|
Getting your Trinity Audio player ready...
|
How an $80 million nonprofit cut 15 jobs while many executives kept six-figure salaries
In August 2025, Vermont Public—the state’s combined public radio and television broadcaster—eliminated 15 positions, citing federal funding cuts. The organization said the layoffs, which included reporters and program hosts, would save at least $1.5 million annually.
According to federal tax records, the nonprofit controls net assets exceeding $81 million. This financial position exists alongside the organization’s operating deficit of $4.7 million in fiscal year 2024 and executive compensation totaling over $1.1 million for key employees during that period.
This article examines Vermont Public’s financial structure, the context for the 2025 layoffs, and the relationship between the organization’s asset base and operational decisions.
Background: The Merger and Mission
Vermont Public was created in 2021 through the merger of Vermont Public Radio and Vermont PBS. The stated goals of the merger included combining resources, eliminating redundancies, and creating operational efficiencies.
The organization operates multiple radio stations and television channels across Vermont. According to its 2024 Impact Report, Vermont Public provides news, educational programming, and cultural content to Vermont residents, with particular emphasis on rural areas where commercial media has limited presence.
Four years after the merger, the organization implemented workforce reductions in 2025.
The Financial Picture: Assets and Operations
Vermont Public’s financial position involves two distinct elements: its balance sheet and its operating budget.
Net Assets of $81 Million
According to its IRS Form 990 filing for fiscal year 2024, Vermont Public holds total assets of $85.5 million and net assets of $81.6 million. These assets include endowment funds, real estate holdings, broadcast equipment, and tower infrastructure.
Relative to Vermont’s population of approximately 650,000 people, this represents roughly $125 in assets per state resident.
This asset base places Vermont Public among the wealthiest nonprofit media organizations nationally when measured relative to market size.
The Operating Deficit
Vermont Public’s operations show a different financial picture than its balance sheet. In fiscal year 2024, the organization reported total revenues of $18 million against total expenses of $22.7 million, resulting in an operating deficit of $4.7 million.
The organization covers this gap through transfers from its endowment. Vermont Public’s Impact Report shows that approximately 25% of its revenue comes from “Investment Income Used For Operations.”
Endowment drawdowns are standard practice in nonprofit management. Typical drawdown rates are 4-5% annually. Vermont Public’s deficit of $4.7 million on an $18 million revenue base means the organization spends approximately $1.26 for every dollar of direct revenue generated from community support and grants.
This structure means Vermont Public depends on investment income to maintain current operations.
Additional Revenue Sources
Beyond member donations and business sponsorships, Vermont Public’s tax filings show several other revenue streams:
Tower leasing and royalties generated $915,047 in fiscal year 2024, representing 5.1% of total revenue. Vermont Public owns transmission towers on mountaintops across the state and leases space to other broadcasters and telecommunications companies.
Rental property income contributed $294,245.
Sales of assets totaled $744,129. This represents property or equipment sales during the fiscal year and constitutes a non-recurring revenue source.
Executive Compensation Structure
Vermont Public’s tax filings detail compensation for key employees during fiscal year 2024.
CEO Transition Period
The organization underwent a leadership transition during fiscal year 2024. Former CEO Scott Finn received $224,615 in base compensation plus $36,069 in other compensation through October 2023. Interim CEO Brendan Kinney received $172,625 during the transition period.
The overlap resulted in CEO-level compensation totaling approximately $433,000 during the fiscal year.
Senior Leadership Compensation
Vermont Public’s senior leadership team in fiscal year 2024 included:
- Chief Financial Officer Brendan Leonard: $171,346 in base compensation plus $33,405 in other compensation.
- Senior Vice President of Engineering Joseph Tymecki: $155,708 base plus $24,018 other.
- Senior Vice President of Content Sarah Ashworth: approximately $156,000.
- Senior Vice President of Audience Kari Anderson: $144,658 plus $32,071 other.
- Senior Vice President of People & Culture Frances Tobin: $130,207 plus $19,512 other.
Total compensation for these key employees was $1,158,186 in fiscal year 2024.
Compensation Context
Vermont’s median household income is approximately $74,000. Entry to mid-level journalism positions in Vermont typically range from $45,000 to $60,000 annually.
The Vermont legislature has considered proposals to limit executive compensation in certain nonprofit sectors relative to the lowest-paid worker.
The “other compensation” category for executives typically includes retirement contributions, housing allowances, or performance bonuses.
The Federal Funding Cut
In 2025, the executive branch requested a rescission to claw back over $1 billion in federal funding previously allocated to the Corporation for Public Broadcasting (CPB), which distributes federal funds to local public broadcasting stations.
Vermont’s allocation from this funding was approximately $2 million, representing roughly 11% of Vermont Public’s annual revenue.
CEO Vijay Singh stated publicly that the layoffs were necessary to address the federal funding loss and maintain the organization’s financial position.
The Scale of the Loss
The $2 million federal funding cut represents 11% of Vermont Public’s annual operating revenue but 2.5% of its total net assets.
The organization’s response was to reduce annual operating costs by $1.5 million through workforce reductions rather than increase the drawdown from its endowment to cover the gap.
This approach maintains the organization’s asset base while reducing its operational capacity and staffing.
The 2025 Workforce Reductions
The August 2025 layoffs affected 15 positions. This included 13 employees who were laid off and two vacant positions that were eliminated. The affected roles included reporters and program hosts.
Based on typical staffing levels for public broadcasting stations of this size, the 15 positions likely represent 10-14% of Vermont Public’s total workforce.
Vermont’s Notice of Potential Layoffs Act, similar to the federal WARN Act, requires advance notice for mass layoffs affecting 50 or more employees. The 15-person reduction fell below this threshold, meaning Vermont Public was not required to file a notice with the state Department of Labor.
The layoffs were characterized as permanent adjustments to the organization’s budget and staffing structure.
Financial Trade-offs and Organizational Choices
Vermont Public’s 2025 decisions reflect choices about how to respond to revenue loss:
The organization holds $81 million in net assets while implementing $1.5 million in annual cost savings through workforce reductions.
Executive compensation of $1.1 million in fiscal year 2024 remained in place while 13 employees were laid off in fiscal year 2025.
The Board of Directors opted to preserve the endowment rather than increase the drawdown rate to maintain pre-cut staffing levels.
These decisions reflect a governance approach that prioritizes long-term institutional sustainability through capital preservation over short-term workforce stability.
Impact on Programming and Coverage
Vermont Public serves rural areas where commercial media has limited presence. The organization’s 2024 Impact Report emphasizes this role in the state’s media ecosystem.
The reduction of reporter and host positions directly affects content production capacity. Fewer journalists means reduced coverage of local government meetings, state policy developments, and community events.
Vermont Public produces both local content and distributes national programming from NPR and PBS. The organization also produces the podcast “But Why: A Podcast for Curious Kids,” which has a global audience.
Federal funding cuts affect rural service particularly, as CPB funds are often designated for “universal service”—maintaining transmission infrastructure in remote areas of Vermont’s Northeast Kingdom and mountainous regions.
What Happens Next
Several factors will shape Vermont Public’s future operations:
Federal Funding Status
The federal rescission requires Congressional approval. Congress could reject the rescission or restore CPB funding in future budgets. Vermont Public has indicated the workforce reductions are permanent regardless of future federal funding changes.
Fundraising Strategy
Vermont Public will need to replace the lost federal revenue through increased private donations or other sources. The organization has a established donor base, but whether individual contributions can replace $2 million in annual federal funding remains uncertain given Vermont’s population of 650,000 and median household income of $74,000.
Board Governance Decisions
The Board of Directors will continue to balance asset preservation against operational needs. With $81 million in reserves, the organization has financial options that most media organizations lack.
Public Engagement Options
As a nonprofit dependent on community support, Vermont Public is accountable to its stakeholders. Vermonters can engage through several channels:
Financial transparency: Vermont Public’s IRS Form 990 filings are publicly available and detail executive compensation, spending patterns, and asset levels.
Board meetings: As a recipient of federal CPB funds, Vermont Public is subject to open meeting requirements. Community members can attend Board meetings.
Community Advisory Board: Vermont Public maintains a Community Advisory Board mandated by CPB to review programming policy.
Direct support: Contributions to Vermont Public and other local journalism outlets help sustain news coverage in the state.
Vermont Public’s financial structure shows an organization with substantial assets managing significant operational deficits. The 2025 workforce reductions represent one approach to addressing a revenue loss—reducing operating costs rather than increasing endowment drawdowns. These choices reflect institutional priorities regarding asset preservation, operational scale, and workforce investment.
Discover more from Vermont Daily Chronicle
Subscribe to get the latest posts sent to your email.
Categories: Uncategorized
I guess their property taxes are going up.
I suspect you understand how profound your remark is.
VT Public’s financial condition is the canary in Vermont’s government and NGO non-profit coal mine. Without the ability to use tax revenues, VT Public’s continued existence is predicated on their ability to provide a commensurate service for whatever other funding they receive.
Ultimately, the ‘market’ will prevail. For example:
The public school system is imploding, not only because it’s one of the most expensive public school systems in the world (yes, in the world), but because the service it provides is useless. Half of Vermont graduates can’t read to grade level.
And the reason there isn’t enough ‘affordable’ housing is because the growth of property taxes make owning homes and apartment buildings an unsustainable liability.
The reason Vermont’s work-force is insufficient is because the liability of Vermont’s high taxes is a deterent to anyone seeking to live here…. with the exception of those who are unproductive and taking advantage of Vermont’s highest in the nation social welfare benefits.
We are, in fact, witnessing the demise of yet another Marxist enterprise. From the U.S.S.R., to East Germany, to Cuba, Venezuela, North Korea, and on and on… the list is extensive.
So goes Vermont.
But keep in mind, the voters (i.e., the shareholders) elected Vermont’s management team. And that team has cut our collective throats with our consent.
“I suspect you understand how profound your remark is.”
Oh yes… state is going bankrupt.
This is an awesome review. Want to know the model and who was leading the model for this non-sense? Venezuela is the model. Bernie Sanders is the leader.
We are stuck with the bill and the fall out. You see, some pigs are more equal than others, hope you don’t mind while Bernie con’s more people and vacations on his third home in Lake Champlain……
NGO’s and Non’profits, along with Lobbyists ruined Vermont, it needs to stop.
The bigwigs never cut their own positions, they usually cut the people who actually work for a living. The State operates in the same way. Keep the deputy commissioner, and the assistant directors, RIF the people that assist the public, then come out of your office and wonder why the phones aren’t being answered.
Sopping up the gravy while the ship of state goes down…sopping up the gravy.
Nice job if the taxpayer can afford it….women and children first, to the lifeboats, as the well paid taxpayer funded leech’s jump aboard first, before everyone else ,as the ship of state goes down…and the band stays aboard …playing…as the ship of state goes down.
Leeches…unaffordable leeches…sopping up the gravy until the end..
It will be interesting to see how Public covers this.
Chief Financial Officer Brendan Leonard: $171,346 in base compensation plus $33,405 in other compensation.
Senior Vice President of Engineering Joseph Tymecki: $155,708 base plus $24,018 other.
Senior Vice President of Content Sarah Ashworth: approximately $156,000.
Senior Vice President of Audience Kari Anderson: $144,658 plus $32,071 other.
Senior Vice President of People & Culture Frances Tobin: $130,207 plus $19,512 other.
President of Audience?
Now, deep dive the individuals ….
Will you find that like our congressional delegates they’re all transplants?
Are they related to other ‘figures’
Yes, Yes, Yes….interview them too! Want to see cockroaches scatter?
They call them “contributers” but the terms marks, suckers, rubes, dupes, patsies, and chumps come to mind . They want moe money, moe money, moe money . Nero is fiddling !
This is an excellent analysis of the tax returns filed by Vermont Public. Investigative reporters would do well to examine the IRS 990 filings by other non-profit organizations in Vermont. There are a lot of “stories” to be had out there that ought to get more public attention.
I am less concerned by the reported salaries of the highest-paid people at Vermont Public, especially if the people in those positions are truly leaders with resumes of accomplishment that merit being paid well. I can’t say whether some of these people are the best at what they do or not, ultimately that’s a judgment that needs to be made by the Vermont Public Board of Directors. Let’s hope the Directors are qualified to do their jobs, because a non-profit that runs a nearly $5 million operating deficit as Vermont Public did last year should be asking some very pointed questions of its CEO and Chief Financial Officer. Losses of that magnitude are not sustainable on a long-term basis for a company the size of Vermont Public.
Readers would also do well to understand that Vermont Public is easily the wealthiest broadcasting entity in the Green Mountain State. For decades they were taking millions of dollars in money from the federal government, and simultaneously shaking the tin cup crying poverty with their frequent fundraising drives. Vermont Public may be a non-profit, but poor it is not. It is a sophisticated and highly successful corporate entity that competes directly with the private for-profit broadcast radio and television stations for advertising/corporate underwriting.
Separate the employee salaries, buildings and equipment and other non-liquid assets from their balance sheet, and you discover that they are sitting on a big pile of cash for which they pay zero federal income tax. Specifically, Vermont Public had $60 million dollars in investments in mutual funds, stocks and bonds at the end of 2024, and they paid nothing in federal taxes. That’s totally legal, but it is, at minimum, eye-opening to see the huge assets that have been accumulated by Vermont Public under their non-profit tax status. The task ahead for the leadership at Vermont Public is to navigate the turbulent waters of the decline of over-the-air broadcast radio and television. The audiences for Vermont Public, as well as for-profit stations like WCAX-TV and various radio stations, are shrinking fast. The difference is that WCAX is unlikely to ever ask for taxpayer dollars in the future if its finances hit the rocks. Even with its huge investment income stash, I’m not sure we can say the same for Vermont Public. Taxpayers should keep their eyes wide open on that potential issue in the years ahead.
Well said.
That VPR/VTPBS can claim non-profit status after broadcasting clearly politically biased information for years should be called into question. The IRS rules for non-profits clearly state that any organization claiming tax exempt status can not endeavor in political activity. Most non-profits can not get away with the political activity they have gotten away with.
WCAX (and others) needs to be exposed for who they really represent as well. Follow the money, but also follow the origins of the broadcasts themselves. I see satellite antennae farms next to all “local” broadcasting stations in the BTV area. They all operate from military style secure compounds. State funding is evident, but the question remains: Which State? USA, China, or Russia?
These problems of biased reporting started when the US Congress struck down a law that required broadcasters to give equal air time to all major political parties. Apparently, the altruistic notion that these multi-million (billion) dollar entities would self-regulate did not play out well. There seems to be a lack of journalistic integrity across the whole spectrum.
Or is it that conservatives are just not loud enough? Too silent? Afraid? Vermonters need to get better at communicating.
Read the Smear by Sheryl Atkisson……..eye opening to say the least.
As all good lib/ communist their lack of concern for the proletariat disappears when their self interests come into question. They could each take a $40k cut to keep “workers” working.
Farmyard rules, some pigs are more equal than others…..you are thinking like a business owner, they are thinking like, communist pigs. There is a difference.
As a general rule, any organization that pays any staff more than 6 figures should not be allowed to be recognized as a “non-profit”.