The American Journalism Project is committed to transparency and sharing financial reporting on an ongoing basis. Below is an introduction to our funding structure and overview of our revenue sources.


Funding Structure

Our first multi-year campaign – Fund I, launched in 2019 – raised $53 million. We made grant commitments to 32 organizations and will disburse funds as well as  provide venture support and coaching to Fund I grantees through 2024.

We launched our second fund (Fund II) in 2022 with a goal of $64 million. The first set of Fund II grantee organizations was announced in 2022; we will continue to award new grants through 2024 and disburse funds to as well as provide support to Fund II grantees through 2027.

In addition, through place-based philanthropy partnerships and startup incubations, we have helped raise over $62.5 million in direct support for the launch and establishment of new organizations that will serve their communities for years to come.


Funding model

Support for the American Journalism Project comes from philanthropic sources: individuals, foundations, and corporate partners. Individual fund campaign totals reflect revenue from general funding and local philanthropy partnership restricted funding.

General (unrestricted) funds are allocated across a variety of strategic priorities. About two-thirds of general philanthropic funding is used for grantmaking to nonprofit local news organizations across the country. Of the remainder, more than half provides for our unique venture support model, aiding grantees’ efforts to build sustainable organizations. About 10% of general philanthropic funding supports our efforts to galvanize a broad movement, including strategic communications and fundraising. And finally, about 5% of general funding is committed to building strong internal systems, including financial management and people operations.

Our Local Philanthropy Partnerships and Startup Studio work, separately, are largely supported by project-restricted philanthropic funds and market-specific research agreements.



Fiscal sponsorship

American Journalism Project serves as the fiscal sponsor to some of the startup organizations that we launch and incubate, prior to their establishment as independent nonprofits. Our fiscal sponsorship supports include managing legal, employment, and compliance requirements, building financial and operational systems, and establishing policies and procedures.

Our audited financials and IRS filings, linked below, reflect both the revenue we steward and expenses we incur on behalf of these startup organizations, as well as the granting of remaining project funds at the end of the sponsorship period, all of which is outside of our Fund structure described above. American Journalism Project does not receive a fiscal sponsor fee for taking on this role, and as a result, has kept hundreds of thousands of dollars within these startups to date.


Documents & Reports

You can find our annual financial statements below.

In accordance with our fund structure, we both raise and commit funds on a multi-year basis, and secure support ahead of making awards to grantees. Therefore, the timings of grant receipts and grant disbursements do not align perfectly. Financial statements for any given year may show a surplus or a deficit, but income and expenses level over the course of a fund campaign.

IRS Form 990

Audited Financial Statements