Annual Report
2024

Stepping up to the M.I.C.TM

Bridging gaps to harness our
collective power

Circle Access and Opportunity

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.

ELSF in action

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

11+
9-10
6-8
3-5
1-2

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

Chad Rountree Propel America

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_ Rebecca Onie

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

America Forward

The Well

Our national gathering brought together 450 cross-sector leaders in Baltimore

The Well

Say More with Tulaine Montgomery

We welcomed guests including Krista Tippett, Sanjay Purohit, and Dr. Richard Davidson.

Say More with Tulaine Montgomey

Shared America

We supported a campaign to amplify stories of unlikely allies uniting for change in America.

Shared America
Advancing Ideas

Advancing high-impact ideas and practices to pursue systemic change

Collaborators

Leadership, Board   
& Donors

Doug Borchard

Chief Operating Officer

New Profit
Amina Fahmy Casewit
Amina Fahmy-Casewit

Managing Partner, Portfolio Investing

New Profit
Matrika Bailey-Turner
Matrika Bailey Turne

Chief of Staff

New Profit
Shawn Dove

Managing Partner, Ecosystem Building

New Profit
Nikhil Gehani

Managing Partner, Communications

New Profit
Eliza Greenberg

President

New Profit
Kevin Greer

Chief Administrative Officer

New Profit
Ian Magee

Chief Financial Officer

New Profit
Abby Marquand
Abby Marquand

Managing Partner, Economic Mobility

New Profit
Montgomery, Tulaine
Tulaine Montgomery

CEO

New Profit
Molly O’Donnell

Managing Partner, Portfolio Investing

New Profit
Max Polaner

Managing Partner, Investor Relations

New Profit
Shruti Sehra

Managing Partner, Ecosystem Building and Education

New Profit
Deborah Smolover

Managing Partner/Executive Director, America Forward

New Profit
Gia Truong

Managing Partner, Equity & Proximity

New Profit
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Board Bekenstein, Josh
Josh Bekenstein

Senior Advisor

Bain Capital
Kerwin Charles

Dean

Yale School of Management
Sam Cobbs

CEO

Tipping Point Community
Alisa-Doctoroff board
Alisa Doctoroff

Chair

Jim Joseph Foundation
David Gergen

Founding Director, Professor of Public Service

Center for Public Leadership Harvard Kennedy School
Stacy Janiak

Global Deputy CEO

Yale School of Management
Stephen M. Jennings

Board Chair

New Profit
Vanessa Kirsch

Founder-in-Residence & Senior Partner

New Profit
Wendy Kopp

CEO & Co-Founder

Teach for All
Matthew Levin

Managing Partner

Twin Shores Capital
Henry McCance

Chairman Emeritus

Greylock Partners
Duncan McFarland

The Bromley Charitable Trust
Kwasi Mitchell Board
Kwasi Mitchell

Chief Purpose & DEI Officer

Deloitte
Tulaine Montgomery

CEO

New Profit
Valerie Mosley

CEO & Founder

BrightUp
Kristin Mugford

Melvin Tukman Senior Lecturer of Business Administration

Harvard Business School
Deborah Quazzo

Managing Partner & Co-Founder

GSV Ventures
John Rice

Founder & CEO

MLT
Brian Spector

Chairperson

Reflow Medical
Venkat Srinivasan

Managing Director

Innospark Ventures
Jeffrey C. Walker

Board Member

New Profit
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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

 

Pinterest

 

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

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Numbers may not add due to rounding. The figures included in the below graphics and table are based on the audited financial statements for CY2023.

Revenue Breakdown

Corporations and Foundations $19.7M
In-Kind Services $2.4M
Program Fees and Other Misc. $3.4M
Individuals and Family Foundations $50.9M
Total Revenue $76.4M

Net Assets

Change in Net Assets $29.4
Change in purpose-restricted $38.3
Change in time-restricted -$8.1
Change in unrestricted -$0.7
Total Net Assets $130.1
Purpose-restricted $93.2
Time-restricted $6.4
Unrestricted $30.5

Expense Breakdown

Impact Programming: $32.6M

Portfolio Investing

  • Portfolio Grants
  • Grantee Support
  • Deloitte Pro Bono
  • Select Donor Supported Initiatives
66%
$27.6M

Ecosystem building

  • America Forward
  • Convenings
  • Field Building
12%
$5.0M
 

New profit infrastructure

  • Administration
  • Development
  • Communications
  • Legal/Strategy Pro Bonos
24%
$10.4M
Total Expenses: $43.9M
FOR ENTREPRENEURS

Get support in tackling your big challenges.

FOR SUPPORTERS

Help us catalyze America’s visionaries.

Annual Report 2024
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