Eric and Wendy Schmidt Fund for Strategic Innovation

Eric and Wendy Schmidt Fund for Strategic Innovation is a private foundation created and operated by former Google CEO Eric Schmidt and his wife Wendy Schmidt. It funds a host of scientific projects, educational institutions, nonprofits, and for-profit companies.

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At-A-Glance

Type: Non-profit, 501(c)(3), Private Foundation
Ideological Alignment: None
Location: Palo Alto, CA View on map
Tax ID: 46-3460261
Most Recent Filing: 2024
Budget (2024): Assets: $1,589,520,998 Revenue: $406,766,399 Expenses: $313,041,582

Contents

    In 2022, one of Eric’s ventures, “Schmidt Futures,” a scientific research firm and social philanthropy, came under fire from Politico, the Tech Transparency Project (TTP), and others for indirectly funding and managing the Biden administration’s artificial intelligence program and other initiatives related to STEM research and development. 1 Eric and Wendy Schmidt Fund was mentioned in the controversy as it is one of the main funding sources for Schmidt Futures. 2

    Background

    According to its final determination letter with the Internal Revenue Service, the Eric and Wendy Schmidt Fund for Strategic Innovation was officially launched as a tax-exempt group in August 2013. 3

    Funding

    In 2019, the Fund had a revenue of $128,642,441, expenses of $69,002,690, and total net assets of $439,821,026, according to its tax returns. 4

    The Fund has given grants to a variety of nonprofit, for-profit, and educational institutions. Its nonprofit recipients have included Coding it Forward, DifferentFunds, Economic Justice Institute, Ellen MacArthur Foundation, Hack Foundation, National Center for Civic Innovation, National League of Cities, New Venture Fund (NVF), Police Foundation, Policy Impact, Protect Democracy Project, Recidiviz, Reut USA, Social Finance Inc., the Trust for Conservation Innovation, UpSolve Inc., UpTrust Inc., and VotingWorks. 5

    Its for-profit recipients have included Activation Energy Inc., Greater Colorado Venture Fund, and WattB. 5

    Its university-adjacent and other educational recipients have included the Arizona State University Foundation, the Board of Regents of the University of Wisconsin System, Carnegie Learning, Cignition Inc., Entangled Solutions, Institute for Advanced Study, the London School of Economics and Political Science, Massachusetts Institute of Technology (MIT), Merit America, National Center for Higher Educational Management Systems, the Rhodes Trust ($4.2 million spent on the Schmidt Science Fellowship Program Administration, $1.7 million to the 33 individual persons in the Schmidt Science Fellowship Program), Ohio State University Foundation, Pennsylvania State University, President and Fellows of Harvard College, the Regents of the University of California, Tel Aviv University, the Trustees of Columbia University in the City of New York, the UC Berkeley Foundation, University of Chicago, University of Utah, Wisconsin Early Childhood Association, Worcester Polytechnic Institute, and a series of Israeli postdoctoral awards gifted in Palo Alto. 5

    It gave $1,000,000 to the State of Michigan Office of Financial Management for the “Bureau of Labor Market Information and Strategic Initiatives Project.” 5

    Schmidt Futures

    Schmidt Futures is a scientific research firm and social philanthropy founded by former Google CEO Eric Schmidt and his wife Wendy Schmidt in 2017. It dedicates its funds to scientists, researchers, and programs that work on artificial intelligence (AI), synthetic biology, and other STEM-related projects. Schmidt Futures is not a standalone legal entity and is not a tax-exempt nonprofit organization. Rather, it is operated as an “initiative” by Eric Schmidt’s Futures Action Network LLC, a for-profit firm, and is funded by Schmidt-related organizations like the Eric and Wendy Schmidt Fund for Strategic Innovation. 2

    In 2022, Schmidt Futures came under fire from Politico, the Tech Transparency Project, and others for serving as Eric Schmidt’s vehicle for indirectly funding and managing the Biden administration’s AI program and other initiatives related to STEM research and development. 1

    According to its 2019 tax return, the Eric and Wendy Schmidt Fund for Strategic Innovation paid Futures Action Network $4.1 million; the type of service performed was listed as “grant advisor.” 6

    Financial Statistics

    Total Assets

    Total Revenue

    Total Expenses

    YearTotal AssetsTotal RevenueTotal ExpensesFiling
    2024 $1,589,520,998 $406,766,399 $313,041,582 View
    2023 $1,402,995,349 $357,883,941 $374,652,875 View
    2022 $1,117,749,688 $126,518,918 $186,060,464 View
    2021 $1,715,568,763 $412,161,407 $78,262,882 View
    2020 $1,055,676,240 $407,049,107 $57,808,547 View

    Prior year filings: 2019, 2015, 2014, 2013

    Expenses Detail

    Employee Compensation

    Highest Earning Employees

    EmployeeTitleTotal Compensation
    Stuart FeldmanPRESIDENT – SCHMIDT SCIENCES$683,667
    Charles GillerCHIEF EXECUTIVE OFFICER – AGOG$397,500
    John ReddCHIEF EXECUTIVE OFFICER – SILC$344,442

    Grant Activity

    All-time grants received statistics from Candid dataset:

    • Total Grant Value: $12,065,000
    • Number of Grants: 3
    • Number of Funders: 3

    Selection of highest value grants received from the last seven years:

    AmountYearFunderSubject
    $10,000,0002023 Foundation for Food and Agriculture ResearchRESEARCH
    $2,000,0002023 Mastercard Impact FundDISCRETIONARY
    $65,0002022 New Venture FundCAPACITY BUILDING

    All-time grants given statistics from Candid dataset:

    • Total Grant Value: $617,969,166
    • Number of Grants: 866
    • Number of Recipients: 416

    Selection of highest value grants given from the last seven years:

    AmountYearFunderSubject
    $15,800,0002023 Convergent Research IncTO SUPPORT CONVERGENT RESEARCH AND ITS FOCUSED RESEARCH ORGANIZATIONS
    $12,500,0002024 Rhodes TrustGENERAL OPERATING SUPPORT
    $12,500,0002022 Rhodes TrustGENERAL OPERATING SUPPORT RISE-RELATED GIFT TO RHODES
    $10,000,0002024 The Barack Obama FoundationTO SUPPORT THE OBAMA PRESIDENTIAL CENTER
    $9,164,6872022 Convergent Research IncCASH – $8,200,000LLC INTEREST – $964,687VALUATION METHOD: FAIR MARKET VALUEDATE OF GIFT: 12/31/2022PURPOSE: GENERAL OPERATIONS AND FOCUSED RESEARCH ORGANIZATIONS.
    $8,069,2042024 Rhodes TrustSUPPORT FOR RHODES TRUST SCIENCE FELLOWSHIP
    $8,000,0002024 Convergent Research IncTO PROVIDE SUPPORT FOR SCIENTIFIC FOCUSED RESEARCH
    $8,000,0002024 Convergent Research IncTO PROVIDE SUPPORT FOR SCIENTIFIC FOCUSED RESEARCH
    $8,000,0002023 Convergent Research IncTO PROVIDE SUPPORT FOR EVE (EVERYTHING VS. EVERYTHING) FRO.
    $7,539,6342023 Rhodes TrustTO SUPPORT THE RISE PROGRAM
    $7,038,5872024 Rhodes TrustAWARDS EARMARKED TO 105 INDIVIDUALS IN THE SCHMIDT SCIENCE FELLOWSHIP PROGRAM
    $6,094,4312024 Digital Harbor Foundation IncSUPPORT TO IMPLEMENT THE LEARNING ENGINEERING VIRTUAL INSTITUTE
    $6,000,0002024 Massachusetts Institute of TechnologyTO SUPPORT MIT'S PLASMA SCIENCE AND FUSION CENTER
    $5,937,9092024 Rhodes TrustAWARDS EARMARKED TO 305 INDIVIDUALS IN THE RISE PROGRAM
    $5,901,6372023 Rhodes TrustAWARDS EARMARKED TO 92 INDIVIDUALS IN THE SCHMIDT SCIENCE FELLOWSHIP PROGRAM
    $5,564,6982022 Rhodes TrustRHODES TRUST SCIENCE FELLOWSHIP
    $5,232,1802023 INSTITUTE OF INTERNATIONAL EDUCATION INCQUAD FELLOWSHIP AWARD
    $5,059,4042022 Rhodes TrustAWARDS EARMARKED TO 88 INDIVIDUALS IN THE SCHMIDT SCIENCE FELLOWSHIP PROGRAM
    $5,000,0002021 Rockefeller Philanthropy Advisors, Inc.SUPPORT FOR THE REIMAGINE K-12 EMERGENCY FUND
    $4,826,2692024 California Institute of TechnologySUPPORT FOR DSA-2000: REVOLUTIONIZING ACCESS TO THE RADIO SKY
    $4,500,0002024 California Institute of TechnologySUPPORT FOR CLIMA: CLIMATE MODELING ALLIANCE 2024
    $4,239,6112020 Rhodes TrustSCHMIDT SCIENCE FELLOWSHIP PROGRAM ADMINISTRATION
    $4,000,0002024 Convergent Research IncTO PROVIDE SUPPORT FOR FOCUSED RESEARCH ORGANIZATION
    $3,845,8372023 Regents of the University of CaliforniaTHE SCHMIDT CENTER DS4E
    $3,800,0002023 California Institute of TechnologyCLIMA: CLIMATE MODELING ALLIANCE 2023

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    Financials, employee compensation, and grant information provided by Candid.

    Mentioned in this Article

    References

    1. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico, December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160.
    2. “Frequently asked questions.” Schmidt Futures. Accessed January 14, 2023. https://www.schmidtfutures.com/our-mission/faq/.
    3. “Final Letter.” Internal Revenue Service – Eric and Wendy Schmidt Fund for Strategic Innovation. September 29, 2014.
    4. Return of Organization Exempt from Income Tax (Form 990 PF). Eric and Wendy Schmidt Fund for Strategic Innovation. 2019. Part I, lines 12, 26; Part II, line 29.
    5. Return of Organization Exempt from Income Tax (Form 990 PF). Eric and Wendy Schmidt Fund for Strategic Innovation. 2019. Part XV. Line 3 – Grants and Contributions.
    6. Return of Organization Exempt from Income Tax (Form 990 PF). Eric and Wendy Schmidt Fund for Strategic Innovation. 2019. Part VIII.