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The world-renowned Jersey City-based freeform radio station WFMU kicked off its annual fundraising marathon last week with a goal of raising $1.2 million. “We’re just over halfway there,” station manager Ken Freedman told JCI this morning.

Freedman said the nonprofit station is facing a couple of dicey financial scenarios this year, which makes the fundraiser — which generates most of WFMU’s funding — even more pressing than usual.

“We’re being squeezed from above and below,” he said.

Because of the sour economy, the ground floor tenant of WFMU’s headquarters near Exchange Place (a building the station owns) is seeking reduced monthly rent, while out in West Orange, the site where the station’s transmitter has lived for 40 or so years is facing an uncertain future. WFMU is currently paying $800 per month in rent at the site, but the landlord had lined up a sale of the property.

“Based on that, we were told we had to be out by the end of the year,” Freedman said.

But the deal fell apart and the fate of WFMU’s transmitter is unclear. The owner is even asking the station if it wants to buy the property now, which Freedman said “might be the best move in the long run.” But he added that WFMU just didn’t have the money to make such a purchase right now.

If forced to relocate the transmitter to a site across the street, Freedman said the station will incur $40,000 in moving costs and a rent increase of $3,2000 per month.

On top of all that, WFMU is facing an August 2009 deadline from the Federal Communications Commission (FCC) to build a booster antenna in Times Square that has been in the works for three years. Freedman said it will cost about $100,000 to build the booster, which will serve to shore up the station’s reception in Manhattan.

As always, WFMU isn’t just asking for listeners’ money — they’ve gone all out, filling the marathon with special and memorable programming.

Tomorrow night on Tom Scharpling’s “The Best Show on WFMU,” Jersey boy Ted Leo will be on air playing listener requests in exchange for donations, as will singer-songwriter Aimee Mann. The show, which runs from 8-11 pm, will also feature comedians John Hodgman (better known to much of America as “PC” from the ubiquitous Apple commercials) and Paul F. Tompkins.

Friday night from 8-11 pm, Hoboken’s own Yo La Tengo will make its annual marathon appearance, playing requests for listeners who call in with donations.

Then on Sunday, March 15, the marathon wraps up with a live broadcast from Maxwell’s. The Hoof & Mouth Sinfonia, a band made up of WFMU DJs and a rotating cast of DJs as singer, will perform a live karaoke set from 7 to midnight. For the first time, this year the event will also be open to the public — the cover charge is $5.

Lastly, what would a WFMU marathon be without cool swag? This year the station has an assortment of apparel and other items tied to specific pledge amounts. For example, a $15 pledge will get you a WFMU sticker that apes the Garden State Parkway logo, and $50 will get you a T-shirt that has the Aaron Taylor-designed logo of a dog and cow saying “WF” and “MU.”