It was created to provide a critical, progressive, and accurate source of information about the Philadelphia public school system so that community members could use that information to empower themselves as advocates for public schools.

The Notebook has been praised by The New York Times, who described its articles as "notably well written" and its former editor director, Paul Socolar, as the "journalist of the future.

With grant money from the Bread and Roses Community Fund, the Notebook was able to publish its first issue in May 1994.

The newspaper's expenses are covered through advertising revenue, grants, and its individual membership program.

The Notebook's website posts daily new stories from its investigative journalists.