Civic Intelligence

Mastercard Foundation

EIN 98-0543843 • 501(c)4 • Toronto, Ontario, CA

Profile

The Foundation's mission is to advance youth education and promote financial inclusion for financially disadvantaged persons and communities.

250 Yonge Street Suite 2400Toronto, Ontario M5B 2L7CA

www.mastercardfdn.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

6th percentile

0.00x

Higher debt load relative to assets than 6% of similar nonprofits.

$1B+ nonprofits • Source year 2024

Liabilities / Revenue

7th percentile

0.01x

Higher debt load relative to revenue than 7% of similar nonprofits.

$1B+ nonprofits • Source year 2024

Net Margin

95th percentile

75%

Higher net margin than 95% of similar nonprofits.

$1B+ nonprofits • Source year 2024

Top Officer Pay

49th percentile

$1,335,867

Higher top officer pay than 49% of similar nonprofits.

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

$1B+ nonprofits • Source year 2024

Asset Growth

87th percentile

19%

Faster asset growth than 87% of similar nonprofits.

$1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

99th percentile

857%

Faster revenue growth than 99% of similar nonprofits.

$1B+ nonprofits • Annualized from 2023 to 2024

Assets

Up

$50,320,893,084

Up $8,126,814,464 (+19%) from 2023

Liabilities

Up

$35,372,293

Up $12,211,192 (+53%) from 2023

Net Assets

Up

$50,285,520,791

Up $8,114,603,272 (+19%) from 2023

Revenue

Up

$6,513,121,957

Up $5,832,855,619 (+857%) from 2023

Expenses

Up

$1,633,430,674

Up $99,907,152 (+6.5%) from 2023

Net Income

Up

$4,879,691,283

Up $5,732,948,467 (+672%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$60B$40B$20B$0Assets 2011: $3,748,420,096Liabilities 2011: $658,820Net Assets 2011: $3,747,761,2762011Assets 2012: $4,941,558,410Liabilities 2012: $1,416,161Net Assets 2012: $4,940,142,2492012Assets 2013: $8,271,025,202Liabilities 2013: $1,860,869Net Assets 2013: $8,269,164,3332013Assets 2014: $8,257,954,830Liabilities 2014: $1,268,878Net Assets 2014: $8,256,685,9522014Assets 2015: $9,179,286,169Liabilities 2015: $3,435,825Net Assets 2015: $9,175,850,3442015Assets 2016: $9,660,981,405Liabilities 2016: $2,353,720Net Assets 2016: $9,658,627,6852016Assets 2017: $14,004,487,207Liabilities 2017: $3,508,201Net Assets 2017: $14,000,979,0062017Assets 2018: $17,401,495,233Liabilities 2018: $5,667,903Net Assets 2018: $17,395,827,3302018Assets 2019: $27,598,914,371Liabilities 2019: $10,659,197Net Assets 2019: $27,588,255,1742019Assets 2020: $31,477,405,206Liabilities 2020: $5,945,475Net Assets 2020: $31,471,459,7312020Assets 2021: $30,798,947,472Liabilities 2021: $9,406,052Net Assets 2021: $30,789,541,4202021Assets 2022: $29,242,305,789Liabilities 2022: $7,993,373Net Assets 2022: $29,234,312,4162022Assets 2023: $42,194,078,620Liabilities 2023: $23,161,101Net Assets 2023: $42,170,917,5192023Assets 2024: $50,320,893,084Liabilities 2024: $35,372,293Net Assets 2024: $50,285,520,7912024

Highlighted filing

2024

Assets$50,320,893,084
Liabilities$35,372,293
Net Assets$50,285,520,791

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$8.0B$6.0B$4.0B$2.0B$0-$2.0BRevenue 2011: $91,641,846Expenses 2011: $87,184,901Net Income 2011: $4,456,9452011Revenue 2012: $69,188,580Expenses 2012: $114,710,587Net Income 2012: -$45,522,0072012Revenue 2013: $91,693,608Expenses 2013: $184,764,982Net Income 2013: -$93,071,3742013Revenue 2014: $39,458,181Expenses 2014: $191,470,300Net Income 2014: -$152,012,1192014Revenue 2015: $110,258,304Expenses 2015: $206,307,876Net Income 2015: -$96,049,5722015Revenue 2016: $127,229,109Expenses 2016: $277,608,573Net Income 2016: -$150,379,4642016Revenue 2017: $127,535,564Expenses 2017: $303,912,742Net Income 2017: -$176,377,1782017Revenue 2018: $112,205,391Expenses 2018: $297,523,351Net Income 2018: -$185,317,9602018Revenue 2019: $192,147,513Expenses 2019: $357,605,773Net Income 2019: -$165,458,2602019Revenue 2020: $356,789,232Expenses 2020: $947,737,147Net Income 2020: -$590,947,9152020Revenue 2021: $422,948,756Expenses 2021: $1,496,169,880Net Income 2021: -$1,073,221,1242021Revenue 2022: $424,109,307Expenses 2022: $1,377,301,146Net Income 2022: -$953,191,8392022Revenue 2023: $680,266,338Expenses 2023: $1,533,523,522Net Income 2023: -$853,257,1842023Revenue 2024: $6,513,121,957Expenses 2024: $1,633,430,674Net Income 2024: $4,879,691,2832024

Highlighted filing

2024

Revenue$6,513,121,957
Expenses$1,633,430,674
Net Income$4,879,691,283

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$50,321$35.4$50,286$6,513$1,633$4,880
2023Summary only. Only limited summary data is available for this year.$42,194$23.2$42,171$680$1,534$853
2022Detailed filing. Detailed filing data is available for this year.$29,242$7.99$29,234$424$1,377$953
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$30,799$9.41$30,790$423$1,496$1,073
2020Detailed filing. Detailed filing data is available for this year.$31,477$5.95$31,471$357$948$591
2019Summary only. Only limited summary data is available for this year.$27,599$10.7$27,588$192$358$165
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$17,401$5.67$17,396$112$298$185
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14,004$3.51$14,001$128$304$176
2016Summary only. Only limited summary data is available for this year.$9,661$2.35$9,659$127$278$150
2015Summary only. Only limited summary data is available for this year.$9,179$3.44$9,176$110$206$96.0
2014Summary only. Only limited summary data is available for this year.$8,258$1.27$8,257$39.5$191$152
2013Summary only. Only limited summary data is available for this year.$8,271$1.86$8,269$91.7$185$93.1
2012Summary only. Only limited summary data is available for this year.$4,942$1.42$4,940$69.2$115$45.5
2011Summary only. Only limited summary data is available for this year.$3,748$0.66$3,748$91.6$87.2$4.46
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 14, 2025
Return Version
2024v5.2
Gross Receipts
$20,949,190,099
Mission and Program Overview

Mission

Mastercard foundation seeks a world where everyone has the opportunity to learn and prosper. The foundation's work is guided by its mission to advance learning and financial inclusion for people living in poverty.

The foundation's mission is to advance youth education and promote financial inclusion for financially disadvantaged persons and communities as a means of relieving poverty.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$41,603,281,597$48,088,460,550▲ $6,485,178,953
Investments Other Securities$363,396,474$1,617,626,325▲ $1,254,229,851
Savings and Temporary Cash Investments$208,691,485$557,318,489▲ $348,627,004
Land, Buildings, and Equipment, Net$3,689,454$21,351,042▲ $17,661,588
Accounts Receivable$2,553,272$17,167,061▲ $14,613,789
Intangible Assets$975,344$14,855,551▲ $13,880,207
Prepaid Expenses and Deferred Charges$11,490,994$4,114,066▼ $7,376,928
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$42,194,078,620$50,320,893,084▲ $8,126,814,464
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$23,161,101$35,372,293▲ $12,211,192
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$23,161,101$35,372,293▲ $12,211,192
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$567,635,922$49,558,133,239▲ $48,990,497,317
Net Assets With Donor Restrictions$41,603,281,597$727,387,552▼ $40,875,894,045
Total Net Assets Fund Balance$42,170,917,519$50,285,520,791▲ $8,114,603,272
Total Liabilities and Net Assets / Fund Balance$42,194,078,620$50,320,893,084▲ $8,126,814,464

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$15,267,654$4,158,643$19,426,297
Equipment$2,294,900$1,777,736$4,072,636
Other Land Buildings$2,915,722$897,833$3,813,555

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$41,603,281,598-→ $0$40,875,894,046$727,387,552
2023$29,043,419,409-▲ $13,789,862,287$1,230,000,098$41,603,281,598
2022$30,677,002,172-▼ $602,037,166$1,031,545,597$29,043,419,409
2021$31,355,848,119-▲ $391,302,813$1,070,148,760$30,677,002,172
2020$27,558,166,914-▲ $4,474,152,467$676,471,262$31,355,848,119
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Reeta RoyPresident and CEOFT$1,236,490$148,990$1,335,867
Peter MateruChief Program OfficerFT$642,906$162,184$754,437
Douglas KasambalaChief Financial OfficerFT$575,224$62,117$640,431
Oluwole OnaboloGeneral CounselFT$492,686$85,120$577,806
Wariko WaitaDirector Pac - Ed.&transitionsFT$205,347$321,201$526,548
Tina MuparadziExec. Director-ed.&transitionsFT$434,459$52,742$487,201
Jennifer RamnathChief, Digital and Info. Off.FT$381,879$52,227$484,759
Serge Auguste KouakouCountry Director, SenegalFT$387,958$76,954$464,912
Amos OderoHead - Pan Aftrica ProgramsFT$116,242$335,761$452,003
David BagendaSenior Director, FinanceFT$213,468$236,448$449,916
Omotade Akin AinaChief Impact&research OfficerFT$270,868$80,109$350,977
Julie GichuruChief Public Affairs&communicaFT$278,487$62,415$340,902
Sconaid McgeachinChief Public Affairs&communicaFT$224,752$28,249$299,524
Linda OsodoAg. Chief People&culture OfficFT$218,092$21,402$239,494

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Deloitte LLPConsulting ServicesBAY ADELAIDE CENTRE 8 ADELAIDE ST, Toronto, ONTARIO, Ca$16,848,289
Mastercard Foundation Asset ManagemAsset Management Se250 YONGE STREETSUITE 2400, Toronto, ONTARIO, Ca$15,220,844
McKinsey and Company Inc Africa PrConsulting Services8TH FLOOR DELTA CORNER TOWER CHIRO, Westlands, NAIROBI, Ke$8,092,867
Elixirr Consulting LimitedIT Consulting100 CHEAPSIDE, London, 0, Uk$4,426,239
Charleston Travel LimitedTravel Services10TH FLOOR WAIYAKI WAY, Nairobi County, NAIROBI, Ke$3,933,520
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$6,512,353,970
Other Revenue
$767,987
Change in Net Assets
$4,879,691,283

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,513,121,957
Revenue Not Reported on Form 990
$3,234,911,989
Total Revenue per Audited Statements
$9,748,033,946
Total Revenue per Form 990
$6,513,121,957
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,410,232,855
Other Expenses$143,282,315
Salaries, Compensation, and Employee Benefits$79,915,504
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$1,139,921,096--$1,139,921,096
Grants to Domestic Orgs$270,311,759--$270,311,759
Fees for Services Other$37,983,655$41,713,985-$79,697,640
Other Salaries and Wages$43,628,214$13,241,533-$56,869,747
Travel$11,036,999$8,636,789-$19,673,788
Other Employee Benefits$11,366,732$7,330,106-$18,696,838
Fees for Service Investment Mgmnt Fees-$18,642,590-$18,642,590
Office Expenses$340,620$8,524,115-$8,864,735
Occupancy$4,514,217$1,513,756-$6,027,973
Current Officers, Directors, Trustees, and Key Employees$2,467,934$1,864,384-$4,332,318
Fees for Services Legal$920,910$2,654,234-$3,575,144
Other Expenses$1,320,867$1,629,473$0$0
Depreciation Depletion-$2,568,035-$2,568,035
Fees for Services Accounting-$675,534-$675,534
Insurance-$606,536-$606,536
Payroll Taxes$14,941$1,660-$16,601
Total Functional Expenses$1,523,827,944$109,602,730$0$1,633,430,674

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,633,430,674
Total Expenses per Audited Statements$1,633,430,674
Total Expenses per Form 990$1,633,430,674
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Arizona State UniversityArizona, AZ501(c)3Youth Learning$40,434,702
UNICEF The United Nations Children's Fund--Youth Learning$35,000,000
One Acre FundNew York, NY501(c)3Financial Inclusion$22,673,980
Inkomoko (formerly African Entrepreneurship CollecWashington, WA501(c)3Financial Inclusion$18,133,840
University of California Berkeley--Youth Learning$14,999,999
Global Energy Alliance for People & Planet (GEAPP)Middletown, DE501(c)3Youth Learning$12,199,289
American University of BeirutNew York, NY501(c)3Youth Learning$12,000,000
CorpsAfricaNew York, NY501(c)3Youth Learning$10,338,483
American University of BeirutNew York, NY501(c)3Youth Learning$10,319,223
Heifer Project InternationalArkansas, AR501(c)3Youth Learning$9,804,050
Tufts UniversityBoulder, CO501(c)3Youth Learning$9,434,798
Global Give Back CircleNew York, NY501(c)3Youth Learning$8,713,490
United Nations Capital Development Fund--Youth Learning$7,211,644
CapitalPlus Exchange CorporationIllinois, IL501(c)3Financial Inclusion$7,000,000
United Nations Development ProgrammeBerkeley, CA501(c)3Financial Inclusion$6,434,649
EducateStony Creek, CT501(c)3Youth Learning$5,752,101
CrossBoundaryWashington DC, DC501(c)3Financial Inclusion$4,000,000
Heifer Project InternationalArkansas, AR501(c)3Financial Inclusion$3,998,234
Refugee Economic Inclusion CoalitionWellesley, MA-Financial Inclusion$3,898,189
GenerationWashington DC, WA501(c)3Youth Learning$3,631,037
Emerging Public LeadersWashington, DC501(c)3Youth Learning$3,424,526
Johns Hopkins Center for Communication Programs (CBaltimore, MD501(c)3Youth Learning$2,647,811
Youth Development Labs IncDenver, CO501(c)3Youth Learning$2,514,562
The Batonga FoundationNew York, NY501(c)7Financial Inclusion$2,276,918
Kepler IncWashington, DC501(c) 3Youth Learning$2,150,824
African Center for Economic TransformationWashington, DC501(c)3Youth Learning$1,582,941
Inkomoko (formerly African Entrepreneurship CollecWashington, WA501(c)3Youth Learning$1,147,363
The Resolution ProjectMedford, MA501(c)3Youth Learning$1,012,079
International Center for Research on WomenWashington, DC501(c)3Youth Learning$961,604
Carnegie Mellon UniversityPittsburgh, PA501(c)3Youth Learning$898,631
The Mawazo InstituteWashington, DC501(c)3Youth Learning$767,781
Village Health Works--Youth Learning$703,881
Mathematica IncHighland Park, IL501(c)3Youth Learning$699,758
University of ColoradoEvanston, IL501(c)3Youth Learning$621,775
Kellermann FoundationPasadena, CA-Youth Learning$546,462
Johns Hopkins UniversityNew York, NY501(c)3Financial Inclusion$499,461
The World BankNew York, NY501(c)3Financial Inclusion$311,640
HodiNew York, NY501(c)3Youth Learning$248,000
The Clayton Christensen Institute for Disruptive IWellesley, MA-Financial Inclusion$174,759
IrexBerkeley, CA-Youth Learning$158,091
Future of LearningChevy Chase, MD501(c)3Youth Learning$150,000
Localized IncNew York, NY-Youth Learning$150,000
Wellesley College--Youth Learning$148,214
International Funders for Indigenous PeoplesNew York, NY501(c)3Youth Learning$106,889
Center for Transcultural StudiesWaltham, MA501(c)3Youth Learning$100,000
Spence-ChapinWashington, DC501(c)3Youth Learning$91,618
Wellesley College--Youth Learning$73,001
Education Development Center IncNorth Carolina United, NC501(c)3Youth Learning$54,970
Brown UniversityRhode Island, RI501(c)3Youth Learning$50,000
St Lawrence UniversityLa Grange, IL501(c)3Youth Learning$50,000
University of the People--Youth Learning$50,000
QM Quality Matters IncCanton, NY501(c)3Youth Learning$20,492

International Summary

Offices
8
Employees
672
Spending
$1,139,921,096

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
Yes
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Sub-Saharan AfricaProgram ServicesYouth learning & Finan7524$1,025,935,043
North AmericaProgram ServicesYouth learning & Finan1148$84,409,266
Europe (Including Iceland and Greenland)Program ServicesYouth Learning & Finan00$29,576,787
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Part VI Line 7B

The bylaws of the foundation state that nominations of qualified candidates to be elected as directors of the board of the foundation shall be made by the board of the foundation, upon consultation with, but not under the control or direction of mastercard incorporated. Moreover, the bylaws state that directors of the foundation shall be required to satisfy the qualifications outlined in the bylaws, as determined by a resolution of the board of directors of the foundation and a majority of the votes cast at a properly constituted meeting of the nominating and corporate governance committee of the board of directors of mastercard incorporated. Amending certain sections of the foundation's bylaws also requires approval by mastercard incorporated.

Part VI Line 11

The form 990 is prepared by deloitte llp ("deloitte"), based on the information provided by management. Prior to filing, the form 990 is approved by the board of directors.

Part VI Line 12C

Foundation officers must comply with the employee code of conduct which requires an initial disclosure form before his or her involvement with any operations of the foundation. This disclosure identifies any relationships, positions or circumstances in which the individual may be involved that he or she believes could cause a conflict of interest. This initial disclosure must be confirmed annually and updated whenever substantial changes occur. The board of directors are governed under the conflict of interest provisions set out in the foundation's bylaws and code of conduct for directors. For both officers and directors the disclosure forms are reviewed as they are submitted and any potential conflicts are addressed. Board members with a conflict of interest do not vote on any matter related to the issue for which they have a conflict, or resign from the board, as applicable.

Part VI Line 15A and 15 B

The talent and compensation committee approves compensation for the president/ceo. President/ceo approves salaries for all executive committee members and the talent and compensation committee endorses changes to compensation for the president/ ceo and the executive committee. External consultants are engaged to conduct competitive reviews of compensation for the president/ceo, executive committee, and all staff. External consultants are also engaged to advise on compensation strategy. The foundation reviews compensation planning data provided by external consultants for salary adjustments periodically.

Part VI Line 19

Governing documents and the conflict of interest policy are not made available to the public. Financial statements are available to the public through the foundation's website.

Filing and Contact Details

Filer

Filer Name
Mastercard Foundation
EIN
98-0543843
In Care Of
% DOUGLAS KASAMBALA
Phone
6472085154
Address
CA

Signing Officer

Name
Douglas Kasambala
Title
CFO
Phone
6472142857
Signed
2025-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Douglas Kasambala
Formed
2005
Voting Board Members
11
Independent Board Members
11
Employees
1

Preparer

Firm
Deloitte LLP
Address
CA
Preparer
Michael Xiang
Phone
4166016150
Supplemental Narrative

Financial Statement Notes

Schedule D, Part V, Line 4

The foundation's endowment fund is held in trust by the foundation to further the foundation's mission to advance youth education and promote financial inclusion for financially disadvantaged persons and communities, with a major focus in africa.

Schedule D, Part V, Line 1E

Current year other expenditures for facilities and programs of $40,875,894,046, represents the release of donor restrictions on previously restricted funds.

Raw XML AppendixShowing 400 of 2,219 raw XML fields

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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IRS990/AccountsReceivableGrp/EOYAmt017167061
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IRS990/ActivityOrMissionDesc0THE FOUNDATION'S MISSION IS TO ADVANCE YOUTH EDUCATION AND PROMOTE FINANCIAL INCLUSION FOR FINANCIALLY DISADVANTAGED PERSONS AND COMMUNITIES AS A MEANS OF RELIEVING POVERTY.
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