New Profit Inc
79% goes to programs $12 to raise $100 Strong reserves Declining revenue
New Profit Inc is a 501(c)(3) organization based in Boston, Massachusetts, registered in 1998, with $33,625,326 in FY2024 revenue. CharityIndex grades it C+, and it directs about 79% of spending to programs.
6 Liberty Sq 2648, Boston, MA, 02109 EIN 04-3396766 Since 1998
Revenue (FY2024)
$33.6M
▼ 55.1% vs prior year
Community median: $184K
Expenses (FY2024)
$43.7M
Net assets
$118.2M
Employees
99
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
C+
★★★★
Rated on 4 of 4 criteria.
Held down by its weakest criterion — a strong score on one criterion can't hide a weak one.
How the rating works →B+Program efficiency40% of the rating79% to programs · $12 to raise $100
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For New Profit Inc: 79% to programs · $12 to raise $100 earns a B+ on this criterion. See the exact thresholds →
DFinancial health25% of the rating32 mo reserves · -30% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For New Profit Inc: 32 mo reserves · -30% margin earns a D on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For New Profit Inc: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
A+Transparency10% of the rating5 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For New Profit Inc: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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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.
What they do
Portfolio catalyze through our catalyze investments, we provide $100k unrestricted grants, strategic advice, and a peer learning community over one to two years. our cohort-based model enables social entrepreneurs to build community with peers and participate in a series of in-person convenings and webinars. this programming is designed to support organizations deepening their impact and scaling their models by tackling key leadership and organizational challenges they face.our grantees are driving impact in education, health, criminal justice reform, democracy, and economic mobility.
Portfolio - portfolio performance & supportnew profit assumes a variety of roles with grantees including advisor, coach, and board member, in order to provide strategic guidance geared towards building organizations' key capabilities. we believe that increases in these capabilities including leadership, impact model, strategic management and planning, and economic model are the necessary foundation for impact, scale, and sustainability, in the long-term. throughout the grant term, new profit also invites grantees and alumni to take part in convenings that bring together peer organizations, field experts, and philanthropic players from across our national network.
Contact & location
- Address
- 6 Liberty Sq 2648, Boston, MA, 02109
- City
- Boston
- State
- Massachusetts
- Subcategory
- Nonprofit Management Support
- Phone
- …
- Website
- …
Financial trends
Revenue declined from $42.1M (FY2013) to $33.6M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $2.0MNet assets $118.2M
Operating margin
-30.1%
Spent more than it raised in the latest fiscal year.
Total assets
$120.3M
Total liabilities
$2.0M
Net assets
$118.2M
Salaries & benefits
$16.5M
38% of expenses
Board members
20
18 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $33,625,326▼55.1% | $43,748,913▲7.8% | $118,219,733▼7.9% | $120,251,296▼7.5% | 990 |
| 2023 | $74,873,760▲238% | $40,589,935▲14.3% | $128,345,223▲29.7% | $130,066,105▲27.4% | 990 |
| 2022 | $22,156,350▼71.3% | $35,518,909▲29.3% | $98,934,460▼12.4% | $102,096,696▼10.1% | 990 |
| 2021 | $77,118,974▲259% | $27,480,677▼12.4% | $112,932,161▲78.0% | $113,525,114▲76.5% | 990 |
| 2020 | $21,481,917▼54.2% | $31,384,777▲38.7% | $63,461,108▼13.3% | $64,312,700▼13.3% | 990 |
| 2019 | $46,877,712▲65.7% | $22,628,482▼1.4% | $73,227,682▲46.7% | $74,161,462▲46.2% | 990 |
| 2018 | $28,289,763▲68.6% | $22,945,350▼11.1% | $49,914,025▲11.7% | $50,713,445▲11.5% | 990 |
| 2017 | $16,776,304▼57.3% | $25,800,571▼2.2% | $44,696,700▼18.4% | $45,473,808▼19.2% | 990 |
| 2016 | $39,267,428▲5.3% | $26,381,475▼13.4% | $54,807,007▲30.3% | $56,303,188▲24.5% | 990 |
| 2015 | $37,297,489▲52.8% | $30,478,644▲3.2% | $42,078,130▲19.3% | $45,206,507▲15.4% | 990 |
| 2014 | $24,413,299▼42.0% | $29,544,520▲9.0% | $35,259,285▼14.1% | $39,166,571▼12.4% | 990 |
| 2013 | $42,117,605 | $27,116,076▲54.9% | $41,064,243▼13.4% | $44,724,628▼7.9% | 990 |
| 2010 | — | $17,506,397 | $47,422,047 | $48,562,731 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Tulaine Montgomery — $523,644 (1.20% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Tulaine Montgomery | Ceo | 45 | $523,644 |
| Vanessa Kirsch | Founder In Residence and Senior Partner | 45 | $361,450 |
| David Levy | Senior Advisor | 45 | $359,965 |
| Douglas Borchard | Managing Partner, Coo | 45 | $345,173 |
| Eliza Greenberg | President | 45 | $342,703 |
| Deborah Smolover | Managing Partner,ed of America Forward | 45 | $338,948 |
| Ian Magee | Managing Partner, Cfo | 45 | $274,268 |
| Gia Truong | Managing Partner, Equity & Proximity | 45 | $248,766 |
| Shruti Sehra | Managing Partner,ecosystem Building and Education | 45 | $248,261 |
| Shawn Dove | Managing Partner,ecosystem Building | 45 | $245,522 |
| Derrek Shulman | Partner, Senior Philanthropic Advisor | 45 | $231,658 |
| Matrika Bailey-turner | Chief of Staff | 45 | $169,016 |
| Alisa Doctoroff | Director | 1 | — |
| Brian Spector | Director | 1 | — |
| David Gergen | Director | 1 | — |
| Deborah Quazzo | Director | 1 | — |
| Duncan Mcfarland | Director | 1 | — |
| Henry Mccance | Director | 1 | — |
| Jeffrey Walker | Director | 1 | — |
| John Rice | Director | 1 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Susan Asiyanbi DBA O Practice LLC | Leadership Coaching | $481,875 |
| Lance Potter DBA Evaluation Strategy Ll | Evaluation and Portfolio Support | $267,750 |
| Mcpherson Strategies LLC | Communication Strategy & Implementation | $249,374 |
| Jeff Nelson | Portfolio Support and Strategy | $213,250 |
| People Rocket LLC | Pipeline Research and Development | $170,000 |
Grants received · $141.3M total
118 grants to New Profit Inc totaling $141.3M, reported by foundations on their Schedule I filings — showing the 15 most recent.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| Gs Donor Advised Philanthropy Fund For Wealth Management Inc | Community & human services | 2024 | $10,000,000 |
| American Endowment Foundation | Community devel | 2024 | $175,000 |
| American Online Giving Foundation Inc | General support | 2024 | $157,276 |
| Denver Foundation | Philanthropy, voluntarism & grantmaking foundations n.e.c. | 2024 | $100,000 |
| Jewish Communal Fund | In furtherance of grantee's tax-exempt purpose | 2024 | $50,000 |
| The Skoll Fund | General nonprofit support | 2024 | $20,000 |
| Gs Donor Advised Philanthropy Fund For Wealth Management Inc | Community & human services | 2023 | $10,000,000 |
| Fidelity Investments Charitable Gift Fund | For grant recipient's exempt purposes | 2023 | $3,471,775 |
| Boston Foundation Inc | Operating support/annual fund | 2023 | $1,102,500 |
| Donor Advised Charitable Giving | Public, societal benefit | 2023 | $751,000 |
| Massachusetts Higher Education Assistance Corporation | Postsecondary pathways | 2023 | $500,000 |
| American Online Giving Foundation Inc | General support | 2023 | $289,224 |
| Denver Foundation | Philanthropy, voluntarism & grantmaking foundations n.e.c. | 2023 | $250,000 |
| Vanguard Charitable Endowment Program | For recipient's exempt purpose | 2023 | $205,000 |
| American Endowment Foundation | Community devel | 2023 | $175,000 |
Grants made · $16.8M in FY2024
83 grants totaling $16.8M in FY2024 — showing the 15 largest. All grants made by New Profit Inc →
| Recipient | Purpose | Amount |
|---|---|---|
| Braven Incorporated | Program expansion | $1,666,668 |
| Girltrek Incorporated | Program expansion | $1,000,000 |
| Health Initiative Inc | Program expansion | $1,000,000 |
| Transcend Inc | Program expansion | $750,000 |
| Onegoal | Program expansion | $375,000 |
| Policylink | Program expansion | $375,000 |
| Propel America | Program expansion | $375,000 |
| Millennial Action Project DBA Future Caucus | Program expansion | $375,000 |
| Inclusive Action For the City | Program expansion | $375,000 |
| City Bureau Nfp | Program expansion | $375,000 |
| America On Tech Inc | Program expansion | $375,000 |
| Georgia Resilience and Opportunity Fund Inc | Program expansion | $375,000 |
| Generation Hope | Program expansion | $375,000 |
| Digital Promise Global | Program expansion | $375,000 |
| Generation Citizen Inc | Program expansion | $375,000 |
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Frequently asked questions
- Is New Profit Inc a legitimate nonprofit?
- Yes. New Profit Inc is a 501(c)(3) organization registered with the U.S. Internal Revenue Service under EIN 04-3396766, based in Boston, Massachusetts. Donations are tax-deductible.
- What is New Profit Inc's EIN?
- New Profit Inc's Employer Identification Number (EIN) is 04-3396766.
- How much revenue does New Profit Inc report?
- New Profit Inc reported $33,625,326 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much of New Profit Inc's spending goes to programs?
- New Profit Inc spends about 79% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does New Profit Inc have?
- CharityIndex grades New Profit Inc C+, based on program efficiency and fundraising cost.
- How much does New Profit Inc's highest-paid employee make?
- The highest reported compensation on New Profit Inc's latest Form 990 is $523,644, paid to Tulaine Montgomery (Ceo).
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Data for New Profit Inc (EIN 04-3396766) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.