Posted by chicagomedia.org on April 21, 2009 at 17:35:46:
In Reply to: StreetWise Magazine In Trouble; May Fold In 45 Days posted by chicagomedia.org on April 14, 2009 at 20:11:04:
StreetWise survives -- for now
April 21, 2009 4:23 PM
StreetWise, the Chicago publication for the homeless, will continue to print its weekly editions after a series of well-timed donations and funding challenges carried the magazine past the $75,000 total it said a week ago it needed to raise to survive.
Last week, the magazine's publishers and board members announced that plummeting foundation support meant it could face closing by the end of next month unless other sources of income were found.
By Tuesday, donations had surpassed that amount, said StreetWise board vice chairman Pete Kadens -- including a single donation from Jim and Kay Mabie for $25,000 that came with a matching challenge to other potential donors.
A board member, U.S. Rep. Danny Davis, also donated $1,000 last week. Smaller donations have been pouring in as the magazine's plight has been publicized. Larger donations also came in, Kadens said.
"I can't say names, and unfortunately, I can't say the amount until tomorrow," Kadens said. A news conference was scheduled for Wednesday morning at the magazine's West Loop office.
The weekly Chicago magazine was conceived as a way to offer an income to the homeless, but has fallen victim to a hobbled economy, its managers say.
Foundation support had made up nearly half of StreetWise's $500,000 budget but is down 60 percent. Ad revenues also are in decline and street sales have dropped 20 percent, publishers said.
-- James Janega, Chicago Tribune