Financial Report from the COO/CFO
Anyone who works for a non-profit in general or public broadcaster in particular will be quick to point out the inherent benefits of working in an industry that affords them the opportunity to “do good”. Given the economic climate and events following the 2008 recession, very few players in our industry can claim to be doing well in addition to doing good. Capital Public Radio (CapRadio) has been extremely fortunate not only to have been able to weather that storm but to grow in spite of it. Disciplined financial strategy, targeted investments of resources, and a commitment to serving the needs of our audience have been central to our operating approach and have guided us through volatile times.
For the fiscal year ending June 2013, our Program and Broadcasting expenses totaled $6.5 Million or 66% of our total operating costs of $9.8 Million. Total revenues for the same period totaled $10.5 Million, marking six consecutive years of positive operating results for the station.
Jun Reina, Chief Operating Officer and Chief Financial Officer, Capital Public Radio
2013 Functional Expenses
We've seen continuous growth and committed significant investments in our News and Digital departments over the last two years. The next two years will see us embarking on a journey that involves expanding and modernizing our studio, broadcast and office facilities.
CapRadio also has the benefit of being supported by the Capital Public Radio Endowment, Inc., a separate 501c-3 corporation that was established to support the financial security of CapRadio. It seeks to build assets in its portfolio over time and to generate income to fund distributions to CapRadio as needed. The Endowment provided vital funds to help complete the license acquisition of KUOP-FM in 2008. Managed by Morgan Stanley, the Endowment has experienced regular and significant growth since 2008. As of October 30, 2013, the Endowment had total assets of $1.4 Million.
|Change in Value Over Time|
Today the financial position of Capital Public Radio is as strong as ever. A consolidated balance sheet shows total assets of $10 Million with total liabilities of $3.4 Million. Moreover, only $415,000 of liabilities is considered current with $2.99 Million being long-term liabilities.
Statement of Financial PositionAs of June 30, 2013
|Current Assets||$ 3,579,311|
|Fixed & Non-Current Assets||$ 6,450,886|
|Accounts Payable||$ 76,979|
|Accrued Liabilities||$ 338,147|
|Long-Term Liabilities||$ 2,997,541|
|Invested in Property & Equipment||$ 1,038,323|
|Net Assets, Beg||$ 4,446,428|
|Change in Fund Balance||$ 1,132,779|
|Total Net Assets||$ 6,617,53|
Management presents and discusses the operating statements and forecasts with the Finance Committee every month. The statements are also brought to the full Board for approval bi-monthly. The Endowment is governed by a Board of Directors that is independent of CapRadio's Board. An Audit Committee of the board reviews the results of the independent auditors' internal examinations of CapRadio's financials, systems, procedures, and controls. Propp, Christensen, Caniglia LLP serves as the independent accountants for both CapRadio and the Endowment.