Sustaining “gritty hope” together
Dear New Profit Community,
Two years ago, at New Profit’s 25th Anniversary Celebration, I said that I have an unshakeable faith that transformational change is possible within our lifetime. That faith has been tested this year—and it remains undeterred. Not as blind optimism, but as gritty hope.
That hope comes from the social entrepreneurs who made bold pivots to preserve and advance their missions in a challenging environment; from our peers, partners, and supporters who stepped up their giving when they could have easily stepped back; and from our dedicated staff and Board, who are responsive to the evolving needs of the organizations we have the privilege of supporting.
As a student of history and a futurist, I know that lasting change will not come from a single solution, leader, or organization. The challenges before us—as we approach the 250th birthday of the signing of the Declaration of Independence—are too complex, and the stakes too high, for any one of us to solve alone.
Through the ups and downs of this year, I’ve been reflecting on what it means to move from independence to interdependence. When we bring together people who carry different perspectives and lived experiences, we begin to see what’s truly possible. These are The M.I.C.™ constellations that will help us chart the pathways to a future where everyone can thrive.
In these constellations, each of us has a role to play. At New Profit, our role is to provide the capital, capacity, and community that fuel organizations reimagining America’s systems of opportunity. This year, we took an important step to understand the impact of that work. In the largest third-party evaluation in New Profit’s history, findings confirmed that when we build trusted relationships, both within affinity and across difference, organizations thrive and their impact multiplies:
• 100 percent of social entrepreneurs reported satisfaction with their New Profit relationship, and 92 percent said they benefited “a great deal.”
• Over half reported stronger access to networks and greater field influence.
• Both alumni and current social entrepreneurs cited gains in impact, reach, and funding opportunities.
• More than three-quarters of social entrepreneurs described their Deal Partner—the New Profit staff member who works most closely with them—as a “trusted ally” and “critical friend.”
These findings, which you can read more about in this report, are more than data points—they’re proof of what’s possible when we invest in proximate expertise and leadership. These findings show the power of doing this work together.
As I look ahead to this milestone year for America, I hold this truth to be self-evident: progress will not come from a single shining star but from a constellation of leaders working together. Thank you for being part of the New Profit community.
With gratitude,
Tulaine Montgomery
New Profit CEO
“The challenges before us—as we approach the 250th birthday of the signing of the Declaration of Independence—are too complex, and the stakes too high, for any one of us to solve alone.
Tulaine Montgomery
CEO, New Profit
Year in Review
From Metrics to Meaning: Our Impact
11
New Build Investments announced in 2025.
19
New Catalyze investments.
30.4M
core constituents served by our current portfolio in 2025.
$18.59M
investments made across our portfolio in 2025.
Lessons That Change Systems
The Power of Partnership: Findings From Our Largest Impact Evaluation
This year, an independent team at Brandeis University—commissioned by two of our anchor funders—conducted the most extensive study of New Profit’s impact in our 27-year history. This third-party evaluation found that our approach—combining capital, capacity, and community—delivers support that is trusted, effective, and enduring for proximate social entrepreneurs.
Advancing Economic Mobility Impact Through Collective Resilience
In February, New Profit’s second Economic Mobility Catalyze cohort gathered to celebrate a year of peer learning. The convening was a unique opportunity to reflect as a group: amid a volatile external landscape, what does it truly take to sustain this work? Read on to hear what we’ve learned alongside our social entrepreneurs.
Widespread Impact: Scaling Access for All
Discover how social entrepreneurs are moving beyond site-by-site replication to achieve widespread impact—equipping local partners with the tools, models, and mindset to scale while staying deeply connected to the communities they serve.
Future Caucus President and CEO Layla Zaidane Wins McNulty Prize
The award, given by The John P. and Anne Welsh McNulty Foundation, recognizes extraordinary leadership ventures undertaken by Aspen Institute fellows to address pressing global challenges through bold, lasting impact. Learn how Future Caucus, a New Profit grantee, works to empower young elected officials to bridge the partisan divide and lead a new era of collaborative governance.
Portfolio Investing
Advancing a more inclusive and thriving nation by backing high-impact organizations that expand access and opportunity across the U.S.
Our investment approach is rooted in a simple truth: the people closest to a challenge are best equipped to drive lasting change. In 2025, we put this belief into action by backing proximate leaders and organizations that bridge divides and create solutions with the power to produce deeper, more durable impact.
Our reach: advancing opportunity in communities nationwide.
We supported 85 organizations this year across our portfolio, advancing education, democracy, and economic mobility throughout the U.S.
Key
# partners in each state
Portfolio Spotlights
Across our portfolio, leaders and organizations are transforming systems and deepening their impact through data-driven insights, collaboration, and innovative, proximate approaches.
Marcy Lab School
Hear from the Marcy Lab School’s co-founder on how the organization is building a pathway to success for all students, with or without a college degree.
Equitable Education Recovery Initiative
Lessons of connection, collective voice, and collaborative healing from the social entrepreneurs of our EERI cohort.
Transcend
Transcend’s survey of student voices revealed what students are actually experiencing in school–and how that shapes their learning.
Through our investment vehicles, we meet organizations where they are.
Build investments are $1M+ multi-year, unrestricted grants that come with deep strategic support and a dedicated New Profit Deal Partner who serves as a trusted advisor to the social entrepreneurs and as a member of the organization's board of directors.
Highlights:
In 2025, we made 11 new Build Investments and saw 4 successful exits after four years of deep partnership.
21
Build organizations were offered advanced disbursements (14 of which opted to receive funds) providing added flexibility to address near-term financial pressures and ensure continuity of programs.
63%
of Build portfolio organizations reported a year-over-year increase in core constituents served.
22%
median growth in core constituents served (compounded annually over 3 years) in the Build Portfolio.
Build Organizations

Village of Wisdom
Village of Wisdom partners with Black parents to co-design culturally affirming learning environments that affirm and protect Black children’s brilliance—what they call “Black Genius.”
Social Entrepreneur:
Dr. William Jackson
New Profit Deal Partner:
christian perry
Joined Portfolio:
2025


Fair Count
Fair Count builds long-term power within historically undercounted communities. With the census as their North Star, they use every iteration of civic participation as a catalyst to build a more equitable democracy.
Social Entrepreneur:
Dr. Jeanine Abrams McLean
Rebecca DeHart
New Profit Deal Partner:
Molly O'Donnell
Joined Portfolio:
2025

The Workers Lab
The Workers Lab is the nation’s home for worker-centered innovation. As an intermediary investor and accelerator, it gives new ideas developed for and with workers a chance to succeed.
Social Entrepreneur:
Adrian Haro
New Profit Deal Partner:
Abigail Golden-Vazquez
Joined Portfolio:
2025
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.
19
New Catalyze portfolio organizations in 2025. We also wrapped economic mobility and civic lab cohorts.
Serving communities across the country
Catalyze organizations support communities in 47 states and the District of Columbia.
A valuable peer learning experience
Our social entrepreneurs rated their cohort experience an average score of 3.62 out of 4.
Catalyze Organizations

Life After Release
Life After Release’s mission is to build a movement among Black women and families to abolish the criminal legal system, rebuild our devastated communities, and keep each other safe through community safety alternatives.
Social Entrepreneur:
Qiana Johnson
New Profit Deal Partner:
christian perry, Shiko Rugene
Joined Portfolio:
2025

Boys to Men Tucson, INC
Boys to Men Tucson strengthens communities by nurturing intentional spaces for boys, men, and masculine-identified folks to practice honest and mindful relationships.
Social Entrepreneur:
Erica Smith
New Profit Deal Partner:
Hassan Hassan, Alida Scecchitano
Joined Portfolio:
2025

FICGN
Formerly Incarcerated College Graduates Network (FICGN)’s mission is to promote the education and empowerment of formerly incarcerated people through collective community.
Social Entrepreneur:
Terrell Blount
New Profit Deal Partner:
christian perry, Shiko Rugene
Joined Portfolio:
2025
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 portfolio and are navigating inflection points in their growth.
25%
Transform investments reported a year-over-year increase in core constituents served.
21 states
and the District of Columbia are being served by New Profit’s current Transform portfolio.
7%
Average year-over-year Transform organization budget growth.
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:
2023


GirlTREK
GirlTREK is a dynamic grassroots movement and the largest public health nonprofit for Black women and girls in America.
Social Entrepreneur:
T. Morgan Dixon
Vanessa Garrison
New Profit Deal Partner:
Tulaine Montgomery
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

Transcend
Transcend is a national nonprofit that helps communities reimagine and redesign schools so every young person can thrive in a rapidly changing world.
Social Entrepreneur:
Aylon Samouha
New Profit Deal Partner:
Trevor Brown
Joined Portfolio:
2023
“The strategic advising I received through New Profit was transformative for both my leadership journey and our organization. It provided a critical framework that helped me align our mission with sustainable operational practices.”
Economic Mobility Catalyze Cohort Member
Field Building
This Will Take All of Us
In a challenging year, we leaned into fortifying, actionable conversations to cultivate hope, share lessons learned, and build connection–because none of us can shift systems alone.
Advancing the Field
Elevating shared learning to drive systemic progress
Field Building in Action: 2025 Highlights
As students of history, we know none of us can shift systems alone. We’re proud to share highlights from these field building efforts, where we amplified the power of cross-sector collaboration and the collaborative networks that make real change possible.
Beyond the Headlines
A deep dive into trends and opportunities in youth mental health.
Say More with Tulaine Montgomery
This year, the podcast explored how we can maintain hope when that task feels the hardest.
ECSO: A New Model for Cross-sector Collaboration
Explore this report to learn how we approached and implemented a cross-sector collaboration with the MA Department of Early Education and Care, as well as the key insights and recommendations that can support other organizations pursuing similar work in the early education space.
Collaborators
Leadership, Board
& Donors
Investors
Mark and Carolyn Ain
The Allstate Foundation
Allstate Insurance Company
American Student Assistance (ASA)
Anonymous (10)
Arrow Impact
Pauline and Robbie Bach
Ballmer Group
Steve and Deborah Barnes
Barry J Barresi
Marcia Barresi Wilson
Carnegie Corporation of New York
Dan and Robin Catlin
Chan Zuckerberg Initiative DAF
Silicon Valley Community Foundation
Howard P. Colhoun Family Foundation
Comcast
Commonwealth Children’s Fund
Deloitte
Alisa and Dan Doctoroff
Doran Family Charitable Trust
Eastern Bank
Paul and Sandy Edgerley
Bain Capital
Stuart and Randi Epstein
Robert and Courtney Farkas
Jeff and Loren Feingold
Dom and Molly Ferrante
Gates Foundation
Chris and Mary Beth Gordon
Allan & Gill Gray Philanthropies
Jackie and Blair Hendrix
Bain Capital
David and Ellen Horing
IBM
Stacy Janiak
The Joyce Foundation
JPMorgan Chase Foundation
Florence Koplow
Jeannie and Jonathan Lavine
The LEGO Foundation
Matt Levin
Ellie and Phil Loughlin
Anne and Paul Marcus
MassMutual Foundation
Henry McCance
The McCance Foundation
Uri Meidan
Doug and Audrey Miller
Garrett and Mary Moran
Valerie Mosley
Matt and Einat Ogden
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
T. Rowe Price Foundation
Ann and Richard Sarnoff Family Foundation
Ronald Schrager and Wendy Hart
Peg Senturia
Valerie and Lee Shapiro
Skoll Foundation
Brian and Stephanie Spector
Venkat and Pratima Srinivasan
Blake and Alexandra Stuart
Stuart Foundation
Peter Swift and Diana McCargo
Tandem Philanthropies
Susan and David Tunnell
Walton Family Foundation
Jean and Rick Witmer
Howard and Candice Wolk
Supporters
Anonymous (4)
Bain Capital, LP
Ned and Jill Bicks
Alexandra Bowers and James Liu
Fay and Julian Bussgang
Adria Chamberlain
Kerwin K. Charles
Google.org Charitable Giving Fund
The Harnik Family Foundation
Stephen P. and Paula D. Johnson
Max Nibert
Eric and Shirley Paley
Sue and Bernie Pucker
Natalie Rekstad
Black Fox Global
Peter Sarnoff
Schultz Family Foundation
Alan Silberstein
David and Peggy Tanner
Peter and Laurie Thomsen
Strategic Collaboration
Over the past decade, our collaboration with Deloitte has supported dozens of New Profit portfolio organizations reaching millions of people across America.
This year, New Profit hosted three “Future Labs” for Build grantees, led by Deloitte. These sessions helped participants explore different uncertainties for the social sector, discuss the implications for their organizations, and build confidence in scenario planning tools. All attendees surveyed found the Labs “very valuable or mostly valuable,” with one participant noting, “This was an exciting way to think about scenario planning. I really enjoyed the concept and it feels very actionable.”
Finances
Revenue Breakdown
Net Assets
Expense Breakdown
Portfolio Investing
- Portfolio Grants
- Grantee Support
- Deloitte Pro Bono
- Select Donor Supported Initiatives
Field Building
- America Forward
- Convenings
- Field Building
New profit infrastructure
- Administration
- Investor Relations
- Communications
- Legal/Strategy Pro Bonos
The figures included in the above graphics and table are based on the audited financial statements for CY2024.