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
86 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
Something off? Claim to add context
Who runs it and what they're paid
21 people listed on the 990; $3.0M 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.
See New Schools Fund executive salaries →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
Your first name shows with your question. New Schools Fund answers here, for everyone.
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 FY2023 990, line by line.
Download 990
| Line | Start FY23 | End FY23 |
|---|---|---|
| Cash and savingsLn 1–2 | $877K | $1.2M |
| InvestmentsLn 11–13 | $68.2M | $42.3M |
| Land, buildings, equipmentLn 10c | $30K | $245K |
| Total assetsLn 16 | $72.5M | $66.4M |
| LiabilitiesLn 26 | $3.9M | $2.4M |
| Net assetsLn 32 | $68.6M | $63.9M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $32.1M | $32.1M | ||
| Pay of current officers, directors and key staffLn 5 | $1.9M | $965K | $635K | $333K |
| Other salaries and wagesLn 7 | $7.0M | $4.2M | $2.1M | $685K |
| Pension plan contributionsLn 8 | $446K | $292K | $110K | $44K |
| Other employee benefitsLn 9 | $916K | $467K | $362K | $87K |
| Payroll taxesLn 10 | $588K | $357K | $171K | $60K |
| Legal feesLn 11b | $985 | $985 | ||
| Accounting feesLn 11c | $212K | $212K | ||
| Other fees for servicesLn 11g | $7.2M | $6.4M | $792K | $500 |
| Advertising and promotionLn 12 | $232K | $59K | $149K | $24K |
| Office expensesLn 13 | $111K | $50K | $57K | $3K |
| Information technologyLn 14 | $406K | $24K | $372K | $9K |
| OccupancyLn 16 | $819K | $877 | $818K | |
| TravelLn 17 | $442K | $359K | $67K | $16K |
| Conferences, conventions and meetingsLn 19 | $115K | $70K | $40K | $5K |
| Depreciation, depletion and amortizationLn 22 | $31K | $6K | $25K | |
| InsuranceLn 23 | $23K | $23K | ||
| Other expenses (24a–d)Ln 24 | $2.0M | $1.5M | $155K | $380K |
| Total functional expensesLn 25 | $54.5M | $46.8M | $6.0M | $1.6M |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 LatestFiled with the IRS Sep 29, 2025 | $41.8M | $36.1M | $5.7M | $69.2M | 990 PDF |
| FY2023 ViewingFiled with the IRS Sep 14, 2024 | $49.1M | $54.5M | −$5.5M | $63.9M | 990 PDF |
| FY2022Filed with the IRS Oct 16, 2023 | $74.5M | $59.4M | $15.1M | $68.6M | 990 PDF |
| FY2021Filed with the IRS Sep 20, 2022 | $41.2M | $46.7M | −$5.5M | $54.0M | 990 PDF |
| FY2020Filed with the IRS Sep 29, 2021 | $65.3M | $42.3M | $23.0M | $77.9M | 990 PDF |
Schedules filed Part IV
See the full FY2023 990 (6 parts)
Part I · Summary $49,069,499 revenue, 12 lines filed
Part VI · Governance 10 of 11 board members independent, no flags
Part VIII · Statement of revenue $49,069,499 across 8 lines filed
Part IX · Statement of functional expenses $54,520,195 across 18 lines filed
Part X · Balance sheet $66,393,420 assets, 18 lines filed
Part XI · Reconciliation of net assets $63,945,145 net assets at year end
Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File
Similar organizations you could support · Compare with another nonprofit
Names, privacy, and removal requests More
The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.
Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.
We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.
Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.
If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.
Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.
If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.