CKUA Radio says that while it hasn’t been able to meet a $3 million dollar fundraising target, it’s found ways to “bridge the gap” to keep the 96-year-old Alberta institution from going silent.
Back in April, the community radio station – which has a presence in both Edmonton and Calgary – made an urgent listener appeal for donations, citing a perfect storm of rising inflationary pressures, limited government funding, the devaluation of its downtown Edmonton office space, and post-pandemic realities.
While that initial fundraising effort saw $1.8 million raised in the first 10 days, the station found itself still half a million dollars short of its $3 million goal by the end of September.
“While we did not achieve our target by September 30th, we found avenues to bridge the gap,” said CKUA CEO Marc Carnes on Wednesday. “We found new efficiencies in some of our capital costs. We negotiated with our lender to defer payments. And we made additional cuts that were risking our ability to continue providing unimpeded service levels across the organization. What’s more, we are in continual conversations with several donors that will see us well past the 3-million-dollar mark subject to some conditions. But we continue to push forward with cautious optimism.”
Carnes said those prospective donor conditions include that the provincial and federal governments step up with one-time funding, that negotiations with CKUA’s lender come to a satisfactory conclusion, and that its upcoming on-air fundraising event that launches this Friday is a success.
The station says despite its financial challenges, year-over-year listenership continues to grow, as have ad revenues. However, many of the challenges from April remain, including affordability, the high cost of borrowing and pressure to pay off the station’s loan for the historic Alberta Hotel property – which it moved into in 2012 at an estimated cost of $17 million amidst the real estate acquisition and interior reno. CKUA has managed to increase tenant occupancy at the Jasper Avenue heritage building from 50 to 85% [albeit at a lower market rent].
Carnes said CKUA Radio spotlighted over 50 music festivals across the province this summer, providing “a critical touchpoint with the community” and showcasing dozens of emerging and headlining artists.
“When CKUA Radio covers these events, the community shows up and collectively spends millions in hard-earned dollars supporting venues, events, artists and local jobs,” said Carnes. “Our listeners have invigorated rural and urban communities across our province. One thing is for sure, this was not happening with commercial media or digital streaming services and that’s the power of every single CKUA donor and this is why it matters that CKUA Radio continues to exist.”
