Annual Report
2024
Stepping up to the M.I.C.TM
Bridging gaps to harness our
collective power
Creating unity without uniformity
Dear Friends,
As I reflect on this year, two words come to mind: change and complexity. By the end of 2024, 64 countries representing half the world’s population will have held elections. Major advancements and new applications of artificial intelligence have begun to transform how we learn, work, and engage with each other. And the amount of misinformation and disinformation contributing to a collective sense of division continues to rise.
Despite the almost hourly stories of fragmentation, a growing body of research—including our Shared America efforts outlined in this report—shows that the number of people who are seeking deeper connection, who are eager to expand opportunity, and who are committed to a multiracial democracy is far larger than the number of people opposed to such things. I know this to be true because I see evidence of it every day in the New Profit community.
Whether I’m working with you directly, hearing stories of impact from communities across the country, or speaking with funders, social entrepreneurs, and business leaders doing their best to make things better, I see the abundance of people, organizations, networks, and communities that are persistent, focused, and coming together with like-hearted partners to accomplish worthy goals. This collaborative community is the reason that I know, without any doubt, hesitation, or reservation, that the aspirations we are working towards are well within our reach.
The impact of this unified purpose—not to be confused with a uniform perspective—is clear to see. We accelerated and expanded our support for social entrepreneurs who are reimagining America’s systems of opportunity, investing $31.4M in 38 organizations operating across the country. In November, we gathered 450 leaders at The Well in Baltimore to sense-make, explore the issues and viewpoints, and create space for restoration and wellbeing. We partnered with several international foundations to co-found the Centre for Exponential Change, a collective of systems-level funders driving change around the globe, to help strengthen our ability to identify and support the most effective strategies for innovation and impact. And, to that end, we leveraged human-centered design to develop new methods to remove biases from the sourcing process and expand our pipeline of eligible grantee partners by 25x.
In the content that follows, you’ll meet:
The brilliant entrepreneurs who center the expertise of their constituents, their community members, and their own lived experiences to reshape our education, economic, and democratic systems;
The dedicated partners co-designing and collaborating to generate impact at the scale and depth that matches our ambitions for this country; and,
The investors and supporters who continue to demonstrate an unshakeable faith in our ability to work towards the promise of America.
Though the complexity we faced in 2024 will not recede anytime soon, I am confident in our ability to expand access and opportunity for all to thrive. What’s still needed of us in social impact is also what’s still needed in America: accelerating trust between unlikely allies, practicing curiosity over conviction in our relationships, and opening space for the often overlooked abundance and talent that has always existed in this country.
As I look ahead to 2025, I am grateful to each of you who make this work possible, plentiful, and powerful. I know that wherever we’re going to get to as a nation, we’re going to get there together.
“We believe in a future where whatever the role you play, you know that you have value, you’re treated with regard, and you have access to opportunity and self-determination. Wherever we’re going to get to as a nation, we’re going to have to get there together.
Tulaine Montgomery
CEO, New Profit
Year in Review
Coming together for outsized impact
10
New Build investments
24
New Catalyze Investments
$31.4M
Investments across portfolio in 2024
35.1M
Lives touched across multi-year investments
4
New Transform Investments
Building new paths to opportunity
Expanding our support for high-impact leaders and organizations
We welcomed 10 new Build organizations into our portfolio this year, including America On Tech, Digital Promise, Liberation Ventures, The Marcy Lab School, Propel America, and Washington Housing Conservancy, expanding our support for high-impact leaders who are meaningfully guided by the communities they serve.
Shifting the narrative around second chances with John Legend
In collaboration with John Legend and FREEAMERICA, we launched a media campaign during Second Chance Month to highlight the stories of entrepreneurs in our Unlocked Futures cohort. The campaign is shifting the narrative around what it means to have a second chance and create new opportunities for those impacted by the American legal system.
Collaborating with systems-level funders to surface and share insights
We joined the Centre for Exponential Change, a collective driving transformational change globally. As a co-founder alongside Skoll Foundation, Beja Instituto, and Nilekani Philanthropies, our aim is to share learnings, identify levers for influence, and promote approaches that accelerate and deepen impact.
Gathering at The Well to Step Up to The M.I.C.™
At the second edition of The Well, 450 social entrepreneurs, funders, and ecosystem actors gathered in Baltimore for three days of sense-making, connection, community, and restoration. The event featured action-oriented sessions on strengthening American democracy, collaborating across differences, and creating space to advance critical ideas and solutions.
Leading with love in social impact at the 2024 Skoll World Forum
We brought together a group of global leaders for a discussion on how they use love as an engine to power breakthrough solutions and enduring social change. We also hosted a special reception to deepen relationships with our cross-sector community of innovators, philanthropists, and collaborators.
Responding to the youth mental health crisis through collaboration
Through our nonpartisan policy arm, America Forward, we partnered with Pinterest, the Schultz Family Foundation, and AmeriCorps to launch the Youth Mental Health Corps, a first-of-its-kind initiative to support youth mental health in schools and communities while creating on-ramps to opportunity for young adults through behavioral health careers.
Investing in organizations making economic opportunity more accessible
With support from the Ballmer Group and an anonymous donor-advised fund, we invested $1.6M across 16 organizations driving economic mobility in America. These organizations operate across a spectrum of economic mobility solutions including addressing the social drivers of employment outcomes, creating pathways to income generation, and improving financial health and wealth creation.
Accelerating solutions that are transforming our education system
We wrapped up the Equitable Education Recovery Initiative (EERI), a two-year effort to support organizations focused on both short-term recovery and long-term transformation of K-12 education systems. The 24 organizations in the cohort advanced community-based solutions in key areas such as tutoring, whole learner supports, and postsecondary advising.
Portfolio Investing
Creating a more prosperous and inclusive nation by investing in high-impact organizations expanding access and opportunity throughout America.
Our investment strategy is guided by the belief that those who are closest to an issue are in the best position to solve it. In 2024, we applied that principle by investing in proximate leaders and organizations who are working across historical and contemporary lines of difference to develop solutions that deliver better and more durable outcomes.
Reimagining our systems of opportunity in communities nationwide
We are currently invested in 82 organizations strengthening our democracy, driving economic mobility, and ensuring a quality education for all.
Key
# partners in each state
Portfolio Spotlights
The leaders and organizations in our portfolio represent a range of models that all leverage their proximity to the communities they serve to drive systems-level transformation.
Our investment vehicles provide support tailored to the unique needs of organizations
Build Investments are $1.5 million multi-year, unrestricted grants paired with a dedicated New Profit Deal Partner who works to cultivate authentic, transparent, and trusting relationships with social entrepreneurs and provide customized support based on
Highlights:
In 2024, we made 10 new Build Investments and saw 6 successful exits after four years of deep partnership.
More than half increased number of clients served this year
57.1% of our Build Investments reported a year-over-year increase in the number of people served. Together, these organizations registered a 12.6% median 3-year ‘lives touched’ annual growth rate.
Our Build portfolio served all 50 states, D.C., and PR
The organizations in our Build portfolio work in communities across the country, with some having a national reach.
Organizations grew across several metrics
60% of Build organizations reported annual expense growth rate of over 20% through the investment period. The average growth rate of an organization’s budget was 20.9% and median 3-year expenses grew by 35%.
Build Organizations
America On Tech
America On Tech is creating equitable pathways for the next generation of leaders from underestimated communities into degrees and/or careers in technology.
Social Entrepreneur:
Jessica Santana
New Profit Deal Partner:
Kelly Cutler
Joined Portfolio:
2024
One Goal
OneGoal is leading the movement to transform postsecondary advising and support by working with partners to bring equitable and effective postsecondary advising and support to all students.
Social Entrepreneur:
Melissa Connelly
New Profit Deal Partner:
David Levy
Joined Portfolio:
2024
Propel America
Propel America is pioneering a viable “third way” alternative for young adults who are seeking access to postsecondary pathways that lead to meaningful, upwardly mobile careers in healthcare.
Social Entrepreneur:
Chad Rountree
New Profit Deal Partner:
Wendy Lee Haines
Joined Portfolio:
2024
Highlights
Catalyze Investments provide $100,000 unrestricted grants, $10,000 for leadership development, and strategic advisory support, equipping social entrepreneurs with the tools and relationships needed to accelerate success.
Investing in new cohorts
During a year marked by complexity, we invested $2.6M in 24 organizations strengthening economic opportunity and civic engagement.
High satisfaction ratings from entrepreneurs
Our social entrepreneurs rated the New Profit cohort experience highly, with an average score of 3.74 out of 4, confirming the value of peer learning.
Growing our early-stage portfolio
We opened application periods for our next Unlocked Futures and Mental Health Equity cohorts, which together will support an additional 18 early-stage organizations.
Highlights
In 2024, we made 24 new Catalyze Investments and celebrated the completion of our EERI cohort.
Latinas Represent
Latinas Represent is the only national, nonpartisan group working to increase the number and diversity of Latinas in public service. Their goal is to transform communities and build a more reflective democracy by amplify
Social Entrepreneur:
Stephanie G Lopez
New Profit Deal Partner:
Christian Perry
Joined Portfolio:
2024
Rhizome
Rhizome’s mission is to activate young people’s identities into action and help youth treat civic service as the work of a lifetime. Young people hold untapped collective power to create the safer, happier, healthier wor
Social Entrepreneur:
Jacob Merkel
New Profit Deal Partner:
Christian Perry
Joined Portfolio:
2024
Cook Alliance
The Cook Alliance is a nonprofit working to legitimize and support informal home cooking businesses so that culinary entrepreneurship is accessible to all, and particularly empowering for homemakers, caregivers, women, p
Social Entrepreneur:
Roya Bagheri
New Profit Deal Partner:
Kelly Cutler
Joined Portfolio:
2024
Highlights
Transform Investments are $3M multi-year unrestricted grants paired with deep advisory support from a dedicated Deal Partner for organizations that are exiting—or have exited—our Build Investments portfolio and are navigating inflection points in their gr
We launched our newest investment vehicle earlier this year.
Our goal is to support leadership teams as they experience significant growth and are poised to deliver outsized impact in their field.
We provided funding at a higher dollar amount.
We assessed a limited number of organizations where we have existing and trusted relationships and a strong grasp of their financial sustainability, impact model, and growth trajectory.
Our support revolves around navigating major decision points
A dedicated New Profit Deal Partner serves as a trusted advisor to the social entrepreneur and the organization’s leadership team.
Transform Organizations
Braven
In partnership with universities and employers, Braven uses a scalable coaching and fellowship model backed by technology to bridge the education to employment gap for first generation college students.
Social Entrepreneur:
Aimée Eubanks Davis
New Profit Deal Partner:
David Levy
Joined Portfolio:
2024
Transcend
Transcend supports school communities to create and spread extraordinary, equitable learning environments.
Social Entrepreneur:
Aylon Samouha
New Profit Deal Partner:
Trevor Brown
Joined Portfolio:
2024
The Health Initiative (THI)
The Health Initiative (THI) is a nationwide effort to spur a new conversation about – and new investments in – health.
Social Entrepreneur:
Rocco Perla
Rebecca Onie
New Profit Deal Partner:
Kim Syman
Joined Portfolio:
2024
GirlTrek
GirlTrek is a global movement of Black women leveraging the historic legacy of walking and the power of self-care as a pathway to heal and transform our lives. We believe walking 30 minutes a day is a radical act of self
Social Entrepreneur:
T. Morgan Dixon
Vanessa Garrison
New Profit Deal Partner:
Tulaine Montgomery
Joined Portfolio:
2024
“Proximity is why we’ve been able to do what we do and be successful at it. I’m surrounded by the population that I want to serve, which means I’m always hearing the feedback and seeing the problems up close so that they can be addressed very quickly.
Jerelyn Rodriguez,
The Knowledge House
Ecosystem Building
Collaborating across lines of difference to advance meaningful change
Through our Ecosystem Building efforts, we create spaces, places, and ways for our multiracial, intergenerational, cross-sector (M.I.C.™) community to design together. We work with philanthropists, entrepreneurs, and other national and local stakeholders to explore, identify, and accelerate innovations that transform how we pursue systems change.
Ecosystem Efforts
America Forward
We mobilized our coalition of 100+ organizations in 2024 to advance bold policy ideas
Say More with Tulaine Montgomery
We welcomed guests including Krista Tippett, Sanjay Purohit, and Dr. Richard Davidson.
Shared America
We supported a campaign to amplify stories of unlikely allies uniting for change in America.
Advancing Ideas
Advancing high-impact ideas and practices to pursue systemic change
Unlocking state funding for early childhood
Following our five-year partnership, Massachusetts committed $18M over the next six years
Leading with love in social impact
We highlighted the power of love as a strategic tool for driving systems change.
Expanding our pipeline by 25 times
A collaborative design effort that led to a remarkable 25-fold increase in the number of eligible organizations considered for funding.
Imagine What’s Possible
America Forward’s breakthrough federal policy recommendations to strengthen America’s education system, create more pathways to economic prosperity, and safeguard our democracy for generations to come.
Collaborators
Leadership, Board
& Donors
Investors
Mark and Carolyn Ain
The Allstate Foundation
Allstate Insurance Company
American Student Assistance (ASA)
Anonymous (8)
Arrow Impact
Pauline and Robbie Bach
Ballmer Group
Steve and Deborah Barnes
Barry J Barresi
Marcia Barresi Wilson
Blue Meridian Partners
The Bromley Charitable Trust
Carnegie Corporation of New York
Dan and Robin Catlin
Chan Zuckerberg Initiative DAF
Silicon Valley Community Foundation
Howard P. Colhoun Family Foundation
Commonwealth Children’s Fund
Deloitte
Alisa and Dan Doctoroff
Doran Family Charitable Trust
Eastern Bank
Paul and Sandy Edgerley
Bain Capital
Michael and Barbara Eisenson
Charlesbank Capital Partners
Stuart and Randi Epstein
Robert and Courtney Farkas
Jeff and Loren Feingold
Dom and Molly Ferrante
Bill & Melinda Gates Foundation
Amy and Gary Goldberg
Goodwin
Google.org Charitable Giving Fund
Chris and Mary Beth Gordon
Allan & Gill Gray Philanthropies
Jackie and Blair Hendrix
Bain Capital
The William and Flora Hewlett Foundation
Hire Education Fund
a sponsored program of the Social Impact Fund
David and Ellen Horing
IBM
Imaginable Futures
Helen and David Jaffe
The Joyce Foundation
JPMorgan Chase Foundation
Ewing Marion Kauffman Foundation
Karlie Kloss
Florence Koplow
Jeannie and Jonathan Lavine
The LEGO Foundation
Matt Levin
Ellie and Phil Loughlin
Lubin Family Foundation
Bob Lurie
Anne and Paul Marcus
MassMutual Foundation
Henry McCance
The McCance Foundation
Uri Meidan
Douglas and Audrey Miller
Garrett and Mary Moran
Valerie Mosley
Matt and Einat Ogden
Christine Olsen and Rob Small
Monica O’Neil and Stephen Jennings
Cyril F. and Marie O’Neil Foundation
Saul Pannell and Sally Currier
Public Welfare Foundation
Deborah Quazzo
M K Reichert Sternlicht Foundation
Arthur and Lindsay Reimers
Mark Saadine
Ann and Richard Sarnoff Family Foundation
Ronald Schrager and Wendy Hart
Schultz Family Foundation
Peg Senturia
Valerie and Lee Shapiro
Skoll Foundation
Brian and Stephanie Spector
Venkat and Pratima Srinivasan
Strada Education Network
Blake and Alexandra Stuart
Stuart Foundation
Peter Swift and Diana McCargo
Tandem Philanthropies
UBS
Jeffrey C. and Suzanne C. Walker
Walmart
Walton Family Foundation
Patrick and Nina Wilson
Jean and Rick Witmer
Howard and Candice Wolk
Jan and Steve Zide
Zide Family Foundation
Supporters
Anonymous (5)
Bain Capital, LP
Ned and Jill Bicks
Alexandra Bowers and James Liu
Fay and Julian Bussgang
The Carolina Fund
Kerwin K. Charles
Stacy Janiak
Stephen P. and Paula D. Johnson
Max Nibert
Eric and Shirley Paley
Sue and Bernie Pucker
Natalie Rekstad
Black Fox Global
Peter Sarnoff
Alan Silberstein
Dorie Smith
Peter and Laurie Thomsen
Strategic Collaboration
Over the past decade, our collaboration with Deloitte has led to 52 unique projects providing strategic support to over 50 New Profit portfolio organizations reaching millions of people across America.
Financials
Revenue Breakdown
Net Assets
Expense Breakdown
Portfolio Investing
- Portfolio Grants
- Grantee Support
- Deloitte Pro Bono
- Select Donor Supported Initiatives
Ecosystem building
- America Forward
- Convenings
- Field Building
New profit infrastructure
- Administration
- Development
- Communications
- Legal/Strategy Pro Bonos