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August 10, 2010; Source: New York Magazine | The latest 990 released by the nonprofit investigative journalism site, ProPublica, shows some hefty salaries. Consider these of the three top editors: Paul E. Steiger, president and editor-in-chief, $571,687; Richard Tofel, treasurer and secretary, $320,978; Stephen Engelberg, managing editor, $343,463. A fourth editor, senior editor Susan White, makes only $160,011.
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New York Magazine concludes, “As weird as it sounds, there is real money to be made as an individual in nonprofit journalism!” Although ProPublica’s total salaries and benefits increased by $2.4 million over the total in the 2008 Form 990, ProPublica lost, according to New York Magazine, $2 million—meaning, presumably, that it ran a $2 million operating deficit.
How long will it take ProPublica to break even in one operating year, much less to make up the losses it has incurred since its founding? Or is that really the correct question? For ProPublica, the question might be, how long will ProPublica’s wealthy funders, headed by Herb and Marion Sandler, continue to ante up for the nonprofit publication?—Rick Cohen
