Gradually, daily destiny It falls under the federal umbrella of non-profit organizations that can issue receipts for donations.
destiny It announced Thursday that it has received Registered Journalistic Organization (JEO) status, which gives it certain tax benefits, notably the ability to issue official receipts that allow donors to report grant amounts on their tax returns. Also, the daily now benefits from tax exemption on its income.
Like all news media, the daily newspaper, founded by Henri Bourassa in 1910, is suffering from a significant decline in advertising revenue, which has been monopolized by web giants.
destiny So joined Press and six dailies of the National Independent Information Cooperative (Le Soleil, La Tribune, Le Nouvelleste, Le Droit, Le Quotidien And The Voice of the East), among others, who are among the beneficiaries of the statusOJE.
Friends of Duty has been cancelled
destiny It was already dependent on significant philanthropic support through Les Amis du Dévoir, an organization created in 1916, but its donors could not withdraw their contributions. This organization will be abolished, as donations will now be collected directly through the daily newspaper.
Management hopes this status will allow it to expand its donor base, and says it will now also be able to accept donations from recognized charities. parallel, destiny It maintains its paid subscription model in paper edition and on the web, a model its management wants to protect.
If destiny Doesn’t exist, we have to find it! We are sure to have readers who are proud to be a part of our community of values. By subscribing or donating, they send us one message: keep going. This is the greatest recognition we can hope for.Daily director Brian Miles confirmed in a press release.
Change for stakeholders
The daily newspaper has flourished since its founding under the legal umbrella of La fiducié le devoir. The transition announced on Thursday required a significant revision of its legal structure and, consequently, its institutional and private stakeholders.
Agreed to convert their preferred shares into a loan for an amount equal to their initial contribution. By doing so, they have given up the opportunity to be entitled to dividends, redemption or remainder during liquidation or dissolution.We stated in the press release.
This new structure, however, meant that stakeholders, including the Editorial Union,
including their voting rights and their seat on the board of directors destiny.