Shell Foundation

Bethesda, MD501(c)(4)Since 2000EIN 98-0368454

Shell Foundation is an independent charity that applies a business approach to global development challenges which constrain access to energy and sustainable urban and rural mobility.

59¢ of each $1 spent went to programs.
$2.1M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $15.0M a year · 33% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
59%
of spending
Worth a look: 59% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.1M
to officers and key staff · 9% of spending
Looks good: pay to officers and key staff is 9% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
9 mo
of spending, in cash
Looks good: 8.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $876K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$25.0M
4% of total assets
Looks good: liabilities are 4% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$45.3M
+61% vs prior year
Spent
$22.7M
To programs
59%
Net assets
$672.2M
By yearFY2020–FY2024
Revenue
$45.3M
FY2024▲ +61%
Revenue by fiscal year
FY2020$52.7M
FY2021$58.4M
FY2022$40.7M
FY2023$28.2M
FY2024$45.3M
Expenses
$22.7M
FY2024▼ -11%
Expenses by fiscal year
FY2020$43.7M
FY2021$28.9M
FY2022$29.7M
FY2023$25.4M
FY2024$22.7M
Net assets
$672.2M
FY2024▲ +4%
Net assets by fiscal year
FY2020$628.2M
FY2021$675.1M
FY2022$598.1M
FY2023$644.1M
FY2024$672.2M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 2004.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

59 cents of each dollar spent went to programs.

Program services 59% · $13.5M Management & general 41% · $9.2M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Who runs it and what they're paid

19 people listed on the 990; $2.1M paid to officers and key staff.

Part VII, Section A · reportable compensation
Chief Executive Officer
$448,387Pt VII · Sec A
Chief Programme Officer
$291,371Pt VII · Sec A
CFO and Company Secretary
$278,988Pt VII · Sec A
Portfolio Lead Farmers
$248,553Pt VII · Sec A
Market Development Manager
$212,634Pt VII · Sec A
Portfolio Lead Transporters
$206,870Pt VII · Sec A
Finance Manager
$201,288Pt VII · Sec A
Portfolio Lead Micro-Entrepreneurs
$188,496Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2020
Mr Jonathan Berman$448,387$455,663——
Sam Parker———$398,387
Mr Jonathan Berman——$377,721—
Mr Richard Gomes$291,371$281,960——
Ms Rachel Singh Davies$278,988$231,562——
Ms Meera Shah$248,553$227,895——
Mr Nicholas Jones$212,634$181,443——
Ms Emma Stephenson$206,870$171,489——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Improves global access to energy and sustainable transport through business solutions.

Provided by the organization

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3 program services account for $13.5M of program spending, described in the organization's own filed words · FY2024.
01

Smallholder Farmers

Those moving from subsistence to commercial farming on less than five acres of land;who can acheive a living income when they can produce crops efficiently and get that produce to market in good condition.

$6.1Mprogram expense
02

Microentrepreneurs

Urban, peri-urban and rural micro-enterprise owners engaged in the smallscale provision of goods and services for whom reliable and appropriate power can contribute to longer opening hours, lower costs, with net income increase.

$4.5Mprogram expense
03

Urban Transporters

Movers of people and goods whose income can increase by as much as 35% by shifting to electric vehicles from petrol or diesel vehicles.

$2.9Mprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 1 funder$876K
Grants paid · 16 grants · $16.2M · 2021–2024
Google LLC - X DivisionFY2024$1,550,000
Odyssey Energy Solutions INCFY2023$1,398,000
Mirova Africa INCFY2023$300,000
Factor(e) Ventures LtdCO · FY2022$2,250,000
Social Investment Managers and Advisers LLCFY2022$1,000,000
Odyssey Energy Solutions INCFY2022$500,000
Metro Africa Xpress INCFY2022$500,000
World Bank Group EsmapFY2022$300,000
Akili Ventures LLCFY2022$100,000
Factore Ventures PbcFY2021$2,700,000
Odyssey Energy Solutions INCFY2021$1,712,891
Social Investment Managers and Advisers LLCFY2021$1,635,000
World Resources InstituteDC · FY2021$600,000
Burn Manufacturing CompanyFY2021$300,000
Precise Consult International LLCFY2021$250,000

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$45.3M
Ln 12
Gifts and grantsLn 1h$26.1M
Investment incomeLn 3$19.2M
Money outPt IX
$22.7M
Ln 25
Programscol B$13.5M
Managementcol C$9.2M
Owns and owesPt X
$672.2M
net assets · Ln 32
Cash and savingsLn 1–2$16.4M
Total assetsLn 16$697.1M
LiabilitiesLn 26$25.0M
PeoplePt VI, VII
19
listed · VII A
PaidVII A9
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$26.1M
Government grantsLn 1e$10.9M
Noncash giftsLn 1g$0
Investment incomeLn 3$19.2M
Gains on assetsLn 7$8.6M
Total revenueLn 12$45.3M
Assets in detailPt X, end of year
CashLn 1$16.4M
SavingsLn 2$0
Cash and savings togetherLn 1–2$16.4M
InvestmentsLn 11–13$674.2M
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
Total assetsLn 16$697.1M
LiabilitiesLn 26$25.0M
Net assetsLn 32$672.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$15.7M$16.4M
InvestmentsLn 11–13$645.4M$674.2M
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$665.4M$697.1M
LiabilitiesLn 26$21.2M$25.0M
Net assetsLn 32$644.1M$672.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$1.3M$1.3M
Grants to domestic individualsLn 2$0$0
Grants and assistance to foreign recipientsLn 3$7.1M$7.1M
Benefits paid to or for membersLn 4$0$0
Pay of current officers, directors and key staffLn 5$6.3M$4.2M$2.0M
Management feesLn 11a$957K$957K
Legal feesLn 11b$301K$301K
Accounting feesLn 11c$213K$213K
Investment management feesLn 11f$891K$891K
Other fees for servicesLn 11g$3.1M$0$3.1M$0
OccupancyLn 16$707K$707K
TravelLn 17$831K$810K$22K
Other expenses (24a–d)Ln 24$1.0M$1.0M
All other expensesLn 24e$0$0$0$0
Total functional expensesLn 25$22.7M$13.5M$9.2M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $45.3M$22.7M$22.7M$672.2M 990 PDF
FY2023 $28.2M$25.4M$2.8M$644.1M 990 PDF
FY2022 $40.7M$29.7M$11.1M$598.1M 990 PDF
FY2021 $58.4M$28.9M$29.6M$675.1M 990 PDF
FY2020 $52.7M$43.7M$9.0M$628.2M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $45,331,982 across 10 lines filed
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1d Related organizations$14,385,746
VIII-1e Government grants$10,885,136
VIII-1f All other contributions, gifts and grants$876,478
VIII-1g Noncash contributions (included above)$0
VIII-1h Total contributions, gifts and grants$26,147,360
VIII-3 Investment incomeExcluded from tax $10,593,192$10,593,192
VIII-7 Net gain or loss on sales of assetsExcluded from tax $8,591,430$8,591,430
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $19,184,622$45,331,982
Part IX · Statement of functional expenses $22,671,900 across 14 lines filed
IX-1 Grants to domestic organizationsPrograms $1,327,962$1,327,962
IX-2 Grants to domestic individualsPrograms $0$0
IX-3 Grants and assistance to foreign recipientsPrograms $7,104,291$7,104,291
IX-4 Benefits paid to or for membersPrograms $0$0
IX-5 Pay of current officers, directors and key staffPrograms $4,237,610 · Management $2,034,562$6,272,172
IX-11a Management feesManagement $957,217$957,217
IX-11b Legal feesManagement $300,515$300,515
IX-11c Accounting feesManagement $212,644$212,644
IX-11f Investment management feesManagement $891,078$891,078
IX-11g Other fees for servicesPrograms $0 · Management $3,059,991 · Fundraising $0$3,059,991
IX-16 OccupancyManagement $706,720$706,720
IX-17 TravelPrograms $809,641 · Management $21,585$831,226
IX-24 Other expenses (24a–d)Management $1,008,084$1,008,084
IX-24e All other expensesPrograms $0 · Management $0 · Fundraising $0$0
IX-25 Total functional expensesPrograms $13,479,504 · Management $9,192,396 · Fundraising $0$22,671,900
Part X · Balance sheet $697,105,639 assets, 23 lines filed
X-1 Cash, non-interest-bearingStart of year $15,650,371$16,361,597
X-2 Savings and temporary cash investmentsStart of year $0$0
X-3 Pledges and grants receivableStart of year $4,338,029$6,593,559
X-4 Accounts receivableStart of year $0$0
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $0$0
X-10c Land, buildings and equipment, netStart of year $0$0
X-11 Publicly traded securitiesStart of year $570,711,757$607,454,832
X-13 Program-related investmentsStart of year $74,669,341$66,695,651
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $0$0
X-16 Total assetsStart of year $665,369,498$697,105,639
X-17 Accounts payable and accrued expensesStart of year $8,285,742$13,182,060
X-18 Grants payableStart of year $12,312,434$11,145,667
X-19 Deferred revenueStart of year $0$0
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $635,516$624,129
X-26 Total liabilitiesStart of year $21,233,692$24,951,856
X-27 Net assets without donor restrictionsStart of year $615,247,046$640,125,943
X-28 Net assets with donor restrictionsStart of year $28,888,760$32,027,840
X-32 Total net assets or fund balancesStart of year $644,135,806$672,153,783
X-33 Total liabilities and net assetsStart of year $665,369,498$697,105,639
Part XI · Reconciliation of net assets $672,153,783 net assets at year end
XI-1 Total revenue$45,331,982
XI-2 Total expenses$22,671,900
XI-3 Revenue less expenses$22,660,082
XI-4 Net assets at start of year$644,135,806
XI-5 Net unrealized gains (losses) on investments$4,651,175
XI-6 Donated services and use of facilities$706,720
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$672,153,783

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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