Nevada Press Association The best in Nevada journalism since 1924
The Nevada Press Association (NPA) and the Nevada Press Foundation announced recently that the organizations have completed a major restructuring. In a sales agreement formally approved by the boards of both groups in August, the Foundation purchased most of the programs and services owned and operated by NPA, including the awards contest, the annual convention and the Nevada Newspaper Hall of Fame. NPA will now focus strictly on lobbying and public policy.
Richard Karpel, executive director of both organizations, announced the changes at NPA’s Annual Meeting held Sept. 18 in Reno. A copy of the sales agreement is included in this package of materials, which was distributed at the meeting.
Karpel also recently updated the members in a message detailing the changes. “NPA and the Foundation are … separate and distinct nonprofit corporations,” he noted. “Although they work together to promote journalism and the non-broadcast media business in Nevada, each has its own board of directors responsible for setting policy and providing oversight of the management of the organization.”
Karpel also said “the boards of both organizations felt the restructuring was beneficial for at least two reasons”:
– Despite doubling its members’ dues in 2018, NPA has been losing money for years and has little left to fund operations. As you can see from the financial documents included in the Annual Meeting package (see page five), as of the end of July NPA had less than $11,000 in the bank.
– As a charitable organization, the Foundation has the ability to raise money via individual and corporate contributions and to fund programs via grants from other foundations.
After selling its headquarters building in Carson City earlier this month, the Foundation now has $1.25 million in the bank. “The Foundation’s board decided to place $1 million of those funds in long-term investments that will generate income to help fund programs and services,” Karpel explained in his message.
Karpel also said the combined annual management fee paid by the organizations to his company, Karpel Public Affairs, had been reduced 24 percent as a result of the restructuring, to $85,000.
“The upshot of these changes is that the NPA and Foundation boards have helped to secure the future of both organizations,” Karpel said. “We look forward to serving you and supporting great journalism in the state of Nevada for years to come.”