Sun president Brad Edmondson ’81 posted today (12/3/15) to the LinkedIn group Cornell Daily Sun Alumni Association the attached statement from The Sun’s directors addressing its financial outlook. Here also is the link to it:
As we’ve all seen via recent CDSAA communication, Brad’s statement follows several years of declining financial fortunes at The Sun. That decline has gone unacknowledged until this fall, and there’s still no quantitative info being provided about the status and outlook of the paper. While some progress has apparently been made since Brad assumed the Sun presidency 18 months ago, it’s also clear that more than half of the paper’s less-than-large capital base in gone. Extrapolation of the last few Sun years into the future would not continue more than a couple of years without a bankruptcy. Given the circumstances; this alumnus expects more candor and detail than is being provided. Simply stated, I don’t have confidence that The Sun’s directors understand the realities of where they are or where they are going. I make this statement on the basis of a half-century professional involvement with newspaper financials and planning.
All other major independent college newspapers operate in 501c3 non-profit format, under which they are obligated to file significant figures on operations and capital status. As a for-profit corporation, The Sun is entirely owned and controlled by its 12 directors (6 students, 6 non-students), who have no legal obligation to disclose anything to anyone. During the last eight or so years the directors have used this discretion to avoid external scrutiny of deficient stewardship.
While The Sun was able to operate on a completely private basis during the decades in which operating revenues reliably covered operating costs, that era is now gone. Brad’s own last paragraph acknowledges that “The success of our budget in this transition year largely depends on anticipated donations from the Alumni Association toward capital and similar projects.” If Sun alumni are to be depended upon to support the paper, then Sun leadership should be providing more financial transparency.
While I have been a significant contributor to CDSAA in the past, I don’t plan to contribute again unless and until Sun leadership provides to its alumni quite a bit more detail concerning its financial status and its plans for the future. As a starter, I call on Sun directors to provide for the each of the last ten years the financial info being provided by all the 501c3 papers. (The Sun should have migrated to 501c3 years ago, but that’s a story for another day.)
Each Sun alum must make an individual decision concerning appropriate support for The Sun. I believe that real support for the institution must start not with money but with some action to require transparency, accountability and strategic initiative from its leadership. I hope others will feel the same way and will join this call. If anyone is seeking more information concerning the issues in play here, I’ll be happy to provide what I can.
Cheers
Alan Flaherty
3451 Fawnrun Drive
Evendale, OH 45241
Landline 513 769 1446
Mobile 513 886 9956
FYI, independent directors of The Sun are (as of 9/30):
Brad Edmondson ‘81
Michael Morisy ‘07
Amanda Shaw ‘00
Mark Underberg ‘77
Graeme Bailey
one vacancy
