New Profit is a venture philanthropy organization based in Boston, Massachusetts, dedicated to catalyzing the impact of social entrepreneurs who are expanding access and opportunity in America. Founded in 1998, the organization operates as a 501(c)(3) public charity that provides capital, capacity, and community support to a portfolio of high-impact organizations. New Profit works across historical and contemporary lines of difference to transform networks of stakeholders into multiracial, intergenerational, cross-sector communities for change through an approach called the M.I.C.™
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$120.3M
-7.5% YoY
Annual Giving
$16.8M
-2.0% YoY
Grant Count
83
-18.6% YoY
Avg Grant Size
$202K
+20.4% YoY
Mission & Focus Areas
New Profit's mission is to catalyze the impact of social entrepreneurs who are expanding access and opportunity in America. The organization is committed to an evolution of America that enables access and opportunity for all to thrive.
The organization invests in organizations and initiatives across four primary focus areas:
Education — Investing in organizations that engage parents and caretakers, thoughtfully leverage technology, and support student wellbeing.
Economic Mobility — Investing in transformative strategies that advance employment outcomes, pathways to income generation, and financial health.
Democracy — Investing in organizations and initiatives that strengthen civic trust and contribute to a strong civic culture in America.
Emergent Areas — Investing in critical and emerging issue areas including mental health, justice-impacted communities, and more.
Grantmaking
New Profit operates two primary investment programs:
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Geographic Focus
Where this funder awards grants
New Profit funds organizations across all 50 states, with particular concentration in California, New York, and Illinois.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
2024 Financial Data:
- Total Assets: $120,251,296
- Total Revenue: $33,625,326
- Total Expenses: $43,748,913
- Total Liabilities: $2,030,000
- Total Giving: $16,880,857
- Number of Employees: 99
Historical Impact:
- Invested over $350 million since 1998
- Supported 275+ organizations
- Served more than 35 million people across all 50 states
- Unlocked over $1.9 billion in government funding for social innovation
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $120,251,296 | $130,066,105 | $102,096,696 |
| Revenue | $33,625,326 | $74,873,760 | $22,156,350 |
| Expenses | $43,748,913 | $40,589,935 | $35,518,909 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $4,011,814 | $3,271,689 | $278,559 |
| Distributable Amount | — | — | — |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
247 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
Tulaine Montgomery — CEO
Notable portfolio organizations include:
- Digital Promise — Led by Jean-Claude Brizard (CEO)
- Transformational Prison Project — Led by Armand Coleman (Executive Director)
- Inclusive Action For The City — Led by Rudy Espinoza (CEO)
- The Confess Project of America — Led by Jordon Lewis (CEO)
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| TULAINE MONTGOMERY | CEO | 45 | $523,644 |
| VANESSA KIRSCH | FOUNDER IN RESIDENCE AND SENIOR PARTNER | 45 | $361,450 |
| STEVE JENNINGS | CHAIRMAN | 1 | — |
| STEVE BARNES | DIRECTOR (UNTIL 5/2024) | 1 | — |
| JOSH BEKENSTEIN | DIRECTOR | 1 | — |
| KERWIN CHARLES | DIRECTOR | 1 | — |
| SAM COBBS | DIRECTOR | 1 | — |
| ALISA DOCTOROFF | DIRECTOR | 1 | — |
| DAVID GERGEN | DIRECTOR | 1 | — |
| STACY JANIAK | DIRECTOR | 1 | — |
| WENDY KOPP | DIRECTOR | 1 | — |
| MATT LEVIN | DIRECTOR | 1 | — |
| HENRY MCCANCE | DIRECTOR | 1 | — |
| DUNCAN MCFARLAND | DIRECTOR | 1 | — |
| KWASI MITCHELL | DIRECTOR | 1 | — |
| VALERIE MOSLEY | DIRECTOR (UNTIL 10/2024) | 1 | — |
| KRISTIN MUGFORD | DIRECTOR | 1 | — |
| MARK NUNNELLY | DIRECTOR (UNTIL 5/2024) | 1 | — |
| DEBORAH QUAZZO | DIRECTOR | 1 | — |
| JOHN RICE | DIRECTOR | 1 | — |
| BRIAN SPECTOR | DIRECTOR | 1 | — |
| VENKAT SRINIVASAN | DIRECTOR | 1 | — |
| JEFFREY WALKER | DIRECTOR | 1 | — |
| DOUGLAS BORCHARD | MANAGING PARTNER, COO | 45 | $345,173 |
| IAN MAGEE | MANAGING PARTNER, CFO | 45 | $274,268 |
| ELIZA GREENBERG | PRESIDENT | 45 | $342,703 |
| GIA TRUONG | MANAGING PARTNER, EQUITY & PROXIMITY | 45 | $248,766 |
| MATRIKA BAILEY-TURNER | CHIEF OF STAFF | 45 | $169,016 |
| DAVID LEVY | SENIOR ADVISOR | 45 | $359,965 |
| DEBORAH SMOLOVER | MANAGING PARTNER,ED OF AMERICA FORWARD | 45 | $338,948 |
| 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 |
Recent News & Activity
Recent developments and announcements
New Profit has announced recent investments in organizations advancing its core focus areas:
New Profit Invests in 16 Organizations Advancing Economic Mobility in 2026Invested in 16 organizations advancing economic mobility in 2026
New Profit Invests in 16 Organizations Advancing Economic Mobility in 2026Launched an inaugural Alumni Lab Cohort
New Profit Launches Inaugural Alumni Lab Cohort - New ProfitWelcomed four Build organizations strengthening economic mobility and education
New Profit Invests in 16 Organizations Advancing Economic Mobility in 2026The organization published 2026 Field Insights titled "The Only Constant is Change: How Philanthropy Can Evolve in this Era of Uncertainty."
Contact Information
Address: 99 Bedford Street, Suite 500, Boston, MA 02111
Phone: 617-912-8800
Website: www.newprofit.org
EIN: 04-3396766
Subject Areas
Focus areas based on grantmaking activity
Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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