The Schmidt Family Foundation
- Assets
- $1.8b
- Revenue
- $116.3m
- Investments
- $1.7b
- Employees
- 0
- Location
- Palo Alto, CA
- Founding
- 03/2007
- Data as of
- 12/2023
- EIN
- 20-4170342
Organization Overview
The Schmidt Family Foundation is located in Palo Alto, CA. The organization was established in 2007. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Schmidt Family 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 12/2023, Schmidt Family Foundation generated $116.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (16.5%) each year. All expenses for the organization totaled $168.5m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Schmidt Family Foundation has awarded 2,851 individual grants totaling $624,494,186. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
11TH HOUR PROJECT - FUNDED EVENTS AND ACTIVITIES RELATED TO INCREASING EDUCATION AND AWARENESS AROUND CLIMATE CHANGE, RENEWABLE ENERGY, SUSTAINABLE FOOD AND AGRICULTURE, HUMAN RIGHTS AND MARINE TECHNOLOGY
REMAIN NANTUCKET - SPONSORED COMMUNITY EVENTS WITH SOCIAL, CLIMATE AND ENVIRONMENTAL SUSTAINABILITY MESSAGES
MIDDLE C - PROPERTY 100% USED BY NANTUCKET NON-PROFITS - NANTUCKET COMMUNITY MUSIC CENTER AND NANTUCKET ADULT COMMUNITY SCHOOL
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wendy Schmidt President/director | 20 | $0 | |
Eric Schmidt Director | 0.5 | $0 | |
Sophie Schmidt Director | 0.25 | $0 | |
Amy Rao Director | 5 | $0 | |
Maria Seferian General Counsel/director | 2 | $0 | |
Joseph Sciortino Executive Director/director | 40 | $452,553 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
General Atlantic Service Company Lp | 12/30/23 | $618,291 |
Hillspire Llc | 12/30/23 | $8,786,486 |
Goldfish Inc | 12/30/23 | $350,000 |
Geode Capital Management Llc | 12/30/23 | $284,532 |
Destination Pros Llc | 12/30/23 | $193,468 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,265,333 |
| Interest on Savings | $110 |
| Dividends & Interest | $16,064,232 |
| Net Rental Income | $112,864 |
| Net Gain on Sale of Assets | $98,398,979 |
| Capital Gain Net Income | $182,776,545 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $450,370 |
| Total Revenue | $116,291,888 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $452,553 |
| Other employee salaries and wages | $6,786,503 |
| Pension plans, employee benefits | $2,021,270 |
| Interest | $360,960 |
| Taxes | $6,558,344 |
| Depreciation | $96,008 |
| Occupancy | $721,103 |
| Travel, conferences, and meetings | $471,519 |
| Printing and publications | $73,881 |
| Other expenses | $2,849,618 |
| Total operating and administrative expenses | $30,842,419 |
| Contributions, gifts, grants paid | $137,609,510 |
| Total expenses and disbursements | $168,451,929 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $42,482,643 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $869,920 |
| Net Investments - land, buildings, equipment | $16,000,000 |
| Investments—mortgage loans | $0 |
| Investments—other | $484,643,806 |
| Net Land, buildings, and equipment | $814,382 |
| Other assets | $36,240,687 |
| Total assets | $1,834,552,574 |
| Accounts payable and accrued expenses | $3,489,434 |
| Grants payable | $32,754,469 |
| Deferred revenue | $2,625 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $15,350,924 |
| Total liabilities | $51,597,452 |
Grants Awarded
Over the last fiscal year, The Schmidt Family Foundation has awarded $162,554,995 in support to 691 organizations.
| Grant Recipient | Amount |
|---|---|
BENNINGTON COLLEGE CORPORATION PURPOSE: ADVANCING SUSTAINABLE MATERIALS | $110,000 |
BIKE NEWPORT PURPOSE: GENERAL OPERATING SUPPORT | $40,000 |
350 COLORADO PURPOSE: ENCOURAGING A JUST TRANSITION AWAY FROM FOSSIL FUELS | $250,000 |
BEND THE ARC A JEWISH PARTNERSHIP FOR JUSTICE PURPOSE: FOSTERING YOUTH DEVELOPMENT AND LEADERSHIP | $150,000 |
350 ORG PURPOSE: PROTECTING HUMAN RIGHTS IN AFRICA | $180,000 |
A GREENER WORLD PURPOSE: WORKING TOWARDS A RESILIENT AND EQUITABLE FOOD SYSTEM | $90,000 |