The Hitt Family Foundation Inc
- Assets
- $3.7m
- Revenue
- $278.6k
- Investments
- $3.3m
- Employees
- 0
- Location
- Falls Church, VA
- Founding
- 07/2001
- Data as of
- 12/2022
- EIN
- 54-1963708
Organization Overview
The Hitt Family Foundation Inc is located in Falls Church, VA. The organization was established in 2001. 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. Hitt Family 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 12/2022, Hitt Family Foundation Inc generated $278.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (32.0%) each year. All expenses for the organization totaled $300.4k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (25.9%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Hitt Family Foundation Inc has awarded 62 individual grants totaling $29,434,170. 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
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
NONE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brett Hitt President/trustee | 1 | $0 | |
Cullen A Hitt Vice President/trustee | 1 | $0 | |
Alexander Seleznyov Treasurer/secretary/trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $500,000 |
| Interest on Savings | $655 |
| Dividends & Interest | $48,767 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$270,856 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $278,566 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $943 |
| Total operating and administrative expenses | $66,349 |
| Contributions, gifts, grants paid | $234,057 |
| Total expenses and disbursements | $300,406 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $411,492 |
| 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 | $3,671,383 |
| 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 Hitt Family Foundation Inc has awarded $14,047,670 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
INOVA HEALTH SYSTEM FOUNDATION PURPOSE: GENERAL USE | $3,212,114 |
VIRGINIA TECH FOUNDATION PURPOSE: GENERAL USE | $6,821,102 |
CENTRAL UNITED METHODIST CHURCH PURPOSE: GENERAL USE | $350,000 |
NATIONAL CAPITAL AREA COUNCIL BOY SCOUTS PURPOSE: GENERAL USE | $10,000 |
SALVATION ARMY PURPOSE: GENERAL USE | $350,000 |
CAPITAL CARING PURPOSE: GENERAL USE | $200,000 |