New Profit Inc

Analysis

New Profit Inc is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in October 1998, 28 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, New Profit Inc reported income of $74.9m and spending of $40.6m, leaving 46% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $46.9m to $74.9m (+60%), an average of +12% a year. The sharpest change came in the year to December 2021, when income rose by 259%. Over the whole period it spent 65% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, New Profit Inc sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within MA. Charities of a similar size with the same main cause include Kennedy Krieger Education and Community Services Inc ($74.4m), Davis Memorial Goodwill Industries ($75.1m) and Goodwill of Southwestern Pennsylvania ($74.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 95% and program service revenue 0.1% of the total. Compensation of current officers, directors and key employees was $2.6m (6.3% of expenses). Other salaries and wages came to $10.4m. At year end it held assets of $130.1m against liabilities of $1.7m, net assets of $128.3m. It reported 86 employees.