Why did we become a nonprofit?

Let’s go back to 2010. [View this email in your browser]( Reader, The Reader is a nonprofit. But do you know why? Let us take you back to the Obama years… 2010 [ Blackhawks player holding up Stanley Cup]( Back then, the Stanley Cup wasn't a viral water bottle. It was the trophy the Blackhawks just won. TikTok wasn’t a social media app. It was a Kesha song you couldn’t get away from. And the Reader wasn’t making money. Worse, like many local newspapers, it was losing millions of dollars a year. 2012 In 2012, the Reader was acquired by Wrapports (then-owner of the Sun-Times). A few years later, it was sold to some local investors. 2018 The owners of the Reader hired a new publisher, Tracy Baim, former publisher of the Windy City Times. She had some advice. [Headshot of Tracy with quote: “If you want the Reader to survive, you need to make it a nonprofit.”]( Being a nonprofit means: - You can receive public and private grants - You are exempt from corporate income taxes - Your supporters can make tax-deductible donations Nonprofit status has huge benefits for local journalism: - You can pay humans to write stories, not outsource them to AI - You can tell the stories that need to be told, not the ones a corporate overlord wants you to tell - You can amplify voices ignored by mainstream media - You can foster a well-informed public, who in turn can hold people in power accountable 2020 In February 2020, the Reader filed for nonprofit status with the IRS. But then: The pandemic hit. Everything shut down. The Reader’s ad revenues plunged by 90%. The Reader moved to biweekly publishing, applied for PPP loans, and received additional support from investors. It hung on — but eventually, the money ran out. 2022 A debate over censorship between the Reader and one of its owners had put the paper’s transition to a nonprofit on pause. The Reader was on the verge of shutting down. But in late April, they arrived at a truce. The Reader secured its nonprofit status as the Reader Institute for Community Journalism and started accepting grants and donations. More than 6,000 Chicagoans have donated since. 2024 Now, the Reader is back to weekly publishing. Back on beat. Back in rhythm with the verses and views, pictures and sounds, tastes and takes that make this the best city in the world. [Reader Box]( The Reader is a constant in this city. [You can find it in more than 1,100 locations,]( from Rogers Park to South Shore. It’s still free — because that’s the only way to produce journalism that’s truly independent and equitable. To everyone who’s donated to make it possible: Thank you! -Team Reader [DONATE NOW]( [Facebook icon]( [Instagram icon]( [Twitter icon]( [LinkedIn icon]( [YouTube icon]( [Website icon]( [Logo] You received this email because you signed up for newsletters from the Chicago Reader. Want fewer emails from us? [Click here to choose what you want us to send you](. Or, [unsubscribe from all Reader emails](. We’ll miss you! [Sign up for emails from the Chicago Reader]( | [Forward this e-mail to a friend]( © 2024 Chicago Reader. All rights reserved. Chicago Reader, 2930 S. Michigan Ave., Suite 102, Chicago, IL 60616