You know, most enterprises keep their books private. If you walked into your favorite bar, store, etc, and asked to see their books, you'd be told to go pound sand. I seems reasonable to me that Jim does not share this information. If FR were to reorganize as a not-for-profit, then the books would be required to be available to the public. That does NOT mean that they'd have to be posted, only that you can go see them.
I don't see why on earth Jim or anyone else would bother with something like this and NOT try to make a profit. In view of the legal stuff, which sounds like a major pain in the a**, he certainly deserves a profit!!
I agree: he does deserve a profit.
He has created a popular, engaging, marketable site and should be rewarded for it.