Hite Family Foundation
- Assets
- $10.9k
- Revenue
- $64.0
- Investments
- $10.0k
- Employees
- 0
- Location
- Long Lake, MN
- Founding
- 02/2009
- Data as of
- 12/2023
- EIN
- 20-8098507
Organization Overview
Hite Family Foundation is located in Long Lake, MN. The organization was established in 2009. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hite Family Foundation 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, Hite Family Foundation generated $64.0 in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (43.5%) each year. All expenses for the organization totaled $63.8k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Hite Family Foundation has awarded 14 individual grants totaling $171,722. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
NONE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara A Hite President | 1 | $0 | |
H Eugene Hite Jr Secy Treasurer | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $52 |
| Dividends & Interest | $1,323 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$1,311 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $64 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $343 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $171 |
| Total operating and administrative expenses | $1,045 |
| Contributions, gifts, grants paid | $62,710 |
| Total expenses and disbursements | $63,755 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$1,184 |
| Savings and temporary cash investments | $2,130 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $10,946 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Hite Family Foundation has awarded $62,710 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
JOEL GATIMU MUMU PURPOSE: SCHOLARSHIP FOR DESTITUTE STUDENT | $2,810 |
PHILIPPINE SCHOLARS PURPOSE: SCHOLARSHIPS FOR DESTITUTE STUDENTS | $54,000 |
JANE WANJA PURPOSE: SCHOLARSHIP FOR DESTITUTE STUDENT | $5,900 |