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Synchrony Foundation

Annual Giving
$18.0M
Grant Range
$10K - $2.0M

Quick Stats

  • Annual Giving: $18-20 million
  • Success Rate: Not publicly available (invitation-only)
  • Decision Time: Not publicly disclosed
  • Grant Range: $10,000 - $2,000,000+
  • Average Grant: $46,018
  • Geographic Focus: National (US), with local focus in Stamford, CT
  • Application Method: Invitation only

Contact Details

Address: 777 Long Ridge Road, Stamford, CT 06902

Website: https://www.synchrony.com/about-us/corporate-citizenship

Foundation President: Denise Yap

Note: The Synchrony Foundation does not accept unsolicited grant applications. Organizations are selected and invited by the foundation.

Overview

The Synchrony Foundation was established in 2018 as the philanthropic arm of Synchrony Financial, a leading consumer financial services company. With assets of approximately $88.4 million, the foundation distributed $18-20 million in grants to over 300-400 charitable organizations in recent years. The foundation's mission centers on "Education as an Equalizer," a comprehensive initiative launched in 2021 with a commitment of over $50 million over five years. The foundation specifically focuses on expanding access to higher education, skills training in high-growth fields, and financial literacy for underserved communities, particularly Black, Hispanic, and Native American populations. In 2022, Synchrony joined the HBCU Partnership Challenge, reinforcing its commitment to equity and inclusion. The foundation operates as a Private Independent Foundation with an invitation-only grant-making model.

Funding Priorities

Grant Programs

Education as an Equalizer Initiative (primary focus)

  • Pathways to Complete College: Scholarships, mentorships, and internships for low-income and underrepresented students to earn four-year degrees, with particular emphasis on HBCU partnerships
  • Building Skills of the Future: Career training and certifications in cybersecurity, software engineering, data science, and UX design through the Synchrony Skills Academy
  • Closing the Financial Knowledge Gap: Financial literacy education and personal finance management training

Hunger Relief Program

  • Grants to schools and nonprofits providing food assistance to vulnerable students and families experiencing food insecurity

Women in Trades Initiative

  • Scholarships for women pursuing careers in skilled trades (example: $100,000 to Women in HVACR)

Community Development

  • Local grants to Stamford, CT nonprofits for parks enhancement, youth education, health, and human services
  • Small business support through emergency relief and digital transformation grants

Give10 Employee Program

  • $10,000 grants to employee-selected charities (100 grants annually as part of corporate anniversary)

Specific Grant Amounts Documented:

  • Community grants: $10,000 - $300,000
  • Major institutional grants: $2,000,000+
  • HBCU partnerships: undisclosed scholarship amounts
  • Stamford community initiative: $1.5 million total (multiple organizations)

Priority Areas

  • Higher education access for low- and moderate-income students
  • STEM education and technology skills training
  • Historically Black Colleges and Universities (HBCUs)
  • Financial literacy and capability building
  • Hunger relief and food insecurity
  • Women-owned small businesses and women in non-traditional career fields
  • Workforce development and reskilling programs
  • Local community development in Stamford, CT headquarters area
  • Economic security for working families
  • Digital skills training for underrepresented youth

What They Don't Fund

The foundation explicitly states it "only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds." While specific exclusions are not detailed, the foundation's narrow focus on education equity, workforce development, and financial literacy suggests they do not fund:

  • Organizations outside their strategic focus areas
  • International organizations (U.S. focus only)
  • Individual requests or scholarships outside partner institutions
  • Religious organizations for sectarian purposes
  • Political organizations or campaigns

Governance and Leadership

Foundation Leadership:

  • Denise Yap, President, Synchrony Foundation & Vice President, Diversity, Inclusion & Citizenship at Synchrony
    • Previously served as Senior Vice President and Corporate Citizenship Leader at Synchrony
    • Oversees a charitable fund of $60 million
    • Quote: "Education as an Equalizer is at the core of our philanthropic efforts. By supporting various organizations, we're helping to create pathways for underrepresented groups to access education and build successful careers in high-demand fields."

Foundation Board of Directors:

  • Brian Doubles, CEO of Synchrony Financial and Foundation Director
    • Quote: "The pandemic has deepened economic inequality and accelerated demands for a reskilled and upskilled workforce. We believe everyone should have access to education and skills training, which are essential for driving an inclusive recovery, growing our economy and securing a strong financial future."
    • Quote: "Our commitment to equity is unwavering. As a responsible and trusted employer, partner, and community member, belonging is an imperative at Synchrony."
  • Brian Wenzel, Vice President/CFO/Treasurer/Director
  • Jonathan Mothner, Secretary/Director
  • David (DJ) Casto, Chief Human Resources Officer at Synchrony, Director
  • Carol Juel, Director
  • Michael Matthews, Director

The foundation operates as a corporate foundation with strong ties to Synchrony Financial's executive leadership, ensuring alignment between corporate citizenship goals and philanthropic investments.

Application Process & Timeline

How to Apply

The Synchrony Foundation does not have a public application process. The foundation explicitly states: "Applications are accepted by invitation only and must meet the eligibility requirements. The foundation only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds."

Eligibility Requirements for Invited Organizations: Organizations that are invited to apply must:

  • Be recognized by the IRS as a 501(c)(3) tax-exempt public charity
  • OR be an accredited school or organization within an accredited school system
  • Maintain non-discrimination policies
  • Comply with all applicable regulations

How Grants Are Awarded: The foundation operates through trustee and board discretion, identifying organizations that align with their strategic priorities. Grant recipients are selected through:

  • Strategic partnerships with academic institutions (particularly HBCUs)
  • Collaboration with Synchrony's employee Diversity Networks
  • National nonprofit partners in education and workforce development
  • Community organizations in Stamford, CT and other locations where Synchrony operates
  • Employee nominations through the Give10 program

Decision Timeline

Not publicly disclosed. The foundation appears to make grants on a rolling basis throughout the year, with major announcements typically made quarterly or semi-annually.

Success Rates

Not applicable for public applicants. The foundation distributed 392 grants totaling $18,038,860 in 2023, indicating they fund hundreds of organizations annually, all selected through invitation.

Reapplication Policy

Not applicable, as there is no public application process. Organizations with existing relationships may receive multi-year support or repeat grants based on impact and continued alignment with foundation priorities.

Application Success Factors

Since the Synchrony Foundation operates by invitation only, organizations cannot apply directly. However, understanding what the foundation values can help organizations position themselves to potentially be noticed or referred:

Alignment with Strategic Priorities: The foundation's laser focus on "Education as an Equalizer" means organizations must demonstrate clear impact in higher education access, workforce training, or financial literacy for underserved populations.

Serving Priority Communities: The foundation explicitly prioritizes programs serving Black, Hispanic, and Native American communities. Organizations serving low- and moderate-income populations in these demographics are most likely to receive support.

Measurable Impact on Education Outcomes: Recent grant recipients demonstrate concrete educational outcomes: college completion rates, certification attainment, job placement in high-growth fields, or financial capability improvements.

Partnership-Oriented Approach: The foundation works closely with HBCUs (such as North Carolina A&T and Howard University), national intermediaries (like LISC and Feeding America), and established nonprofits rather than emerging organizations.

Geographic Connection: Organizations in Stamford, CT and communities where Synchrony has a significant employee presence receive substantial local grants. Community impact in company locations appears to be a consideration.

Alignment with Corporate Values: The foundation emphasizes equity, diversity, inclusion, and belonging. Organizations should demonstrate these values in their programming and organizational culture.

Employee Connection: The Give10 program allows employees to direct $10,000 grants to nonprofits of their choice, suggesting that organizations with connections to Synchrony employees may gain visibility.

Recent Examples of Funded Projects:

  • Women in HVACR: $100,000 for scholarships in non-traditional trades
  • LISC: $2 million for small business emergency relief
  • Stamford Parks Community Partnership: $100,000 for community parks
  • District Arts & Education, UConn Engineering Ambassadors, Future5: $300,000 combined for digital skills training for underrepresented Stamford youth
  • Feeding America: COVID-19 Response Fund contribution
  • Meals on Wheels America: Support for vulnerable older adults
  • Multiple HBCUs: Scholarship, mentorship, and internship programs

Key Takeaways for Grant Writers

  • No Public Application: This foundation does not accept unsolicited proposals. Do not submit cold applications—they will not be reviewed.
  • Education Equity Focus: Nearly all grants support the "Education as an Equalizer" initiative. Your work must clearly advance higher education access, workforce skills training, or financial literacy.
  • Priority Populations: Explicitly serve Black, Hispanic, Native American, and low-to-moderate income communities to align with foundation priorities.
  • Build Relationships: Connect with Synchrony employees, participate in initiatives where the foundation is active, and work with intermediary partners like LISC or established education nonprofits that may refer opportunities.
  • Strategic Partnership Model: The foundation prefers working with established institutions (HBCUs, national nonprofits, academic institutions) over grassroots organizations.
  • Geographic Advantage: Organizations in Stamford, CT or other Synchrony operational hubs have better visibility for local community grants.
  • Corporate Citizenship Alignment: Demonstrate how your work aligns with Synchrony's broader corporate values around diversity, equity, inclusion, and economic opportunity.
  • Long-term Perspective: With a $50 million, five-year commitment to education equity, the foundation is making sustained investments rather than one-time grants—position your organization for multi-year partnership potential.

References

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