Financials
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 disbursed funds and provided venture support and coaching to Fund I grantees through mid-2025.
Our second fund (Fund II) launched in 2022 and raised $64 million. Fund II grants were committed between 2022 and 2024. We will disburse funds and provide support to Fund II grantees through 2027.
Fund III launched in 2025 with a minimum target of $87 million. We will raise funds and commit grants through 2027, disbursing payments and supporting grantees through 2030.
In addition, through place-based philanthropy partnerships and startup incubations, we have helped raise over $80 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. General (unrestricted) funds are allocated across a variety of strategic priorities. 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 programs, separately, are largely supported by project-restricted philanthropic funds and market-specific research agreements.
Other restricted funding is used to support our Knight Resiliency Lab and Product & AI Studio work.
Fiscal sponsorship
American Journalism Project serves as the fiscal sponsor to 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 millions of dollars within these startups to date.
Documents and 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
- American Journalism Project 2024 Financial Audit
- American Journalism Project 2023 Financial Audit
- American Journalism Project 2022 Financial Audit
