. Denise Cheung, head of the criminal division at the U.S. Attorney's Office in D.C., wrote in her resignation letter that she did not believe there was "sufficient evidence to tell the bank that there is probable cause to seize the particular accounts identified," that she would not issue the letter, and that she was then asked to resign. The letter is addressed to interim U.S. Attorney Ed Martin and describes him directing "a second letter be immediately issued to the bank under your and my name ordering the bank not to release any funds." It says the materials came from the Office of the Deputy Attorney General (ODAG) and refers to an unnamed "ODAG representative" and an unnamed Principal Assistant U.S. Attorney. [Cheung letter as filed in D.D.C. (Washington Post reproduction)]

ReportingCNN reported that the direction "originated from Emil Bove, the department's acting deputy attorney general, to Ed Martin." That attribution comes from unnamed sources, not from the letter. [CNN, Feb. 18, 2025] No other prosecutor who resigned or was removed over the GGRF freeze is named in the primary or mainstream sources checked for this page.

FactEarly March 2025. EPA said it had "formally referred to the Office of the Inspector General" the matter of "financial mismanagement, conflicts of interest, and oversight failures with the GGRF." [EPA news release, Mar. 11, 2025]

FactMar. 11, 2025. EPA notified Climate United at about 6:22 p.m. that it had terminated Grant No. 84094001, along with other NCIF grants. [Notice of Grant Termination, ECF 13] EPA's release cited "substantial concerns regarding the Greenhouse Gas Reduction Fund (GGRF) program integrity, the award process, programmatic fraud, waste, and abuse, and misalignment with agency's priorities." [EPA news release]

FactApr. 15, 2025. U.S. District Judge Tanya S. Chutkan granted the plaintiffs' motion for a preliminary injunction in the consolidated cases (lead case 25-cv-698) and waived the bond requirement; the memorandum opinion followed Apr. 16. [PI order, ECF 80] [Memorandum opinion, ECF 89]

FactSept. 2, 2025. A D.C. Circuit panel ruled 2-1 for EPA and vacated the injunction, per EPA's own program page. [EPA GGRF page] The full court later reheard the case.

FactAug. 4, 2026. The en banc D.C. Circuit, No. 25-5122, affirmed the portion of the injunction barring EPA from effectuating its March 11, 2025 Notice of Termination; the rest was "affirmed by an equally divided court." Six judges found that EPA, "in attempting to terminate Plaintiffs' grants and to claw back funds already disbursed ... based solely on a policy disagreement with Section 60103, likely contravened the IRA's mandatory appropriation." Four judges (Chief Judge Srinivasan and Judges Katsas, Rao, and Walker) voted to vacate. [D.C. Cir. en banc judgment, 25-5122]

FactLater in August 2026 the en banc court stayed its mandate on EPA's unopposed motion, pending a petition for certiorari to the Supreme Court. (Reporting: Mealey's, Aug. 26, 2026; the underlying stay order was not independently opened for this draft.)

FactCongress repealed the GGRF authority in Section 60002 of the One Big Beautiful Bill Act (Pub. L. 119-21). [en banc judgment] A Senate floor statement said "Congress agrees with EPA's March 11, 2025, action to cancel GGRF grants." [Congressional Record, June 30, 2025, S4080]

CommentaryTwenty billion dollars, routed through a private bank arrangement that EPA itself now calls "purposefully designed to obligate all of the money in a rush job with reduced oversight." [Zeldin, Feb. 13, 2025 release] That is the charge. The courts so far say EPA's termination was likely unlawful. That is a ruling about the statute and the process. It is not a clean bill of health for how a group this young was handed $6.97 billion.

The money: Form 990, fiscal year ending June 30, 2025

FactTotal revenue: $48,862,682 (contributions and grants: $46,909,167). Prior year: $466,110.
FactTotal expenses: $27,766,639. Prior year: $1,829,410.
FactGrants and similar amounts paid: $12,702,595.
FactTotal assets at year end: $7,023,978,887. Total liabilities: $7,003,695,870. Net assets: $20,283,017 (prior year: −$813,026).
FactThe audited balance sheet shows $2,336,980,508 in restricted cash, $4,662,505,408 "Due from Subgrantee," and a $6,947,042,631 "Refundable Advance" liability.

Sources: [Form 990 full filing, ProPublica] [FY2025 audited financial statements (Federal Audit Clearinghouse, 2025-06-GSAFAC-0000411003)]

Officers, directors, and key employees (Form 990 Part VII, all 24 listed)

#	Name	Title (as filed)	Hrs/wk org	Hrs/wk related	Reportable comp (org)	Reportable comp (related)	Other comp
1	Jennifer Pryce	DIRECTOR/CHAIR	1.00	0.00	$0	$0	$0
2	Lori Lea Pourier Ogala Lakota	DIRECTOR	1.00	0.00	$0	$0	$0
3	Harold Pettigrew	DIRECTOR	1.00	0.00	$0	$0	$0
4	Sadie Mckeown	DIRECTOR	1.00	0.00	$0	$0	$0
5	Andrew Marino	DIRECTOR (UNTIL 02/25)	1.00	0.00	$0	$0	$0
6	Mindy Lubber	DIRECTOR	1.00	0.00	$0	$0	$0
7	Dolores Huerta	DIRECTOR	1.00	0.00	$0	$0	$0
8	Brendan Herron	DIRECTOR (UNTIL 12/24)	1.00	0.00	$0	$0	$0
9	Crystal German	DIRECTOR	1.00	0.00	$0	$0	$0
10	Rafael E Cestero	DIRECTOR	1.00	0.00	$0	$0	$0
11	Martin D Eakes	DIRECTOR	1.00	0.00	$0	$0	$0
12	Meesha Brown	DIRECTOR	1.00	0.00	$0	$0	$0
13	Phil Angelides	DIRECTOR	1.00	0.00	$0	$0	$0
14	Deborah Burand	DIRECTOR (FROM 03/25)	1.00	0.00	$0	$0	$0
15	Renee Sattiewhite	DIRECTOR	1.00	0.00	$0	$0	$0
16	Patrice Willoughby	DIRECTOR	1.00	0.00	$0	$0	$0
17	Elizabeth Bafford	CEO AND PRESIDENT	35.00	5.00	$313,740	$0	$26,719
18	Stephanie Seiberg	VP, ACCT & FIN (UNTIL 6/25)	40.00	0.00	$50,093	$0	$0
19	Emmeline Liu	GENERAL COUNSEL	22.00	18.00	$145,269	$0	$18,114
20	Michael Grossman	CHIEF INVEST. OFFICER (FROM 06/24)	40.00	0.00	$175,166	$0	$8,275
21	Anthony Costello	CHIEF OPER. OFFICERS (FROM 09/24)	40.00	0.00	$100,930	$0	$0
22	Cortney Mukushi	ASSOC. GENERAL COUNSEL (FROM 05/24)	33.00	7.00	$115,871	$0	$0
23	Kevin Fanfoni	DIRECTOR OF INVESTMENTS	30.00	10.00	$112,936	$0	$11,154
24	Krystal Langholz	CHIEF COMMUNITY OFFICER	32.00	8.00	$136,879	$0	$11,814

Source: [Form 990 Part VII, tax year 2024 (FYE June 30, 2025)]. Names and titles are reproduced as filed.

CommentarySixteen directors at one hour a week each, unpaid, overseeing a balance sheet of seven billion dollars. The CEO's reportable pay was $313,740. You can decide whether one hour a week is oversight.

The auditor's going-concern warning

FactThe independent auditor, CliftonLarsonAllen LLP, wrote that Climate United "has been unable to access grant funds and received a notice of grant termination from the EPA" and that "these conditions raise substantial doubt about Climate Unted [sic] Fund's ability to continue as a going concern." Its opinion was "not modified with respect to that matter." [FY2025 audit report, p. 1]

FactNote 9 states that "management has concluded that these uncertainties cast substantial doubt upon CUF's ability to continue as a going concern within one year from issuance of these financial statements," and that CUF implemented "a reduction in force in both July and November 2025." [FY2025 audit, Note 9, p. 21] ProPublica's summary page flags the same audit with a "Going concern flag." [ProPublica organization page]

CommentaryThe organization's own auditor and its own management say they may not survive a year without the federal money. That is what a $6.97 billion bet on one grant looks like.

Where they came from: prior administration ties

The 24 people on the Form 990, plus one name the group used to promote itself. Government roles and past employers come first, each with its source.

Elizabeth (Beth) Bafford (CEO and President, per the 990)
FactHer own professional bio lists "special assistant at the White House Office of Management and Budget," "regional field director on the 2008 Obama for America campaign," McKinsey & Company consultant, UBS Financial Services associate, and Calvert Impact roles including Vice President, Syndications and Strategy. The bio gives no dates for the OMB job. [Bafford LinkedIn bio]
FactShe announced on Mar. 10, 2026 that she was leaving for RBC Wealth Management and would "remain a pro-bono advisor to the Climate United team" during the litigation. [Bafford post, Mar. 10, 2026] [E&E News, Mar. 11, 2026 (reporting)]
Phil Angelides (Director, per the 990)
FactElected California State Treasurer (1999–2007); chairman of the Financial Crisis Inquiry Commission (2009–2011). [FCIC biography] [Angelides official site] President, Riverview Capital Investments. [Climate United board release, Oct. 27, 2023]
Mindy Lubber (Director, per the 990)
FactEPA New England Regional Administrator, appointed Mar. 16, 2000 by Administrator Carol Browner, who said she would ensure "the Clinton/Gore Administration will continue to protect" the region; joined EPA in 1995. The same release lists her as a former senior advisor to Massachusetts Gov. Michael Dukakis and as former head of Green Century Capital Management and MassPIRG. [EPA release, Mar. 16, 2000] CEO and President of Ceres since 2003. [Ceres bio]
Deborah Burand (Director (from 03/25), per the 990)
Fact"During 2010 - 2011 Prof. Burand served in the Obama Administration as general counsel to the Overseas Private Investment Corporation." Earlier: U.S. Treasury senior adviser for international financial matters (1998–2001), Federal Reserve Board legal division, Grameen Foundation. [NYU Law bio] [NYU Law CV]
Harold Pettigrew (Director, per the 990)
FactDirector of the D.C. Department of Small and Local Business Development; the D.C. deputy mayor's office announced his departure in March 2013. [D.C. DMPED release] President and CEO of Opportunity Finance Network. [OFN release]
Rafael E. Cestero (Director, per the 990)
FactCommissioner of the New York City Department of Housing Preservation and Development under Mayor Michael Bloomberg (2009–2011); President and CEO of The Community Preservation Corporation since 2012. [CPC release]
Patrice Willoughby (Director, per the 990)
FactExecutive Director of the Congressional Black Caucus (December 2008 – January 2011), per her professional bio. [Willoughby LinkedIn bio] NAACP Senior Vice President, Global Policy and Impact. [NAACP bio] [board release]
Dolores Huerta (Director, per the 990)
FactCo-founder of the United Farm Workers. [board release] Received the Presidential Medal of Freedom from President Obama on May 29, 2012. [White House remarks, May 29, 2012] An honor is not a government job; no government role was found.
Jennifer Pryce (Director/Chair, per the 990)
FactPresident and CEO of Calvert Impact; before that, Peace Corps, Neuberger Berman, Morgan Stanley (London), and Nonprofit Finance Fund. [Calvert Impact bio] No government role beyond the Peace Corps was found.
Martin D. Eakes (Director, per the 990)
FactFounder and CEO, Self-Help. [board release] No government role found in sources checked.
Crystal German (Director, per the 990)
FactExecutive Vice President, Self-Help. [board release]
Sadie McKeown (Director, per the 990)
FactPresident, The Community Preservation Corporation. [board release]
Meesha Brown (Director, per the 990)
FactCEO, PCI Media. [board release]
Brendan Herron (Director (until 12/24), per the 990)
FactFormer CFO and strategic advisor, HASI. [board release]
Renee Sattiewhite (Director, per the 990)
FactCEO, African-American Credit Union Coalition. [board release]
Lori Lea Pourier (Director, per the 990)
FactPresident and CEO, First Peoples Fund. [board release]
Krystal Langholz (Chief Community Officer, per the 990)
FactFormerly COO and EVP at Oweesta Corporation; founded Hunkpati Investments, a Native CDFI. [Calvert Impact bio]
Michael Grossman (Chief Investment Officer (from 06/24), per the 990)
ReportingA third-party org-chart site says he previously worked at Social Finance and New Island Capital. [The Org] This is not a primary source.
Not on the 990: Anthony Foxx
FactClimate United's October 2023 release named "Anthony Foxx, Business leader, former U.S. Transportation Secretary" to its "inaugural board of directors." [board release] He was sworn in as U.S. Secretary of Transportation in 2013, under President Obama. [USDOT release] He is not listed on the FY2025 Form 990. A Climate United spokesperson told RealClearInvestigations he "was listed as a board member for our [grant] application but did not commit to serving post award." [RealClearInvestigations, Oct. 22, 2024 (reporting)]
Not researched in depth: Andrew Marino (director until 02/25), Stephanie Seiberg, Emmeline Liu, Anthony Costello, Cortney Mukushi, Kevin Fanfoni. No prior government roles were found for them in the sources checked, and none are claimed here.

CommentaryA former Clinton EPA regional chief. An Obama administration general counsel at OPIC. The former head of the Congressional Black Caucus staff. A former Democratic state treasurer who chaired a federal commission. A CEO who worked at the White House budget office and on the 2008 Obama campaign. And a former Obama cabinet secretary whose name was on the board list in the grant application, then gone after the money arrived. Then the Biden EPA handed this group the single largest award in the program. Draw your own conclusions. The record above is what's documented.

Claims (not verified)

ClaimOn Sept. 23, 2026, @DeepLeaksHQ reposted a post from @UnsealedTruthHQ saying that Zeldin announced $20 billion in taxpayer funds were "laundered into in external financial institutions managed by agents of the Biden Admin to finance left wing NGOs" and quoting "$7 billion was sent to an entity called the Climate United Fund." [@DeepLeaksHQ repost] [original post]

CommentaryThis site has found no court, agency, or audit finding of laundering. Zeldin's Feb. 13, 2025 release says the money was "parked," not laundered, and no court has found any money was clawed back; the en banc court blocked the termination. The quoted "$7 billion" line could not be matched to a primary transcript for this draft.