“I have been here a long time and experienced many changes. Throughout, Harvard Magazine reported truthfully, sometimes uncomfortably, in depth, and always fully conscious of the intellectual mission of the institution. The Magazine is not a house organ. It is an important independent voice.” 
“I can say candidly that Harvard Magazine has not hesitated to report controversy, or even disruption, faithfully, but it has done so in a way that invariably promotes the actual understanding of situations, and fosters what Harvard needs and wants: illumination, stimulating commentary, reflection, and intelligent response.” 
“Harvard Magazine offers alumni as independent and as objective a view of their University as any alumni magazine in America. Although it sometimes made me uncomfortable when I sat in Massachusetts Hall, I soon understood that its honesty in reporting controversy and dissent was much in keeping with the essential spirit of Harvard. Indeed, the candor it displays is one of the vital characteristics that keeps the University from falling into a fatal complacency.” 
2009 Financial Report
Historically, Harvard Magazine raises two-thirds of its operating revenue from reader contributions and advertising; the remaining one-third is a subsidy from the University. This year, we are facing a substantial shortfall due to declining revenues. Therefore, your support is more important than ever.
Fiscal Year 2009 Interim Report
May 2009
|
In November 2008, it became clear to the magazine that fiscal year 2009, ending on June 30, 2009, would be very different from the previous year. By February, advertising revenues were projected to be down 24% compared to the budget, and fundraising revenues off by 15%. In May 2009, advertising had improved (-17% vs. budget), but a substantial shortfall remained.
The magazine therefore implemented an austerity plan in December, significantly cutting expenses (including shorter issues), resulting in an anticipated overall reduction of expenses by the end of fiscal year 2009 of 6%. Even so, by the end of the fiscal year, approximately 90% of the magazine’s financial reserve will have been depleted. Currently, the magazine is reviewing different funding models and fundamental structural changes to address the financial situation. For example, the magazine’s needs for continued investment and technological improvement in how readers are served in print and electronically continue to grow, even though both independent sources of revenue, advertising and contributions, are under pressure.
Budget Breakdown
|
FY 09 Budget |
FY 09 Projection (May 2009) |
Variance (%) |
|
Advertising |
1,421,455
|
1,179,000
|
-17% |
Donations and Subscriptions |
1,103,980
|
936,000
|
-15% |
Miscellaneous Income |
178,386
|
168,386
|
-6% |
University Subsidy |
1,386,350
|
1,386,350
|
0% |
$4,090,171
|
$3,669,736
|
-10% |
|
Production |
780,758
|
670,000
|
-14% |
Editorial |
968,179
|
911,160
|
-6% |
Mailing/Distribution |
547,997
|
487,987
|
-11% |
Circulation and Fundraising |
591,662
|
601,882
|
2% |
Sales and Marketing |
679,971
|
636,684
|
-6% |
Overhead |
422,805
|
396,998
|
-6% |
Web Development/Technology |
193,511
|
190,561
|
-2% |
Total Expenses |
$4,189,884
|
$3,895,272
|
-7% |
Operating Surplus/Deficit |
($99,712)
|
($225,536)
|
|
Contingency Reserve |
$314,808
|
$188,984
|
Background
Harvard Magazine was founded independently by alumni more than a century ago, and is published today by a separately incorporated nonprofit affiliate of Harvard University. The magazine has excellent access to University news and news sources, but is written, edited, and produced—like any independent news medium—with readers’ interests foremost in mind.
Harvard Magazine’s current arrangement with the University – funding the magazine primarily from non-University sources – maximizes editorial independence, but also minimizes financial claims on the University, which is always mindful of its core educational purpose as a research and teaching institution.
The contributions from readers alone pay for the equivalent of all author and artist fees, and for editing, designing, and preparing the contents of each issue for publication. Revenues from all other sources support all other expenses, primarily the cost of printing and mailing a quarter-million magazines six times a year to readers worldwide.
Reader Contributions
| Gift Amount | Percentage of Gifts |
| $1 - $49 | 33% |
| $50 - $99 | 31% |
| $100 - $249 | 33% |
| $250+ | 3% |
| Total | 100% |
Donations of all sizes matter!
More Questions? Contact harvard_magazine
harvard [dot] edu.