Article
April 30, 2010
Nonprofit Christian Science Monitor Seeks New Financial Model
As part of The Christian Science Monitor's conversion from a daily printed newspaper to a weekly online one, the publication is also working to wean itself from its publisher -- the Church of Christ, Scientist -- over the next five years. And the lessons it is learning may have value for other nonprofit organizations seeking to evolve in a rapidly changing landscape.
During an interview with Jim Barnett, a former newspaper reporter, John Yemma, the Monitor's editor, says the first order of business has to be to move toward sustainability. He adds that when newsrooms rely too heavily on their parent organizations for subsidies, the news operation is put in jeopardy.
The Monitor received $12.6-million in subsidies this past fiscal year and is projecting a subsidy of $10.7-million in the upcoming fiscal year. The publication's revenue is also generated from subscriptions, advertising, syndication fees, and an endowment that provides an annual $6.8-million.
As its attempt to reduce subsidies from the church, Mr. Yemma says that the publication will see a decline in revenue, which will be around $3.8-million in 2013, and will experience further reductions in the coming years.