NEW PROFIT INC

EIN: 043396766 501(c)(3) Community Improvement

BOSTON, MA

Total Revenue
$33,625,326
Total Expenses
$43,748,913
Total Assets
$120,251,296
Net Assets
$118,219,733
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Financial Trends

Organization Details

Formation Year
1997
Legal Domicile
MA
Principal Officer
DOUG BORCHARD
Phone
6179128800
Tax Period
2024-01-01 to 2024-12-31

NEW PROFIT INC, founded in 1997, is a mid-sized nonprofit in the Community Improvement sector that reported $33.6M in total revenue in fiscal year 2024. Revenue fell 55% from the prior year — a significant decline worth monitoring. Expenses of $43.7M exceeded revenue, resulting in a 30% operating deficit.

Mission

NEW PROFIT IS A VENTURE PHILANTHROPY ORGANIZATION THAT CATALYZES THE IMPACT OF SOCIAL ENTREPRENEURS WHO ARE EXPANDING ACCESS AND OPPORTUNITY IN AMERICA. WE PROVIDE CAPITAL, CAPACITY, AND COMMUNITY TO A PORTFOLIO OF ORGANIZATIONS TO INCREASE THEIR IMPACT, SCALE, AND SUSTAINABILITY. AND WE PARTNER WITH SOCIAL ENTREPRENEURS, PHILANTHROPISTS, AND CROSS-SECTOR LEADERS TO SHIFT HOW THE PHILANTHROPIC SECTOR PURSUES SOCIAL CHANGE AND ENSURES THAT EVERYONE IN AMERICA CAN THRIVE. SINCE 1998, NEW PROFIT HAS INVESTED OVER $350M IN 275+ HIGH-IMPACT ORGANIZATIONS SERVING MORE THAN 35 MILLION PEOPLE IN ALL 50 STATES.

Program Service Accomplishments

Program 1
Expenses: $13,345,762 Revenue: $109,958

PORTFOLIO - BUILD WE STAND SHOULDER-TO-SHOULDER WITH SOCIAL ENTREPRENEURS IN SUPPORT OF THEIR VISION, WITH A SPECIFIC FOCUS ON HELPING THEM BUILD THE CAPACITY OF THEIR ORGANIZATIONS, WHICH IS KEY TO...

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PORTFOLIO - BUILD WE STAND SHOULDER-TO-SHOULDER WITH SOCIAL ENTREPRENEURS IN SUPPORT OF THEIR VISION, WITH A SPECIFIC FOCUS ON HELPING THEM BUILD THE CAPACITY OF THEIR ORGANIZATIONS, WHICH IS KEY TO STRENGTHENING THEIR LONG-TERM IMPACT AND SUSTAINABILITY. WE ARE COMMITTED TO BACKING SOCIAL ENTREPRENEURS WHO CENTER EQUITY IN THEIR WORK AND WHO ARE PROXIMATE TO THE COMMUNITIES WE COLLECTIVELY AIM TO SERVE. PROXIMATE LEADERS BRING SKILLS, INSIGHTS, RELATIONSHIPS, AND EXPERTISE THAT OUR SOCIETY NEEDS TO ADVANCE EQUITABLE WELLBEING. OUR BIGGEST SOCIETAL CHALLENGES ARE COMPLEX AND INTERCONNECTED, SO WE BELIEVE PROGRESS DEPENDS ON INVESTING IN A BROAD RANGE OF ISSUE AREAS. WE PROVIDE THREE LEVELS OF FUNDING AND STRATEGIC SUPPORT TO ORGANIZATIONS IN OUR PORTFOLIO: A NEW PILOT INVESTMENT VEHICLE CALLED "TRANSFORM INVESTMENTS, AND OUR ESTABLISHED PORTFOLIOS OF "BUILD INVESTMENTS, AND "CATALYZE INVESTMENTS." THROUGH OUR BUILD INVESTMENTS, WE PROVIDE GRANTEES A $1-1.5M MULTI-YEAR, UNRESTRICTED GRANT AND ADVISORY SUPPORT. A DEDICATED NEW PROFIT DEAL PARTNER SERVES AS A TRUSTED ADVISOR TO THE SOCIAL ENTREPRENEUR AND AS A MEMBER OF THE ORGANIZATION'S BOARD OF DIRECTORS. OUR SUPPORT IS GEARED TOWARDS BUILDING THE LEADERSHIP CAPACITY OF SOCIAL ENTREPRENEURS AND THEIR ABILITY TO MAKE STRATEGIC CHOICES AS THEY NAVIGATE CHANGE AND GROWTH. OUR BUILD GRANTEES ARE CREATING IMPACT IN EDUCATION, DEMOCRACY, AND ECONOMIC MOBILITY.

Program 2
Expenses: $10,440,866

ECOSYSTEM BUILDING AND POLICY OUR ECOSYSTEM BUILDING EFFORTS ENGAGE SOCIAL ENTREPRENEURS, POLICYMAKERS, PHILANTHROPISTS, AND OTHER NATIONAL AND LOCAL STAKEHOLDERS TO TRANSFORM HOW PHILANTHROPY THINKS...

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ECOSYSTEM BUILDING AND POLICY OUR ECOSYSTEM BUILDING EFFORTS ENGAGE SOCIAL ENTREPRENEURS, POLICYMAKERS, PHILANTHROPISTS, AND OTHER NATIONAL AND LOCAL STAKEHOLDERS TO TRANSFORM HOW PHILANTHROPY THINKS ABOUT HOW TO COLLECTIVELY PURSUE IMPACT AND ALLOCATE RESOURCES. THROUGH THIS WORK, WE LEVERAGE DEEP INSIGHTS OF SOCIAL INNOVATORS IN OUR COMMUNITY TO INFLUENCE HOW RESOURCES FLOW IN THE SECTOR TO HELP REMOVE BARRIERS TO SUSTAINED PROGRESS. THE WELL - NEW PROFIT'S BI-ANNUAL COMMUNITY GATHERING OF SOCIAL ENTREPRENEURS, ECOSYSTEM BUILDERS, PHILANTHROPISTS, AND OTHER SOCIAL IMPACT LEADERS IS DESIGNED TO CREATE AND NOURISH AN UNPRECEDENTED MULTIRACIAL, INTERGENERATIONAL, CROSS-SECTOR COALITION FOR CHANGE THE M.I.C.. LAUNCHED IN 2022, THE EVENT, WHICH BRINGS TOGETHER OVER 450 MEMBERS OF NEW PROFIT'S COMMUNITY, FACILITATES COLLABORATIVE LEARNING IN SERVICE OF DRIVING GREATER IMPACT AS INDIVIDUALS AND AS A COMMUNITY. THE WELL CREATES INTENTIONAL AND ORGANIC OPPORTUNITIES TO CONNECT ACROSS IDENTITY MARKERS IN MEANINGFUL, ACTION-ORIENTED WAYS THROUGH SPACES AND ACTIVITIES FOCUSED ON WELLBEING, HEALING, AND COALITION-BUILDING. POSTSECONDARY INNOVATIONS FOR EQUITY (2020-2025) LAUNCHED IN 2020 TO SUPPORT INNOVATORS THAT ARE BUILDING EVIDENCE BEHIND NEW APPROACHES TO CONNECTING YOUNG ADULTS WITH THE POSTSECONDARY CREDENTIALS AND WORK EXPERIENCE NEEDED TO ACCESS UPWARDLY MOBILE CAREERS. AN INITIATIVE OF LEARN TO EARN, NEW PROFIT'S POSTSECONDARY AND CAREER STRATEGY, PIE IS A TWO-PHASE EFFORT. THE FIRST 20 GRANTEE-PARTNERS WERE ELIGIBLE FOR THE SECOND PHASE OF THE PIE INITIATIVE, IN WHICH SELECTED ORGANIZATIONS EACH RECEIVED $1M+ BUILD INVESTMENTS FROM NEW PROFIT OVER FOUR YEARS TO FURTHER ADVANCE AND SCALE THEIR IMPACT. THROUGH THE EARLY CHILDHOOD SUPPORT ORGANIZATION (ECSO) INITIATIVE, WE ARE WORKING TO PROVIDE RESOURCES AND ALIGN FINANCIAL INCENTIVES TO SUPPORT BETTER EARLY EDUCATION OUTCOMES FOR CHILDREN FROM LOW-INCOME COMMUNITIES. ECSO IS A $20M PUBLIC-PRIVATE PARTNERSHIP BETWEEN NEW PROFIT AND THE COMMONWEALTH OF MASSACHUSETTS DEPARTMENT OF EARLY EDUCATION AND CARE (EEC). THE INITIATIVE BACKS ECSOS, WHICH WILL SERVE AS INTERMEDIARY ORGANIZATIONS THAT PARTNER WITH LOCAL CENTER AND FAMILY-BASED EARLY CHILDHOOD PROVIDERS TO HELP THEM IMPLEMENT EVIDENCE-BASED STRATEGIES TO ACHIEVE HIGHER-QUALITY PROGRAM DELIVERY AND LONG-TERM IMPACT. AMERICA FORWARD IS NEW PROFIT'S NONPARTISAN POLICY INITIATIVE THAT UNITES SOCIAL ENTREPRENEURS WITH POLICY MAKERS TO TRANSFORM LOCAL IMPACT INTO NATIONAL CHANGE. AMERICA FORWARD ENGAGES A COALITION OF OVER 100 SOCIAL INNOVATION ORGANIZATIONS THAT ARE ACHIEVING MEASURABLE OUTCOMES IN MORE THAN 15,000 COMMUNITIES NATIONWIDE. TOGETHER, THEY CHAMPION PUBLIC POLICIES THAT FOSTER INNOVATION, REWARD RESULTS, AND CATALYZE CROSS-SECTOR PARTNERSHIPS IN EDUCATION, EARLY CHILDHOOD, WORKFORCE DEVELOPMENT, YOUTH DEVELOPMENT, AND POVERTY ALLEVIATION. COALITION ORGANIZATIONS HAVE LEVERAGED $1.9 BILLION FOR PROGRAMS THAT ARE ACHIEVING MEASURABLE RESULTS FOR THOSE WHO NEED THEM MOST.

Program 3
Expenses: $4,879,159

PORTFOLIO - TRANSFORM THROUGH OUR TRANSFORM INVESTMENTS, WE PROVIDE GRANTEES A $3M+ MULTI-YEAR, UNRESTRICTED GRANT AND ADVISORY SUPPORT. A DEDICATED NEW PROFIT DEAL PARTNER SERVES AS A TRUSTED...

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PORTFOLIO - TRANSFORM THROUGH OUR TRANSFORM INVESTMENTS, WE PROVIDE GRANTEES A $3M+ MULTI-YEAR, UNRESTRICTED GRANT AND ADVISORY SUPPORT. A DEDICATED NEW PROFIT DEAL PARTNER SERVES AS A TRUSTED ADVISOR TO THE SOCIAL ENTREPRENEUR AND AS A MEMBER OF THE ORGANIZATION'S BOARD OF DIRECTORS. OUR SUPPORT IS GEARED TOWARD SUPPORTING LEADERSHIP TEAMS AND BOARDS AS THEY NAVIGATE SIGNIFICANT INFLECTION POINTS IN THEIR GROWTH, DRIVING LARGE-SCALE IMPACT IN OUR GRANTEES' FIELDS, INCLUDING EDUCATION, DEMOCRACY, ECONOMIC MOBILITY AND HEALTH.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $29,503,554
Program Service Revenue $109,958
Investment Income $4,011,814
Other Revenue $0
TOTAL REVENUE $33,625,326

Expense Breakdown

Grants Paid $16,880,857
Salaries & Benefits $16,511,053
Fundraising Expenses $3,408,267
Program Expenses $34,479,159
Other Expenses $10,357,003
TOTAL EXPENSES $43,748,913

Year-over-Year Comparison

2024 2023 Change
Revenue $33,625,326 $74,873,760 -0.6%
Expenses $43,748,913 $40,589,935 +0.1%
Net Income $-10,123,587 $34,283,825 -1.3%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
20
Independent Members
18
Employees
99
Volunteers
21

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$1,594,339
Total Directors
23
$936,860
Key Employees
3
$833,348
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
TULAINE MONTGOMERY CEO 45.00
Officer Director
$523,644 $17,045 $540,689
VANESSA KIRSCH FOUNDER IN RESIDENCE AND SENIOR PARTNER 45.00
Officer Director
$361,450 $34,721 $396,171
STEVE JENNINGS CHAIRMAN 1.00
Officer Director
$0 $0 $0
STEVE BARNES DIRECTOR (UNTIL 5/2024) 1.00
Director
$0 $0 $0
JOSH BEKENSTEIN DIRECTOR 1.00
Director
$0 $0 $0
KERWIN CHARLES DIRECTOR 1.00
Director
$0 $0 $0
SAM COBBS DIRECTOR 1.00
Director
$0 $0 $0
ALISA DOCTOROFF DIRECTOR 1.00
Director
$0 $0 $0
DAVID GERGEN DIRECTOR 1.00
Director
$0 $0 $0
STACY JANIAK DIRECTOR 1.00
Director
$0 $0 $0
WENDY KOPP DIRECTOR 1.00
Director
$0 $0 $0
MATT LEVIN DIRECTOR 1.00
Director
$0 $0 $0
HENRY MCCANCE DIRECTOR 1.00
Director
$0 $0 $0
DUNCAN MCFARLAND DIRECTOR 1.00
Director
$0 $0 $0
KWASI MITCHELL DIRECTOR 1.00
Director
$0 $0 $0
VALERIE MOSLEY DIRECTOR (UNTIL 10/2024) 1.00
Director
$0 $0 $0
KRISTIN MUGFORD DIRECTOR 1.00
Director
$0 $0 $0
MARK NUNNELLY DIRECTOR (UNTIL 5/2024) 1.00
Director
$0 $0 $0
DEBORAH QUAZZO DIRECTOR 1.00
Director
$0 $0 $0
JOHN RICE DIRECTOR 1.00
Director
$0 $0 $0
BRIAN SPECTOR DIRECTOR 1.00
Director
$0 $0 $0
VENKAT SRINIVASAN DIRECTOR 1.00
Director
$0 $0 $0
JEFFREY WALKER DIRECTOR 1.00
Director
$0 $0 $0
DOUGLAS BORCHARD MANAGING PARTNER, COO 45.00
Officer
$345,173 $21,002 $366,175
IAN MAGEE MANAGING PARTNER, CFO 45.00
Officer
$274,268 $17,036 $291,304
ELIZA GREENBERG PRESIDENT 45.00
Key Emp
$342,703 $27,282 $369,985
GIA TRUONG MANAGING PARTNER, EQUITY & PROXIMITY 45.00
Key Emp
$248,766 $34,707 $283,473
MATRIKA BAILEY-TURNER CHIEF OF STAFF 45.00
Key Emp
$169,016 $10,874 $179,890
DAVID LEVY SENIOR ADVISOR 45.00
Highest
$359,965 $8,168 $368,133
DEBORAH SMOLOVER MANAGING PARTNER,ED OF AMERICA FORWARD 45.00
Highest
$338,948 $33,283 $372,231
SHRUTI SEHRA MANAGING PARTNER,ECOSYSTEM BUILDING AND EDUCATION 45.00
Highest
$248,261 $17,026 $265,287
SHAWN DOVE MANAGING PARTNER,ECOSYSTEM BUILDING 45.00
Highest
$245,522 $28,707 $274,229
DERREK SHULMAN PARTNER, SENIOR PHILANTHROPIC ADVISOR 45.00
Highest
$231,658 $34,704 $266,362
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $33,625,326 $43,748,913 $120,251,296 $-10,123,587
2023 $74,873,760 $40,589,935 $130,066,105 $34,283,825
2022 $22,156,350 $35,518,909 $102,096,696 $-13,362,559
2021 $77,118,974 $27,480,677 $113,525,114 $49,638,297
2020 $21,481,917 $31,384,777 $64,312,700 $-9,902,860
2019 $46,877,712 $22,628,482 $74,161,462 $24,249,230
2019 $46,877,712 $22,628,482 $74,161,462 $24,249,230
2018 $28,289,763 $22,945,350 $50,713,445 $5,344,413
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