Synchrony Foundation

The Synchrony Foundation operates as the corporate philanthropic arm of Synchrony Financial, one of the largest consumer financial services companies in the United States. Its grantmaking strategy is tightly aligned with its parent company's corporate social responsibility agenda, centering on the belief that education is the great equalizer. The foundation's flagship initiative, 'Education as an Equalizer,' represents a $50 million, five-year commitment launched in 2021 that channels more than $20 million in philanthropic grants toward expanding access to higher education, workforce skills training in high-growth technology fields (cybersecurity, software engineering, data science, UX design), and financial literacy for underserved communities. The foundation employs an invitation-only grantmaking model and does not accept unsolicited proposals, instead leveraging strategic partnerships with HBCUs, employee Diversity Networks, and established national nonprofit partners. Led by President Denise Yap under CEO Brian Doubles, the foundation distributes grants through both large strategic commitments and a robust employee matching gifts program via The Blackbaud Giving Fund. This dual approach allows the foundation to make transformative investments in education equity while also empowering individual employees to direct philanthropic dollars to causes they care about.

In fiscal year 2024, the Synchrony Foundation distributed $21.8 million across 394 grants, representing a significant grantmaking volume for a corporate foundation. Grant sizes range dramatically from $150 to $2.6 million, with a median grant size of $10,000 indicating a mix of large strategic grants and numerous smaller community-level investments. The largest single grant in 2024 was $2.6 million to The Blackbaud Giving Fund for employee matching gifts, reflecting the significant role of employee engagement in the foundation's giving model. Other major grants include $1.1 million to OneTen Coalition (advancing Black talent into family-sustaining careers), $1 million each to the University of Connecticut Foundation and District Arts & Education, and $900,000 to The Knowledge House (tech skills training). Geographically, grants concentrate in Connecticut (48 grants), New York (37 grants), and Ohio (36 grants), corresponding to Synchrony's major office locations, with additional significant giving in Illinois, Florida, and Georgia. Revenue comes primarily from investment dividends (69.9% in 2024) and asset sales (30.1%), with no corporate contributions received in the most recent year, suggesting the foundation is now operating from its endowment following the $50 million contribution in 2022. Total assets stand at approximately $72.3 million, down from a peak of $100.1 million in 2022.

Among financial services corporate foundations, Synchrony Foundation is mid-sized but punches above its weight with a focused education-equity strategy. Its $21.8 million in annual giving relative to $72.3 million in assets represents an aggressive 30% distribution rate, significantly above the 5% IRS minimum, reflecting the draw-down of its five-year $50 million commitment. Its invitation-only model is consistent with peer corporate foundations in the financial services sector.

The Synchrony Foundation has been notably active in 2024-2025. In April 2025, the foundation announced more than $1.5 million in grants to Stamford, Connecticut nonprofits focused on enhancing parks, supporting youth education, and providing health and human services. A specific $100,000 grant was awarded to the Stamford Parks Community Partnership, announced jointly with Mayor Caroline Simmons. The foundation also reinforced its commitment to elevating women in trades through a dedicated initiative. In 2024, the foundation made 394 grants totaling $21.8 million, maintaining its aggressive grantmaking pace as part of the five-year Education as an Equalizer commitment. The foundation's total assets decreased from approximately $88.4 million to $72.3 million between 2023 and 2024, consistent with the planned draw-down of the $50 million endowment contribution received in 2022. Key 2024 grant recipients included OneTen Coalition ($1.1 million) for advancing Black talent into family-sustaining careers, University of Connecticut Foundation ($1 million) for the Synchrony Center of Excellence in Cybersecurity, and The Knowledge House ($900,000) for technology skills training for underserved communities. Synchrony also committed $100 million separately (through the parent company, not the foundation) to grow minority-owned businesses.

The most critical fact prospective applicants must understand is that the Synchrony Foundation operates on an invitation-only basis and does not accept unsolicited proposals. However, there are several strategic pathways to position your organization for a potential grant. First, align your programs with the foundation's three core pillars under Education as an Equalizer: (1) college completion pathways for low-income and underrepresented students, (2) skills training in high-growth technology fields such as cybersecurity, software engineering, data science, and UX design, and (3) financial literacy education. Second, build relationships with Synchrony's corporate partners and employee Diversity Networks, as the foundation leverages these networks to identify grant recipients. Organizations that partner with Synchrony employees through volunteer programs or serve communities where Synchrony has offices (particularly Stamford CT, but also locations in New York, Ohio, Illinois, Florida, and Georgia) have a natural advantage. Third, HBCUs and organizations that specifically serve Black, Hispanic, and Native American communities are explicitly prioritized. Fourth, consider partnering with known Synchrony grantees such as The Knowledge House, College Possible, or OneTen Coalition to gain visibility within the foundation's ecosystem. Fifth, Synchrony employees can direct matching gifts through The Blackbaud Giving Fund, so cultivating individual Synchrony employee donors is a viable pathway to receive foundation matching funds even without a direct grant relationship.