The following was sent to Pacifica members on Oct. 21, 2020:
Sent: Wednesday, October 21, 2020, 9:34:45 AM PDT
Subject: New Day Makes Progress on $3.2 Million Dollar Loan
We’re Making Progress
…but we still need your help!
SIGN THE PETITION
Disclaimer: “This communication has not been paid for by the KPFK, KPFA, KPFT, WBAI, WPFW LSB or the Pacifica Foundation. It is a campaign communication distributed by or on behalf of NEW DAY PACIFICA. Otherwise, it has no affiliation with or endorsement by any LSB or the Pacifica Foundation. Please note that you are receiving this email because you are on the membership list of KPFK, KPFA, KPFT, WBAI, or WPFW.”
New Day Makes Progress on the $3.2 Million Dollar Loan
New Day Pacifica (NDP) is in the beginning stages of bringing big changes to Pacifica, so Pacifica can survive for future generations. Our rough estimate is that voting on the NDP bylaws referendum will happen next March, with the Transition Board of Directors taking office in April.
Many listeners have legitimately asked “How would the NDP Bylaw Reforms help Pacifica financially?” We have answered “Listeners, donors and philanthropists want to donate to help stable, viable organizations grow. Pacifica’s Boards have a well-known history of being chaotic and unstable, so efforts to make Pacifica more stable will encourage donors to step up to the plate.”
An amazing offer to extend their existing $3.2 million loan to Pacifica by FJC, a non-profit lender who supports public media who are struggling financially, proves our point.
Jan Goodman, NDP activist and current Pacifica National Board (PNB) member, recently contacted Pacifica’s lender, FJC, to discuss the possibility of Pacifica dealing directly with FJC, rather than going through an expensive loan broker (costing Pacifica $100,000 or more) as had previously been done. Jan called FJC after 2 1/2 years of the PNB creating three committees to deal with the loan, with no actual action taken. The $3.2 million balloon payment was due to FJC next April, and we had no reserves to pay it.
As a result of Jan’s conversation with FJC, which included updates on Pacifica’s making progress towards getting its audits more current (we just finished 2018) and that Pacifica membership is seriously considering bylaw reform, FJC was encouraged enough to offer to extend the entire loan to Pacifica for another year, without any additional costs to Pacifica.
In its letter to Pacifica, FJC explained their motivation: “We hope this potential one year extension will allow Pacifica to financially stabilize, reorganize its structure, as well as hire professional, experienced management, so that it can grow its listenership and thus its donor base… we look forward to working with your team, including Ms. Goodman, to facilitate this.”
Were you worried about losing KPFA, KPFK and KPFT’s buildings next April? Well, Pacifica now has at least a 12 month reprieve, giving us much needed time to return Pacifica to financial and organizational stability (the Pacifica Board still needs to sign an agreement with FJC about the no-cost loan extension).
Over 3,000 Listeners and Staff Support the NDP Efforts: Please join us and sign the petition!
We filed the NDP bylaws petition on October 19 with the Foundation Secretary to trigger the bylaws referendum calendar being set. The petition was signed by over 3,000 listeners and staff. Thanks to all of you who have endorsed our efforts so far! As expected, the Board majority said that NDP was ‘too late for 2020’—even though the Board majority had deliberately delayed giving NDP the mailing list for four months so that we’d be “too late for 2020!” Stay tuned. We are committed to making big changes at Pacifica.
Please join Pacifica staff and listeners and sign the New Day Pacifica petition if you haven’t already. Our goal is to organize 7,000 supporters before the referendum ballots go out next March. You only need to sign it once, but if you’re not sure, it’s fine to sign again (we’ll take out any repeats).
Over 3,000 Pacifica Staff and Listeners Support New Day Pacifica… How About You?
SIGN THE PETITION
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