In the last issue before our summer break, we wrote about the continuing difficulty of making the Press sustainable, balancing subscription and advertising revenue with the expense of producing and distributing a comprehensive weekly newspaper. We suggested an idea of raising capital with a stock offering, and invited comments.
We did not receive many responses, but those we did receive helped sharpen our thinking.
One reader suggested raising subscription prices, saying she would gladly pay double and she didn’t think many would object, and it would be easier than having to ask for donations. We discussed this and decided it would be a last resort, especially at a time when some of our readers may be struggling with the prospect of increased property taxes.
Another reader asked if the town of Harvard budgets and pays an annual contribution, reasoning that “… the Press is the broadest and most accessible means of reaching and communicating information to citizens of the town.” While this may be true, it is important that the Press be independent, and if we were dependent on town funds, it could be difficult to report critically about town government.
A reader with significant fundraising experience advised that we would have better luck attracting large donations if we were tax exempt, so donations could be deductible. We have been considering that possibility, but unfortunately the application process is expensive and can take years to be approved. We’ll probably do that for the long term, but we need to do something now to get through the next few years.
In the six weeks since we last wrote, we have had the usual encouraging number of subscription renewals, and many of these have included additional donations, ranging from $20 to $500. It’s certainly not enough to solve the problem, but it’s an encouraging indication that support is there, and when we get specific about what we need our readers to do, there’s a good chance you’ll do it!
To begin, we are proposing a contribution of $500, which would include an ownership share and a five-year subscription. Payment could be in a lump sum, or it could be annual payments of $100. Existing subscriptions would be extended. It is important to emphasize that these contributions would not be tax deductible.
The Press website will eventually enable signup as a stockholder, with either a lump sum $500 payment or a recurring $100 annual payment. In the meantime, you may use the “Donate” button on the home page with a $500 or $100 payment, and we will confirm your intention to be a stockholder.
And if you prefer not to be a stockholder now, you can continue to use either the online “Subscribe or Renew” button, or to respond by mail to the renewal form that will be mailed.
