Liabilities / Assets
78th percentile
Higher debt load relative to assets than 78% of similar nonprofits.
990EZ • Fiscal year 2021 • EIN 83-1242219
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
Liabilities / Assets
78th percentile
Higher debt load relative to assets than 78% of similar nonprofits.
Liabilities / Revenue
74th percentile
Higher debt load relative to revenue than 74% of similar nonprofits.
Net Margin
73rd percentile
Higher net margin than 73% of similar nonprofits.
Top Officer Pay
77th percentile
Higher top officer pay than 77% of similar nonprofits.
Top officer pay equals 0.0% of source-year revenue.
Asset Growth
Score unavailable
No earlier valid filing was available within the previous three public years.
Revenue Growth
Score unavailable
No earlier valid filing was available within the previous three public years.
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.
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.
| Description | Grants | Expenses |
|---|---|---|
| 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 |
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| Tai Tran | President | PT | $0 | - | - |
| Jessie Salas | Executive Director | PT | $0 | - | - |
| Kaiwen Pang | Chief Financial Officer | PT | $0 | - | - |
“Scholarships, grants-making, fellowship-related expenses”
“Description;Amount^Compliance;624|Marketing;797|People Ops;329|Technology;308|Bank Fee;15|In Kind Expense;69126^Total;71199^”
“Scholarship payable and credit cards”
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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| IRS990EZ/PrimaryExemptPurposeTxt | 0 | 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. |
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| IRS990EZ/ProgramSrvcAccomplishmentGrp/DescriptionProgramSrvcAccomTxt | 0 | 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. |
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| ReturnHeader/BuildTS | 0 | 2022-09-23 18:48:47Z |
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| ReturnHeader/ReturnTs | 0 | 2021-10-28T02:06:51-07:00 |
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| ReturnHeader/TaxPeriodBeginDt | 0 | 2020-08-01 |
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| ReturnHeader/TaxYr | 0 | 2020 |
No mirrored PDF or thumbnail assets are attached yet.
Displayed year
2021 • Form 990EZDetailed filing. Detailed filing data is available for this year.