Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 1998.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
87 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
21 people listed on the 990; $3.2M paid to officers and key staff.
Frances Messano’s $502K as CEO is at the 89th percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Stacey Childress | — | — | $150,006 | $150,007 | $597,370 |
| Frances Messano | $501,869 | $491,743 | $448,938 | $420,199 | $342,750 |
| Danielle Kristine Toussaint | — | $346,251 | $293,306 | — | — |
| Heather McManus | $324,810 | $318,633 | $294,002 | $240,694 | $211,110 |
| Delicia Jones | $318,082 | $305,100 | — | — | — |
| Christopher Lozier | $310,805 | $304,435 | $120,255 | — | — |
| Mia Howard | $289,320 | $264,066 | $232,676 | — | — |
| Amy Omand | — | — | $273,198 | $270,232 | $258,615 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Invests philanthropic capital and provides management support to educators and entrepreneurs launching innovative public schools and diverse learning solutions to improve public education.
Questions for New Schools Fund
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Venture Funding and Support
Newschools raises philanthropic dollars and invests them in entrepreneurs and teams of educators. We find, fund, and support organizations that are reimagining education. In addition to providing financial assistance, newschools also provides additional resources including convenings, access to research, participation in a cohort, and…
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2024 990, line by line.
Download 990
| Line | Start FY24 | End FY24 |
|---|---|---|
| Cash and savingsLn 1–2 | $1.2M | $250K |
| InvestmentsLn 11–13 | $42.3M | $42.3M |
| Land, buildings, equipmentLn 10c | $245K | $337K |
| Total assetsLn 16 | $66.4M | $70.9M |
| LiabilitiesLn 26 | $2.4M | $1.7M |
| Net assetsLn 32 | $63.9M | $69.2M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $19.4M | $19.4M | ||
| Pay of current officers, directors and key staffLn 5 | $2.2M | $1.6M | $464K | $187K |
| Other salaries and wagesLn 7 | $5.0M | $3.5M | $1.0M | $431K |
| Pension plan contributionsLn 8 | $348K | $256K | $61K | $31K |
| Other employee benefitsLn 9 | $788K | $508K | $204K | $76K |
| Payroll taxesLn 10 | $464K | $334K | $93K | $37K |
| Legal feesLn 11b | $11K | $11K | ||
| Accounting feesLn 11c | $96K | $96K | ||
| Other fees for servicesLn 11g | $3.5M | $3.0M | $505K | $6K |
| Advertising and promotionLn 12 | $220K | $220K | ||
| Office expensesLn 13 | $62K | $31K | $29K | $2K |
| Information technologyLn 14 | $458K | $32K | $423K | $3K |
| OccupancyLn 16 | $735K | $29K | $705K | $723 |
| TravelLn 17 | $326K | $276K | $42K | $8K |
| Conferences, conventions and meetingsLn 19 | $110K | $74K | $35K | $1K |
| InterestLn 20 | $23K | $23K | ||
| Depreciation, depletion and amortizationLn 22 | $86K | $25K | $61K | |
| InsuranceLn 23 | $36K | $36K | ||
| Other expenses (24a–d)Ln 24 | $2.2M | $1.9M | $253K | $321 |
| Total functional expensesLn 25 | $36.1M | $31.2M | $4.1M | $783K |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest Viewing | $41.8M | $36.1M | $5.7M | $69.2M | 990 PDF |
| FY2023 | $49.1M | $54.5M | −$5.5M | $63.9M | 990 PDF |
| FY2022 | $74.5M | $59.4M | $15.1M | $68.6M | 990 PDF |
| FY2021 | $41.2M | $46.7M | −$5.5M | $54.0M | 990 PDF |
| FY2020 | $65.3M | $42.3M | $23.0M | $77.9M | 990 PDF |
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Schedules filed Part IV
See the full FY2024 990 (6 parts)
Part I · Summary $41,832,970 revenue, 12 lines filed
Part VI · Governance 10 of 11 board members independent, no flags
Part VIII · Statement of revenue $41,832,970 across 9 lines filed
Part IX · Statement of functional expenses $36,108,555 across 19 lines filed
Part X · Balance sheet $70,939,482 assets, 17 lines filed
Part XI · Reconciliation of net assets $69,224,371 net assets at year end
Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File
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