The purpose of this study is to examine the mechanisms of investigative reporting newly created by non-profit Internet news enterprises that have emerged in the United States over recent years. The study finds that, following the decline of traditional newspapers, the non-profit business model has indeed become an important force for the investigative reporting genre. However, based on case studies of ProPublica and Spot.Us, which represent two types of investigative reporting Websites—philanthropic support and crowd-funding respectively—the study shows that these non-profit news enterprises are still at the stage of solely devoting their efforts to developing or experimenting with new revenue sources in order to deal with the ever-changing media environment. In addition, non-profit news organizations are at the same time influenced by a variety of policy ideologies. These organizations therefore demonstrate quite different developmental features. Facing a similar situation with the role of investigative reporting being either ignored or reduced, Taiwan's news industry should be able to take advantage of the experiences of other countries to seriously consider the possibilities for developing a non-profit news organizations business model.