AMERICAN JOURNALISM PROJECT INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2018

Legal Domicile

Principal Officer

SARABETH BERMAN

Phone

3016152145

Tax Period

2024-01-01 to 2024-12-31

AMERICAN JOURNALISM PROJECT INC, founded in 2018, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $38.1M in total revenue in fiscal year 2024. Revenue surged 56% from the prior year, signaling strong growth momentum. The organization ran a surplus of $7.8M, a strong 21% operating margin.

Mission

THE AMERICAN JOURNALISM PROJECT, INC. IS A FIRST-OF-ITS-KIND VENTURE PHILANTHROPY DEDICATED TO BUILDING AND SUPPORTING LOCAL NEWS ACROSS THE COUNTRY. AMERICAN JOURNALISM PROJECT MAKES GRANTS TO NONPROFIT NEWS ORGANIZATIONS, PARTNERS WITH COMMUNITIES TO LAUNCH NEW ORGANIZATIONS, AND COACHES LEADERS AS THEY GROW AND SUSTAIN THEIR NEWSROOMS. AMERICAN JOURNALISM PROJECT PAIR FINANCIAL INVESTMENT WITH CAPACITY-BUILDING VENTURE SUPPORT, MAKING TRANSFORMATIVE INVESTMENTS IN THE BUSINESS AND OPERATIONAL CAPACITY OF LOCAL NEWS ORGANIZATIONS TO GROW AND SCALE SUSTAINABLY.

Program Service Accomplishments

Program 1

Expenses: $12,844,376 Revenue: $98,500

GRANTMAKING PROGRAM - THE AMERICAN JOURNALISM PROJECT SUPPORTS THE GROWTH OF INDEPENDENT, NON-PROFIT NEWS ORGANIZATIONS THAT HOLD THE POWERFUL ACCOUNTABLE, COMBAT DISINFORMATION, AND DEEPEN CIVIC...

GRANTMAKING PROGRAM - THE AMERICAN JOURNALISM PROJECT SUPPORTS THE GROWTH OF INDEPENDENT, NON-PROFIT NEWS ORGANIZATIONS THAT HOLD THE POWERFUL ACCOUNTABLE, COMBAT DISINFORMATION, AND DEEPEN CIVIC PARTICIPATION IN THEIR COMMUNITIES. AS OF THE END OF 2021, AMERICAN JOURNALISM PROJECT HAS MADE GRANT COMMITMENTS TO 32 NEWS ORGANIZATIONS, SELECTED THROUGH A COMPETITIVE GRANTMAKING PROCESS WITH OVERSIGHT FROM OUR BOARD OF DIRECTORS.

Program 2

Expenses: $8,909,718

AS PART OF ITS WORK TO LAUNCH AND INCUBATE STARTUP LOCAL NEWS ORGANIZATIONS, AMERICAN JOURNALISM PROJECT SERVES AS THE EARLY-STAGE FISCAL SPONSOR TO THESE ENTITIES UNTIL THEY RECEIVE IRS TAX-EXEMPT STATUS AND CAN OPERATE INDEPENDENTLY. PRIOR TO SPINOFF, AJP PROVIDES FINANCIAL MANAGEMENT, LEGAL AND ADMINISTRATIVE INFRASTRUCTURE, AND STRATEGIC GUIDANCE TO HELP THESE EMERGING ORGANIZATIONS BUILD CAPACITY AND SUSTAINABILITY.

Program 3

Expenses: $3,865,710

GRANTEE SUPPORT PROGRAM - AMERICAN JOURNALISM PROJECT SETS GRANTEES UP FOR SUCCESS THROUGH A UNIQUE VENTURE SUPPORT MODEL. GRANTEES REPRESENT A VARIETY OF MODELS AND STAGES OF DEVELOPMENT, AND...

GRANTEE SUPPORT PROGRAM - AMERICAN JOURNALISM PROJECT SETS GRANTEES UP FOR SUCCESS THROUGH A UNIQUE VENTURE SUPPORT MODEL. GRANTEES REPRESENT A VARIETY OF MODELS AND STAGES OF DEVELOPMENT, AND AMERICAN JOURNALISM PROJECT PROVIDES EACH WITH TAILORED SUPPORT BASED ON THEIR NEEDS AND BIGGEST STRATEGIC CHALLENGES. STAFF WORK AS A TEAM WITH GRANTEE LEADERS, PARTNERING WITH EACH ORGANIZATION TO HELP THEM STRENGTHEN AND SCALE THROUGH OPERATIONAL AND STRATEGIC SUPPORT, CURATION OF BEST PRACTICES FROM ACROSS THE SECTOR, AND FOSTERING OF PEER LEARNING ACROSS THE PORTFOLIO. SEED CAPITAL, STAKEHOLDER ENGAGEMENT, AND EQUITABLE ORGANIZATION DESIGN.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $36,460,872

Program Service Revenue $98,500

Investment Income $1,538,355

Other Revenue $0

TOTAL REVENUE $38,097,727

Expense Breakdown

Grants Paid $18,551,564

Salaries & Benefits $8,510,395

Fundraising Expenses $1,023,521

Program Expenses $27,577,758

Other Expenses $3,202,884

TOTAL EXPENSES $30,264,843

Year-over-Year Comparison

	2024	2023	Change
Revenue	$38,097,727	$24,428,280	+0.6%
Expenses	$30,264,843	$20,350,451	+0.5%
Net Income	$7,832,884	$4,077,829	+0.9%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$601,009

Total Directors

Key Employees

$521,236

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOE NATOLI	CHAIRPERSON	1.00	Officer Director	$0	$0	$0
IRVING WASHINGTON	VICE CHAIRPERSON	1.00	Officer Director	$0	$0	$0
JOHN THORNTON	SECRETARY	1.00	Officer Director	$0	$0	$0
ROSENTHAL ALVES	DIRECTOR	1.00	Director	$0	$0	$0
JEFF COHEN	DIRECTOR	1.00	Director	$0	$0	$0
MICHELLE DE LA ISLA	DIRECTOR	1.00	Director	$0	$0	$0
TERESA GORMAN	DIRECTOR	1.00	Director	$0	$0	$0
PETER LATTMAN	DIRECTOR	1.00	Director	$0	$0	$0
MARIA THOMAS	DIRECTOR	1.00	Director	$0	$0	$0
HILLARY SCHNEIDER	DIRECTOR	1.00	Director	$0	$0	$0
JELANI COBB	DIRECTOR	1.00	Director	$0	$0	$0
SARABETH BERMAN	CHIEF EXECUTIVE OFFICER	40.00	Officer	$336,383	$32,790	$369,173
AMAR RAJWANI	CHIEF FINANCIAL & ADMINISTRATIVE OFFICER	40.00	Officer	$211,854	$19,982	$231,836
PATTY SLUTSKY	CHIEF ADVANCEMENT OFFICER	40.00	Key Emp	$223,802	$39,705	$263,507
MICHAEL OUIMETTE	CHIEF INVESTMENT OFFICER	40.00	Key Emp	$247,725	$10,004	$257,729
LORETTA CHAO	HEAD OF STARTUP STUDIO & LOCAL PHILANTHROPY PARTNE	40.00	Highest	$231,620	$18,466	$250,086
FREDERICK KRIFT	CEO, FREE PRESS INDIANA	40.00	Highest	$210,252	$28,399	$238,651
DARRIN KERR	HEAD OF GROWTH INVESTMENTS	40.00	Highest	$209,147	$18,543	$227,690
MICHELLE SRBINOVICH	VICE PRESIDENT, GROWTH INVESTMENTS	40.00	Highest	$200,510	$18,278	$218,788
RENE GORNALL	CHIEF OF STAFF	40.00	Highest	$198,197	$17,828	$216,025

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$38,097,727	$30,264,843	$66,446,853	$7,832,884
2023	$24,428,280	$20,350,451	$57,277,288	$4,077,829
2022	$42,411,860	$20,645,281	$54,991,005	$21,766,579
2021	$25,103,494	$12,811,430	$31,017,201	$12,292,064
2021	$25,103,494	$12,811,430	$31,017,201	$12,292,064
2020	$11,356,257	$8,044,834	$18,588,446	$3,311,423
2019	$18,049,875	$2,883,492	$15,447,077	$15,166,383