Posted on 11/04/2019 3:05:12 PM PST by yesthatjallen
The Salt Lake Tribune announced Monday it received approval from the Internal Revenue Service to convert to a nonprofit publication.
In a tweet, Thomas Burr, the paper's Washington bureau chief, said it was the "first legacy newspaper to make the jump."
The Tribune will now be a 501(c)(3). According to the paper, the move was backed by the paper's owner Paul Huntsman.
“The current business model for local newspapers is broken and beyond repair,” Huntsman said, according to the paper. “We needed to find a way to sustain this vital community institution well beyond my ownership, and nonprofit status will help us do that."
The paper will begin accepting donations and will still earn revenue from subscriptions and advertising.
The switch is seen as a possible precedent for other papers that may be struggling financially and comes as local newspapers face new challenges.
New York Times executive editor Dean Baquet predicted earlier this year that "most local newspapers are going to die in the next five years."
SNIP
(Excerpt) Read more at thehill.com ...
Well, I guarantee you it’s not a “non-profit” for the owners and “stockholders”
It’ll be a cash cow with lavish expense accounts...
Weaponized News with IRS approval
I that the same as NO Profit?
Non-partisan news? Show me.
The “New York Times” is a religion to its readers.
This is a twist I never heard anyone talk about.
Propping up a crooked system.
Wonder if there’s work underway in Congress to undo the 1954 LBJ-endorsed political gag on non-profits.
But if so, it takes the tag off all, including churches.
That’s how they work.
Look at the CEO compensation at any large service organization.
Red Cross CEO earns $1.2 million.
KQED in San Francisco Bay Area is a 501c and many of the executives earn well over $300k and have expense accounts to boot.
nonprofits such as the San Francisco Ballet (whose top exec earns $277,341 from the organization’s $53 million budget) or the San Francisco Symphony ($377,805 on $84 million in revenue; $65 million operating budget).
https://www.sfgate.com/news/article/Amid-KQED-cuts-some-grumble-about-CEO-s-pay-3246613.php
Further proof that the multinational corporations bought American media companies for propaganda efforts benefiting their other lines of business and not for profit.
We need a to reinstate laws that American media cannot be foreign owned as well as new a new law stating that they must be stand-alone entities not tied to other lines of business like aerospace & defense, automobiles, banking & finance, etc.
Non-profit except for the SOROS donations.
Crap. That left wing Tribune rag needs to go.
Being the propaganda arm of the democrat party and publishing nothing more than left wing talking points will do that...
“The current business model for local newspapers is broken and beyond repair,”
Wonder if the Denver Ghost will still have their hooks in the SLTrombone
KSL = Deseret News = Mormon Church
The Tribune has a quality sports page, but their opinion page leans hard left.
The IRS going to keep an eye on the editorial page? (And the front page for that matter):
“...lobbying, propaganda or other legislative activity must be kept relatively insubstantial. Intervention in political campaigns or the endorsement/anti-endorsement of candidates for public office is strictly prohibited.”
The IRS didn’t do so well in the Scientology case. On the plus side your newspaper subscription is tax deductible! (If you make the $26K new crazy new standard ded.).
Per the IRS: To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual. In addition, it may not be an action organization, i.e., it may not attempt to influence legislation as a substantial part of its activities and it may not participate in any campaign activity for or against political candidates.
Under the Internal Revenue Code, all section 501(c)(3) organizations are absolutely prohibited from directly or indirectly participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for elective public office. Contributions to political campaign funds or public statements of position (verbal or written) made on behalf of the organization in favor of or in opposition to any candidate for public office clearly violate the prohibition against political campaign activity. Violating this prohibition may result in denial or revocation of tax-exempt status and the imposition of certain excise taxes.
Certain activities or expenditures may not be prohibited depending on the facts and circumstances. For example, certain voter education activities (including presenting public forums and publishing voter education guides) conducted in a non-partisan manner do not constitute prohibited political campaign activity. In addition, other activities intended to encourage people to participate in the electoral process, such as voter registration and get-out-the-vote drives, would not be prohibited political campaign activity if conducted in a non-partisan manner.
On the other hand, voter education or registration activities with evidence of bias that (a) would favor one candidate over another; (b) oppose a candidate in some manner; or (c) have the effect of favoring a candidate or group of candidates, will constitute prohibited participation or intervention.
While a nice talking point, unfortunately not true, or at best only partially true. Craigslist took one of their major cash cows, the classifieds. The next recession will kill a lot of news papers as the buyers of 1/8 page adverts reconsider advertising in newspapers at all. Other forms of advertising bring in more customers per dollar spent.
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