EIN 04-3396766

New Profit

IRS 501(c) type
501(c)(3)
Num. employees
86
City
Year formed
1997
Most recent tax filings
2023-12-01
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
$74,873,760
2023
Total expenses
$40,589,935
2023
Total assets
$130,066,105
2023
Num. employees
86
2023

Program areas at New Profit

Portfolio - transformthrough our transform investments, we provide grantee-partners a $3m+ multi-year, unrestricted grant and deep 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 that are navigating significant inflection points in their growth and aiming to drive large-scale impact in their field. Our grantee-partners are driving impact in democracy, education, economic mobility, and health.
Portfolio - portfolio performance & supportnew Profit assumes a variety of roles including with grantee-partners 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 reach and sustainability, in the long-term. Throughout the investment period, New Profit also invites grantee-partners and alumni to take part in convenings that bring together peer organizations, field experts, and philanthropic players from across our national network.

Grants made by New Profit

GranteeGrant descriptionAmount
BravenProgram Expansion$1,669,168
TranscendProgram Expansion$750,000
OneGoalProgram Expansion$377,500
...and 98 more grants made totalling $16,991,668

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 45 more grants received totalling $19,924,881

Personnel at New Profit

NameTitleCompensation
Doug BorchardManaging Partner , Chief Operating Officer$260,640
Ian MageeManaging Partner , Chief Financial Officer$352,855
Shruti SehraManaging Partner , Ecosystem Bldg and Ed$244,031
Vanessa KirschFounder in Residence and Senior Partner$444,313
Matrika Bailey-TurnerChief of Staff$161,895
...and 21 more key personnel

Financials for New Profit

RevenuesFYE 12/2023
Total grants, contributions, etc.$71,496,194
Program services$105,877
Investment income and dividends$3,271,689
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$74,873,760

Form 990s for New Profit

Fiscal year endingDate received by IRSFormPDF link
2023-122024-10-22990View PDF
2022-122023-11-07990View PDF
2021-122022-11-11990View PDF
2020-122021-09-07990View PDF
2019-122022-03-10990View PDF
...and 11 more Form 990s

Organizations like New Profit

OrganizationLocationRevenue
Opportunity Finance Network (OFN)Philadelphia, PA$24,971,319
Battle Creek Unlimited (BCU)Battle Creek, MI$19,224,833
Invest DetroitDetroit, MI$24,220,233
Local Initiatives Support CorporationNew York, NY$290,171,184
Financial Health Network (CFSI)Chicago, IL$19,220,654
IcastLakewood, CO$21,039,992
Hoosier Uplands Economic Development CorporationMitchell, IN$21,400,001
Spruce RootJuneau, AK$20,825,542
Community Reinvestment Fund (CRF)Minneapolis, MN$55,474,462
Craft3Astoria, OR$19,219,259
Data update history
October 20, 2024
Updated personnel
Identified 4 new personnel
September 21, 2024
Received grants
Identified 7 new grant, including a grant for $1,925,000 from The Boston Foundation (TBF)
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
Nonprofit Types
Grantmaking organizationsBusiness and community development organizationsCharities
Issues
Community improvementEconomic development
Characteristics
Provides 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
2024-12-04
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