The Eric And Wendy Schmidt Fund For Strategic Innovation
- Assets
- $1.7b
- Revenue
- $412.2m
- Investments
- $1.6b
- Employees
- 0
- Location
- Palo Alto, CA
- Founding
- 09/2014
- Data as of
- 12/2021
- EIN
- 46-3460261
Organization Overview
The Eric And Wendy Schmidt Fund For Strategic Innovation is located in Palo Alto, CA. The organization was established in 2014. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Eric And Wendy Schmidt Fund For Strategic Innovation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Eric And Wendy Schmidt Fund For Strategic Innovation generated $412.2m in total revenue. All expenses for the organization totaled $78.3m during the year ending 12/2021. While expenses have increased by 46.8% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Eric And Wendy Schmidt Fund For Strategic Innovation has awarded 400 individual grants totaling $168,650,388. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
RISE IS A TALENT AWARD PROGRAM DESIGNED TO INCREASE OPPORTUNITY FOR EXCEPTIONAL YOUNG PEOPLE WORLDWIDE TO SERVE OTHERS THROUGHOUT THEIR LIVES AND TO BUILD A COHORT THAT REFLECTS A BROAD RANGE OF EXPERIENCES, BACKGROUNDS, PASSIONS AND TALENTS. THE PROGRAM WILL FOSTER SKILLED TEENAGERS AND AN ENVIRONMENT THAT WILL ENABLE THEM TO LEARN AND SHARE IDEAS THROUGHOUT THEIR LIVES WITH OTHERS THAT WILL ALLOW THEM TO IMPROVE THEIR OWN SKILLS AND TALENTS TO HELP THEM SERVE THE PUBLIC.
SCHMIDT SPECIAL COMPETITIVE STUDIES PROJECT IS A PROJECT TO CONDUCT AN ANALYSIS AND MAKE RECOMMENDATIONS TO STRENGTHEN AMERICA'S LONG TERM COMPETITIVENESS FOR A FUTURE WHERE ARTIFICIAL INTELLIGENCE AND OTHER EMERGING TECHNOLOGIES RESHAPE OUR NATIONAL SECURITY, ECONOMY, AND SOCIETY.
INTERNATIONAL STRATEGY FORUM IS A SERIES OF EDUCATIONAL MEETINGS ARRANGED THROUGHOUT THE YEAR TO BRING A COHORT OF YOUNG INDIVIDUALS FROM DIVERSE FIELDS AND BACKGROUNDS TO DEBATE AND STRATEGIZE ALONGSIDE EXPERTS IN FOREIGN POLICY AND TECHNOLOGY. THE GOAL IS TO BRING TOGETHER EXCEPTIONAL YOUNG STRATEGISTS AND TECHNOLOGISTS WITH EXTRAORDINARY POTENTIAL IN GEOPOLITICS, INNOVATION, AND PUBLIC LEADERSHIP, AND BRIDGE THE GAP BETWEEN POLICYMAKERS AND EXPERTS TO PRESERVE PROGRESS AND SECURITY AMID TECHNOLOGICAL INNOVATION AND A CHANGING WORLD ORDER. THE PURPOSE OF THIS FORUM IS CHARITABLE AND EDUCATIONAL IN THAT THE OBJECTIVE OF THESE CONFERENCES IS TO DEVELOP PROGRAMMATIC CONTENT, PROBLEM SETS, AND PROVIDE MENTORSHIP TO THE PARTICIPANTS.
CONVERGENT RESEARCH IS AN INITIATIVE DESIGNED TO SOLVE GAPS IN THE RESEARCH AND DESIGN ECOSYSTEM BY IDENTIFYING HIGH-IMPACT SCIENTIFIC OR TECHNOLOGICAL RESEARCH AND DEVELOPMENT OPPORTUNITIES, THEN DEFINING AND LAUNCHING THESE PROJECTS AS FOCUSED RESEARCH ORGANIZATIONS (FROS).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Braverman Director | 40 | $580,800 | |
Yll Bajraktari Chief Executive Officer - Sscsp | 40 | $176,125 | |
Michael Gable Vice President | 40 | $160,966 | |
Todd Huffman Head, Neuroscience I | 40 | $93,199 | |
Frances Babb Secretary | 7.3 | $82,943 | |
Maria Ponmakha Chief Of Staff | 40 | $82,197 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hillspire Llc | 12/30/21 | $2,353,580 |
Mischiefnofixedaddress Inc | 12/30/21 | $2,261,099 |
Futures Action Network Llc | 12/30/21 | $11,036,128 |
High Resolves America | 12/30/21 | $695,000 |
Hr&a Advisors | 12/30/21 | $596,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $359,463,607 |
| Interest on Savings | $0 |
| Dividends & Interest | $4,755,180 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $47,936,723 |
| Capital Gain Net Income | $90,251,239 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $5,897 |
| Total Revenue | $412,161,407 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $999,144 |
| Other employee salaries and wages | $1,326,603 |
| Pension plans, employee benefits | $281,515 |
| Interest | $0 |
| Taxes | $10,471,896 |
| Depreciation | $2,168 |
| Occupancy | $163,233 |
| Travel, conferences, and meetings | $183,515 |
| Printing and publications | $16,705 |
| Other expenses | $17,142,399 |
| Total operating and administrative expenses | $41,926,966 |
| Contributions, gifts, grants paid | $36,335,916 |
| Total expenses and disbursements | $78,262,882 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,616,355 |
| Savings and temporary cash investments | $85,018,150 |
| Net Accounts receivable | $111 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,661,620 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $327,082,256 |
| Net Land, buildings, and equipment | $284,020 |
| Other assets | $4,343,393 |
| Total assets | $1,715,568,763 |
| Accounts payable and accrued expenses | $4,812,998 |
| Grants payable | $3,464,376 |
| Deferred revenue | $93,167 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $18,081,550 |
| Total liabilities | $26,452,091 |
Grants Awarded
Over the last fiscal year, The Eric And Wendy Schmidt Fund For Strategic Innovation has awarded $37,462,623 in support to 112 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: SUPPORT FOR THE REIMAGINE K-12 EMERGENCY FUND | $5,000,000 |
THE RHODES TRUST PURPOSE: AWARDS EARMARKED TO 56 INDIVIDUALS IN THE SCHMIDT SCIENCE FELLOWSHIP PROGRAM | $3,590,387 |
THE RHODES TRUST PURPOSE: SCHMIDT SCIENCE FELLOWSHIP PROGRAM ADMINISTRATION | $3,496,912 |
Washington, DC PURPOSE: AMERICA'S FRONTIER FUND PROJECT | $3,000,000 |
CENTRE NATIONAL DE LA RECHERCHE SCIENTIFIQUE PURPOSE: SUPPORT FOR THE SCALE-AWARE SEA ICE PROJECT (SASIP) (VESRI) PROJECT | $2,669,155 |
THE RHODES TRUST PURPOSE: RISE, AN INITIATIVE OF SCHMIDT FUTURES AND THE RHODES TRUST | $1,346,283 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Chan Zuckerberg Initiative Foundation Palo Alto, CA | $7,102,375,761 | $894,057,700 |
David And Lucile Packard Foundation Los Altos, CA | $0 | $658,614,112 |
Gordon E And Betty I Moore Foundation Palo Alto, CA | $0 | $528,454,632 |
Gerson Bakar Foundation San Francisco, CA | $2,671,857,395 | $1,929,752,035 |
Carl Victor Page Memorial Foundation Palo Alto, CA | $3,530,742,616 | $1,087,074,441 |
Virginia G Piper Charitable Trust 08-11-95 Phoenix, AZ | $496,549,315 | $85,713,153 |
The Heising-Simons Foundation Los Altos, CA | $866,467,309 | $244,878,185 |
Bin Lin And Daisy Liu Family Foundation Fremont, CA | $227,760,848 | $146,668,013 |
Sequoia Climate Fund Irvine, CA | $47,430,446 | $181,073,206 |
Koum Family Foundation Palo Alto, CA | $2,010,566,070 | $59,411,015 |
The David Geffen Foundation Los Angeles, CA | $481,191,890 | $36,420,193 |
Knight Foundation Beaverton, OR | $3,232,383,420 | $1,963,443,063 |