Liberal policy magazine The American Prospect has raised enough money to survive another year after a launching a frantic fundraising drive at the end of April to cover its operating gap, editor Kit Rachlis told the Huffington Post Wednesday. The Prospect needed $500,000 to survive through May (a hurdle they'd already cleared obviously) and another $700,000 to make it into the first quarter of the coming fiscal year. They've raised $1.29 million so far, HuffPost reports.
So who saved the Prospect in the end? Well, in part, some people who had major cash to burn. (Probably not Sheldon Adelson though.) The magazine received "several large donations in the six-figure-range, along with 3,800 individual donations of amounts that were mostly $100 or less," according to HuffPost. Frantic fundraising drives are, of course, not much of a business model so Rachlis rather humbly celebrated, noting they'll be "figuring out a sustainable business model for The Prospect so that it doesn't face this type of crisis ever again." Sustainable business models are always good! Alternatively (or additionally) as we noted when its problems first arose, it could hope for a mega-donation from someone like Joan Kroc, who left more than $200 million of her McDonalds fortune to NPR or Ruth Lilly, who gave $100 million of her pharmaceutical fortune to the Poetry Foundation.
This article is from the archive of our partner The Wire.