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Nonprofiteer
← THE MASTERCARD FOUNDATION

Form 990 for tax year 2023

Filed by THE MASTERCARD FOUNDATION.

Totals

Total revenue
$680,266,338
Total expenses
$1,533,523,522
Contributions and grants received
$0
Grants paid
$1,333,637,982
Program service revenue
$0
Investment income
$679,990,425
Other revenue
$275,913
Total assets, end of year
$42,194,078,620
Total liabilities, end of year
$23,161,101
Net assets or fund balances, end of year
$42,170,917,519
Program services expenses (Part IX)
$1,462,467,860
Management and general expenses
$71,055,662
Fundraising expenses
$1
Program service expenses (Part III)
$1,462,467,862

Program services were 95.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $251,630,572 · excluded $251,630,572

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $275,913

  • 6c · Rental income or loss

    real property $275,913 · personal property $0

  • 6d · Net rental income or loss

    total $275,913 · excluded $275,913

  • 7a · Gross sales of assets other than inventory

    securities $1,650,637,787

  • 7b · Less cost or other basis and sales expenses

    securities $1,230,000,098

  • 7c · Gain or loss

    securities $420,637,689

  • 7d · Net gain or loss

    total $428,359,853 · excluded $428,359,853

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $190,341,626 · program services $190,341,626

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $1,143,296,356 · program services $1,143,296,356

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $4,565,137 · program services $2,739,692 · management and general $1,825,445

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $51,220,833 · program services $37,850,094 · management and general $13,370,739

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $16,803,030 · program services $10,048,321 · management and general $6,754,709

  • 10 · Payroll taxes

    total $31,679 · program services $31,679

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $3,223,455 · program services $425,129 · management and general $2,798,326

  • 11c · Fees: accounting

    total $1,252,845 · management and general $1,252,845

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $87,935,947 · program services $62,910,647 · management and general $25,025,300

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $7,791,196 · management and general $7,791,196

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $4,927,155 · program services $3,706,010 · management and general $1,221,145

  • 17 · Travel

    total $11,725,258 · program services $6,034,233 · management and general $5,691,025

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $3,991,675 · program services $3,659,754 · management and general $331,921

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $2,269,985 · management and general $2,269,985

  • 23 · Insurance

    total $484,073 · management and general $484,073

  • 24a · Other expenses: HUMAN RESOURCE COSTS

    total $3,570,107 · program services $1,331,154 · management and general $2,238,953

  • 24b · Other expenses: OTHER EXPENSE

    total $93,165 · program services $93,165

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $181,170,929 · end of year $208,691,485

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $1,500,786 · end of year $2,553,272

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $11,278,343 · end of year $11,490,994

  • 10a · Land, buildings and equipment: cost or other basis

    $8,559,625

  • 10b · Land, buildings and equipment: accumulated depreciation

    $4,870,171

  • 10c · Land, buildings and equipment, net

    beginning of year $3,233,897 · end of year $3,689,454

  • 11 · Investments: publicly traded securities

    beginning of year $29,043,419,408 · end of year $41,603,281,597

  • 12 · Investments: other securities

    beginning of year $0 · end of year $363,396,474

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $1,702,426 · end of year $975,344

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,993,373 · end of year $23,161,101

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $190,893,008 · end of year $567,635,922

  • 28 · Net assets with donor restrictions

    beginning of year $29,043,419,408 · end of year $41,603,281,597

Mission and programs · 2023

Mission

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.

  • Mastercard Foundation's partnership with Mennonite Economic Development Associates of Canada is an innovative fund-of-funds initiative that will invest in Africa-focused investment vehicles and provide business development services to strengthen capacity and promote inclusive growth. This initiative will provide capital to at least 20 gender-diverse African Investment Vehicle teams in priority sectors, resulting in at least 250,000 additional work opportunities for financially disadvantaged young people.

    Expenses $75,000,000 · Grants $75,000,000

  • Mastercard Foundation's partnership with World Food Programme will provide post-harvest loss and access to market support to one million smallholder farmers across eight African countries. The partnership will also create 500,000 agricultural work opportunities for financially disadvantaged young people by reducing post-harvest losses and supporting financially disadvantaged young people to find and create new work opportunities along key agriculture value chains.

    Expenses $57,500,000 · Grants $57,500,000

  • Mastercard Foundation's partnership with Camfed Canada will support 62,000 young women in Zimbabwe, Zambia, Tanzania, Ghana and Malawi in secondary education by providing them with skills that will enable them to transition into tertiary education, leadership roles, employment, or self-employment. The partnership will also enable institutions and educational systems to be more effective through evidence-based decision making, enhanced capacities, and innovation.

    Expenses $54,349,527 · Grants $54,349,527

  • OTHER FINANCIAL INCLUSION PROGRAMS

    Expenses $373,928,064 · Grants $373,928,064

  • OTHER YOUTH LEARNING PROGRAMS

    Expenses $772,860,393 · Grants $772,860,393

  • Other Program services Expenses incl. direct imple

    Expenses $128,829,878

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • REETA ROY

    PRESIDENT AND CEO

    Total calculated
    $1,306,497
    From this org
    $1,290,974
    From related orgs
    $0
    Other
    $15,523
    Hours/week
    0 + 60 related

    Schedule J breakdown matched by us

    Base
    $1,191,057
    Bonus
    not reported
    Other
    $99,917
    Deferred
    not reported
    Nontaxable benefits
    $15,523
    Filer's total
    $1,306,497

  • Peter Materu

    Chief Program Officer

    Total calculated
    $759,761
    From this org
    $750,217
    From related orgs
    $0
    Other
    $9,544
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $624,540
    Bonus
    not reported
    Other
    $125,677
    Deferred
    not reported
    Nontaxable benefits
    $9,544
    Filer's total
    $759,761

  • Serge Auguste Kouakou

    Country Director, Senegal

    Total calculated
    $646,392
    From this org
    $632,769
    From related orgs
    $0
    Other
    $13,623
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $201,493
    Bonus
    not reported
    Other
    $431,276
    Deferred
    not reported
    Nontaxable benefits
    $13,623
    Filer's total
    $646,392

  • Julie Gichuru

    Chief Public Affairs and Commu

    Total calculated
    $576,982
    From this org
    $564,359
    From related orgs
    $0
    Other
    $12,623
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $441,000
    Bonus
    not reported
    Other
    $123,359
    Deferred
    not reported
    Nontaxable benefits
    $12,623
    Filer's total
    $576,982

  • WARIKO WAITA

    SENIOR DIRECTOR, CORPORATE COM

    Total calculated
    $517,746
    From this org
    $510,931
    From related orgs
    $0
    Other
    $6,815
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $176,024
    Bonus
    not reported
    Other
    $334,907
    Deferred
    not reported
    Nontaxable benefits
    $6,815
    Filer's total
    $517,746

  • Tina Muparadzi

    Chief People & Culture Officer

    Total calculated
    $467,245
    From this org
    $461,434
    From related orgs
    $0
    Other
    $5,811
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $400,000
    Bonus
    not reported
    Other
    $61,434
    Deferred
    not reported
    Nontaxable benefits
    $5,811
    Filer's total
    $467,245

  • Hassan El Bouhali

    Strategic Advisor, Digital Eco

    Total calculated
    $466,274
    From this org
    $458,531
    From related orgs
    $0
    Other
    $7,743
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $249,832
    Bonus
    not reported
    Other
    $208,699
    Deferred
    not reported
    Nontaxable benefits
    $7,743
    Filer's total
    $466,274

  • Nathalie Gabala

    Executive Director, Pan Africa

    Total calculated
    $461,564
    From this org
    $436,878
    From related orgs
    $0
    Other
    $24,686
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $241,385
    Bonus
    not reported
    Other
    $195,493
    Deferred
    not reported
    Nontaxable benefits
    $24,686
    Filer's total
    $461,564

  • OLUWOLE ONABOLO

    GENERAL COUNSEL

    Total calculated
    $455,182
    From this org
    $442,559
    From related orgs
    $0
    Other
    $12,623
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $438,900
    Bonus
    not reported
    Other
    $3,659
    Deferred
    not reported
    Nontaxable benefits
    $12,623
    Filer's total
    $455,182

  • SHONA BEZANSON

    DIRECTOR, BUSINESS DEVELOPMENT

    Total calculated
    $427,094
    From this org
    $410,572
    From related orgs
    $0
    Other
    $16,522
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $167,767
    Bonus
    not reported
    Other
    $242,805
    Deferred
    not reported
    Nontaxable benefits
    $16,522
    Filer's total
    $427,094

  • SAMUEL ADELA

    COUNTRY DIRECTOR, ETHIOPIA

    Total calculated
    $423,152
    From this org
    $407,129
    From related orgs
    $0
    Other
    $16,023
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $223,031
    Bonus
    not reported
    Other
    $184,098
    Deferred
    not reported
    Nontaxable benefits
    $16,023
    Filer's total
    $423,152

  • ROSY FYNN

    COUNTRY DIRECTOR, NIGERIA

    Total calculated
    $415,984
    From this org
    $404,361
    From related orgs
    $0
    Other
    $11,623
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $205,851
    Bonus
    not reported
    Other
    $198,510
    Deferred
    not reported
    Nontaxable benefits
    $11,623
    Filer's total
    $415,984

  • DOUGLAS KASAMBALA

    CHIEF FINANCIAL OFFICER

    Total calculated
    $411,191
    From this org
    $404,895
    From related orgs
    $0
    Other
    $6,296
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $297,917
    Bonus
    $100,000
    Other
    $6,978
    Deferred
    not reported
    Nontaxable benefits
    $6,296
    Filer's total
    $411,191

  • OMOTADE AKIN-AINA

    CHIEF IMPACT AND RESEARCH OFF.

    Total calculated
    $383,049
    From this org
    $371,426
    From related orgs
    $0
    Other
    $11,623
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $317,147
    Bonus
    not reported
    Other
    $54,279
    Deferred
    not reported
    Nontaxable benefits
    $11,623
    Filer's total
    $383,049

  • LINDA OSODO

    CHIEF PEOPLE & CULTURE OFFICER

    Total calculated
    $205,232
    From this org
    $191,609
    From related orgs
    $0
    Other
    $13,623
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $180,000
    Bonus
    not reported
    Other
    $11,609
    Deferred
    not reported
    Nontaxable benefits
    $13,623
    Filer's total
    $205,232

  • Craig Calhoun

    Director

    Total calculated
    $0
    Hours/week
    0 + 3 related

  • Douglas Baillie

    Director

    Total calculated
    $0
    Hours/week
    0 + 3 related

  • Ellen Johnson Sirleaf

    Director

    Total calculated
    $0
    Hours/week
    0 + 3 related

  • Jay Ireland

    Director

    Total calculated
    $0
    Hours/week
    0 + 3 related

  • Jennifer Fonstad

    Director

    Total calculated
    $0
    Hours/week
    0 + 3 related

  • Louise Arbour

    Director

    Total calculated
    $0
    Hours/week
    0 + 3 related

  • Michael Sabia

    Director

    Total calculated
    $0
    Hours/week
    0 + 3 related

  • Robin Washington

    Director

    Total calculated
    $0
    Hours/week
    0 + 3 related

  • Valeria Amos

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    0 + 3 related

  • Zein M Abdalla

    Board Chair

    Total calculated
    $0
    Hours/week
    0 + 6 related

  • SEWIT AHDEROM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0 + 3 related

  • TSEGA GEBREYES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0 + 3 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1a · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1a - SUPPLEMENTAL INFORMATION
First-class or charter travel: Name Type of benefit Taxable compensation All persons listed First-class or charter travel No Travel for companions: Name Type of benefit Taxable compensation Reeta Roy Airfare for companions Yes Peter Materu Airfare for companions Yes Shona Bezanson Airfare for companions Yes Tax indemnification and gross-up payments: Name Type of benefit Taxable compensation Reeta Roy - Housing Allowances, Home Leave Allowance, Tax Preparation Support Yes Peter Materu - Housing Allowances, Home Leave Allowance, Tax Preparation Support Yes Julie Gichuru - Work from Home Allowance Yes Tina Muparadzi - Housing allowance, Work from home allowance Yes Omotade Akin-Aina - Housing allowance, Transport Allowance, Work from Home allowance Yes Douglas Kasambala - Relocation Allowance Yes Wariko Waita - Housing Allowance, Transport Allowance, Relocation Allowance Nathalie Gabala - Housing Allowance, Tax preparation Support, Work from home allowance Yes Shona Bezanson - Housing Allowance, Home Leave Allowance, Dependent tuition, Tax preparation support Yes Serge Auguste Kouakou - Housing Allowance, work from home allowance Hassan El Bouhali - Severance Payment Housing allowance or residence for personal use: Name Type of benefit Taxable compensation Reeta Roy Housing allowance Yes Peter Materu Housing allowance Yes Tina Muparadzi Housing allowance Yes Omotade Akin-Aina Housing allowance Yes Wariko Waita Housing allowance Yes Nathalie Gabala Housing allowance Yes Samuel Adela Housing allowance Yes Shona Bezanson Housing allowance Yes

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • Mastercard Foundation Asset Management

    NONE · ASSET MANAGEM · CA · controlled entity

    Directly controlled by MASTERCARD F

Provenance

Return type
form_990
Tax year
2023
Filed
3 May 2024
IRS schema version
2023v5.0
Source object
202431289349302773

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