The Lenfest Institute for Journalism Special Asset Fund of Tpf

What it reported doing in 2024

The lenfest institute for journalism, llc (llc): the llc is a disregarded entity of the institute that supports both the digital transformation of heritage news organizations and the entrepreneurial efforts of young, innovative companies. The institute believes that quality civic journalism requires new business models, powerful innovations and growing, diverse audiences to achieve sustainability in the digital age. It funds programs that produce high-impact journalism, innovative news technology, and that help local news organizations reach new audiences and develop sustainable digital business models.(continued on schedule o.)to accomplish the organization's exempt purpose, and create clarity of focus underneath the overarching program objectives, three core categories have been developed: national, philadelphia, and the inquirer. The following specific programmatic activities and accomplishments all serve the overarching programmatic objectives to support programs that produce high-impact journalism, innovate news technology, and lead to highly engaged, diverse and growing audiences.the philadelphia inquirer: the lenfest institute is the nonprofit, non-controlling owner of the philadelphia inquirer, which is now the largest newspaper in america operated as a public-benefit corporation. The institute's ownership of the inquirer, which covers one of the largest, most diverse metro regions in the country, is the cornerstone of its enthusiastic investment in local news.the philadelphia news ecosystem: in the philadelphia area, the institute facilitates a collaborative news and information ecosystem that builds on valuable history while also fostering entrepreneurial vision and innovation. Diversity and representation are critical components of positive business outcomes. The institute is working to define different pathways to sustainability for publishers while also ensuring a diversity of representative voices and leadership in both legacy and independent media reflective of the communities they are serving. Spotlight pa: spotlight pa, the harrisburg newsroom launched by the lenfest institute and the philadelphia inquirer, creates high-quality nonpartisan investigative and accountability reporting for the benefit of all pennsylvanians. It provides its reporting free-of-charge to more than 80 other newspapers, public radio stations, and websites throughout the commonwealth. As the steward of both the inquirer and spotlight pa, the institute is blazing a unique path by serving legacy publishers and digital start-ups as they aim to fill gaps and serve new and underrepresented audiences. National solutions for local news: nationally, the institute leverages its institutional expertise and resources to facilitate capacity building for local news publishers through training programs and grantmaking to support the implementation of business model best practices. Other program activities: the institute supports both the digital transformation of heritage news organizations and the entrepreneurial efforts of young, innovative companies. Other program activities include convening, advisory work, learnings seminars, research and other outreach in support of local journalism.

Financial Efficiency

• Mission deployment rate: 82.5%; rating input score 82
• Program expense ratio: 88%; rating input score 88
• Fundraising efficiency: $15.76 raised per $1 spent on fundraising; rating input score 51; 51st percentile among comparable filings

Transparency & Controls

• Consistency checks: 93.8%; rating input score 94; 17th percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: Limited
• Grant itemization coverage: 99.9%; rating input score 100; 38th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 93.3%; rating input score 93; 26th percentile among comparable filings
• Governance controls: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Fail
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 12.7%; rating input score 73; 73rd percentile among comparable filings
• Total-asset coverage ratio: 5.89; rating input score 86; 86th percentile among comparable filings
• Liabilities to assets ratio: 0.04; rating input score 85; 85th percentile among comparable filings
• Officer compensation ratio: 11.3%; rating input score 16; 16th percentile among comparable filings

Growth

• Program expense growth: 12% per year; rating input score 100; 77th percentile among comparable filings
• Revenue growth: 9.8% per year; rating input score 100; 73rd percentile among comparable filings
• Asset growth: 15.9% per year; rating input score 100; 83rd percentile among comparable filings