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Nonprofiteer
← THE MASTERCARD FOUNDATION

Form 990 for tax year 2024

Filed by THE MASTERCARD FOUNDATION.

Totals

Total revenue
$6,513,121,957
Total expenses
$1,633,430,674
Contributions and grants received
$0
Grants paid
$1,410,232,855
Program service revenue
$0
Investment income
$6,512,353,970
Other revenue
$767,987
Total assets, end of year
$50,320,893,084
Total liabilities, end of year
$35,372,293
Net assets or fund balances, end of year
$50,285,520,791
Program services expenses (Part IX)
$1,523,827,944
Management and general expenses
$109,602,730
Fundraising expenses
$0
Program service expenses (Part III)
$1,523,827,943

Program services were 93.3% 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 $346,534,753 · excluded $346,534,753

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

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $767,987 · personal property $0

  • 6c · Rental income or loss

    real property $767,987 · personal property $0

  • 6d · Net rental income or loss

    total $767,987 · excluded $767,987

  • 7a · Gross sales of assets other than inventory

    securities $20,949,190,099

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

    securities $14,436,068,142

  • 7c · Gain or loss

    securities $6,513,121,957

  • 7d · Net gain or loss

    total $6,165,819,217 · excluded $6,165,819,217

  • 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 $270,311,759 · program services $270,311,759

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $1,139,921,096 · program services $1,139,921,096

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $4,332,318 · program services $2,467,934 · management and general $1,864,384

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $56,869,747 · program services $43,628,214 · management and general $13,241,533

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $18,696,838 · program services $11,366,732 · management and general $7,330,106

  • 10 · Payroll taxes

    total $16,601 · program services $14,941 · management and general $1,660

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $3,575,144 · program services $920,910 · management and general $2,654,234

  • 11c · Fees: accounting

    total $675,534 · management and general $675,534

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $18,642,590 · management and general $18,642,590

  • 11g · Fees: other

    total $79,697,640 · program services $37,983,655 · management and general $41,713,985

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $8,864,735 · program services $340,620 · management and general $8,524,115

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $6,027,973 · program services $4,514,217 · management and general $1,513,756

  • 17 · Travel

    total $19,673,788 · program services $11,036,999 · management and general $8,636,789

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $2,568,035 · management and general $2,568,035

  • 23 · Insurance

    total $606,536 · management and general $606,536

  • 24a · Other expenses: HUMAN RESOURCE COSTS

    total $2,950,340 · program services $1,320,867 · management and general $1,629,473 · fundraising $0

  • 24b · Other expenses: OTHER EXPENSE

    total $0 · fundraising $0

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 $208,691,485 · end of year $557,318,489

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $2,553,272 · end of year $17,167,061

  • 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 $11,490,994 · end of year $4,114,066

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

    $27,312,486

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

    $5,961,444

  • 10c · Land, buildings and equipment, net

    beginning of year $3,689,454 · end of year $21,351,042

  • 11 · Investments: publicly traded securities

    beginning of year $41,603,281,597 · end of year $48,088,460,550

  • 12 · Investments: other securities

    beginning of year $363,396,474 · end of year $1,617,626,325

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $975,344 · end of year $14,855,551

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $23,161,101 · end of year $35,372,293

  • 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 $567,635,922 · end of year $49,558,133,239

  • 28 · Net assets with donor restrictions

    beginning of year $41,603,281,597 · end of year $727,387,552

Mission and programs · 2024

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 BRAC will support improving the lives of over 1.2 million adolescent girls and young women across seven African countries. This will be achieved by scaling BRAC's proven models of amplifying the agency of girls and young women through life skills training, increasing the productive participation of the poorest and most vulnerable young women through financial literacy, and accelerating access to finance for young women.

    Expenses $42,356,933 · Grants $42,356,933

  • Mastercard Foundation's partnership with Transforming Teaching, Education and Learning (T-TEL) will support improving the quality of teaching and learning in Ghanaian secondary education institutions. This will enable 2.9 million secondary education graudates to obtain the 21st century skills and competencies needed for lifelong learning, employability, and adult life.

    Expenses $35,910,000 · Grants $35,910,000

  • Mastercard Foundation's partnership with Inuit Tapiriit Kanatami will support the launch and long-term sustainability of Inuit Nunangat University (INU). INU will be the first Inuit institution grounded in Inuit language and culture and it will deliver innovative education and training relevant to youth and Inuit economic and community priorities.

    Expenses $35,693,749 · Grants $35,693,749

  • OTHER FINANCIAL INCLUSION PROGRAMS

    Expenses $405,708,013 · Grants $405,708,013

  • OTHER YOUTH LEARNING PROGRAMS

    Expenses $890,564,160 · Grants $890,564,160

  • Other Program services Expenses incl. direct imple

    Expenses $113,595,088

As filed on the 2024 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
    $1,335,867
    From this org
    $1,335,867
    From related orgs
    $0
    Other
    $0
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $1,236,490
    Bonus
    not reported
    Other
    $99,377
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $1,335,867

  • Peter Materu

    CHIEF PROGRAM OFFICER

    Total calculated
    $754,437
    From this org
    $754,437
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $642,906
    Bonus
    not reported
    Other
    $111,531
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $754,437

  • Douglas Kasambala

    CHIEF FINANCIAL OFFICER

    Total calculated
    $640,431
    From this org
    $640,431
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $575,224
    Bonus
    $49,613
    Other
    $15,594
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $640,431

  • Oluwole Onabolo

    GENERAL COUNSEL

    Total calculated
    $577,806
    From this org
    $577,806
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $492,686
    Bonus
    not reported
    Other
    $85,120
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $577,806

  • Wariko Waita

    DIRECTOR PAC - ED.&TRANSITIONS

    Total calculated
    $526,548
    From this org
    $526,548
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $205,347
    Bonus
    not reported
    Other
    $321,201
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $526,548

  • Tina Muparadzi

    EXEC. DIRECTOR-ED.&TRANSITIONS

    Total calculated
    $487,201
    From this org
    $487,201
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $434,459
    Bonus
    not reported
    Other
    $52,742
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $487,201

  • Jennifer Ramnath

    CHIEF, DIGITAL AND INFO. OFF.

    Total calculated
    $484,759
    From this org
    $484,759
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $381,879
    Bonus
    $50,653
    Other
    $52,227
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $484,759

  • Serge Auguste Kouakou

    COUNTRY DIRECTOR, SENEGAL

    Total calculated
    $464,912
    From this org
    $464,912
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $387,958
    Bonus
    not reported
    Other
    $76,954
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $464,912

  • Amos Odero

    HEAD - PAN AFTRICA PROGRAMS

    Total calculated
    $452,003
    From this org
    $452,003
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $116,242
    Bonus
    not reported
    Other
    $335,761
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $452,003

  • David Bagenda

    SENIOR DIRECTOR, FINANCE

    Total calculated
    $449,916
    From this org
    $449,916
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $213,468
    Bonus
    not reported
    Other
    $236,448
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $449,916

  • Omotade Akin Aina

    CHIEF IMPACT&RESEARCH OFFICER

    Total calculated
    $350,977
    From this org
    $350,977
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $270,868
    Bonus
    not reported
    Other
    $80,109
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $350,977

  • Julie Gichuru

    CHIEF PUBLIC AFFAIRS&COMMUNICA

    Total calculated
    $340,902
    From this org
    $340,902
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $278,487
    Bonus
    not reported
    Other
    $62,415
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $340,902

  • Sconaid McGeachin

    CHIEF PUBLIC AFFAIRS&COMMUNICA

    Total calculated
    $299,524
    From this org
    $299,524
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $224,752
    Bonus
    $46,523
    Other
    $28,249
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $299,524

  • Linda Osodo

    AG. CHIEF PEOPLE&CULTURE OFFIC

    Total calculated
    $239,494
    From this org
    $239,494
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $218,092
    Bonus
    not reported
    Other
    $21,402
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $239,494

  • Zein Abdalla

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    6

  • Sewit Ahderom

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Valerie Amos

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Louise Arbour

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Jennifer Fonstad

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Tsega Gebreyes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Jay Ireland

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Ellen Johnson Sirleaf

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Michael Sabia

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Robin Washington

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Carole Wamuyu Wainaina

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

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 · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1a · Housing allowance or residence for personal use
  • 1a · Personal services (maid, chauffeur, chef)
  • 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
Travel for companions: Name Type of benefit Taxable compensation Reeta Roy Airfare for companions Yes Peter Materu Airfare for companions Yes Douglas Kasambala Airfare for companions Yes Oluwole Onabolo Airfare for companions Yes Amos Odero Airfare for companions Yes Wariko Waita Airfare for companions Yes Tax indemnification and gross-up payments: Name Type of benefit Taxable compensation Reeta Roy - Housing Allowance, Home Leave Allowance, Tax Preparation Support, Work from Home Allowance Yes Peter Materu - Housing Allowance, Home Leave Allowance, Tax Preparation Support, Work from Home Allowance Yes Douglas Kasambala - Relocation Allowance, Work from Home Allowance Yes Oluwole Onabolo - Work from Home Allowance Yes Jeniffer Ramnath - Housing Allowance, Transport Allowance, Relocation Allowance, Dependent Tuition, Tax Preparation Support, Work from Home Allowance Yes Omotade Akin-Aina - Housing allowance, Transport Allowance, Work from Home allowance Yes Julie Gichuru - Work from Home Allowance Yes Sconaid McGeachin - Housing allowance, Transport Allowance, Work from Home Allowance Yes Linda Osodo - Work from Home Allowance Yes Tina Muparadzi - Housing Allowance, Relocation Allowance, Tax Preparation Support, Work from Home Allowance Yes Serge Auguste Kouakou - Housing Allowance, Transport Allowance, Work from Home Allowance Yes Amos Odero - Housing Allowance, Home Leave Allowance, Tax Preparation Support, Work from Home Allowance Yes Wariko Waita - Housing Allowance, Home Leave Allowance, Tax Preparation Support, Work from Home Allowance Yes David Bagenda - Housing Allowance, Work from Home Allowance Yes 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 Serge Auguste Kouakou Housing allowance Yes David Begenda Housing allowance Yes Personal Services: David Bagenda Car & driver for personal use Yes
SCHEDULE J, PART I, LINE 4a - SUPPLEMENTAL INFORMATION
SEVERANCE PAID DURING 2024: DAVID BAGENDA - $91,109.20

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Mastercard Foundation Asset Management

    C corp · ASSET MANAGEMent · CA · 100% owned · share of income $100 · share of assets $100 · controlled entity

    Directly controlled by Mastercard F

Provenance

Return type
form_990
Tax year
2024
Filed
14 May 2025
IRS schema version
2024v5.2
Source object
202523159349305482

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