New Profit Inc
- Assets
- $130.1m
- Revenue
- $74.9m
- Investments
- $0.0
- Employees
- 86
- Location
- Boston, MA
- Founding
- 10/1998
- Data as of
- 12/2023
- EIN
- 04-3396766
Organization Overview
New Profit Inc is located in Boston, MA. The organization was established in 1998. According to its NTEE Classification (S50) the organization is classified as: Nonprofit Management, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, New Profit Inc employed 86 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Profit Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, New Profit Inc generated $74.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $40.6m during the year ending 12/2023. While expenses have increased by 3.2% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, New Profit Inc has awarded 630 individual grants totaling $142,563,476. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
NEW PROFIT IS A VENTURE PHILANTHROPY ORGANIZATION THAT BACKS SOCIAL ENTREPRENEURS WHO ARE ADVANCING EQUITY AND OPPORTUNITY IN AMERICA. NEW PROFIT EXISTS TO BUILD A BRIDGE BETWEEN THESE LEADERS AND A COMMUNITY OF PHILANTHROPISTS WHO ARE COMMITTED TO CATALYZING THEIR IMPACT. NEW PROFIT PROVIDES UNRESTRICTED GRANTS AND STRATEGIC SUPPORT TO A PORTFOLIO OF ORGANIZATIONS LED BY VISIONARY SOCIAL ENTREPRENEURS TO INCREASE THEIR IMPACT, SCALE, AND SUSTAINABILITY. IT ALSO PARTNERS WITH SOCIAL ENTREPRENEURS AND OTHER CROSS-SECTOR LEADERS TO SHIFT HOW GOVERNMENT AND PHILANTHROPY PURSUE SOCIAL CHANGE TO ENSURE THAT ALL PEOPLE CAN THRIVE. SINCE ITS FOUNDING IN 1998, NEW PROFIT HAS INVESTED OVER $350M IN 250+ ORGANIZATIONS AND, THROUGH THE AMERICA FORWARD COALITION'S COLLECTIVE ADVOCACY EFFORTS, HAS UNLOCKED OVER $1.9B IN GOVERNMENT FUNDING FOR SOCIAL INNOVATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vanessa Kirsch Founder-In-Residence And Senior Partner | OfficerTrustee | 45 | $444,313 |
Tulaine Montgomery CEO | OfficerTrustee | 45 | $522,002 |
Steve Jennings Chairman | OfficerTrustee | 1 | $0 |
Steve Barnes Director | Trustee | 1 | $0 |
Josh Bekenstein Director | Trustee | 1 | $0 |
Kerwin Charles Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Anjealetta Williams Event Planning Services | 12/30/23 | $774,481 |
Evaluation Strategy Llc Evaluation And Portfolio Support | 12/30/23 | $267,750 |
Jeff Nelson Portfolio Support And Strategy | 12/30/23 | $234,000 |
Mcpherson Strategies Llc Communication Strategy And Implementatio | 12/30/23 | $189,400 |
Lisa Guy Growth Management And Edip Support | 12/30/23 | $110,750 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $71,496,194 |
| Noncash contributions included in lines 1a–1f | $106,700 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $71,496,194 |
| Total Program Service Revenue | $105,877 |
| Investment income | $3,271,689 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $74,873,760 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $17,096,668 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,554,954 |
| Compensation of current officers, directors, key employees. | $1,651,361 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,356,712 |
| Pension plan accruals and contributions | $217,906 |
| Other employee benefits | $1,140,537 |
| Payroll taxes | $834,484 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $59,324 |
| Fees for services: Lobbying | $38,835 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,262,371 |
| Advertising and promotion | $0 |
| Office expenses | $88,901 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,020,031 |
| Travel | $605,477 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,990,085 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $40,589,935 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,338,856 |
| Savings and temporary cash investments | $69,794,226 |
| Pledges and grants receivable | $54,569,548 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $287,931 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,075,544 |
| Total assets | $130,066,105 |
| Accounts payable and accrued expenses | $550,324 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,170,558 |
| Total liabilities | $1,720,882 |
| Net assets without donor restrictions | $28,734,657 |
| Net assets with donor restrictions | $99,610,566 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $130,066,105 |
Grants Awarded
Over the last fiscal year, New Profit Inc has awarded $17,091,668 in support to 102 organizations.
| Grant Recipient | Amount |
|---|---|
40 SCHOOLS PURPOSE: PROGRAM EXPANSION | $250,000 |
AVANCE PURPOSE: PROGRAM EXPANSION | $250,000 |
BACKFIELD IN MOTION INC PURPOSE: PROGRAM EXPANSION | $125,000 |
BARR CENTER PURPOSE: PROGRAM EXPANSION | $250,000 |
BEATS RHYMES AND LIFE INC PURPOSE: PROGRAM EXPANSION | $100,000 |
BELOVED COMMUNITY CENTER OF GREENSBORO INC PURPOSE: PROGRAM EXPANSION | $250,000 |