As we begin our traditional summer break, it’s a good time to take stock and let everyone know how the Press is doing. The good news is, finances are not significantly worse than in November 2015, the first time we highlighted our situation. The bad news is, they aren’t any better.
As we recounted previously, the Press initially received significant support from a handful of generous patrons, and within the first two years of its 2006 launch, more than $120,000 was received. We worked diligently to cultivate advertising revenue and control expenses, but for the last several years, annual deficits of $20,000 or more have been typical, and our operating reserve has been depleted.
To stimulate support in 2015, one anonymous contributor pledged $5,000 to match donations up to $100, and as a result, we added more than $12,000 to our operating fund, offsetting nearly the entire 2015 deficit. Since then, some subscribers have added voluntary contributions to their renewals, and a few larger gifts have been received.
We are again looking at a year with a potential deficit of $20,000 or more. There have been no pay increases since we began, and we are all compensated below market rates, if at all. Costs have edged higher, because in recent years our reporters and editors have learned how to dig deeper, and readers as well as town officials have pushed for broader coverage.
Once again, we need to reach out for support. We don’t believe the answer is to solve the problem one year at a time. We didn’t have to worry about it for nearly nine years because we had those years covered. We now think a good goal would be to put $250,000 in the bank, keep doing all we can to stimulate income and control expenses, and put our focus back on what readers want: Harvard news and stories.
We have nearly 1,000 subscribers. If 500 subscriber families were to contribute $500 each, the goal would be met. Rather than considering the payments as subscriptions, or donations, we think it might be better as stock ownership. We have long touted the Press as “locally owned.” What if we change that to “subscriber owned”? The Press would truly belong to the community!
As we did when we initially asked for support, we need to emphasize independence. As an owner, there would be no extra degree of control. If an owner showed up in the Police Log, for example, or a family member received special recognition, coverage would be no more or no less because of ownership.
What do you think? We are open to your ideas. If you want to help the Press make locally owned news sustainable in Harvard, please drop us a note at publisher@harvardpress.net.
