Making Waves Education Foundation 2022-23 Impact Report

IMPACT REPORT

From middle school through college and career, our programs are PROMOTING EQUITY AND DRIVING IMPACT

118 college graduates in the Class of 2023, 85% earned their degrees DEBT-FREE

WELCOME Dear Making Waves community, This summer, we hosted a kick-off event for incoming first-year college students enrolled in our college and career success program. We introduced them to Making Waves’ college programming and began preparing them for their first year in college. The students I met were so excited for the upcoming chapter, including campus life, making friends, academic pursuits, internships, study abroad opportunities, and making a positive impact on their families and the world.

They inspired me, and I’m confident they will have a lasting impact on our Bay Area community and beyond.

Too many students in the Bay Area and across the country do not have access to the opportunities and resources needed to attend and graduate from college, which holds our community and country back from reaching our full potential.

At Making Waves, our programs support historically underserved and underrepresented middle school, high school, and college students on their path to college graduation and career.

We have learned, and continue to learn, so much about what it takes to do this work well, and we are committed to sharing our resources so we can reach more students and families and remove barriers to attending college and persisting to graduation.

Your support is the driving force behind our efforts and impact. You create equitable access to college and career success, pathways to social mobility and wealth generation for first-generation students of color, and a stronger source of diverse talent in the Bay Area that will accelerate our region’s success.

We couldn’t do it without you. Thank you for championing Making Waves and being advocates for expanding educational opportunity.

With deep appreciation, Patrick O’Donnell Chief Executive Officer Making Waves Education Foundation

TABLE OF CONTENTS About Making Waves

3

Our Model 4 Results and Success Stories

6

Donors and Supporters 14 Leadership

16

Financials 19

ABOUT MAKING WAVES COLLEGE. GRADUATION. CAREER.

Making Waves Education Foundation is a Bay Area nonprofit committed to equity. Our programs support historically underserved and underrepresented middle school, high school, and college students on their path to college graduation and career.

Vision

Mission

Core Values

A society in which all youth – regardless of race, ethnicity, or socioeconomic status – have access to high-quality educational opportunities and the tools to achieve success.

To advance educational opportunities for collegebound, career-minded, historically underrepresented and underserved youth.

• Drive impact • Promote equity • Build community • Do hard things • Learn and grow

Doris Martinez (Wave-Maker, UC Berkeley ‘23) (center) celebrating graduation with Making Waves college coaches, Felicia Tripp (left) and Ashley Allston (right).

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OUR MODEL

Richmond

Richmond, California Partnering with students from 5th grade through college and career Making Waves brings together the impact of two nonprofits. Making Waves Academy is a public charter school that prepares 5th-12th graders for college, career, and life success. Graduates then have the opportunity to join our Making Waves Education Foundation college and career success program.

“

Making Waves gave me a community I could always count on.”

– Juritzy Mata, Making Waves Academy ‘19, Cal Poly Pomona ‘23

90.5% 4

high school graduation rate (Making Waves Academy, 2023)

San Francisco Bay Area

Making college affordable and graduation and careers attainable Our program is also available to first-gen students, students of color, and students from low-income backgrounds in the Bay Area. Students receive scholarships and partner with our team of college coaches, financial coordinators, and career specialists so they can reach graduation with minimal to no debt and ready for their first job.

“

With Making Waves by our side, navigating college was so much easier.”

– Diraj Thajali, UC Berkeley ‘23

100%

of graduates met the A-G course requirements for admissions eligibility to UC and CSU campuses

ADVANCING EDUCATIONAL EQUITY A bachelor’s degree leads to greater economic and career mobility for individuals and better outcomes for society. Yet, nationally, only 21% of first-generation college students from low-income backgrounds graduate with a bachelor’s degree in six years.

We know a more equitable future is possible. Our programs provide academic, financial, and career support for historically underserved and underrepresented students so they can reach their college, career, and life goals.

United States

IN 2022-23, WE SUPPORTED:

Sharing college and career resources with as many students and families as possible

1,100+

We are committed to reaching more students and helping remove barriers. We are growing our impact by codifying our expertise and leveraging technology, including AI, to strive for universal access to college and career resources.

middle and high school students

500+ college students

630+ college graduates

85%

of our students graduated college debt-free

(Class of 2023)

61%

obtained a full-time job that requires a bachelor’s degree or started graduate school (Class of 2022)

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RESULTS AND SUCCESS STORIES

PARTNERING WITH STUDENTS FROM 5TH GRADE THROUGH COLLEGE AND CAREER

For most of our students, being a part of the Making Waves community begins in 5th grade.

Making Waves Academy is a public charter school that prepares middle and high school students for college, career, and life success.

Students then have the opportunity to join our Making Waves Education Foundation college and career success program, which supports them through college and into their careers.

MAKING WAVES ACADEMY STUDENTS BY THE NUMBERS

1,100+

85%

of students are from socioeconomically disadvantaged backgrounds

100% 6

students enrolled at Making Waves Academy

of graduates met the A-G course requirements for admissions eligibility to UC and CSU campuses

99%

of students are people of color

90.5%

100%

high school graduation rate in 2023

of seniors who applied to a four-year college were accepted to at least one

MAKING WAVES, FROM MIDDLE SCHOOL THROUGH COLLEGE AND CAREER Giovanna Barragan (left) and Jhosmar Barragan (right) decided to attend rival universities, USC and UCLA respectively, after graduating from Making Waves Academy in 2023.

The sister and brother pair credit Making Waves with sparking their interest in college as early as 5th grade.

Looking to use their college degrees to improve lives, Giovanna is studying non-governmental organizations and social change, and Jhosmar is studying biochemistry.

A 2023 graduate of San Francisco State University, Alejandro Aceves Madriz has been a part of the Making Waves community since enrolling at Making Waves Academy in 5th grade.

With scholarship and coaching support from Making Waves Education Foundation, Alejandro graduated from college debt-free.

A first-generation graduate, Alejandro’s next steps include pursuing a career in wealth management, a graduate degree in personal financial planning, and his Certified Financial Planner™ designation to help future generations make informed financial decisions that positively impact their lives.

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RESULTS AND SUCCESS STORIES

MAKING COLLEGE AFFORDABLE AND GRADUATION AND CAREERS ATTAINABLE

Our college and career success program includes scholarships, college and career coaching, and financial planning support so students can reach graduation with minimal to no debt and ready for their first job.

MAKING WAVES EDUCATION FOUNDATION STUDENTS BY THE NUMBERS

515

Wave-Makers attend 75 colleges and universities

79%

87%

are first-generation college students

97% are people of color

are eligible for federal Pell Grants

STARTING COLLEGE WITH A SUPPORT SYSTEM IN PLACE Robert Adams just started his first year at his top choice college, UC Berkeley, where he described his experience so far as: “Amazing. It’s collaborative because you meet people who are from different backgrounds. It’s a whole different experience.”

Majoring in astrophysics, Robert plans to explore his passion for discoveries and his different career options while in college, with support from Making Waves.

“

It’s a nice feeling knowing someone has your back, that there’s somebody behind you, helping you get through what you’re trying to get through.”

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College

Graduation

Career

We partner with WaveMakers to navigate their college journeys by providing scholarships, college and career coaching, and financial planning support.

We support Wave-Makers in internalizing the power of their own identity, purpose, and agency to persist and reach college graduation.

We strive for Wave-Makers to graduate from college on time, with minimal debt, and ready for a strong start to their career, aligned with their values and dreams.

University of 199 at California campuses

91%

California State 169 at University campuses

66 at community colleges 49 at private universities out-of-state 13 at public universities

$

93%

of Wave-Makers are on track to have $0 in student loan debt at graduation

of Wave-Makers persisted through their first year of college

60%

six-year college graduation rate, more than double the rate of their peers*

85%

630+

college graduates are part of our Wave-Maker alumni network

61%

of Class of 2022 Wave-Makers obtained a full-time job that requires a bachelor’s degree or started graduate school within a year of college graduation

graduated from college debt-free in 2023 *According to the Pell Institute, nationally, 21% of first-time, low-income, and first- generation college students obtain a bachelor’s degree within 6 years of first enrolling in a 4-year or 2-year post-secondary institution.

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RESULTS AND SUCCESS STORIES

MAKING COLLEGE AFFORDABLE AND GRADUATION AND CAREERS ATTAINABLE

SCHOLARSHIPS AND COACHING FOR COLLEGE AND CAREER SUCCESS A 2023 UC Berkeley graduate, Diraj Thajali majored in electrical engineering and computer science and is now a full stack engineer at a block chain services company.

“

I want to thank the whole Making Waves team for helping first-generation and lowincome students achieve our goals. With you guys by our side, navigating college was so much easier. Whether it was helping financially, academically, emotionally, or professionally, every staff member really cared, and I am forever grateful for it.”

2023 GRADUATION OUTCOMES

118

students received their college degrees from 34 colleges and universities

Wave-Makers earned degrees from

All 9 $ 10

Undergraduate University of California campuses

9

California State University campuses

85% of our college graduates earned

3

Ivy League universities

their degrees debt-free with $0 in student loans

1

Historically Black College and University

TEST AND LEARN SPOTLIGHT While our college and career outcomes are giving us optimism, we know there are still systemic challenges that need solutions. Our program strategy is grounded in continuous improvement, and one of our core values is Learn and Grow, so we look at our data, identify pain points, test new programming, reflect on what we learn, and iterate until we unlock new solutions that drive stronger outcomes. Here’s a case study of this work in action.

DIGGING INTO OUR DATA To get to the root cause, we looked at our data and heard from our students. We noticed that attrition was higher at colleges with lower Estimated College Completion, or ECC, rates, a national metric measuring the percentage of students who graduate on time. Our students attending colleges with lower ECC rates persisted at lower rates and communicated with their Making Waves coach less frequently than our other students.

WHAT WE LEARNED The results? In follow-up surveys, students said First-Year Kick-Off made them feel connected, confident, reassured, and prepared. In the months following, we saw other positive indicators, like students communicating with their coach at higher rates and completing registration processes way earlier than ever before.

Coaches are now implementing new programming at campuses with lower ECC rates so that firstand second-year students can build community with each other, connect with older Wave-Makers, and feel a sense of belonging on campus.

IDENTIFYING A CHALLENGE IN COLLEGE PERSISTENCE Last year we identified a challenge: an increase in student attrition between students’ second and third year of college.

Our persistence rate is incredibly high between students’ first and second year. Why were a subset of students then dropping out during year two?

TESTING A NEW APPROACH Our hypothesis? First- and second-year students will persist at higher rates if they build a strong sense of belonging both with Making Waves and on their college campuses. A strong sense of belonging is a pillar of our Wave-Maker Success Framework, but we needed to adapt our programming to make it come alive. In June 2023, we hosted a new in-person “First-Year Kick-Off” event where incoming first-year students met their coaches, built community with Making Waves staff and other college students, and prepared for college life.

“

The event was a labor of love. It played a big role in helping our students understand what it means to be a part of this community and how we are committed to their success and journey,” shared Ayasha Tripp, senior manager of coaching services.

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RESULTS AND SUCCESS STORIES

MAKING COLLEGE AFFORDABLE AND GRADUATION AND CAREERS ATTAINABLE

RETURNING TO THE BAY AREA TO GROW A CAREER Guadalupe Ortega has been a part of the Making Waves community for 12 years, since enrolling at Making Waves Academy as a 5th grader. In 2023, she graduated from UC Davis with a degree in managerial economics and started a job in the Bay Area at JPMorgan Chase.

“

I was able to graduate without any student loans! Entering the workforce, I am now able to focus on investing my money, and I am excited about becoming financially stable. I know that my current position has a lot of career advancement opportunities.”

CAREER OUTCOMES

61%

of alumni obtained a full-time job that requires a bachelor’s degree or started graduate school within a year of college graduation

Wave-Makers in the workplace

Education,

100%

of these employed WaveMakers are in jobs related to their career plan

Finance, 19% Accounting, and Insurance Sciences, 19% Engineering, and Technology

26% Law, Policy, and Social Impact

15% Other Marketing, 11% Communications, and Public Relations

Represents a 49% knowledge rate from the Class of 2022 college graduates 12

11% Health and Medicine

SHARING COLLEGE AND CAREER RESOURCES WITH AS MANY STUDENTS AND FAMILIES AS POSSIBLE

Across the Bay Area and the U.S., barriers to educational opportunity persist for too many students.

To reach as many students as possible, we are codifying all that we’ve learned about supporting underrepresented students to attend and graduate from college. This includes leveraging technology such as: Our college and career chatbot. We’re using AI for social impact. Students and families can text us anytime to get their college and job questions answered in real time. We also proactively send guidance and reminders about college admissions, financial aid, scholarships, and deadlines.

Our Making Waves TikTok account. Students and families can get a snapshot of college life from students and advice from college coaches, financial coordinators, and career specialists.

Avery Tomlin Ricondo, a Wave-Maker attending UC Davis.

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DONORS AND SUPPORTERS Lead Donors John H. & Regina K. Scully Foundation

Michael and Pam Franklin Gifting Fund Corina Garcia

Individual Donors

Diana and Michael Gilmore

Anonymous

Sharon Henning and George A. Goin

Napoleon Albino Baguisi

Phillip and Norma Gordon Charitable Fund

Sue and Jim Bartlett

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Hamid and Christina Moghadam Momsen Charitable Fund Robert Moor Hannah Morley Jennifer Henry and Alton B. Nelson, Jr. Wendy and Robert Nielsen Ellen O’Donnell

The D. Wehlitz & M. Berg Charitable Fund

Corinne Hedrick

Derrick Bolton

Caitlin Holloway

Gabriella and Stephen Bowling

Meka and Ajani Jackson

Don Briggs

Claire Janin

Patricia and John Cahill

Daniel Johnson

Andres Campos and Hilda Martinez

Jovita Jordan

Chen Family Fund

Bonnie Levinson and Donald Kay

Lulu Xue Chen and Qi Ping Tang

Jasmine Kim

Jane Choi

Alicia Malet Klein and Tom Klein

Jacquelyn and James Christensen Jen Thomas and Brandon Cohan

Sidney Landman and Margalit Ashira Ir

Helen Jupiter and Matthew Cohan

Bridget Anderson and Roy Latka

Barbara and Richard Shoop

Mary Ann and Ron Cohan

Loon Point Fund

Shakti Sotomayor

Lori and Ray Crawford

Juan Sarabia Magana

Edith Bogard Dagley Fund

Malet Family Fund

Madeline and Isaac Stein Family Fund

Darcy and Richard Deming

Margaret and Michael McCaffery

Theresa and George Eisenberg

Edward and Betsy McDermott

Dana and Robert Emery

Sheila McGee

Laura and Paul Escobosa

James and Patricia Melehan

Theresa Fay-Bustillos

George Miller

Willard Felsen

MMG Gift Account

Wilbur Weinberg Charitable Giving Fund

Jane and Paul Foster

Edward Moffatt

Edward and Lisa Williams Fund

Kristin Hite

John O’Donnell Patrick O’Donnell and Joe Shook Rachelle Aberin and Andres Orozco Ann and Michael Parker Wendy and Fred Parkin Katie and Dustin Peterson Marissa and Matthew Purkiss Molly McGee Randisi The Arthur Rock Fund Jani and Terry Ross Bonnie Shea and Brendan McShea

Chi My Ho and Kevin Tran Lou Tran Thomas and Pauline Tusher Family Fund Jann and Jay Veach

Thank you to the community leaders accelerating the impact of Making Waves Education Foundation

Steve and Chris Wilsey Fund

Special Thanks

Macy Yip

Benevity Community Impact Fund

Corporate and Foundation Support

Fidelity Charitable Head & Heart Advisory

5 Ryan Foundation

J.P. Morgan Charitable Giving Fund

Activision Blizzard, Inc

Moor Children’s Foundation

Air Products

Morgan Stanley

Allen Matkins Leck Gamble Mallory & Natsis LLP

Morrison Foerster

Ambrose Group, Inc.

Pittsburg Unified School District

Anonymous

San Francisco Foundation

Dodge & Cox

Schwab Charitable

Hendrickson Family Foundation

Silicon Valley Community Foundation

Jonathan Parker Real Estate Kim Marie Summers-Silva Trust

Stanford Alumni Consulting Team

La Centra Summerlin Foundation

Stanford University

Marin County Campaign

The Chicago Community Trust

Mattress Firm One Hope Payette River Foundation Quest Fund Silver Giving Foundation

TRUiST by Frontstream Vanguard Group Venture Leadership Collective YourCause

Simpson Strong-Tie Studio Bondy Architecture Tipping Point Community University of Wisconsin, Whitewater Western Alliance Bank / Bridge Bank Zalec Familian and Lilian Levinson Foundation 15

LEADERSHIP BOARD OF DIRECTORS

16

John H. Scully

Lori Kulvin Crawford

Founder and Co-Chair, Making Waves Education Foundation Board; Founding Partner, SPO Partners & Co.

Certified Public Accountant; Former Trustee, Computer History Museum

Regina K. Scully

Theresa Fay-Bustillos

Co-Chair, Making Waves Education Foundation Board; Philanthropist, Filmmaker, Founder and CEO Artemis Rising Foundation

Philanthropic, business, and nonprofit executive

Ronald A. Cohan

Phil Gordon

Secretary, Making Waves Education Foundation Board; Retired Public Contracts Lawyer

Of Counsel, Perkins Coie LLP

Eli Weinberg

Ajani Jackson, MD

Vice President, Making Waves Education Foundation Board; CIO, Filbert Holdings

Adult, Adolescent, and Child Psychiatrist; Wave-Maker, Xaiver University ‘02, Morehouse College ‘09

Steve Blass

Alicia Malet Klein

Co-Founder and Chief Investment Officer of Ashe Capital

President, HeadsUp Public Education Foundation; Board President, Making Waves Academy; Retired GATE Instructor

Derrick Bolton

Sid Landman

Associate Dean for External Relations, Stanford Graduate School of Business

Retired SCORE Counselor, Former CFO, Hispanic Scholarship Fund

SENIOR LEADERSHIP TEAM Patrick O’Donnell

Aiyana Mourtos

Chief Executive Officer

Chief Program Officer

Carey Hawkins Ash, JD, PhD

Erick Roa

Vice President of Partnerships

Chief Operating Officer

Allison Holton Chief Development Officer

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FINANCIALS In Fiscal Year 2023, We Raised

Total Assets

$23.6 million

$250.9 million

In Fiscal Year 2023, We Invested

$14.5 million in operating expenses and $9.1 million in construction costs In Fiscal Year 2023, We Supported

515 Wave-Makers in college with an average scholarship amount of $3,900 and one-to-one college, career, and financial coaching valued at

$5,300 per student

84% 16%

Real Estate Assets (e.g., Making Waves Academy’s campus and the Foundation’s office) Other Assets

Allocation of Expenses

82% 18% 1%

Program Services $17,178,496 Management/Administration $3,729,388 Fundraising $160,825

Note: FY23 figures are unaudited. For more information, please visit making-waves.org/financials

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Wave-Makers are changing the world.

Join us in supporting them. making-waves.org info@making-waves.org