From Cornell University Library's August 28 press release:
arXiv, the free repository that has revolutionized the way scientists share information, is adopting a new governance and business model that will allow it to grow and succeed in the future.Posted by scholcom at August 31, 2012 11:57 AM
Thanks to an operating grant from the Simons Foundation, Cornell University Library has helped arXiv take a major step toward sustainability. Beginning in January and running through 2017, the Simons Foundation will provide up to $300,000 per year as a matching gift for the funds generated through arXiv's membership fees. The grant also provides $50,000 per year as an "unconditional gift" that recognizes the Library's stewardship of arXiv.
Annual membership fees, paid by voluntary contribution from these institutions, help cover arXiv's costs -- and, now, will provide a sum for the Simons Foundation to match.
The newly established model has garnered partners all over the globe. To date, more than 120 member institutions in over a dozen countries have pledged their support, totaling $285,000. Among the 100 institutions that use arXiv most heavily, nearly three-quarters committed to five-year pledges.
As an open-access service, it allows scientists to share "preprint" research before publication and boasts hundreds of thousands of contributors. In 2011 alone, arXiv saw close to 50 million downloads from all over the world and received more than 76,000 new submissions.