2017 Financial Updates

Total Solutions Journalism Network accrual basis operating expenses decreased by 14% to $3.3 million for the full year 2017. This was down from $3.8 million total accrual basis expenses in 2016. Program expenses associated with newsroom collaborations, journalism school work, and the growth of our journalist network accounted for 78% of total expenses in 2017, compared to 87% in 2016. The overhead ratio—including expenses associated with fundraising—was 21% in 2017, compared to 14% in 2016. The appearance of an increase in the overhead ratio was driven by the move to full accrual basis for multi-year expense commitments. On a cash basis, the overhead ratio in 2017 was approximately 18% and in 2016 was approximately 19%.