Occupy Wall Street Could Go Broke Within a Month

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Occupy Wall Street's money troubles are taking their toll on the group's activity, as it voted on Saturday to stop funding any new projects from its dwindling supply of donated funds, the Wall Street Journal reports. Since last week, when we reported donations had dropped off and the group was hemorrhaging cash, the accounting volunteers have said its cash on hand has dwindled to $170,000 from the more than $700,000 total raised (they estimated it at $190,000 last week). At this rate, Occupy will go broke in a month, accounting volunteer Haywood Carey told The Journal. When we spoke to him last week, Carey said the group had no plans to start doing active fund-raising (as opposed to passive fund-raising in which people simply donate money unsolicited, which is what's happened so far), and that "there's a sizable and serious resistance towards going to a traditional form of fundraising." But the Journal's Jessica Firger found at least one Occupy proponent of moving to an active fund-raising model: Michael Levitin, who helped raise a total $75,000 for the Occupied Wall Street Journal though Kickstarter. "That money is there," he told Firger. "I think we would be wise to tap into it." Under the newly austere budget, they'll continue to fund their ongoing expenses such as food, housing, and transportation,* but the decision Saturday bans new operational costs for the time being.

Correction: A previous version of this story mentioned rent on Occupy's downtown office, but that space is donated.

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