The Venetoulis Institute For Local Journalism, operating under the name The Baltimore Banner, is located in Baltimore, MD. According to its NTEE Classification (A33) the organization is classified as: Printing & Publishing, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Baltimore Banner employed 108 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Baltimore Banner 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, Baltimore Banner generated $17.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (15.1%) each year. All expenses for the organization totaled $17.3m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO BE AN INDISPENSABLE RESOURCE THAT STRENGTHENS, UNITES, AND INSPIRES OUR BALTIMORE COMMUNITY. WE WILL ACCOMPLISH THIS THROUGH TRUSTWORTHY, QUALITY JOURNALISM THAT TELLS THE VARIED STORIES OF OUR PEOPLE, HOLDS OUR LEADERS ACCOUNTABLE, AND DELIVERS LOCAL NEWS THAT READERS ARE WILLING TO SUPPORT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, THE VENETOULIS INSTITUTE LAUNCHED THE BALTIMORE BANNER, OUR FLAGSHIP DIGITAL NEWS PRODUCT. IN PREPARATION FOR THIS LAUNCH, EXPENSES CENTERED ON GROWING HEADCOUNT IN OUR NEWSROOM, PRODUCT, AND BUSINESS FUNCTIONS TO ENSURE APPROPRIATE SCALE AND INFRASTRUCTURE TO SUPPORT OUR ORGANIZATION. THIS INCLUDED THE ADDITIONS OF REPORTERS AND EDITORS TO OUR NEWSROOM, AND DATA, FINANCE, PRODUCT, AND MARKETING STAFF TO OUR NON-NEWSROOM FUNCTIONS, RESULTING IN A 2022 YEAR-END HEADCOUNT OF 89. ADDITIONALLY, VLIJ INVESTED $622K IN CAPEX TO SUPPORT TECHNOLOGY INFRASTRUCTURE, GIVING US THE OPPORTUNITY TO IMPROVE USER EXPERIENCE AND INCREASE DATA-DRIVEN DECISION MAKING WITHIN THE ORGANIZATION. INVESTMENTS IN THE BALTIMORE BANNER APP AND WEBSITE INFRASTRUCTURE ENSURE THAT OUR NEWS COVERAGE CAN BE EASILY ACCESSED BY OUR AUDIENCES AND PROVIDE A POSITIVE USER EXPERIENCE THAT BUILDS THE FOUNDATION FOR SUBSCRIBER GROWTH. ADDITIONALLY, ENHANCED DATA INFRASTRUCTURE ENABLES US TO UNDERSTAND THE PREFERENCES AND BEHAVIORS OF OUR READERS, ENABLING US TO MAKE DATA-DRIVEN DECISIONS REGARDING CONTENT AND PRIORITIZE INVESTMENTS WITHIN OUR ORGANIZATION.IN ADDITION TO THE GROWTH OF VILJ STAFF, INVESTMENTS IN FREELANCE, CONTRACT, AND CONSULTING SUPPORT ENABLED US TO LAUNCH AND BUILD OUR ORGANIZATION. BY ENGAGING FREELANCE JOURNALISTS, WE EXPANDED WRITTEN AND PHOTO COVERAGE IN THE COMMUNITIES WE SERVE AS WE WORKED TO GROW OUR PERMANENT NEWSROOM PRESENCE. ADDITIONALLY, WE UTILIZED CONTRACTORS AND CONSULTANTS TO PROVIDE EXPERTISE AND SUPPORT FOR OUR IT, PRODUCT, FINANCE, ANALYTICS AND ENGINEERING FUNCTIONS. SINCE THE 2022 LAUNCH OF THE THE BALTIMORE BANNER AS A NONPROFIT, INDEPENDENT LOCAL NEWS SITE, WE CONTINUE TO STRIVE TO BECOME AN INTEGRAL AND VITAL PART OF THE COMMUNITIES THAT WE SERVE ACROSS BALTIMORE AND MARYLAND. AS ONE OF THE LARGEST AND MOST DIVERSE NEWSROOMS IN THE STATE, OUR TEAM OF JOURNALISTS WORKS TIRELESSLY TO COVER THE IMPORTANT ISSUES THAT MOST DIRECTLY IMPACT NEIGHBORHOODS ACROSS OUR CITY AND STATE TO HELP STRENGTHEN, UNITE AND INSPIRE OUR COMMUNITIES; INVESTMENTS IN OUR STAFF, INFRASTRUCTURE, AND FREELANCE AND CONTRACTORS HAVE HELPED TO ENABLE THESE EFFORTS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Brian Mcgrory Director | Trustee | 1 | $0 |
Christine A Shreve Corporate Treasurer | OfficerTrustee | 7 | $0 |
Imtiaz Patel President | OfficerTrustee | 40 | $625,000 |
Janet Currie Director | Trustee | 1 | $0 |
Jedd Gould Director | Trustee | 1 | $0 |
Josh Tyrangiel Director | Trustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
National Tr For Local News Inc Business Consulting | 12/30/21 | $195,000 |
Iq Workforce Executive Search Services | 12/30/21 | $278,350 |
West Monroe Partners Llc Business Consulting | 12/30/21 | $128,125 |
Realty Investment Co Accounting/tax Services | 12/30/21 | $145,391 |
Russell Reynolds Assoc Inc Executive Search Services | 12/30/21 | $114,000 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $16,526,520 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $16,526,520 |
Total Program Service Revenue | $764,319 |
Investment income | $140,186 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $17,431,025 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
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. | $3,443,702 |
Compensation of current officers, directors, key employees. | $476,264 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $5,732,875 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $575,979 |
Fees for services: Management | $162,880 |
Fees for services: Legal | $104,160 |
Fees for services: Accounting | $177,525 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $3,630,751 |
Advertising and promotion | $0 |
Office expenses | $935,755 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $142,541 |
Travel | $161,583 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $19,723 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $405,516 |
Insurance | $22,098 |
All other expenses | $11,531 |
Total functional expenses | $17,307,585 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $1,573,109 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $84,566 |
Accounts receivable, net | $131,428 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $229,375 |
Net Land, buildings, and equipment | $3,271,388 |
Investments—publicly traded securities | $18,599,974 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $75,000 |
Total assets | $23,964,840 |
Accounts payable and accrued expenses | $2,155,925 |
Grants payable | $0 |
Deferred revenue | $682,941 |
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 | $1,697,658 |
Total liabilities | $4,536,524 |
Net assets without donor restrictions | $19,048,750 |
Net assets with donor restrictions | $379,566 |
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 | $23,964,840 |