In August 2007, Mike Hoyt, the executive editor of "CJR" since 2003, said the magazine's income in 2007 would exceed expenses by about $50,000, with estimates of a $40,000 surplus in 2008. Hoyt attributed the surpluses to a mix of some staff cuts, such as not replacing three editors who left, and fundraising increases. Donations to the "CJR" in the past three years have included about $1.25 million from a group of news veterans headed by former "Philadelphia Inquirer" executive editor Eugene Roberts.