Inside Vermont Public’s Annual Report: Sizable Reserves and Executive Compensation Amid Operating Losses and Staff Reductions
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.