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Nonprofiteer
← MAGNOLIA TRIBUNE INSTITUTE

Form 990 for tax year 2023

Filed by MAGNOLIA TRIBUNE INSTITUTE.

Totals

Total revenue
$951,699
Total expenses
$747,179
Contributions and grants received
$948,853
Grants paid
$0
Program service revenue
$0
Investment income
$2,846
Other revenue
$0
Total assets, end of year
$537,640
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$537,640
Program services expenses (Part IX)
$577,485
Management and general expenses
$62,987
Fundraising expenses
$106,707
Program service expenses (Part III)
$577,485

Program services were 77.3% 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.

  • 1f · All other contributions, gifts and grants

    $948,853

  • 1g · Noncash contributions included above

    $86,500

  • 3 · Investment income

    total $2,846 · excluded $2,846

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $331,294 · program services $241,845 · management and general $36,442 · fundraising $53,007

  • 9 · Other employee benefits

    total $25,520 · program services $18,630 · management and general $2,807 · fundraising $4,083

  • 10 · Payroll taxes

    total $35,643 · program services $26,019 · management and general $3,921 · fundraising $5,703

  • 11g · Fees: other

    total $106,733 · program services $102,950 · management and general $3,026 · fundraising $757

  • 12 · Advertising and promotion

    total $100,513 · program services $90,461 · management and general $5,026 · fundraising $5,026

  • 13 · Office expenses

    total $44,330 · program services $31,030 · management and general $6,650 · fundraising $6,650

  • 17 · Travel

    total $20,317 · program services $10,158 · management and general $2,032 · fundraising $8,127

  • 22 · Depreciation, depletion and amortization

    total $26,000 · program services $26,000

  • 23 · Insurance

    total $3,083 · management and general $3,083

  • 24a · Other expenses: EVENTS - MS TOP 50

    total $46,709 · program services $23,355 · fundraising $23,354

  • 24b · Other expenses: WEBSITE

    total $7,037 · program services $7,037

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $212,869 · end of year $443,390

  • 15 · Other assets

    beginning of year $120,250 · end of year $94,250

  • 27 · Net assets without donor restrictions

    beginning of year $333,119 · end of year $537,640

Mission and programs · 2023

Mission

WE ARE DEDICATED TO THE MISSION OF SUPPLYING CITIZENS WITH RELEVANT, TIMELY, AND TRUSTWORTHY INFORMATION ON THE ISSUES THAT IMPACT THEIR LIVES.

Activities or mission (Part I)

THE INSTITUTE IS A NON-PROFIT NEWSROOM DEDICATED TO THE MISSION OF EDUCATING THE PUBLIC ON ISSUES THAT MATTER THE MOST TO THEIR LIVES, CONDUCTING IN-DEPTH INVESTIGATIVE REPORTING, AND TRAINING THE NEXT GENERATION OF JOURNALISTS. AS PART OF THIS MISSION, MAGNOLIA TRIBUNE INSTITUE WILL MAKE ANY CONTENT PRODUCED BY IT FREE TO THE GENERAL PUBLIC AND WILL ALLOW ANY OTHER NEWS OUTLET TO REPRODUCE THE CONTENT WITH ATTRIBUTION AT NO COST.

  • THE INSTITUTE'S PRIMARY PROGRAM SERVICE IS THE OPERATION OF A NON-PROFIT DIGITAL ONLY NEWSROOM THAT PROVIDES DAILY NEWS, A DIVERSITY OF PERSPECTIVES ON IMPORTANT ISSUES, BUSINESS COVERAGE, AND CULTURAL COVERAGE OF ARTS AND ENTERTAINMENT. THE INSTITUTE PUBLISHES NEW ORIGINAL CONTENT 6 DAYS A WEEK AND DISTRIBUTES THAT CONTENT THROUGH ITS OWN NEWS SITE, A DAILY NEWSLETTER, SOCIAL MEDIA, AND THROUGH REPUBLICATION IN OTHER NEWS OUTLETS. TO EXECUTE ON ITS MISSION, THE INSTITUTE EMPLOYS BOTH FULL-TIME REPORTERS, AS WELL AS A STABLE OF INDEPENDENT CONTRACT WRITERS. ALL CONTENT PRODUCED BY THE INSTITUTE IS MADE AVAILABLE TO THE GENERAL PUBLIC AND TO OTHER NEWS PUBLICATIONS WHO WISH TO REPUBLISH FREE OF CHARGE.

    Expenses $577,485

As filed on the 2023 return.

Listed in Part VII

  • Russell Latino

    CEO/SECRETARY

    Total calculated
    $155,075
    From this org
    $147,500
    From related orgs
    $0
    Other
    $7,575
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,500
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $7,575
    Filer's total
    $155,075

  • Spencer Ritchie

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Lucien Smith

    TREASURER

    Total calculated
    $0
    Hours/week
    1

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

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 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 3
THE BOARD, IN THE ABSENCE OF THE CEO, REVIEWS 990S FROM SIMILIAR ORGANIZATIONS IN THE MEDIA AND THINKTANK SPACE FROM MISSISSIPPI AND SURROUNDING STATES TO DETERMINE THE CEO'S COMPENSATION.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2025
IRS schema version
2023v6.0
Source object
202501349349312555

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