Close The Gap Foundation, operating under the name Close The Gap, is located in Mountain View, CA. The organization was established in 2018. According to its NTEE Classification (O53) the organization is classified as: Youth Development - Business, under the broad grouping of Youth Development and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Close The Gap 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 07/2023, Close The Gap generated $224.0k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 26.4% each year . All expenses for the organization totaled $196.6k during the year ending 07/2023. While expenses have increased by 35.0% per year over the past 3 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
CLOSE THE GAP FOUNDATION IS A 501(C)3 NONPROFIT ORGANIZATION BASED IN SUNNYVALE, CALIFORNIA. FOUNDED WITH THE VISION TO CREATE AN EQUITABLE FUTURE WITHOUT OPPORTUNITY GAPS FOR LOW-INCOME YOUTHS, CLOSE THE GAP FOUNDATION WORKS TO EMPOWER FIRST-GENERATION, LOW-INCOME (FGLI) STUDENTS TO BUILD LIFELONG CONFIDENCE AND REACH THEIR FULLEST POTENTIAL. CLOSE THE GAP FOUNDATION'S FLAGSHIP PROGRAM, THE SOCIAL IMPACT FELLOWSHIP, IS A THREE-MONTH ALL-EXPENSES-PAID PROGRAM THAT HELPS FIRST-GENERATION, LOW-INCOME HIGH SCHOOL STUDENTS FIND MENTORS, GROW THEIR CONFIDENCE, AND GIVE BACK. THROUGH STRUCTURED MENTORSHIP AND PROJECT-BASED LEARNING, FELLOWS WORK WITH MENTORS FROM RENOWNED ORGANIZATIONS LIKE AMAZON, APPLE, GOOGLE, MICROSOFT, AND UCSF TO TACKLE A SELF-DIRECTED SOCIAL IMPACT PROJECT TO PITCH TO A PANEL OF INDUSTRY LEADERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE TARGET OUR PROGRAMMING TO 11TH AND 12TH-GRADE STUDENTS FROM FIRST-GENERATION OR LOW-INCOME BACKGROUNDS. 100% OF ADMITTED STUDENTS IDENTIFY AS FIRST-GENERATION OR LOW INCOME. 100% OF COLLEGE-ELIGIBLE GRADUATES OF OUR PROGRAM HAVE ENROLLED IN A COLLEGE OR 4 YEAR UNIVERSITY. THE AGE GROUP TARGETED IS CRITICAL FOR STUDENTS AS THEY DEVELOP THEIR SENSE OF IDENTITY AND START TO PREPARE FOR COLLEGE AND THEIR FUTURE CAREERS. OUR SUMMER FELLOWSHIP PROGRAM IS METICULOUSLY CRAFTED TO SUPPORT FIRST-GENERATION, LOW-INCOME (FGLI) STUDENTS. OUR APPROACH ADDRESSES THE NETWORK GAP BY PAIRING MENTORS AND STUDENTS BASED ON SIMILAR IDENTITIES AND BACKGROUNDS. THIS CREATES A WELCOMING ENVIRONMENT FOR STUDENTS TO CHALLENGE THEMSELVES AND SHARE THEIR STORIES. MENTORSHIPS ARE STRUCTURED AROUND A SET OF PREDEFINED GOALS AND SKILLS THAT MENTORS HELP STUDENTS DEVELOP DURING PLANNED WEEKLY ONE-ON-ONES. GOALS CAN INCLUDE UNDERSTANDING FEEDBACK, BUILDING RESILIENCY, NETWORKING, INTERVIEWING, AND PROJECT MANAGEMENT. MENTORS ALSO GUIDE OUR STUDENTS AS THEY SELECT AND EXECUTE A SOCIAL IMPACT PROJECT. THE SOCIAL IMPACT PROJECT AIMS TO EMPOWER FELLOWS TO LEAD AND SOLVE PROBLEMS IN THEIR OWN LIVES AND COMMUNITIES. MOST FGLI STUDENTS ARE NOT ALWAYS GIVEN THE TRUST OR OPEN RESPONSIBILITY TO DEVELOP THEIR IDEAS AND BRING THEM TO FRUITION. OUR FELLOWS' PROJECTS ARE TANGIBLE WORK EXPERIENCE AND AN ACCOLADE THEY CAN FEATURE IN A RESUME OR COLLEGE APPLICATION. STUDIES HAVE SHOWN THAT THOSE WHO GIVE BACK TO THEIR COMMUNITIES LIVE MORE FULFILLING LIVES. SINCE 2021, OUR FELLOWSHIP GREW TO 35 STUDENTS, WITH OVER 100 ON THE WAITLIST. IN 2022, WE INCREASED THE QUALITY OF OUR PROGRAM, EARNING A NET PROMOTER SCORE OF 9.4 AMONG FELLOWS. ONE OF OUR HARDEST ISSUES IS ENSURING WE HAVE THE APPROPRIATE MENTOR SIZE POOLS TO MAINTAIN THE QUALITY OF OUR MENTORSHIP PAIRINGS. EVERY SINGLE STUDENT SHOULD HAVE A PASSIONATE AND INVESTED MENTOR WITH COHORT LEADERS (PROGRAM COUNSELORS) TO GUIDE THEM THROUGHOUT THE SUMMER FELLOWSHIP PROGRAM. COHORT LEADERS ARE VOLUNTEERS WHO DEDICATE AT LEAST 15 HOURS A WEEK. MANY ARE PAST PROGRAM PARTICIPANTS OR INDIVIDUALS EARLY IN THEIR CAREER JOURNEY. IN THE FUTURE, WE HOPE TO PROVIDE PAYMENT TO THESE SELFLESS VOLUNTEERS FOR THEIR TIME AND DEDICATION. EACH YEAR, OUR PROGRAM RECEIVES MORE APPLICATIONS THAN THE NUMBER OF STUDENTS OUR FELLOWSHIP CAN ACCEPT. ONE OF THE BIGGEST CHALLENGES WE ALWAYS ASK OURSELVES IS HOW DO WE EFFECTIVELY SCALE OUR ORGANIZATION TO MEET THE DEMAND THAT CURRENTLY EXISTS. AS CTG IS 100% VOLUNTEER-RUN, WE ARE ABLE TO DIVERT THE MAXIMUM POSSIBLE PORTION OF OUR FUNDS TO OUR PROGRAMMING AND STUDENTS - NOT EXECUTIVE SALARIES. THIS POSES A CHALLENGE AS THIS MEANS WE NEED TO SCALE THROUGH INCREASING THE POOL OF DEDICATED PROFESSIONALS WHO CAN BE MENTORS AND VOLUNTEERS. OUR PRIORITY IS TO FILL THE DEMAND OF OUR STUDENTS, BUT WE HOPE TO NOT LOSE QUALITY BY ENSURING WE HAVE A QUALIFIED AND PASSIONATE GROUP OF MENTORS. OUR PARTNERSHIP WITH FORBES HELPED TO CREATE A UNIQUE PROGRAM CALLED THE "UNDER 30 MENTORSHIP CIRCLES''. THE PARTNERSHIP PAIRS FGLI AND BIPOC STUDENTS WITH FORBES 30 UNDER 30 LIST MAKERS TO HELP OUR STUDENTS BRIDGE THE NETWORK GAP. WE WERE ABLE TO ENGAGE 30 MENTORS WITH 98 STUDENTS. AS WE CLOSED OUT OUR FELLOWSHIP CIRCLE, WE REALIZED THAT THIS MENTORSHIP HAS INSPIRED NOT ONLY OUR STUDENTS, BUT ALSO ACTIVELY ENGAGED FUTURE LEADERS TO SEEK OUT MORE WAYS TO PARTICIPATE IN OUR MISSION.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Tai Tran President | OfficerTrustee | 20 | $0 |
Jessie Salas Executive Director | OfficerTrustee | 20 | $0 |
Kaiwen Pang Chief Financial Officer | OfficerTrustee | 20 | $0 |
Sonia Sng Board Director | Trustee | 10 | $0 |
Sushma Kiran Board Director | Trustee | 10 | $0 |
Manav Gupta Board Director | Trustee | 10 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $223,445 |
Noncash contributions included in lines 1a–1f | $187,062 |
Total Revenue from Contributions, Gifts, Grants & Similar | $223,445 |
Total Program Service Revenue | $0 |
Investment income | $522 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $223,967 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $2,750 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $0 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $0 |
Fees for services: Management | $0 |
Fees for services: Legal | $1,975 |
Fees for services: Accounting | $61 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $2,496 |
Office expenses | $1,393 |
Information technology | $187,492 |
Royalties | $0 |
Occupancy | $0 |
Travel | $12 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $0 |
Insurance | $350 |
All other expenses | $56 |
Total functional expenses | $196,585 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $18,566 |
Savings and temporary cash investments | $80,523 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $0 |
Net Land, buildings, and equipment | $0 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $99,089 |
Accounts payable and accrued expenses | $429 |
Grants payable | $6,750 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $0 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $0 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $0 |
Total liabilities | $7,179 |
Net assets without donor restrictions | $91,910 |
Net assets with donor restrictions | $0 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Retained earnings, endowment, accumulated income, or other funds | $0 |
Total liabilities and net assets/fund balances | $99,089 |