OperatorBook

Issue 180 · October 2026

Featured storyNonprofit financials

Freedom of the Press Foundation revenue: $7.15M in 2025, and the deficit the bottom line hides

No 2025 Form 990 exists, so every public source stops at 2024. FPF's own audited statements go further, and they show an operating deficit 17.5 times the reported bottom line, a treasury moved wholesale into securities, a $15.6M board-designated reserve the Form 990 cannot show, and $2,307,257 of crypto.

$7.15M MRRNonprofit financials
By Joaquin del Rio10 min read
Read the story
Flat printed schematic on off-white paper: three plain solid rectangles on one baseline, a tall slate-blue bar at the left, a short wide warm-grey bar in the middle, and a second tall slate-blue bar at the right. No text, no gradients, no glow.

In this issue

In-depth founder interviews, MRR journeys and post-mortems, with the real numbers.

A flat printed schematic on off-white paper. Two horizontal charcoal rules carry a descending series of five bars, the second far taller than the rest. A terracotta bracket spans the fourth bar and is annotated with a restatement arrow pointing up.
Nonprofit financials

Ushahidi revenue: $532,372 in 2024, and the amended return that moved 2023 by $532,403

Ushahidi Inc reported $532,372 of total revenue in 2024 against $1,905,295 of expenses. A January 2026 amended return restated 2023 revenue from $318,982 to $851,385 and disclosed $317,804 of officer pay the original return reported as zero. Read from the filed IRS XML.

$532 MRRNonprofit financials
Joaquin del Rio16 min
A flat printed schematic on off-white paper. Two thin charcoal rules run across the width, one upper and one lower. A slate grey vertical bar rises from the lower rule and stops short in the empty middle band. A terracotta bar rises and passes straight through the upper rule.
Founder narrative

The month a director saw more than a stockholder, at 83K MRR

A composite founder diary at 83K MRR. Delaware's 2025 amendment narrowed what a stockholder can demand under Section 220, but subsection (d) still lets a director reach other corporate records, with the burden of proof on the company.

Founder narrative
Anya Petrova10 min
A flat printed schematic on off-white paper. A thin pale grey rule runs unbroken across the full width at the upper third. Below it an empty band of bare paper. At the lower third a charcoal rule runs the full width, interrupted right of centre by one tall terracotta bar crossing it.
Founder narrative

The month my bank was allowed not to read the name, at 82K MRR

A composite founder diary at 82K MRR. When a payment order names one person and numbers another, the receiving bank may pay on the number and need not check the name. The escape the statute gives a non bank originator is deleted by a signature, and the right to chase the stranger follows the loss.

Founder narrative
Anya Petrova10 min
By the numbers
180
Stories published
$3938.1M
MRR represented
7
Editorial beats

One founder story per issue, with the spreadsheet attached.

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