(Photo: David Cerullo, president of The Inspirational Network)
The Inspirational Network’s latest Form 990 Information Return is filled with bombshells for anyone interested in following the money of religious and secular TV broadcasting. Two bombshells stand out: Extravagant compensation for executives and massive assets buried in fine print.
David Cerullo, CEO of The Inspirational Network which operates the western-themed INSP cable TV channel (religious programming airs in the middle of the night), is ranked as one of America’s highest paid religious non-profit CEOs.
In 2022, Cerullo received $9 million in compensation, doubling the income he received in 2021.
In 15 years, from 2008 through 2022, David Cerullo received $59 million in compensation from The Inspirational Network and related organizations.
For four consecutive years David Cerullo has ranked at the top of MinistryWatch’s annual list of highly paid ministry executives.
David Cerullo’s wife Barbara and son Benjamin also appear on the MinistryWatch list by serving as executives at The Inspirational Network.
The following screenshot shows 2022 compensation for the three Cerullo family members. The total compensation paid to the Cerullos for 2022 is $11,116,432.
By comparing compensation reported in 2021, shown in the screenshot below, it is clear that Benjamin Cerullo’s compensation also doubled and Barbara Cerullo’s compensation dramatically increased.
David Cerullo also serves as president of Morris Cerullo World Evangelism (MCWE) which was founded by his father. MCWE does not file a Form 990 as it claims to be a church. Therefore, it is unknown if MCWE also pays David Cerullo a salary.
The second highest paid executive at The Inspirational Network is general counsel and corporate secretary Dale Ardizzone who was paid $3,227,671 in 2022.
Most compensation for Ardizzone and David and Barbara Cerullo come from related organizations of The Inspirational Network.
Who are these related organizations?
The Inspirational Network “allegedly” operates a church, but the mysterious organization Inspirational Church Fellowship, Inc. doesn’t have a website or phone number and might not provide any compensation for ministry employees.
Other related organizations include the for-profit companies and corporations INSP, LLC (operates the cable network), MediaComm, Inc. (operates a studio and post-production facility), INSP Management, LLC, Inspirational Holdings Inc., Imagicomm Communications, LLC, and Imagicomm Enterprises, LLC.
In 2023, Trinity Foundation contacted The Inspirational Network spokesman Ronn Torossian to clarify if the Cerullo family personally owned the related companies and were told by email, “Neither David Cerullo nor any related family member has ANY ownership in INSP, LLC, or Media-Comm, Inc., or ANY of the other corporate entities associated with The Inspiration Network, Inc. Rather, ALL assets are ultimately owned by the non-profit. All financial info required to be disclosed is contained within the applicable 990’s.”
Seeing the Big Financial Picture
The total assets of The Inspirational Network and its related organizations have topped $1 billion, which is a critical fact easily missed when reviewing The Inspirational Network’s finances.
The Inspirational Network reported $308 million in total assets on page one of its 2022 Form 990, shown in the screenshot below.
However, most of The Inspirational Network’s assets are not reported here because they are taxable assets and reported separately for tax reasons.
The Inspirational Network does not publish a consolidated financial statement for donors which would combine the financial assets of the parent organization and all its related subsidiaries.
Buried deep in the 990 under Schedule R is a fascinating disclosure. Inspirational Holdings Inc. & Subsidiaries, which is owned by The Inspirational Network, had $786 million in assets at the end of 2022.
In addition to Inspirational Holdings, The Inspirational Network also owns several property development companies worth over $42 million.
Therefore, if there were a consolidated financial statement of The Inspirational Network, it would report total assets of the non-profit ministry, its holding company and property development companies to be at least $1,136,000,000.
Bear in mind, this total doesn’t include the total assets of MCWE which operates the Legacy International Center. The San Diego Union-Tribune newspaper describes this conference center and hotel as a “a $190 million Bible-themed resort.”
To truly understand a non-profit’s finances, one must compare multiple years to see trends and the bigger picture.
In the prior year of 2021, Inspirational Holdings Inc & Subsidiaries reported $267 million in assets, shown in the following screenshot. Therefore, Inspirational Holdings’ assets grew by $501 million in one year.
Donor Responsibility
The Inspirational Network promotes the prosperity gospel by airing sleezy televangelists like Mike Murdock (claims that God will erase the credit card debt of viewers that donate with a credit card) during its late-hour TV program Campmeeting.
The non-profit ministry also operates under the tradename Inspiration Ministries, fundraising by seeking donations of investments and annuities while its CEO earns $9 million in one year from ancillary companies.
When a non-profit ministry’s holding company reports $768 million in assets, donors would be wise to consider donating to churches, ministries or secular non-profits that are struggling financially, or directly to impoverished, hurting people.
For Further Information: Other articles about David Cerullo, The Inspirational Network and Morris Cerullo World Evangelism