Hong Kong Free Press Editorial: Our new Transparency Report
We are proud to be Hong Kong’s most transparent news outlet and, as a non-profit company, HKFP is externally audited every year. Be assured that, when you donate to HKFP , every cent is put to careful use and goes directly towards frontline journalism and original reporting.
Income for our latest audited year – 1/1/2018 to 31/12/2018 – was as follows:
Ads & content sales
Our 2018-2020 revenue streams :
All donations : includes one-off & monthly Patron contributions by cheque/transfer, cash PayPal & card, as well as merch sales profit & shopping referral links. HKFP also retains 1.97 Bitcoin, as of 2020.
Ads & content sales: includes income from Google/YouTube display ads; Apple News & Facebook ads, directly purchased rate card ads & content sales [from media outlets, institutions and Dow Jones Factiva/Nordot re-syndication].
HKFP Patrons: HKFP has shifted towards a membership model. Small amounts of income from a large pool of Patrons helps support our team, sustain our operations with more security, and guarantees our independence. Our monthly income as of January 2020 :
The number of HKFP Patrons rose by 539% in 2019, and our monthly income from Patrons rose by 358%.
Patrons are overwhelmingly from Hong Kong, though we also have backers in the US, UK, Australia and China.
In addition to the above, we receive at least HK$10,000 [US$1,276] per month from donors who contribute via cheque, transfer or by coin donation via CoinDragon.
Patrons are given priority and/or free entry to HKFP events, merchandise and a hard copy of our Annual Report. We aim to surpass 1,000 patrons in 2020.
Expenditure for our latest audited year – 1/1/2018 to 31/12/2018 – was as follows:
HKFP is run as efficiently and prudently as possible, in order to maximise the impact of our donors’ generosity. We make savings by partnering with other media outlets, using free software wherever possible and making full use of teamwork and automation to save on labour costs.
During 2018, we employed 4-5 full-time staff members and several freelancers.
Full-time staff payroll
Mandatory Provident Fund (pensions)
Website, newswire text/photo, software
Office, sundry, recruitment/training, telecom
Meals/drinks for volunteers & staff
Legal, professional, registration, audit fees
Travel & insurance
Stationery/merch, postage, printing
Bank charges & exchange losses
Freelancer payments & gear
As a non-profit, with no shareholders or investors, HKFP’s surplus was recycled back into the company in 2019.
73% of all spending goes directly towards supporting our hard-working full-time news team.
In 2019, HKFP went through a legal examination to be recognised as the equivalent of a US charity. Hong Kong law does not allow media outlets to register as tax-exempt charities, thus HKFP is a limited by guarantee company – a non-profit, answerable to readers not shareholders.
As of January, 2020, we are now certified by NGO Source. Whilst this does not mean we are tax-exempt, it can be of some assurance to donors and grant-making bodies that we meet the same standards of a US public charity in terms of our structure, accountability and governance.
Not-for-profit, run by journalists and completely independent , the HKFP team relies on readers to keep us going and to help safeguard press freedom. HK$ Donation Amount: Choose Your Donation Amount: HK$88 HK$100 HK$150 HK$200 HK$250 HK$500 HK$888 HK$1000 HK$2500 HK$5000 HK$10000 HK$20000 HK$50000 Give any amount Make this donation monthly Contribute to HKFP
Select Payment Method Credit card or Google/Apple Pay PayPal, Amex Cheque, transfer, FPS, & others Personal Info First Name * Last Name Email Address * Credit Card This is a secure SSL encrypted payment. Card Number * CVC * Name on the Card * Expiration * Billing Details Country * United States Canada United Kingdom Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Indian Ocean Territory Brunei Darrussalam Bulgaria Burkina Faso Burundi Cambodia Cameroon Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos Islands Colombia Comoros Congo, Democratic People's Republic Congo, Republic of Cook Islands Costa Rica Cote d'Ivoire Croatia Cuba Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic East Timor Ecuador Egypt Equatorial Guinea El Salvador Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Greece Ghana Gibraltar Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard and McDonald Islands Holy See (City Vatican State) Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Lao People's Democratic Republic Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea Northern Mariana Islands Norway Oman Pakistan Palau Palestinian Territories Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Island Poland Portugal Puerto Rico Qatar Reunion Island Romania Russia Rwanda Saint Helena Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and the Grenadines San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovak Republic Slovenia Solomon Islands Somalia South Africa South Georgia South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syrian Arab Republic Taiwan Tajikistan Tanzania Togo Tokelau Tonga Thailand Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates Uruguay US Minor Outlying Islands Uzbekistan Vanuatu Venezuela Vietnam Virgin Islands (British) Virgin Islands (USA) Wallis and Futuna Islands Western Sahara Western Samoa Yemen Yugoslavia Zambia Zimbabwe Address 1 * Address 2 City * Region * Hong Kong Island Kowloon New Territories Zip / Postal Code * Donation Total: HK$250.00 One Time ERROR: Either you do not have a saved card to donate with G Pay or you're using an older version of Chrome without G Pay support. Make an instant one-off donation of any amount, or make a monthly commitment and become an HKFP Patron. HK$200 per month – the price of a weekly coffee – helps us achieve sustainability and safeguards our independence.
The post Hong Kong Free Press Editorial: Our new Transparency Report appeared first on Hong Kong Free Press HKFP . Author: Hong Kong Free Press .
2020-01-25 | HKFP Editorials, Hong Kong, Hong Kong Free Press | English | HKFP