The New School
The New School consistently operates with expenses exceeding revenue, supported by substantial assets.
EIN: 133297197 · New York, NY · NTEE: B430 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $760.2M |
| Total Expenses | $613.8M |
| Program Spending | 80% |
| CEO/Top Officer Pay | $600 |
| Net Assets | $590.2M |
| Transparency Score | 65/100 |
Is The New School Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
The New School directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About The New School
The New School (EIN: 133297197) is a nonprofit organization based in New York, NY, classified under NTEE code B430. The organization reported total revenue of $760.2M and total assets of $1.7B according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The New School's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
The New School is a major nonprofit that has been operating for 40 years, with 12 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 3.7%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $602.9M |
| Total Expenses | $613.8M |
| Surplus / Deficit | $-10,931,088 |
| Total Assets | $1.7B |
| Total Liabilities | $1.1B |
| Net Assets | $590.2M |
| Operating Margin | -1.8% |
| Debt-to-Asset Ratio | 65.4% |
| Months of Reserves | 33.4 months |
Financial Health Grade: C
In 2023, The New School reported a deficit of $10.9M with expenses exceeding revenue, holds 33.4 months of operating reserves (strong position), has a debt-to-asset ratio of 65.4% (high leverage).
Financial Trends
Over 12 years of filings (2011–2023), The New School's revenue has grown at a compound annual growth rate (CAGR) of 3.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -3.6% | -2.1% | -0.2% |
| 2022 | +33.5% | +16.3% | +1.5% |
| 2021 | -16.2% | -6.9% | +33.4% |
| 2020 | -0.7% | +3.6% | +0.1% |
| 2019 | +6.2% | +3.3% | +1.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 1986 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates The New School with a Mission Score of 65 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, The New School allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $10.9M, with expenses exceeding revenue.
- Debt-to-asset ratio: 65.4%.
Executive Compensation Analysis
The provided IRS 990 data consistently reports 0% for Officer Compensation across all listed periods. This is highly unusual for an organization with annual revenues exceeding $600 million and suggests that executive compensation is either not reported under this specific line item or is categorized differently, which reduces transparency regarding leadership pay relative to the organization's significant size.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of The New School's IRS 990 filings:
- Consistent operational deficits (e.g., $10.9M in 2023, $1.6M in 2022) indicate expenses frequently exceed revenues.
- Officer compensation consistently reported as 0% across all filings, which is unusual for an organization of this size and impacts transparency.
- Significant and growing liabilities, reaching over $1.1 billion in recent years, warrant scrutiny regarding financial risk.
Strengths
The following positive indicators were identified for The New School:
- Substantial and growing asset base, reaching over $1.7 billion in 2023, provides significant financial stability.
- Long history of IRS 990 filings (12 filings) indicates consistent compliance and reporting.
- Large scale of operations with over $600 million in annual revenue demonstrates significant impact and reach.
Frequently Asked Questions about The New School
Is The New School a legitimate charity?
The New School (EIN: 133297197) is a registered tax-exempt nonprofit based in New York. Our AI analysis gives it a Mission Score of 65/100. It has 12 years of IRS 990 filings on record. Total revenue: $760.2M. 3 red flags identified. 3 strengths noted. Financial health grade: C.
How does The New School spend its money?
The New School directs 80% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to The New School tax-deductible?
The New School is registered as a tax-exempt nonprofit (EIN: 133297197). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the The New School CEO make?
The New School's highest-compensated officer earns $600 annually. The organization reported $760.2M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of The New School's spending goes to programs?
The New School directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does The New School compare to similar nonprofits?
With a transparency score of 65/100 (Good), The New School is above average for NTEE category B430 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is The New School located?
The New School is headquartered in New York, New York and files with the IRS under EIN 133297197. It is classified under NTEE code B430.
How many years of IRS 990 filings does The New School have?
The New School has 12 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $760.2M in total revenue.
How does The New School cover its recurring operational deficits?
The New School frequently reports expenses exceeding revenue, for example, by over $10 million in 2023. This suggests reliance on endowment drawdowns, investment income, or other non-operating revenues not detailed in the provided summary, or a strategic use of its substantial asset base to cover shortfalls.
Why is officer compensation consistently reported as 0%?
The consistent reporting of 0% for Officer Compensation across all filings is atypical for an institution of this scale. It could mean that compensation for key executives is reported under different expense categories (e.g., salaries and wages for all employees) or that the provided data specifically excludes this detail, which impacts transparency.
What is the long-term strategy for managing increasing liabilities?
Liabilities have shown significant growth, reaching over $1.1 billion in recent years. Understanding the nature of these liabilities (e.g., bonds, mortgages, deferred revenue) and the strategy for their management is crucial for assessing long-term financial risk.
How does the organization's asset growth relate to its mission delivery?
The New School's assets have grown substantially, from $958 million in 2013 to over $1.7 billion in 2023. It would be beneficial to understand how this asset growth directly supports or enhances the organization's educational mission and program delivery.
Filing History
IRS 990 filing history for The New School showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2011–2023), The New School's revenue has grown by 55.1%, moving from $388.6M to $602.9M. Total assets increased by 81.2% over the same period, from $941.8M to $1.7B. Total functional expenses rose by 60.7%, from $381.9M to $613.8M. In its most recent filing year (2023), The New School reported a deficit of $10.9M, with expenses exceeding revenue. The organization holds $1.1B in liabilities against $1.7B in assets (debt-to-asset ratio: 65.4%), resulting in net assets of $590.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $602.9M | $613.8M | $1.7B | $1.1B | — | — |
| 2022 | $625.5M | $627.1M | $1.7B | $1.2B | — | View 990 |
| 2021 | $468.4M | $539.3M | $1.7B | $1.1B | — | — |
| 2020 | $559.0M | $579.3M | $1.3B | $698.5M | — | View 990 |
| 2019 | $562.8M | $559.0M | $1.3B | $683.2M | — | View 990 |
| 2018 | $530.0M | $541.0M | $1.2B | $691.7M | — | View 990 |
| 2017 | $507.1M | $503.7M | $1.2B | $696.8M | — | View 990 |
| 2015 | $495.9M | $459.9M | $1.0B | $501.6M | — | View 990 |
| 2014 | $507.8M | $426.6M | $1.0B | $501.6M | — | View 990 |
| 2013 | $402.0M | $397.8M | $958.0M | $518.7M | — | View 990 |
| 2012 | $405.9M | $396.5M | $961.2M | $533.1M | — | View 990 |
| 2011 | $388.6M | $381.9M | $941.8M | $510.1M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $602.9M, expenses of $613.8M, and assets of $1.7B (revenue -3.6% year-over-year).
- 2022: Revenue of $625.5M, expenses of $627.1M, and assets of $1.7B (revenue +33.5% year-over-year).
- 2021: Revenue of $468.4M, expenses of $539.3M, and assets of $1.7B (revenue -16.2% year-over-year).
- 2020: Revenue of $559.0M, expenses of $579.3M, and assets of $1.3B (revenue -0.7% year-over-year).
- 2019: Revenue of $562.8M, expenses of $559.0M, and assets of $1.3B (revenue +6.2% year-over-year).
- 2018: Revenue of $530.0M, expenses of $541.0M, and assets of $1.2B (revenue +4.5% year-over-year).
- 2017: Revenue of $507.1M, expenses of $503.7M, and assets of $1.2B (revenue +2.3% year-over-year).
- 2015: Revenue of $495.9M, expenses of $459.9M, and assets of $1.0B (revenue -2.3% year-over-year).
- 2014: Revenue of $507.8M, expenses of $426.6M, and assets of $1.0B (revenue +26.3% year-over-year).
- 2013: Revenue of $402.0M, expenses of $397.8M, and assets of $958.0M (revenue -1.0% year-over-year).
- 2012: Revenue of $405.9M, expenses of $396.5M, and assets of $961.2M (revenue +4.4% year-over-year).
- 2011: Revenue of $388.6M, expenses of $381.9M, and assets of $941.8M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for The New School:
Data Sources and Methodology
This transparency report for The New School is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.