Annual Report 2025

insights
that ignite

Turning learning into lasting impact.

These bright spots underscore a broader trend: despite the weight of this moment, leaders are not just holding the line; they’re pushing forward.”

Reflections from this year’s Economic Mobility cohort on what it takes to sustain their work.

Growth doesn’t have to mean duplicating the same model everywhere.”

Lessons learned in our new report, 
Widespread Impact: Scaling Access for All.

New Profit and Unlocked Futures provided invaluable training that strengthened our capacity in fundraising, board development, and overall strategic direction…I feel more equipped than ever to sustain and expand this work.”

Stacey Borden, Founder & Executive Director, New Beginnings Reentry Services and Unlocked Futures alumna

Change happens most effectively when it is grounded in trust, shared responsibility, and the belief in the inherent power of people to shape their destinies.”

Adriana Abizadeh, Executive Director of the Kensington Corridor Trust and Economic Mobility Catalyze alumna
1/4
Circle Access and Opportunity

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.

Explore the findings

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.

Explore insights from the cohort

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.

 

Read the case study

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.

Lear more about Future Caucus and Layla Zaidane

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

31+
26-30
21-25
16-20
1-15

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.

Collaborators

Leadership, Board
& Donors

Doug Borchard

Managing Partner, Chief Operating Officer

New Profit
Amina Casewit

Managing Partner, Portfolio

New Profit
Shawn Dove
Shawn Dove

Managing Partner, Field Building

New Profit
Nikhil Gehani

Managing Partner, Communications

New Profit
Eliza Greenberg

President

New Profit
Kevin Greer

Managing Partner, Chief Administrative Officer

New Profit
Jenn Hawkins

Chief of Staff

New Profit
Abby Marquand
Abby Marquand

Managing Partner, Economic Mobility

New Profit
Tulaine Montgomery

CEO

New Profit
Molly O'Donnell

Managing Partner, Portfolio

New Profit
Max Polaner

Managing Partner, Investor Relations

New Profit
Shruti Sehra

Managing Partner, Field Building and Education

New Profit
Gia Truong

Managing Partner, Equity & Proximity

New Profit
1 / 5
Josh-Bekenstein board
Josh Bekenstein

Senior Advisor

Bain Capital
Kerwin Charles

Dean

Yale School of Management
Board Sam-Cobbs
Sam Cobbs

CEO

Tipping Point Community
Alisa-Doctoroff board
Alisa Doctoroff

Former Chair

Jim Joseph Foundation
Stacy Janiak board
Stacy Janiak

Deputy Chief Executive Officer

Deloitte Global
Stephen M. Jennings Board Steve
Stephen M. Jennings

Board Chair

New Profit
Vanessa Kirsch Board
Vanessa Kirsch

Founder-in-Residence & Senior Partner

New Profit
Wendy Kopp Board
Wendy Kopp

CEO & Co-Founder

Teach for All
Matt Levin Board
Matthew Levin

Managing Partner

Twin Shores Capital
Henry McCance

Chairman Emeritus

Greylock Partners
Duncan McFarland Board
Duncan McFarland

.

The Bromley Charitable Trust
Kwasi Mitchell Board
Kwasi Mitchell

US Managing Principal—Growth & Purpose

Deloitte
Tulaine Montgomery

CEO

New Profit
Kristen Mugford board
Kristin Mugford

Melvin Tukman Senior Lecturer of Business Administration

Harvard Business School
John Rice Board
John Rice

Founder & CEO

MLT
Brian Spector Board
Brian Spector

Chairperson

Reflow Medical
Venkat Srinivasan Board
Venkat Srinivasan

Managing Director

Innospark Ventures
Jeffrey Walker Board
Jeffrey C. Walker

Board Member

New Profit
1 / 5

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

Pinterest

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

Loading chart...

Your browser does not support the canvas element.

2024 Revenue Overview

Revenue Breakdown

Corporations and Foundations $15.9M
In-Kind Services $3.6M
Program Fees and Other Misc. $4.1M
Individuals and Family Foundations $14.0M
Total Revenue $37.6M
Almost all of our revenue consists of gift & grant commitments, to be collected over multiple years.

Net Assets

Change in Net Assets ($10.1M)
Change in purpose-restricted ($11.0M)
Change in time-restricted $3.3M
Change in unrestricted ($2.4M)
Total Net Assets $120.3M
Purpose-restricted $82.2M
Time-restricted $9.7M
Unrestricted $28.3M

Expense Breakdown

Impact Programming: $37.9M

Portfolio Investing

  • Portfolio Grants
  • Grantee Support
  • Deloitte Pro Bono
  • Select Donor Supported Initiatives
64%
$30.2M

Field Building

  • America Forward
  • Convenings
  • Field Building
16%
$7.7M
 

New profit infrastructure

  • Administration
  • Investor Relations
  • Communications
  • Legal/Strategy Pro Bonos
20%
$9.4M
Total Expenses: $47.3M
Numbers may not add due to rounding.
The figures included in the above graphics and table are based on the audited financial statements for CY2024.
FOR ENTREPRENEURS

Get support in tackling your big challenges.

FOR SUPPORTERS

Help us catalyze America's visionaries.

Annual Report 2025
1 / 6