Hispanic Information & Telecommunications Network Inc
- Assets
- $67.2m
- Revenue
- $6.4m
- Investments
- $0.0
- Employees
- 57
- Location
- Brooklyn, NY
- Founding
- 07/1982
- Data as of
- 12/2023
- EIN
- 13-3112110
Organization Overview
Hispanic Information & Telecommunications Network Inc is located in Brooklyn, NY. The organization was established in 1982. According to its NTEE Classification (W50) the organization is classified as: Telecommunications, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Hispanic Information & Telecommunications Network Inc employed 57 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hispanic Information & Telecommunications Network Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Hispanic Information & Telecommunications Network Inc generated $6.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (10.9%) each year. All expenses for the organization totaled $18.6m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE THE EDUCATIONAL, CULTURAL & SOCIO-ECONOMIC ASPIRATIONS OF U.S. HISPANICS.
Describe the Organization's Program Activity:
HISPANIC INFORMATION AND TELECOMMUNICATIONS NETWORK (HITN) IS THE FIRST SPANISH PUBLIC SERVICE MEDIA NETWORK. ESTABLISHED IN 1983 AS A NON-PROFIT ORGANIZATION WITH A MISSION TO ADVANCE THE EDUCATIONAL, CULTURAL, AND SOCIO-ECONOMIC ASPIRATIONS OF ITS VIEWERS IN THE U.S. AND PUERTO RICO. NO OTHER HISPANIC FOCUSED ORGANIZATION COMBINES THE UNIQUE ABILITY TO REACH THIS GROWING POPULATION THROUGH A MULTIMEDIA COMBINATION OF TV BROADCASTING, THE INTERNET, AND COMMUNITY BASED INITIATIVES. HITN IS ALSO THE LARGEST HOLDER OF EBS SPECTRUM IN THE UNITED STATES. OUR CHANNEL REACHES 40 MILLION HOMES ACROSS THE UNITED STATES. (CONTINUED ON SCHEDULE O) HITN TELEVISION EDUCATES, INSPIRES, AND EMPOWERS HISPANIC VIEWERS. THE CHANNEL IS PRESENTED BY ALL MAJOR CABLE AND SATELLITE OPERATORS AS WELL AS BY SEVERAL TELECOMMUNICATION COMPANIES AND DIGITAL PLATFORMS. WITH SHOWS FOR THE WHOLE FAMILY, HITN OFFERS ENGAGING, EDUCATIONAL CONTENT ON TOPICS AS DIVERSE AS NATURAL HISTORY, SCIENCE AND TECHNOLOGY, HEALTH AND WELL-BEING, AND CURRENT AFFAIRS.
HITN LEARNING - THE PROGRAM SUPPORTS THE DEVELOPMENT OF EDUCATIONAL RESOURCES IN PRINT DIGITAL MEDIA TARGETED AT HISPANIC PRESCHOOL AND EARLY ELEMENTARY SCHOOL CHILDREN AND THEIR FAMILIES. HITN SUPPORTS THIS JOURNEY FOR BABIES, SCHOOL-AGE CHILDREN, FAMILIES AND EDUCATORS, BY PROVIDING ENGAGING AND EFFECTIVE CONTENT THAT IGNITES CURIOSITY, PROMOTES CRITICAL THINKING AND ENCOURAGES PROBLEM-SOLVING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael D Nieves Ceo/board Member | OfficerTrustee | 40 | $392,195 |
Murray Gregorson Chairperson (thru 03/2023) | OfficerTrustee | 2 | $0 |
Eduardo Bhatia Chairperson (as Of 06/2023) | Trustee | 2 | $5,000 |
Nelson Denis Board Member | Trustee | 2 | $10,000 |
Linda Hernandez Rosado Board Member | Trustee | 2 | $10,000 |
Angel Cruz Board Member | Trustee | 2 | $10,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Stroock & Stroock & Lavan Llp Legal | 12/30/23 | $635,095 |
Taiger Communications Production Services | 12/30/23 | $178,915 |
Xperteks Computer Consultancy Inc It Consultant | 12/30/23 | $185,968 |
Patterson Belknap Webb & Tyler Legal | 12/30/23 | $391,988 |
Overon America Llc Satelite Services | 12/30/23 | $144,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $64,304 |
| All other contributions, gifts, grants, and similar amounts not included above | $328,528 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $392,832 |
| Total Program Service Revenue | $5,127,115 |
| Investment income | $131,127 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $74,711 |
| Net Gain/Loss on Asset Sales | $646,509 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,402,339 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $54,450 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,041,804 |
| Compensation of current officers, directors, key employees. | $279,914 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,659,653 |
| Pension plan accruals and contributions | $304,091 |
| Other employee benefits | $1,325,539 |
| Payroll taxes | $608,552 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,450,387 |
| Fees for services: Accounting | $135,545 |
| Fees for services: Lobbying | $24,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $34,501 |
| Fees for services: Other | $1,544,876 |
| Advertising and promotion | $221,992 |
| Office expenses | $422,145 |
| Information technology | $332,009 |
| Royalties | $0 |
| Occupancy | $1,332,601 |
| Travel | $510,021 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $28,898 |
| Interest | $104,762 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $507,023 |
| Insurance | $154,471 |
| All other expenses | $406,338 |
| Total functional expenses | $18,552,658 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,250 |
| Savings and temporary cash investments | $516,246 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,212,361 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $133,770 |
| Prepaid expenses and deferred charges | $954,028 |
| Net Land, buildings, and equipment | $2,973,191 |
| Investments—publicly traded securities | $3,443,533 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $1,700,000 |
| Other assets | $56,290,500 |
| Total assets | $67,228,879 |
| Accounts payable and accrued expenses | $2,110,446 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,378,150 |
| Total liabilities | $4,488,596 |
| Net assets without donor restrictions | $62,740,283 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $67,228,879 |
Grants Awarded
Over the last fiscal year, Hispanic Information & Telecommunications Network Inc has awarded $17,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NATIONAL MUSUEM OF PUERTO RICAN ARTS AND CULTURE PURPOSE: GENERAL SUPPORT | $7,500 |
PUERTO RICAN CULTURAL CENTER PURPOSE: GENERAL SUPPORT | $10,000 |