Civic Intelligence

Close the Gap Foundation

990EZ • Fiscal year 2021 • EIN 83-1242219

Aug 01, 2020 to Jul 31, 2021 • Filed on Oct 20, 2021

665 Iris Ave Apt 3Sunnyvale, CA 94086

(415) 860-1361

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

78th percentile

0.11x

Higher debt load relative to assets than 78% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

74th percentile

0.05x

Higher debt load relative to revenue than 74% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Net Margin

73rd percentile

28%

Higher net margin than 73% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Top Officer Pay

77th percentile

$0

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Assets

$50,254

No earlier filing loaded for comparison.

Net Assets

$44,941

No earlier filing loaded for comparison.

Liabilities

$5,313

No earlier filing loaded for comparison.

Revenue

$111,032

No earlier filing loaded for comparison.

Expenses

$79,812

No earlier filing loaded for comparison.

Net Income

$31,220

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$200K$150K$100K$50K$0Assets 2021: $50,254Liabilities 2021: $5,313Net Assets 2021: $44,9412021Assets 2022: $75,708Liabilities 2022: $11,180Net Assets 2022: $64,5282022Assets 2023: $99,089Liabilities 2023: $7,179Net Assets 2023: $91,9102023Assets 2024: $138,497Liabilities 2024: $8,972Net Assets 2024: $129,5252024Assets 2025: $176,226Liabilities 2025: $0Net Assets 2025: $176,2262025

Highlighted filing

2021

Assets$50,254
Liabilities$5,313
Net Assets$44,941

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$300K$200K$100K$0Revenue 2021: $111,032Expenses 2021: $79,812Net Income 2021: $31,2202021Revenue 2022: $142,825Expenses 2022: $123,238Net Income 2022: $19,5872022Revenue 2023: $223,967Expenses 2023: $196,585Net Income 2023: $27,3822023Revenue 2024: $174,240Expenses 2024: $136,625Net Income 2024: $37,6152024Revenue 2025: $58,494Expenses 2025: $11,793Net Income 2025: $46,7012025

Highlighted filing

2021

Revenue$111,032
Expenses$79,812
Net Income$31,220
Jump To
Filing Snapshot
Filing Period
Aug 1, 2020 to Jul 31, 2021
Signed
Oct 20, 2021
Return Version
2020v4.0
Gross Receipts
$111,032
Mission and Program Overview

Mission

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.

Close The Gap Foundation's mission is to create an equitable future for all by empowering students with opportunities and resources that will help them to close their own opportunity and network gaps. Close the Gap Foundation's programs include the Fellowship and COVID-19 Boost Resiliency Fund. Fellowship is a three-month all-expenses-paid program that helps low-income students build lifelong confidence, relationships with industry professionals, and cultivate a growth mindset. Through project-based learning, fellows tackle a self-directed social impact project to develop a growth mindset and are paired with mentors from renowned organizations. COVID-19 Boost Resiliency Fund is a micro-grant program that closes the digital divide and homework gap during COVID-19 by providing low-income students with distance learning tools like Chromebooks, noise-cancellation headphones, printers, and school supplies.

Program Services

DescriptionGrantsExpenses
We target our programming to 11th and 12th-grade students from low-income backgrounds. 100% of admitted students are on Free or Reduced Lunch. 50% of admitted students have one or more household members affected by Covid-19 layoffs. 78% of admitted students identify as first-generation. 28% of students live in a single-parent/ guardian household. 64% identified English as a second language. 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. In 2021, our fellowship grew to 35 students, with over 100 on the waitlist. In 2022, we plan to accept 90 students. Our hardest issue 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 more than 90% of our funds to our programming and students. 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 latest 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 close 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. In tax year 2020, we distributed $3500 in scholarships to fellowship program and $3900 to micro-grants program.$7,331$653
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Tai TranPresidentPT$0--
Jessie SalasExecutive DirectorPT$0--
Kaiwen PangChief Financial OfficerPT$0--
Filing and Contact Details

Filer

Filer Name
Close the Gap Foundation
EIN
83-1242219
Phone
4158601361
Address
665 Iris Ave Apt 3, Sunnyvale, CA 94086

Signing Officer

Name
Kaiwen Pang
Title
Chief Financial Officer
Phone
4158601361
Signed
2021-10-20
Supplemental Narrative

Additional Explanations

Form 990-EZ, Part I, Line 10

Scholarships, grants-making, fellowship-related expenses

Form 990-EZ, Part I, Line 16

Description;Amount^Compliance;624|Marketing;797|People Ops;329|Technology;308|Bank Fee;15|In Kind Expense;69126^Total;71199^

Form 990-EZ, Part II, Line 26

Scholarship payable and credit cards

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IRS990EZ/PrimaryExemptPurposeTxt0Close The Gap Foundation's mission is to create an equitable future for all by empowering students with opportunities and resources that will help them to close their own opportunity and network gaps. Close the Gap Foundation's programs include the Fellowship and COVID-19 Boost Resiliency Fund. Fellowship is a three-month all-expenses-paid program that helps low-income students build lifelong confidence, relationships with industry professionals, and cultivate a growth mindset. Through project-based learning, fellows tackle a self-directed social impact project to develop a growth mindset and are paired with mentors from renowned organizations. COVID-19 Boost Resiliency Fund is a micro-grant program that closes the digital divide and homework gap during COVID-19 by providing low-income students with distance learning tools like Chromebooks, noise-cancellation headphones, printers, and school supplies.
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