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State Street Foundation Inc

Annual Giving
$25.8M
Grant Range
$10K - $0.1M
Decision Time
2mo

Quick Stats

  • Annual Giving: $25,779,865 (2023)
  • Grant Range: $10,000 - $100,000
  • Total Assets: $12,058,141
  • Geographic Focus: International (26 countries, 39 community support committees)
  • Application Type: Expression of Interest (invitation-only)
  • Total Grants: 302 awards (2022)

Contact Details

Address: State Street Foundation Inc, 1 Iron Street, Boston, MA 02210-1641

Phone: +1 (617) 786-3000

Email: contact@statestreet.com

Website: https://www.statestreet.com/us/en/about/sustainability/strengthening-our-communities

Note: Application portal and Expression of Interest (EOI) process are periodically paused. Check website in Q2 for updates on grant submissions.

Overview

Established in 2006 and tax-exempt since June 2007, State Street Foundation is the philanthropic arm of State Street Corporation, the Boston-based financial services firm. With $12.1 million in assets, the foundation distributed $25.8 million in grants in 2023, focusing on education and workforce development programs that promote economic opportunity. The foundation operates through 39 community support committees across 26 countries where State Street has a business presence. In 2021, the foundation added racial equity as an explicit funding focus after an external audit revealed that 85% of their grant partners serve Black, Indigenous and People of Color (BIPOC) students and clients. Since 2020, State Street has invested over $8 million in Early College, their signature Boston-area initiative supporting high school students in taking college courses at no cost.

Funding Priorities

Grant Programs

Strategic Grantmaking Program: $10,000 - $100,000 (typically)

  • Focus: Education and workforce development programs serving people aged 14 and over
  • Application: Expression of Interest (EOI) process, reviewed throughout Q2 and Q3
  • Timing: EOI deadline December 31 for consideration in following calendar year

Early College Initiative (Boston signature program): Multi-year grants

  • Investment: $8+ million since 2020
  • Focus: High school students taking college classes with career orientation
  • Geography: Five high schools in Boston and Quincy

Global Philanthropy Program: Varies

  • Distributed through 39 community support committees in 26 countries
  • Example: $3.1 million across 114 grants in one recent quarter

Priority Areas

The foundation invests in high-impact nonprofits addressing:

Education:

  • Basic education and educational achievement
  • College success and persistence
  • Industry-recognized credential programs
  • Early college programs

Workforce Development:

  • Job-readiness training
  • Work experience and internships
  • Job placement and retention
  • Employment skills for disadvantaged populations

Cross-Cutting Priority:

  • Reducing equity gaps in educational achievement and employability due to race, ethnicity, and socioeconomic status
  • Programs serving immigrants and refugees
  • Organizations demonstrating leadership in diversity, equity, and inclusion

What They Don't Fund

Capital and Infrastructure:

  • Capital purposes
  • Endowments

Medical/Health:

  • Disease-specific initiatives
  • Medical research

Political Activities:

  • Political causes, candidates, organizations, or campaigns
  • Organizations primarily focused on influencing legislation
  • Political, labor, or fraternal organizations

Religious Activities:

  • Sectarian activities for religious organizations

Military:

  • Active military causes

Individual Support:

  • Individual scholarships or financial aid
  • Travel for individuals or groups

Sports/Events:

  • Team sponsorships
  • Sporting events

Conflict of Interest:

  • Requests made in consideration of any benefit to State Street
  • Requests made by government officials with decision-making authority concerning business with State Street

Budget Restrictions:

  • Operating support grants must not exceed 15% of organization's total budget

Governance and Leadership

Board of Directors (serve without compensation):

  • Joan Christel - President, State Street Foundation
  • Midori Morikawa - Vice President, State Street Foundation; Head of Corporate Citizenship, State Street Corporation
  • Beth Shaefer - Treasurer
  • Monica Franceschini - Clerk

Leadership Philosophy:

Joe McGrail, former President of State Street Foundation, emphasized that "Corporate responsibility is the collective work of all of State Street's employees worldwide," reflecting the foundation's integration of employee volunteerism with grantmaking.

Midori Morikawa oversees $25 million in grant-making strategy, execution, and operations, as well as initiatives ensuring State Street employees engage through volunteering in communities globally where State Street operates.

Application Process & Timeline

How to Apply

State Street Foundation operates on an invitation-only basis through a two-step Expression of Interest (EOI) process:

Step 1 - Expression of Interest (EOI):

  • Organizations submit an EOI providing basic information about their organization
  • Must demonstrate mission alignment with education and employability priorities
  • Must operate in communities where State Street has a business presence
  • EOI portal access available on foundation website (periodically paused)

Step 2 - Full Application (by invitation only):

  • Organizations selected through EOI process receive invitations
  • Invited applicants have four additional weeks to submit full Secondary Grant Application
  • Applications reviewed throughout Q2 and Q3

Important Timing:

  • EOI deadline: December 31 for consideration in following calendar year
  • Any EOI submissions received on/after January 1 are reviewed for next calendar year
  • As of early 2025, EOI process is paused; check back in Q2 for updates

Application Method: Online portal (when open)

Eligibility Requirements

Organizations must:

  • Be nonprofit or non-governmental organization with tax-exempt status
  • Operate in communities where State Street Corporation has business presence
  • Have missions closely aligned with education and employability priorities
  • Serve people aged 14 and over
  • Have demonstrated track record in educational achievement and employability
  • Demonstrate leadership in diversity, equity, and inclusion
  • Have current strategic/business plan with clearly outlined goals
  • Not discriminate in hiring or service provision based on protected characteristics

Decision Timeline

  • Applications may take several weeks to review based on application volume, due diligence, and meeting schedules
  • Review occurs throughout Q2 and Q3
  • No specific timeframe guaranteed

Success Rates

  • 302 grants awarded in 2022
  • Specific acceptance rate not publicly disclosed
  • Described as "modest, but approachable corporate funder"
  • Process described as "a bit lengthy"

Reapplication Policy

No specific reapplication policy publicly documented. Organizations must continue to submit EOI when portal reopens for consideration.

Application Success Factors

What State Street Foundation Looks For

Demonstrated Track Record:

  • Organizations must show proven success in supporting people aged 14+ in educational achievement and employability
  • Current strategic plan clearly outlining organizational goals and path to results

Measurable Outcomes: The foundation requires organizations to demonstrate and report on:

  • Increased job placement
  • Increased job retention
  • Increased access to industry-recognized credential programs
  • Increased attainment of industry-recognized credentials
  • Increased job-readiness skills
  • Increased employment experience

Diversity, Equity, and Inclusion Leadership: Organizations must demonstrate commitment to and leadership in DEI, including reporting on organizational diversity across:

  • Leadership composition
  • Staff diversity
  • Populations served
  • Board of Directors composition
  • Executive Director/leadership

Geographic Alignment: Strong preference for organizations operating in State Street's 26 countries of operation, particularly:

  • U.S. locations: Boston (primary focus), California, Illinois, Georgia, Missouri, New Jersey, New York, Pennsylvania
  • Asia Pacific: Australia, China, Hong Kong, India, Japan, Singapore, South Korea, Taiwan
  • Europe: Ireland, Poland, and other locations

Boston-Specific Advantage: "Boston-based non-profits get a lot of attention because the corporation is based here" - organizations in greater Boston area receive significant focus, particularly those aligned with Early College initiative or serving BIPOC populations.

Strategic Alignment Tips

Focus on Racial Equity: Since adding racial equity as an explicit funding focus in 2021, the foundation prioritizes programs addressing equity gaps for BIPOC populations. With 85% of current partners serving BIPOC students and clients, demonstrating impact on racial equity is critical.

Career-Aligned Education: The foundation values education programs with clear employment pathways. As noted in their Early College program, they seek "strategically sequenced, real college classes with strong career orientations."

Partnership Philosophy: State Street's grantmaking operates on the principle that "the most effective way to improve the overall well-being of our communities is to help disadvantaged individuals earn and make a living" - applications should connect educational interventions directly to economic opportunity.

Examples of Funded Organizations

Education Programs:

  • uAspire
  • Year Up
  • National College Advising Corps
  • Boston Educational Development Foundation
  • Boston Debate League
  • EdVestors

Workforce Development:

  • Mujeres Unidas Avanzando
  • Action for Boston Community Development
  • The Boston Private Industry Council

Community Partners:

  • United Way of Massachusetts Bay
  • The Boston Foundation

Key Takeaways for Grant Writers

  • Geographic proximity matters: Operating in State Street's business locations is essential, with Boston-area organizations receiving particular attention as the corporation's headquarters location
  • Measurable outcomes are non-negotiable: Be prepared to report specific metrics on job placement, credential attainment, and employment outcomes
  • Racial equity is central: With 85% of partners serving BIPOC populations, demonstrating commitment to reducing racial equity gaps in education and employment is critical
  • Career-aligned programming wins: Education programs must show clear pathways to employment; standalone academic programs without employability components are less competitive
  • DEI reporting required: Organizations must track and report diversity across leadership, staff, board, and populations served
  • Timing is strategic: Submit EOI by December 31 for following year consideration; plan for multi-week review process during Q2-Q3
  • Think beyond Boston: While Boston organizations receive significant attention, the foundation operates in 26 countries through community support committees - international applicants should not be discouraged

References

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