Close The Gap Foundation is located in Sunnyvale, 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 Foundation 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 07/2022, Close The Gap Foundation generated $142.8k in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 13.4% each year . All expenses for the organization totaled $123.2k during the year ending 07/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3
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 | 20 | $0 | |
Kaiwen Pang Chief Financial Officer | 20 | $0 | |
Jessie Salas Executive Director | 20 | $0 | |
Sushma Kiran Board Director | 5 | $0 | |
Naomi Moriwaki Board Director | 5 | $0 | |
Manav Gupta Advisor | 5 | $0 |
Statement of Revenue | |
---|---|
Total Revenue from Contributions, Gifts, Grants & Similar | $142,825 |
Total Program Service Revenue | $0 |
Membership dues | $0 |
Investment income | $0 |
Gain or Loss | $0 |
Net Income from Gaming & Fundraising | $0 |
Other Revenue | $0 |
Total Revenue | $142,825 |
Statement of Expenses | |
---|---|
Grants and similar amounts paid | $0 |
Benefits paid to or for members | $0 |
Salaries, other compensation, and employee benefits | $0 |
Professional fees and other payments to independent contractors | $884 |
Occupancy, rent, utilities, and maintenance | $0 |
Printing, publications, postage, and shipping | $20 |
Other expenses | $112,359 |
Total expenses | $123,238 |
Balance Sheet | |
---|---|
Cash, savings, and investments | $75,708 |
Other assets | $0 |
Total assets | $75,708 |
Total liabilities | $11,180 |
Net assets or fund balances | $64,528 |
Over the last fiscal year, we have identified 3 grants that Close The Gap Foundation has recieved totaling $30,113.
Awarding Organization | Amount |
---|---|
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $22,194 |
Paypal Charitable Giving Fund Washington, DC PURPOSE: General Support | $7,865 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $54 |
Organization Name | Assets | Revenue |
---|---|---|
The Milken Institute Santa Monica, CA | $606,413,267 | $137,924,964 |
Homeboy Industries Los Angeles, CA | $59,123,075 | $52,322,011 |
Kcrw Foundation Inc Santa Monica, CA | $52,530,753 | $23,901,680 |
Tucson Youth Development Inc Tucson, AZ | $5,641,568 | $6,561,582 |
Enterprise For Youth San Francisco, CA | $1,761,578 | $2,844,856 |
Old Skool Cafe San Francisco, CA | $2,420,596 | $2,414,498 |
Girls Build Portland, OR | $653,032 | $916,642 |
Film2future Inc Los Angeles, CA | $559,202 | $562,765 |
Junior Achievement Of Northern Nevada Inc Reno, NV | $198,342 | $277,581 |
Jews For Entrepreneurship Organization Inc San Francisco, CA | $332,175 | $480,633 |
The Realreal Foundation San Francisco, CA | $2,995,705 | $1,897 |
Five Buckets Four Shovels Foundation San Francisco, CA | $195,617 | $0 |