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← THE VENETOULIS INSTITUTE FOR LOCAL JOURNALISM

Form 990 for tax year 2023

Filed by THE VENETOULIS INSTITUTE FOR LOCAL JOURNALISM.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2023 , filed 3 March 2025. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Program service revenue
$14,030,262 changed to $3,290,474
Other revenue
-$166,673 changed to $10,573,115

Totals

Total revenue
$29,832,731
Total expenses
$29,661,774
Contributions and grants received
$15,746,848
Grants paid
$0
Program service revenue
$14,030,262
Investment income
$222,294
Other revenue
-$166,673
Total assets, end of year
$25,548,498
Total liabilities, end of year
$5,773,315
Net assets or fund balances, end of year
$19,775,183
Program services expenses (Part IX)
$26,825,594
Management and general expenses
$1,913,268
Fundraising expenses
$922,912
Program service expenses (Part III)
$26,825,594

Program services were 90.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $610,517

  • 1f · All other contributions, gifts and grants

    $15,136,331

  • 2a · Program service revenue: ADVERTISING

    total $11,813,761 · unrelated business $11,813,761

  • 2b · Program service revenue: SUBSCRIPTIONS

    total $2,212,938 · related or exempt $2,212,938

  • 2c · Program service revenue: OTHER FEES AND CHARGES

    total $3,563 · related or exempt $3,563

  • 3 · Investment income

    total $222,294 · excluded $222,294

  • 8a · Fundraising events: gross income

    $183,334

  • 8a · Fundraising events: contributions included on line 1c

    $610,517

  • 8b · Fundraising events: direct expenses

    $350,007

  • 8c · Net income from fundraising events

    total -$166,673 · excluded -$166,673

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $3,968,455 · program services $3,188,654 · management and general $548,837 · fundraising $230,964

  • 7 · Other salaries and wages

    total $8,437,726 · program services $7,422,844 · management and general $584,858 · fundraising $430,024

  • 8 · Pension plan contributions

    total $343,889 · program services $293,716 · management and general $31,877 · fundraising $18,296

  • 9 · Other employee benefits

    total $763,023 · program services $654,462 · management and general $68,948 · fundraising $39,613

  • 10 · Payroll taxes

    total $953,598 · program services $814,470 · management and general $88,395 · fundraising $50,733

  • 11a · Fees: management

    total $783,057 · program services $668,811 · management and general $72,586 · fundraising $41,660

  • 11b · Fees: legal

    total $462,541 · program services $442,965 · management and general $19,576

  • 11c · Fees: accounting

    total $28,438 · management and general $28,438

  • 11f · Fees: investment management

    total $22,442 · management and general $22,442

  • 11g · Fees: other

    total $9,535,089 · program services $9,330,599 · management and general $187,315 · fundraising $17,175

  • 12 · Advertising and promotion

    total $1,166,938 · program services $1,161,197 · management and general $5,741

  • 13 · Office expenses

    total $48,010 · program services $41,006 · management and general $4,450 · fundraising $2,554

  • 14 · Information technology

    total $754,348 · program services $644,290 · management and general $69,925 · fundraising $40,133

  • 16 · Occupancy

    total $384,885 · program services $346,422 · management and general $38,463

  • 17 · Travel

    total $114,365 · program services $90,724 · management and general $23,641

  • 22 · Depreciation, depletion and amortization

    total $625,117 · program services $533,914 · management and general $57,946 · fundraising $33,257

  • 23 · Insurance

    total $41,643 · program services $38,261 · management and general $2,149 · fundraising $1,233

  • 24a · Other expenses: OTHER M&A

    total $500,000 · program services $500,000

  • 24b · Other expenses: UNRELATED BUSINESS INCO

    total $234,386 · program services $234,386

  • 24c · Other expenses: CREDIT CARD PROCESSING

    total $123,378 · program services $120,565 · fundraising $2,813

  • 24d · Other expenses: DUES AND SUBSCRIPTIONS

    total $89,103 · program services $76,102 · management and general $8,261 · fundraising $4,740

  • 24e · All other expenses

    total $281,343 · program services $222,206 · management and general $49,420 · fundraising $9,717

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,573,109 · end of year $2,031,748

  • 3 · Pledges and grants receivable

    beginning of year $84,566 · end of year $724,782

  • 4 · Accounts receivable

    beginning of year $131,428 · end of year $4,272,749

  • 9 · Prepaid expenses and deferred charges

    beginning of year $229,375 · end of year $256,739

  • 10a · Land, buildings and equipment: cost or other basis

    $3,597,892

  • 10b · Land, buildings and equipment: accumulated depreciation

    $851,264

  • 10c · Land, buildings and equipment, net

    beginning of year $3,271,388 · end of year $2,746,628

  • 11 · Investments: publicly traded securities

    beginning of year $18,599,974 · end of year $15,467,935

  • 15 · Other assets

    beginning of year $75,000 · end of year $47,917

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,155,925 · end of year $3,528,773

  • 19 · Deferred revenue

    beginning of year $682,941 · end of year $883,751

  • 25 · Other liabilities

    beginning of year $1,697,658 · end of year $1,360,791

  • 27 · Net assets without donor restrictions

    beginning of year $19,048,750 · end of year $18,831,450

  • 28 · Net assets with donor restrictions

    beginning of year $379,566 · end of year $943,733

Mission and programs · 2023

Mission

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.

  • THE VENETOULIS INSTITUTE IS A NONPROFIT ORGANIZATION FOUNDED TO BRING HIGH-QUALITY LOCAL JOURNALISM TO BALTIMORE AND CENTRAL MARYLAND. IN JUNE 2022, WE LAUNCHED THE BALTIMORE BANNER TO FULFILL OUR MISSION. THE BANNER IS A MULTI-PLATFORM NEWS OPERATION COVERING A BROAD RANGE OF TOPICS, FROM LOCAL AND STATE GOVERNMENT TO BUSINESS, SPORTS, EDUCATION, CULTURE, AND THE ARTS. WE SEEK TO CREATE A VIBRANT, TRUSTWORTHY, AND SUSTAINABLE NEWS ORGANIZATION THAT REINVENTS WHAT LOCAL JOURNALISM CAN BE.

    Expenses $26,825,594 · Revenue $14,030,262

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Stewart Bainum Jr

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    5

  • William Bill L Jews

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sandy Bainum

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Janet Currie

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jedd Gould

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Brian McGrory

    DIRECTOR & INTERIM CEO

    Total calculated
    $0
    Hours/week
    1

  • Shanaysha Sauls

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Josh Tyrangiel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Katz

    TREASURER & SVP OF FINANCE & ANALYTICS

    Total calculated
    $259,123
    From this org
    $249,157
    From related orgs
    $0
    Other
    $9,966
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,577
    Bonus
    $34,580
    Other
    $0
    Deferred
    $9,966
    Nontaxable benefits
    $0
    Filer's total
    $259,123

  • Kimiko Yoshino

    EDITIOR IN CHIEF

    Total calculated
    $471,738
    From this org
    $457,026
    From related orgs
    $0
    Other
    $14,712
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $350,000
    Bonus
    $107,026
    Other
    $0
    Deferred
    $13,200
    Nontaxable benefits
    $1,512
    Filer's total
    $471,738

  • Sharon Nevins

    CHIEF REVENUE OFFICER

    Total calculated
    $434,227
    From this org
    $421,205
    From related orgs
    $0
    Other
    $13,022
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $275,000
    Bonus
    $146,205
    Other
    $0
    Deferred
    $11,510
    Nontaxable benefits
    $1,512
    Filer's total
    $434,227

  • Klas Uden

    CHIEF MARKETING OFFICER

    Total calculated
    $401,832
    From this org
    $386,594
    From related orgs
    $0
    Other
    $15,238
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $295,000
    Bonus
    $91,594
    Other
    $0
    Deferred
    $13,200
    Nontaxable benefits
    $2,038
    Filer's total
    $401,832

  • Andre Jones

    SVP OF PEOPLE, CULTURE, DIVERSITY

    Total calculated
    $242,007
    From this org
    $234,570
    From related orgs
    $0
    Other
    $7,437
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,757
    Bonus
    $29,813
    Other
    $0
    Deferred
    $7,437
    Nontaxable benefits
    $0
    Filer's total
    $242,007

  • Biswajit Ganguly

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $267,514
    From this org
    $255,265
    From related orgs
    $0
    Other
    $12,249
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,000
    Bonus
    $25,265
    Other
    $0
    Deferred
    $10,211
    Nontaxable benefits
    $2,038
    Filer's total
    $267,514

  • Andrea McDaniels

    MANAGING EDITOR

    Total calculated
    $274,381
    From this org
    $263,191
    From related orgs
    $0
    Other
    $11,190
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $227,751
    Bonus
    $35,440
    Other
    $0
    Deferred
    $10,528
    Nontaxable benefits
    $662
    Filer's total
    $274,381

  • Monique Jones

    HEAD OF NEWSROOM STRATEGY

    Total calculated
    $253,688
    From this org
    $246,658
    From related orgs
    $0
    Other
    $7,030
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $221,658
    Bonus
    $25,000
    Other
    $0
    Deferred
    $5,225
    Nontaxable benefits
    $1,805
    Filer's total
    $253,688

  • Richard Martin

    DEPUTY MANAGING EDITOR

    Total calculated
    $217,887
    From this org
    $207,755
    From related orgs
    $0
    Other
    $10,132
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,894
    Bonus
    $19,861
    Other
    $0
    Deferred
    $8,310
    Nontaxable benefits
    $1,822
    Filer's total
    $217,887

  • Nhan Ngo

    DIRECTOR, DIGITAL SALES OPERATIONS

    Total calculated
    $175,423
    From this org
    $175,423
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $107,923
    Bonus
    $67,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $175,423

  • Emma Harris

    HEAD OF NEWSROOM AUDIENCE AND DIGITAL EXPERIENCES

    Total calculated
    $179,007
    From this org
    $171,051
    From related orgs
    $0
    Other
    $7,956
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,654
    Bonus
    $12,397
    Other
    $0
    Deferred
    $6,842
    Nontaxable benefits
    $1,114
    Filer's total
    $179,007

  • Imtiaz Patel

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $460,000
    From this org
    $459,231
    From related orgs
    $0
    Other
    $769
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $269,231
    Bonus
    $190,000
    Other
    $0
    Deferred
    $769
    Nontaxable benefits
    $0
    Filer's total
    $460,000

  • William Warren

    CHIEF PHILANTHROPIC OFFICER

    Total calculated
    $238,243
    From this org
    $233,768
    From related orgs
    $0
    Other
    $4,475
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,654
    Bonus
    $15,500
    Other
    $84,614
    Deferred
    $4,475
    Nontaxable benefits
    $0
    Filer's total
    $238,243

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 5a · Pay contingent on this organization's revenues
  • 6a · Pay contingent on this organization's net earnings

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5b · Pay contingent on a related organization's revenues
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 5
BONUSES ARE BASED ON COMPANY FINANCIAL PERFORMANCE AND INDIVIDUAL EMPLOYEE PERFORMANCE.
PART I, LINE 6
COMMISSIONS ARE BASED ON COMPANY SALES.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • BANNER MEDIA LLC

    ADVERTISING · MD · income $13,008,856 · assets $3,968,256

    Directly controlled by THE VENETOULIS INSTITUTE FOR LOCAL JOURNALISM

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • BANNER MEDIA LLC

    ADVERTISING · MD · share of income $11,813,761 · share of assets $3,968,256

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202403209349321050

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