Get Connected

Get Closer

2021 Annual Report

Letter from the Co-CEOs

Tulaine Montgomery and Vanessa Kirsch

As we write this letter, we are heartened by social entrepreneurs across the country. Although they have faced immense difficulties over the past year and a half, they have managed to provide critical, innovative, and inspired support to their communities and our nation. These visionary leaders, particularly those who are guided by the insights and experiences of the communities they aim to serve, are the best hope for an America that lives up to its potential. Supporting them remains New Profit’s passion and purpose.

The theme of this year’s annual report is Get Closer. Closeness is a thread woven throughout our work— our portfolio of Build and Catalyze investments, our ecosystem-building and advocacy initiatives, and our field leadership efforts.

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Timeline of Activities

Explore a few key moments from this past year

Jan 2021
Jan 2021
Feb 2021
Mar 2021
Mar /Apr 2021
May 2021
Jun 2021
Jun 2021
Aug 2021
Aug 2021
Aug 2021
Sep 2021
Sep 2021
Sep 2021
Oct 2021
Oct 2021
Dec 2021

Selected from a pool of 117 applicants, the organizations that joined the second cohort of New Profit’s Civic Lab are strengthening American democracy and civic culture. More than 70% of Civic Lab’s current portfolio organizations are led by people of color.

New Profit’s Unlocked Futures supports social entrepreneurs directly impacted by the American legal system. Over the course of the program, these leaders demonstrated their continued commitment to meeting the needs of their communities while working to transform the legal system.

New Profit & Blue Meridian Partners host “Building an Equitable Capital Market for Leaders of Color” Discussion

In an intimate and provocative conversation with social entrepreneurs, investors, and philanthropic leaders, New Profit and Blue Meridian Partners explored what it will take to build a more equitable capital market for leaders of color.

Selected from more than 1,200 applicants, 15 innovators addressing a wide range of systemic barriers to learning, progress, and socioeconomic mobility were announced as finalists during a live virtual event that included MSNBC’s Ali Velshi and U.S. Representative Rosa DeLauro.

Over three afternoons, New Profit hosted a virtual, high-participation Action Summit focused on the rural and small town philanthropic gap—what it is, why it exists, and why it matters. The Action Summit challenged assumptions about U.S. rural communities and small towns, and about the value and viability of large philanthropic investments in these places.

New Profit evolved its leadership at a moment of immense challenges and opportunities for philanthropy and the country. Together, Tulaine and Vanessa will lead the organization forward with a strong focus on building a community of proximate social entrepreneurs and committed philanthropists who can drive progress toward transforming America’s most inequitable systems.


New Profit was invited to join the Giving Pledge’s annual gathering, a closed event that brings together Giving Pledgers and a handful of select organizations. Tulaine and Vanessa shared New Profit’s story, its unique model, and a video with examples of the power of proximate leaders.

The unrestricted gift makes it possible for New Profit to continue to expand its support for social entrepreneurs and other leaders who have lived experience with the systems in our country that need to change. The gift also acknowledges New Profit’s commitment to investing in the genius of proximate problem-solvers.

The Wellbeing in Education initiative was launched during the height of the COVID-19 pandemic to invest in organizations that actively advance the wellbeing of their constituents as a primary element of their model, including through social-emotional learning, mental health supports, and ongoing wellbeing supports for young people, educators, and families.

The report, which draws on data from 117 applications to New Profit’s Civic Lab II, highlights the unique set of challenges faced by democracy entrepreneurs and the role philanthropy can play in removing barriers for proximate leaders, particularly women of color.

The preeminent global education innovation summit connects leading minds focused on transforming society and business around learning and work so all people have equal access to the future. This year, Tulaine was selected as one of two Innovators of Color honored at the national event.

The COVID-19 pandemic magnified the inequities of our education system. The EERI aims to provide unrestricted funding to 24 organizations offering Math/ELA tutoring, whole child supports, and/or postsecondary advising.

During the lead session of Stanford Social Innovation Review’s annual gathering of nonprofit leaders, Tulaine and Angela led a discussion examining how philanthropic leaders and funders are breaking away from the dominant culture and strategies of philanthropy to advance the work and insights of proximate leaders and innovators.

Selection for Postsecondary Innovation for Equity II (PIE) Cohort launched

In 2019, New Profit launched the first open application period for the PIE initiative, a multi-year effort to identify and support social entrepreneurs working to increase economic mobility. The demand was higher than expected with 316 eligible applicants. This year, we launched the search for the second PIE cohort, which will fuel the further success of proximate leaders in the education-to-employment sector.

Through the inaugural Economic Mobility Cohort, New Profit kicked off an effort to invest in and support eight direct service organizations working across three separate but interrelated sectors to create wealth for women of color in America: income generation, social determinants of work, and financial health.

The disproportionate impact of the pandemic on communities of color and low-income communities has brought inequityand social and racial justiceto the forefront of public health. In partnership with the Deloitte Health Equity Institute, New Profit launched its first Health Equity Cohort to support a range of social entrepreneurs focusing on root causes of health inequity.

New Profit announced that it will provide $1 million in unrestricted funding along with capacity-building support over a four-year term to Think of Us, a nonprofit organization advancing systems change for foster care. The investment, part of New Profit’s flagship Proximate Capital Fund, aims to help Think of Us shift the child welfare system from its current focus on compliance and risk mitigation to instead enable holistic development and wellbeing for current and former foster youth.

Portfolio Investing

In early 2020, New Profit revisited our portfolio strategy to bolster our support model in ways that center our values of equity and proximity, and evolve with the needs of our grantee partners. Over the course of the year, we reexamined our guiding “Impact Compass,” which directs our vision for what our grantee partners and portfolio can achieve over time. In 2021, building on the Impact Compass, we have been working to revise and update our support offerings and to design and execute our new portfolio strategy.

We are also planning for significant portfolio growth over the next three years. We are committed to investing in organizations that are tackling a broad set of challenges, and in the largest group of Black, Latine/x, and Indigenous leaders in our portfolio history—more than 50 percent of our current portfolio organizations are led by people of color.

We are also investing in diverse organizational models—organizations focused on direct growth, those who focus on building knowledge and providing technical assistance, and those focused on holistic systems change. As we seek to support our grantee partners, we aim to offer the best of our lessons learned from our 23-year history, coupled with our learnings on centering equity and proximity and pursuing systems change. We are committed to learning from and with social entrepreneurs in our portfolio, and continually evolving and updating our thinking and our supports.

Build Investments
Catalyze Investments

Build Investments

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 entrepreneur and as a member of the organization’s board of directors.

Portfolio Highlights

We invested in three new Build organizations:

Kingmakers of Oakland and Envision Education, two organizations working to improve student wellbeing and identity development, were selected as part of our Wellbeing in Education initiative. We also invested in Think of Us, an organization founded and led by former foster youth that is transforming the child welfare system to center lived experience.

We saw nine exceptional organizations exit our portfolio:

As the Personalized Learning Initiative came to a close after four years, Aurora Institute, Highlander Institute, ImBlaze (an initiative of Big Picture Learning), The Learning Accelerator, PowerMyLearning, Transcend Education, and Valor Collegiate Academies exited. In addition, EdLoC and EnLearn also completed their terms with New Profit in 2021.

We launched a second Postsecondary Innovation for Equity (PIE) cohort:

In 2020, we launched the inaugural PIE cohort by investing in 20 social entrepreneurs who are connecting young adults from systemically overlooked communities with postsecondary credentials and work experience to accelerate their careers. In late 2021, New Profit launched the process to select a cohort of Build investments to fuel the further success of proximate entrepreneurs in the education-to-employment space. 

Portfolio Stats

Scale & Lives Touched


Lives touched

47 states

were served by New Profit's Build portfolio


median 3-year CAGR


of Build investments reported an annual growth rate in beneficiaries
Financial Growth & Sustainability


average growth rate of organizations’ budget


median 3-year expenses CAGR


of organizations reported annual expense growth rate of over 20% between their pre-pandemic expenses at the end of 2019 and 2021

Build Investments

New Profit’s Satisfaction Survey

Each year, New Profit surveys the social entrepreneurs in our portfolio to assess their satisfaction with our supports and determine how we can serve them and their organizations more effectively. In our 2021 survey of the Build investments portfolio, 98% of Deal Partner supports were rated as “effective or completely effective” across a range of areas including strategic advising, board development, and leadership coaching. Social entrepreneurs also consistently mentioned that the relationship with their Deal Partner was the most valued aspect of New Profit’s support structure.

“[Our Deal Partner’s] investment and engagement as a board member has been critical to our organization’s stability over the past year.”

“New Profit feels like a good example of what it means to have a funding partnership, whereas with other funders it feels you must spend a lot of time convincing and re-convincing them of your value and impact in the hopes of getting/retaining funding.”

“The board support, direct communication, and problem solving with the Deal Partner has been hugely beneficial.”

“It has been encouraging to see New Profit staff address police violence, racism, and other forms of racial and social oppression directly this past year.”

Catalyze Investments

Catalyze Investments are $100K-$200K unrestricted grants that come with capacity-building support and a peer learning community over one to three years to accelerate the innovations of organizations with leaders and focus areas that have been historically underinvested by philanthropy.

Portfolio Highlights

We made seven Catalyze investments through the Civic Lab II cohort:

Black Leaders Organizing for Communities (BLOC), Liberation Ventures, Next100, Pay Our Interns, Rise, She the People, and Surveillance Technology Oversight Project (S.T.O.P.) were selected for this second cohort. Civic Lab has now grown to 14 organizations that address democracy-related issues. More than 70% of Civic Lab’s current portfolio organizations are led by people of color.

We celebrated the completion of the second Unlocked Futures cohort.

Backed by Grammy winner and activist John Legend’s FREEAMERICA, New Profit, and Bank of America, Unlocked Futures supports social entrepreneurs directly impacted by the American legal system. At the end of the year-long capacity-building programming, we celebrated the successes and dedication of these visionary leaders at our virtual closing convening.

We launched three new Catalyze cohorts, preparing to invest more than $7M in 40 innovative organizations:
  • The Equitable Education Recovery Initiative will provide each of 24 organizations with a $200,000 unrestricted investment along with cohort-based, capacity-building support and participation in a peer learning community over the course of three years. The community-based organizations included in this cohort provide ELA/math tutoring, whole child supports, and/or postsecondary advising to K-12 students in three regions of the U.S.
  • The Economic Mobility Cohort will provide each of eight organizations working towards wealth creation for women of color with a $100,000 unrestricted investment along with capacity-building support and participation in a peer learning community over the course of one year. The direct service organizations offer supports such as providing pathways to gainful employment and income generation, enabling the conditions that play an essential role in employment outcomes like childcare and transportation, and/or supporting asset-building for wealth creation such as access to capital and financial health coaching.
  • The Health Equity Cohort will provide each of eight organizations with a $100,000 unrestricted investment and a combined total of approximately $700,000 of in-kind capacity-building support through a collaboration between New Profit and Deloitte’s Health Equity Institute, as well as membership in a peer learning community. The organizations included in this cohort are shifting the underlying conditions that create health inequities across both individual lifespans and generations.

Portfolio Stats

Scale & Lives Touched


states were served by 36 Catalyze organizations


full-time employees and volunteers
Financial Growth & Sustainability


median budget of organizations
Cohort Satisfaction


of social entrepreneurs of color were very likely to recommend Catalyze investments programming to a peer


of Civic Lab cohort and 89% of the Postsecondary Innovation for Equity (PIE) cohort were satisfied with programming


of the Unlocked Futures Cohort felt that Program Leads did an excellent job of adapting the program to the realities of the pandemic

“New Profit feels like a good example of what it means to have a funding partnership, whereas with other funders it feels you must spend a lot of time convincing and re-convincing them of your value and impact in the hopes of getting/retaining funding.”

- Unlocked Futures Cohort member

“The most valuable aspect of the program is always [the] relationship. We’re building out some phenomenal work together that will last beyond our lifetimes, and there’s nothing more powerful than that.”

- Unlocked Futures Cohort member

Catalyze Investments

Civic Lab
Angela Lang
Angela Lang

Black Leaders Organizing for Communities (BLOC)

Aria Florant
Aria Florant

Liberation Ventures

Emma Vadehra
Emma Vadehra


Carlos Vera
Carlos Vera

Pay Our Interns

Max Lubin
Max Lubin


Aimee Allison
Aimee Allison

She the People

Albert Fox Cahn
Albert Fox Cahn

Surveillance Technology Oversight Project (S.T.O.P.)

Unlocked Futures II
Chas Moore
Chas Moore

Austin Justice Coalition

George Galvis
George Galvis


Kelly Orians
Kelly Orians

The First 72+

Brandon Smith
Brandon Smith

The Forestry and Fire Recruitment Program

David Heppard
David Heppard

Freedom Project

Syrita Steib-Martin
Syrita Steib-Martin

Operation Restoration

Percilla Frizzell
Percilla Frizzell

Sacred Generations

Gina Castillo Perez
Gina Castillo Perez


Postsecondary Innovation for Equity (PIE)
Fr. Stephen Katsouros & Fr. Thomas Neitzke
Fr. Stephen Katsouros & Fr. Thomas Neitzke
Fr. Stephen Katsouros & Fr. Thomas Neitzke

Arrupe College of Loyola University of Chicago

Patrick Rossol-Allison
Patrick Rossol-Allison

ASU Local at Arizona State University

Kayon Pryce
Kayon Pryce

Brooklyn STEAM Center

Andrew Cortes
Andrew Cortes

Building Futures

Brandon Dennison
Brandon Dennison

Coalfield Development

Michael Ellison
Michael Ellison


Bernard McCune
Bernard McCune

Denver Public Schools CareerConnect

Sean Segal
Sean Segal

Generation USA

Gene Wade
Gene Wade

Honors Pathway

Equitable Education Recovery Initiative (EERI)

New Profit recognized an urgent and promising opportunity to elevate and expand programs with the most potential to have meaningful impact on our K-12 students—not just for short-term recovery from the pandemic, but also for the long-term transformation of our educational systems in the service of equity. New Profit launched the EERI, which will invest a total of $4.8M in unrestricted grants in 24 community-based organizations focused on students from historically underserved populations. Each organization will also receive cohort-based capacity-building support and participate in a peer learning community over the course of three years.

Economic Mobility Cohort

To build wealth and promote economic mobility for women of color across generations in the U.S., New Profit launched the inaugural Economic Mobility Cohort. Over the course of one year, New Profit will invest in and provide capacity-building support to direct service organizations that work across three interrelated levers including income generation, social determinants of work, and financial health. With support from the Community Focus Fund at the San Francisco Foundation, eight innovative nonprofit organizations will each receive a one-year unrestricted $100,000 investment.

Health Equity Cohort

The disproportionate impact the COVID-19 pandemic has had on communities of color and low-income communities has brought social and racial justice, as well as inequity, to the forefront of public health. We know that a person’s zip code, race, income, and other social, environmental, and economic conditions play a significant part in their health status and life expectancy. Proximate leaders can transform the conditions that keep health inequities in place. New Profit, in collaboration with the Deloitte Health Equity Institute, launched its first Health Equity Cohort to support a range of systems change approaches, including narrative change, advocacy, ecosystem development, and movement building. New Profit seeks to invest $1.5M of combined cash and in-kind support in eight innovative entrepreneurs, providing capacity-building programming over the course of one year.

Get closer

Portfolio Spotlight

Our team at New Profit is fortunate to work with visionary social entrepreneurs and organizations committed to transformative change across issue areas and geographies. Below are a few of the mission-driven organizations in the New Profit portfolio:
(Photo courtesy of Braven)


Policy by those with the most at stake, for those with the most at stake. Next100 aims to change the face of progressive policy and build a more inclusive democracy by training, supporting, and giving a platform to diverse, proximate leaders from impacted communities to drive policy change. Next100 hires Policy Entrepreneurs (PEs) into full-time roles and supports them to develop and manage their own projects to change policy, working alongside their communities. PEs learn the issues, data, partners, and opportunities for change in their focus area; and receive training in policy changemaking skills. PEs have worked on immigration, criminal justice reform, education and other issues, developeding original policy ideas, publishing dozens of pieces focused on policy change from op/eds to murals, shaping legislation, and elevating the voices of impacted communities.

Project QUEST

Project QUEST enables individuals to receive the necessary education and training in order to prepare them for job readiness, job placement, and job retention in living-wage career pathways within three major industry sectors to include: Healthcare, Information Technology/ Cybersecurity, and the Trades/Advanced Manufacturing. QUEST is a critical economic development resource that meets current and emerging employer workforce needs. Project QUEST is a proven and effective model offering wraparound services through the educational pipeline for job readiness into the workforce pipeline for job placement, retention, and growth. Services include career coaching and mapping, academic skills assessment, college education access, direct support services, and wraparound support services including emergency assistance. After completion, Project QUEST assists participants in finding employment with a living-wage salary, benefits, and a proven record of economic mobility.


Founded in 2013, Braven empowers promising young people with the skills, confidence, experiences, and networks necessary to transition from college to strong first jobs. Braven is embedded within institutions of higher education and partners with employers to build cutting-edge career education into the undergraduate experience for first-generation college students, students from low-income backgrounds, and students of color and provides students, who often feel disconnected from campus, with a network of supporters and sense of belonging. Braven Fellows are persisting in college and achieving exciting levels of internship and job attainment.


Zearn is the nonprofit educational organization behind Zearn Math, the top-rated math learning platform used by 1 in 4 elementary students nationwide. Zearn Math supports teachers with research-backed curriculum and digital lessons proven to double the learning gains of a typical year of instruction. Everything they do is driven by the belief that every kid is a math kid.

The Health Initiative

As instigator and advisor, THI works intensively with public and private healthcare institutions that control billions of dollars and impact millions of lives — health insurers, federal agencies, state departments of health and human services, and foundations — to partner with communities to invest in health, not just healthcare. With THI’s guidance, these institutions make investing in health central to their strategy, business model, and operations – and engage with communities to mobilize and align resources for healthy food, safe homes, and well-paying jobs, while building community wealth and addressing historical inequities.

Ecosystem Building

Driving transformational change requires investments not only in visionary social entrepreneurs and organizations, but also in the social impact and philanthropic ecosystems. Our ecosystem-building initiatives bring together social entrepreneurs, philanthropists, community members, corporate leaders, policymakers, and other stakeholders to transform how we collectively pursue social change. These coalitions, led by New Profit, work across sectors, geographies, and identities to surface and support innovation that can transform the inequitable systems holding back many individuals and communities in America.

America Forward

This year, America Forward worked to advance a number of policy proposals and transform them into federal legislation through the collective advocacy of the America Forward Coalition—a national network of more than 100 social innovation organizations that champion public policies that advance equity, foster innovation, and reward results.

The Rural and Small Town Action Summit

As Eric Nee wrote in Stanford Social Innovation Review earlier this year, “…the rate of poverty is significantly higher in rural America than it is in urban America.” Yet, philanthropic funding to organizations based in rural and small towns is less than half the average given to organizations in metropolitan areas.

The Future of Work Grand Challenge

America faces the enormous task of making our economy work for everyone, not just a select few. Even before the COVID-19 pandemic hit, reports showed that as much as one-third of the American workforce could be out of work by 2030 as a result of automation.

Early Childhood Support Organization Initiative

The early learning field is fragmented and inequitable. There exists a significant need to more fully support early childhood providers in their leader, educator, and curriculum development efforts, particularly for centers based
in communities often overlooked and under-resourced.

Field Leadership

Since its founding in 1998, New Profit has invested more than $325M in more than 165 early- and later-stage social enterprises, working alongside visionary social entrepreneurs and other cross-sector leaders to advance opportunity and equity through social innovation. A key driver of our impact is field leadership, which, in addition to informing our investment selections and strategy, supports broader systemic change. New Profit’s field leadership efforts, often conducted in partnership with social entrepreneurs in our portfolio, act as a force multiplier of our impact.

Understanding the Unique Challenges for Democracy Entrepreneurs

Launched in 2019, New Profit’s Civic Lab is the nation’s first nonpartisan venture philanthropy initiative to invest in democracy organizations led by proximate entrepreneurs. In addition to providing unrestricted funding coupled with strategic capacity-building support, Civic Lab is working to build the ecosystem for democracy entrepreneurship. 

Transforming the Education System

The educational system has always been inequitable for many K-12 students, including students from low-income families, students of color, English Language Learners, and students with disabilities. The COVID-19 pandemic only exacerbated the problem, and forced the recognition that these inequities are baked into our education system.

Designing a More Equitable Future of Learning

With many school buildings closing their doors for much of 2020 and 2021 due to the pandemic, teachers and students had to make radical adjustments in the way learning happened. The shift to remote learning laid bare the inequities and fissures that exist in many school systems, as educator teams across the country struggled with creating a one-size-fits-all learning experience virtually. 

Working to Learn

In the wake of COVID-19 and growing inequality, America needs more pathways that bridge education and career. New research released in April 2021 from Harvard University’s Project on Workforce draws on data from New Profit’s Postsecondary Innovation for Equity (PIE) initiative to identify opportunities for the education-to-employment field and chart the course for connections to good jobs.

Leadership & Donors

Board of Directors
Donor roll


Doug Borchard


Trevor Brown

Managing Partner, Portfolio Investing

Yordanos Eyoel

Managing Partner

Eliza Greenberg

Managing Partner

Kevin Greer


Sam Hiersteiner

Managing Partner

Board of Directors

Steve Barnes

Managing Director Bain Capital

Josh Bekenstein

Managing Director Bain Capital

Kerwin Charles

Indra K. Nooyi Dean & Frederic D. Wolfe Professor of Economics, Policy, and Management, Yale School of Management

Sam Cobbs

CEO, Tipping Point Community

Alisa Doctoroff

Chair, Jim Joseph Foundation

David Gergen

Founding Director, Center of Public Leadership, Professor of Public Service, Harvard Kennedy School

Stacy Janiak

Managing Partner - Chief Growth Officer, Deloitte

Stephen M. Jennings

Principal, Monitor Deloitte Consulting LLP

Vanessa Kirsch

Founder & Co-CEO, New Profit

Donor roll



Mark and Carolyn Ain

American Express

Anonymous (8)

Stephen and Laurie Arnold

Arrow Impact

Bain Capital Children’s Charity, Ltd.

Bank of America Charitable Foundation

Steve and Deborah Barnes

Josh and Anita Bekenstein (Bain Capital)

Amy Brakeman

Lynda and Jeffrey Bussgang

Carnegie Corporation of New York

Chan Zuckerberg Initiative DAF (Silicon Valley Community Foundation)

Howard P. Colhoun Family Foundation


Commonwealth Children's Fund

Community Focus SF Fund


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

Domenic and Molly Ferrante

Gantcher Family Foundation

Bill & Melinda Gates Foundation Charitable Giving Fund

Josh and Sarah Greenhill

Jackie and Blair Hendrix (Bain Capital)

David and Ellen Horing


Imaginable Futures

Helen and David Jaffe


Anonymous (7)

Aurora Institute

Warren Bailey-Turner

Bain Capital, LP

Susan and Michael Beller

Lisa Bernstein (Social Ventures)

Alexandra Bowers and James Liu

Patrick Brennan

Bill and Nancy Brownell

Fay and Julian Bussgang

Edmund & Betsy Cabot Charitable Foundation

Patricia Caddell

Meredith and Joe Callanan (Callanan Family Fund)

Camelback Ventures

Peter J. Campbell

Dan and Robin Catlin

Fetzer Institute

Kathleen T. Gabriele

Grantmakers for Thriving Youth

Aidan Hartigan

Stacy Janiak

Stephen P. and Paula D. Johnson

Wendy Kopp

Billy Lagor

Peng Liang

Anne and Paul Marcus

Carl and Pamela Miller

Michael Moody

Max Nibert

Bill Nigreen

Roz Nowicki

Tom O'Rourke

Ben Painter

Peter Sarnoff

Charles and Lynn Schusterman Family Foundation

Alan Silberstein

Strategic Collaborations

In 2013, we launched a joint effort with Deloitte to provide social impact organizations with the same caliber of strategic support that Fortune 500 companies are able to access. The close relationship that exists between our teams continues to be a critical part of New Profit’s impact story.

Each year, Deloitte consultants and New Profit team members team up to lead pro bono strategy projects for a set of New Profit portfolio organizations. Working together with their leadership teams, we help our grantee partners pursue impact at scale by engaging in projects focused on leadership and board development, monitoring and evaluation, financial sustainability, impact modeling, and growth strategy.

To date, Deloitte and New Profit have collaborated to lead pro bono strategy projects to scale the impact of more than 50 New Profit portfolio organizations that collectively reach millions of people across America. In addition to strategy work, our collaboration draws on Deloitte’s broader capabilities including digital strategy, human capital, and advisory services to advance the work of New Profit and our portfolio, and to advance sector thinking and conversations.

In 2021, Deloitte announced a continuation and expansion of their collaboration with us, which included a $3M investment to support New Profit’s Proximate Capital Fund. The fund aims to strengthen our nation’s capacity to solve problems and re-architect systems by directly investing in leaders most proximate to solutions.

In addition, through a $1.5M investment from the Deloitte Health Equity Institute, New Profit will provide unrestricted capital and in-kind capacity building support to eight diverse early-stage health equity nonprofits as part of the inaugural Health Equity Cohort. Through these investments, New Profit can begin to address the vast underinvestment in innovative health equity research and solutions while also gaining insights into the health equity field.

We are grateful to our friends and colleagues at Deloitte for their continued trust and support. Together, we can help create an America where everyone will thrive.


Revenue Breakdown

Individuals and Family Foundations
Corporations and Foundations
In-Kind Services
Program Fees and Other Misc.
Almost all of our revenue consists of gift & grant commitments, to be collected over multiple years.

Net Assets

Change in purpose-restricted
Change in time-restricted
Change in unrestricted

Expense Breakdown

Impact Programming: $28.0M
Portfolio Investing
Portfolio Grants
Grantee Support
Deloitte Pro Bono
Select Donor Supported Initiatives
67% — $22.8M
Ecosystem Building
America Forward
Field Building
15% — $5.2M
New Profit Infrastructure
Legal/Strategy Pro Bono
18% — $6.2M

Numbers may not add due to rounding.
The figures included in the above graphics and table are based on the audited financial statements for CY2020.