The EMF financials are available online. They are audited by an independent accounting firm. They are quite detailed, and likely rank in the top quarter, at least, of non-profit financials that are available.
$10 million is a small amount. They paid $50 million in LA for an FM, and appear to have spent around $200 million in the last 14 months on properties that were for sale at bargain prices since nobody else wanted them. They are also rapidly increasing their outreach and counseling programs and other non-radio activities.
The top management is considerably underpaid by industry standards.
On the other hand, we have public TV & Radio operations with near million dollar salaries. In these cases, non-profits compete to hire the best fund-raising administrators possible in an area where the best have multiple choices to consider.
Personally, I am quite professionally envious of the EMF management. They are doing something endurable with radio as a base, but extending into other areas such as Internet options and personal services for their members.
I once programmed a pair of stations for Cardinal Rickets Landazuri of Peru, and found it very satisfying doing a format that was intended to be both entertaining and a reminder to Catholics of the tenets of their faith in little 30" messages. So doing religious radio can be rewarding beyond the income.
