The Hite Foundation Inc
- Assets
- $14.4m
- Revenue
- $3.2m
- Investments
- $11.1m
- Employees
- 0
- Location
- Melville, NY
- Founding
- 10/2004
- Data as of
- 06/2022
- EIN
- 22-2856867
Organization Overview
The Hite Foundation Inc is located in Melville, NY. The organization was established in 2004. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hite Foundation 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 06/2022, Hite Foundation Inc generated $3.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $3.3m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Hite Foundation Inc has awarded 95 individual grants totaling $4,697,639. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
GRANTS PAID- SEE PART XV
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lawrence D Hite President | 5 | $0 | |
Alex Greyserman Treasurer | 1 | $0 | |
Sharon Hite Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $56 |
| Dividends & Interest | $60,751 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $658,970 |
| Capital Gain Net Income | $658,970 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $2,477,344 |
| Total Revenue | $3,197,121 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $12,057 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $2,499,419 |
| Total operating and administrative expenses | $2,533,032 |
| Contributions, gifts, grants paid | $769,000 |
| Total expenses and disbursements | $3,302,032 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $97,077 |
| 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 | $11,058,176 |
| Net Land, buildings, and equipment | $3,146,403 |
| Other assets | $108,116 |
| Total assets | $14,409,772 |
| 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, The Hite Foundation Inc has awarded $819,000 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
METROPOLITAN OPERA ASSOCIATION INC PURPOSE: GENERAL SUPPORT | $15,000 |
THE LITTLE ORCHESTRA SOCIETY - ORPHEON PURPOSE: GENERAL SUPPORT | $40,000 |
WEILL CORNELL HOSPITAL PURPOSE: GENERAL SUPPORT | $250,000 |
THE ASPEN INSTITUTE PURPOSE: GENERAL SUPPORT | $27,500 |
WNET PURPOSE: FOURTH INSTALLMENT OF A $200,000 PLEDGE, $50,000 | $50,000 |
THE YOUNG MENS AND YOUNG WOMENS HEBREW ASSOCIATION PURPOSE: GENERAL SUPPORT | $50,000 |