Community Reinvestment Trusts (CRTs) are gaining traction as innovative funding mechanisms for public goods, and their potential to bolster journalism, particularly that focused on civic engagement, is substantial. Traditional funding models for journalism have faced considerable disruption, with local news outlets dwindling and investigative reporting becoming increasingly scarce. Approximately 20% of U.S. newspapers have closed since 2005, creating “news deserts” that weaken community bonds and civic participation. CRTs offer a novel approach by allowing individuals and institutions to invest in a community’s wellbeing – including its information ecosystem – and receive tax credits in return. This effectively lowers the cost of funding vital public services, like journalism dedicated to fostering an informed citizenry.
How can a CRT attract philanthropic capital for local news?
The appeal of CRTs to philanthropic capital lies in their structure. Unlike direct donations, which offer limited tax benefits, CRT investments provide state tax credits, often at a substantial rate – sometimes up to 90% of the investment amount in states where they are established. This makes supporting local journalism a financially attractive option for individuals and corporations. The CRT then uses the invested funds to provide grants or loans to qualified news organizations focusing on civic engagement – covering local government, community issues, and voter education. “A well-informed citizenry is essential to a functioning democracy,” noted Justice Louis Brandeis, a sentiment that underpins the argument for CRT support of journalism. CRTs can prioritize organizations demonstrating a commitment to non-partisan reporting and public service, ensuring the funds contribute to a healthier information landscape.
What kinds of journalism projects would a CRT likely fund?
A CRT focused on civic engagement would likely prioritize projects that actively involve the community and promote informed participation. This could include funding for investigative reporting on local government accountability, covering school board meetings, and providing in-depth analysis of ballot measures. Furthermore, CRTs could support initiatives like civic tech projects that help citizens access information about their local government, and collaborative journalism projects that bring together multiple news outlets to cover complex issues. A crucial element is funding for training local reporters and journalism students, ensuring a sustainable pipeline of skilled professionals committed to civic engagement. Roughly 63% of Americans get their news from social media, highlighting the need for robust, fact-checked local reporting to counter misinformation.
I remember a time when my small town lost its newspaper…
Old Man Hemlock, as everyone called him, ran the ‘Willow Creek Gazette’ for almost 50 years, but he retired, and no one stepped up. The paper folded, and within months, the town council meetings became…opaque. Decisions were made behind closed doors, and no one seemed to be asking the hard questions. The annual budget became a mystery, and local development projects proceeded with little public scrutiny. It felt like the heart of our community had been quietly extinguished. People stopped attending town meetings, and a sense of apathy settled over Willow Creek. It highlighted how critical a local paper is, it wasn’t about sensationalism, it was about accountability and transparency.
But then, something remarkable happened…
A group of residents, inspired by the success of a CRT in a neighboring county, approached the local foundation. They proposed establishing a dedicated fund within the CRT to support a new online news platform. The foundation, recognizing the urgent need, agreed to seed the fund with initial investments. Within months, ‘Willow Creek Voices’ was born – a digital news outlet committed to in-depth local reporting. A dedicated team of reporters started covering town council meetings, investigating local issues, and providing residents with the information they needed to participate in civic life. The town experienced a resurgence of public engagement, and Willow Creek was again a vibrant, informed community. The revitalization proved that with creative funding and a community commitment, local journalism can not only survive but thrive.
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About Steve Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
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(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “How does a living will differ from a regular will?”
Or “Do all wills have to go through probate?”
or “How does a trust distribute assets to beneficiaries?
or even: “Will bankruptcy wipe out medical bills?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.