EIN 04-3396766

New Profit

IRS 501(c) type
501(c)(3)
Num. employees
88
City
Year formed
1997
Most recent tax filings
2022-12-01
NTEE code, primary
Description
New Profit is a venture philanthropy organization that supports social entrepreneurs in advancing equity and opportunity in America. They stand shoulder-to-shoulder with these leaders to help build the capacity of their organizations, which is key to strengthening their long-term impact. New Profit also engages with policymakers, philanthropists, and other stakeholders to transform how government and philanthropy pursue social change.
Total revenues
$22,156,350
2022
Total expenses
$35,518,909
2022
Total assets
$102,096,696
2022
Num. employees
88
2022

Program areas at New Profit

Ecosystem buildingour ecosystem building efforts engage social entrepreneurs, policymakers, philanthropists, and other national and local stakeholders to transform how government and philanthropy think about how to collectively pursue social change 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 social progress.postsecondary innovations for equity (2020-2025) launched in 2020 to support innovators that are building evidence behind New approaches to connecting young adults from low-income communities 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 will be eligible for the second phase of the pie initiative, slated for launch in 2021, in which selected organizations will each receive $1 million 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.new Profit and a coalition of partners launched the future of work grand challenge in 2020. The cross-sector, equity-focused effort aims to rapidly reskill displaced workers into higher-wage jobs in and equip influential workforce boards with vetted tools. New Profit's future of work strategy aims to align employer, nonprofit, philanthropic, and government sectors to create a New learning ecosystem that works for the most vulnerable americans. Through a multi-racial, multi-ethnic network of philanthropists, practitioners, institutional funders, and social impact stakeholders, inclusive impact is designed to increase investments in leaders of color in the social sector so that we can leverage the diverse voices in our society to influence what a New era of social problem-solving could look like. Inclusive impact is initially focused on increasing investments in black, indigenous, and latino/a/x leaders because we have found that that they are significantly underrepresented at all levels of social sector leadership and face the largest disparities in terms of funding and support in the sector today.
Policyamerica forward is New Profit's dc-based, nonpartisan policy initiative that unites social entrepreneurs with policymakers 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 a public policy agenda that fosters innovation, rewards results, and catalyzes cross-sector partnerships in education, early childhood, workforce development, youth development, and poverty alleviation. Coalition organizations have leveraged $1.9 billion for social innovation and have driven millions of federal resources toward programs that are achieving measurable results for those who need them most.

Grants made by New Profit

GranteeGrant descriptionAmount
ZearnProgram Expansion$500,000
BARR CenterProgram Expansion$250,000
Project BastaProgram Expansion$250,000
...and 81 more grants made totalling $12,485,000

Who funds New Profit

Grants from foundations and other nonprofits
GrantmakerDescriptionAmount
Fidelity Investments Charitable Gift FundFor Grant Recipient's Exempt Purposes$3,196,834
Bill & Melinda Gates FoundationK-12 Education$2,085,000
The Boston Foundation (TBF)Operating Support/annual Fund$1,925,000
...and 44 more grants received totalling $19,722,381

Personnel at New Profit

NameTitleCompensation
Deborah SmoloverManaging Partner , Ed of America Forward / Managing Partner , Ed of America Forw / Executive Director , America Forward / Executive Director of America Forward$342,260
Douglas BorchardManaging Partner , Chief Operating Officer / Managing Partner , Chief Operating of / Managing Director and Chief Operating Officer$282,915
Ian MageeManaging Partner , Chief Financial Officer / Managing Partner , Chief Financial of / Chief Financial Officer$249,376
Tulaine MontgomeryChief Executive Officer$426,103
Vanessa KirschFounder and Chief Executive Officer / Managing Director and Founder$420,242
...and 15 more key personnel

Financials for New Profit

RevenuesFYE 12/2022
Total grants, contributions, etc.$21,717,666
Program services$160,125
Investment income and dividends$278,559
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$22,156,350

Form 990s for New Profit

Fiscal year endingDate received by IRSFormPDF link
2022-122023-11-07990View PDF
2021-122022-11-11990View PDF
2020-122021-09-07990View PDF
2019-122022-03-10990View PDF
2019-122020-12-07990View PDF
...and 10 more Form 990s
Data update history
July 8, 2024
Received grants
Identified 3 new grant, including a grant for $100,000 from Tower Family Fund
January 21, 2024
Updated personnel
Identified 4 new personnel
January 14, 2024
Posted financials
Added Form 990 for fiscal year 2022
January 3, 2024
Received grants
Identified 29 new grant, including a grant for $2,085,000 from Bill & Melinda Gates Foundation
December 31, 2023
Used new vendors
Identified 3 new vendors, including , , and
Nonprofit Types
Grantmaking organizationsBusiness and community development organizationsCharities
Issues
Community improvementEconomic development
Characteristics
Political advocacyProvides grantsLobbyingNational levelReceives government fundingTax deductible donationsAccepts online donations
General information
Address
99 Bedford St 500
Boston, MA 02111
Metro area
Boston-Cambridge-Newton, MA-NH
County
Suffolk County, MA
Website URL
newprofit.org/ 
Phone
(617) 912-8800
Facebook page
newprofitinc 
Twitter profile
@newprofit 
IRS details
EIN
04-3396766
Fiscal year end
December
Taxreturn type
Form 990
Year formed
1997
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
S30: Economic Development
NAICS code, primary
813211: Grantmaking Foundations
Parent/child status
Independent
California AB-488 details
AB 488 status
May Operate or Solicit for Charitable Purposes
Charity Registration status
Current - Awaiting Reporting
FTB status revoked
Not revoked
AG Registration Number
CT0195967
FTB Entity ID
None yet
AB 488 data last updated ("as-of") date
2024-10-16
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