Deloitte Renews Multi-Million Dollar Collaboration with Venture Philanthropy Fund New Profit
Joint effort has helped dozens of nonprofits like Teach For America, KIPP, Health Leads and Year Up achieve scale and greater impact
BOSTON, November, 17, 2014 /3BL Media/ -- Deloitte announced today the renewal of its collaboration with New Profit, a pioneering venture philanthropy fund that is working to break down barriers to opportunity in underserved communities by transforming America's education, early childhood development, workforce development, and public health systems.
This multi-million dollar collaboration provides pro bono strategic support from Deloitte's consultants, who work with New Profit staff to support leadership teams at the 28 high-impact nonprofits currently in New Profit's portfolio. These teams help nonprofits pursue impact at scale by focusing on leadership and board development, monitoring and evaluation, financial sustainability, impact modeling, and growth strategy.
"Our work with Deloitte to bring world class strategic services and expertise to social entrepreneurs has been groundbreaking in the social sector," said New Profit Founder and CEO Vanessa Kirsch. "And our continued collaboration is going to be critical as we accelerate our work to support leaders, grow innovations, and reshape the systems that can open up opportunity in America."
The collaboration is part of Deloitte's broader ongoing commitment to provide millions of dollars of pro bono services each year. The work with New Profit builds on a relationship started with the Monitor Group, a leading consulting firm that was acquired by Deloitte in 2012. Since the beginning of the Monitor collaboration over 15 years ago, dozens of innovative nonprofits – including organizations like Teach For America, KIPP, Year Up, and Health Leads – have drawn on support from the case teams to improve the way challenges are addressed in America.
"We are happy to be renewing our relationship with New Profit, and inspired to work with them to break down barriers to opportunity," said Mike Canning, principal, Deloitte Consulting LLP and national managing director for Deloitte's strategy and operations practice. "Deloitte is in a strong position to bring together our social, public and private sector knowledge to address some of the world's greatest challenges – from education to global health to economic development and beyond. Not only is our relationship based on shared values, but it represents a powerful public-private model that is having real positive impact. We are incredibly proud of our collaboration with this admirable and innovative organization."
For Year Up, which provides job training for disconnected youth while helping businesses fill their staffing needs with qualified talent, New Profit and Deloitte provided support on the launch of an aggressive effort to serve significantly more students over the next 10 years. The team developed a strategic plan, operating and financial model, and an expansion implementation roadmap. That effort is now projected to help Year Up support an additional 2,000 students annually in five years, with the capacity to serve thousands more. All of this will be accomplished while reducing the cost per student by almost half.
"New Profit and Deloitte have been invaluable as we continue scaling to reach more young adults in need of an opportunity," saidGerald Chertavian, Year Up founder and CEO. "With their support, we're helping more and more companies across the U.S. recognize the value of this talent to their organizations."
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