The Nieman Foundation achieved its major programmatic goals in fiscal year 2010 despite significant reductions in revenue over fiscal 2009. Although revenue declined by 15 percent, expenses were cut by 20 percent. The foundation ended the year with a positive net operating result of $824,000. In addition, we paid down $1,000,000 in mortgage debt out of reserves, thereby freeing up cash for operations over the next 15 years.
Savings in expenses were achieved by suspending the Narrative Journalism Conference and reducing the size of the Nieman Fellowship class from 29 to 24 journalists. Other savings were realized through slowing capital improvement and reducing travel and catering expenses.