Close the Gap Foundation
Nonprofit profile at a glance
- EIN
- 831242219
- IRS 990-EZ coverage
- 2020–2024
- Forms available
- Form 990 2022, Form 990-EZ 2024, Form 990-N 2019
- Location
- Mountain View, CA, USA
- Phone
- 0000000000
- Rating
- 47
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Youth Development - Business
Reported finances
- Revenue
- $58,494
- Expenses
- $11,793
- Assets
- $176,226
- Liabilities
- $0
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
6 people listed
Executive titles in this filing
- Tai Tran (President)
- Jessie Salas (Executive Director)
People named in this filing
- Tai Tran (President)
- Jessie Salas (Executive Director)
- Kaiwen Kevin Pang (Chief Financial Officer)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Close the Gap Foundation is a 501c3 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 Foundations 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
What it reported doing in 2024
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 94 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
Operating model
- Revenue model
- Donor-supported. 97% of the money available for current operations came from contributions and gifts.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
MIXED - The filed numbers largely add up and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 0
- Transparency & Controls: 100
- Sustainability: 88
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 0%; rating input score 0
- Program expense ratio: 0.1%; rating input score 0
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
Sustainability
- Operating margin: 79.8%; rating input score 97; 97th percentile among comparable filings
- Total-asset coverage ratio: 14.94; rating input score 94; 94th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 68; 68th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings
Growth
- Program expense growth: 22.6% per year; rating input score 100; 84th percentile among comparable filings
- Revenue growth: -5.9% per year; rating input score 0; 32nd percentile among comparable filings
- Asset growth: 27% per year; rating input score 100; 90th percentile among comparable filings
Details
- Where the money goes: 0% of revenue deployed · 0.1% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 1 filed program accomplishment · $11 in reported program spending
- Leadership: top reported pay $0 · 6 people listed
- Consistency: 8 of 9 current checks pass · 1 finding to review
- Schedules: 3 filed schedules
- Filing history: 3 filing years from 2020 to 2024
- Contacts: How to reach this organization
- Money network: Resolved incoming and outgoing counterparties from filed money flows.
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Mission deployment rate scored 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- Moderate — Transparency & Controls: Part III transfer expenses within program total did not reconcile in the filed values.
- High — Growth: Revenue growth scored 0/100.
- Review — Sustainability: Officer compensation ratio scored 56/100.