In fiscal year 2012, Nieman revenue increased by 2.4 percent over fiscal year 2011, primarily due to support from the Donald W. Reynolds Foundation for a new fellowship in business reporting and a 5 percent increase in endowment distribution. These gains were offset by a decline in current use gifts of about 75 percent.
Total expenses increased by 6 percent, including a 9 percent increase in administrative costs, resulting from a leadership transition, and a 7 percent increase in fellowship costs caused by the addition of the new short-term visiting fellowship
and an unusually high average cost per fellowship. Expenses were counteracted by a 5 percent reduction in Nieman Reports expenses.
Nieman’s balance sheet remains strong, with a total of $115 million in long-term investments, down about 4.6 percent from fiscal year 2011.