The Eric And Wendy Schmidt Fund For Strategic Innovation
- Assets
- $1.1b
- Revenue
- $126.5m
- Investments
- $1.1b
- Employees
- 0
- Location
- Palo Alto, CA
- Founding
- 09/2014
- Data as of
- 12/2022
- 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 12/2022, Eric And Wendy Schmidt Fund For Strategic Innovation generated $126.5m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 27.6% each year . All expenses for the organization totaled $186.1m during the year ending 12/2022. 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 597 individual grants totaling $290,981,985. 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
2022
Describe the Organization's Program Activity:
RISE - A TALENT PROGRAM DESIGNED TO INCREASE OPPORTUNITY FOR EXCEPTIONAL YOUNG PEOPLE WORLDWIDE TO SERVE OTHERS 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 WITH OTHERS THAT WILL ALLOW THEM TO IMPROVE THEIR OWN SKILLS AND TALENTS TO HELP THEM SERVE THE PUBLIC.
SCHMIDT SPECIAL COMPETITIVE STUDIES PROJECT - 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.
CONVERGENT RESEARCH - 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).
QUAD FELLOWSHIP - AN INITIATIVE OF THE GOVERNMENTS OF AUSTRALIA, INDIA, JAPAN, AND THE UNITED STATES. ANNOUNCED BY THE QUAD PARTNERS ON SEPTEMBER 24, 2021, THIS FIRST-OF-ITS-KIND SCHOLARSHIP PROGRAM IS DESIGNED TO BUILD TIES AMONG THE NEXT GENERATION OF SCIENTISTS AND TECHNOLOGISTS. THE QUAD FELLOWSHIP IS OPERATED IN CONSULTATION WITH A NON-GOVERNMENTAL TASK FORCE COMPOSED OF ACADEMIC, FOREIGN POLICY, AND PRIVATE SECTOR LEADERS FROM EACH QUAD COUNTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Schmidt President & Director | 1 | $0 | |
Wendy Schmidt Director | 1 | $0 | |
Eric Braverman Director | 1 | $0 | |
Yll Bajraktari Chief Executive Officer - Sscsp | 40 | $579,500 | |
Adam Marblestone Chief Executive Officer - Crllc | 32 | $140,000 | |
Anastasia K Gamick Chief Operating Officer - Crllc | 40 | $116,667 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Futures Action Network Llc | 12/30/22 | $13,811,689 |
Hillspire Llc | 12/30/22 | $3,431,924 |
Wpp Group Usa Inc (Fka Wpp Ton Inc) | 12/30/22 | $7,463,211 |
Institute Of International Education Inc | 12/30/22 | $851,400 |
Twenty Inc | 12/30/22 | $737,858 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $23,294,434 |
| Interest on Savings | $0 |
| Dividends & Interest | $6,242,082 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $87,656,473 |
| Capital Gain Net Income | $154,369,443 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $9,325,929 |
| Total Revenue | $126,518,918 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $836,167 |
| Other employee salaries and wages | $8,690,226 |
| Pension plans, employee benefits | $1,861,134 |
| Interest | $56,516 |
| Taxes | $1,840,777 |
| Depreciation | $29,940 |
| Occupancy | $821,666 |
| Travel, conferences, and meetings | $8,638,861 |
| Printing and publications | $38,094 |
| Other expenses | $7,868,897 |
| Total operating and administrative expenses | $66,130,932 |
| Contributions, gifts, grants paid | $119,929,532 |
| Total expenses and disbursements | $186,060,464 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,080,277 |
| Savings and temporary cash investments | $1,404,116 |
| Net Accounts receivable | $12 |
| 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 | $3,155,320 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $274,521,022 |
| Net Land, buildings, and equipment | $32,689 |
| Other assets | $29,320,450 |
| Total assets | $1,117,749,688 |
| Accounts payable and accrued expenses | $6,557,419 |
| Grants payable | $23,712,316 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $34,822,483 |
| Other liabilities | $8,340,149 |
| Total liabilities | $73,432,367 |
Grants Awarded
Over the last fiscal year, The Eric And Wendy Schmidt Fund For Strategic Innovation has awarded $122,331,597 in support to 197 organizations.
| Grant Recipient | Amount |
|---|---|
AZ PURPOSE: INTERNATIONAL STRATEGY FELLOW - TO PROVIDE SUPPORT FOR STUDENT'S ENGAGING IN RESEARCH, TRAVEL, EVENT ORGANIZATION, OR PROFESSIONAL DEVELOPMENT | $5,000 |
AG PURPOSE: SUPPORT OF INCREASING GENDER DIVERSITY FROM NON-US UNIVERSITIES IN THE AREAS OF SCIENCE AND ENGINEERING BY SUPPLEMENTING THE POST-DOCTORAL RESEARCH STIPEND OFFERED AT THE UNIVERSITY WHERE THEY HAVE BEEN ACCEPTED TO RESEARCH PER PLR XXX-XX-XXXX | $50,000 |
AZ PURPOSE: INTERNATIONAL STRATEGY FELLOW - TO PROVIDE SUPPORT FOR STUDENT'S ENGAGING IN RESEARCH, TRAVEL, EVENT ORGANIZATION, OR PROFESSIONAL DEVELOPMENT | $15,000 |
ADIRONDACK HEALTH INSTITUTE INC PURPOSE: NORTH COUNTRY DIGITAL INCLUSION COALITION | $30,000 |
ALBANY CAN CODE INC PURPOSE: MAKING ALL NEW YORKERS DIGITALLY LITERATE: STATEWIDE EXPANSION OF CANCODE MODEL FOR DIGITAL LITERACY & SOFTWARE JOB TRAINING | $250,000 |
ALLIANCE OF DEMOCRACIES FOUNDATION PURPOSE: SUPPORT FOR COPENHAGEN DEMOCRACY SUMMIT AND GLOBAL EMERGING TECHNOLOGY SUMMIT | $200,000 |