Financial Statements
A Note from the Senior Vice President and Chief Financial Officer
The 2012 fiscal year was a landmark year for WHYY measured in terms of financial results, another year of increases in the organization's number of members and contributed and earned income as well as continued investment in local and national programs such as The Barnes Collection documentary.
We maintained financial stability as our net assets increased slightly while increasing program expenditures. This was accomplished by carefully controlling administrative expenses but was primarily due to the growth in membership, corporate underwriting and individual major gifts. The increase in net assets means that for the seventh out of the past eight years, our total revenues exceeded expenditures while expanding programming, thereby demonstrating sustainability and providing additional resources for investment in our community programs and activities.
WHYY concluded the acquisition of the five former New Jersey Network radio stations in southern New Jersey. This ensured the residents of New Jersey continue to have access to trusted news and information programming. It also expanded our already substantial New Jersey radio coverage area to the Jersey shore. As a result of our expanded presence, New Jersey membership and underwriting revenues are showing significant growth.
The Barnes Collection documentary was presented by PBS as part of their national summer arts festival and received positive national reviews. As a result, PBS has agreed to support our next national documentary, showcasing the 50th anniversary of the Pennsylvania Ballet.
The Dorrance H. Hamilton Public Media Commons continues to offer a full schedule of media courses, hosts many member events and has generated income from rental activity. NewsWorks.org, our online home for regional news and civic dialogue, has earned critical claim and is growing in content and the number of users. These off-air and offline mission-related occasions support WHYY's 1:1 relationship-building strategy with members and donors.
The 2012 fiscal year represented the seventh year of large investments in production and broadcasting expenses as a percentage of WHYY's total budget while costs of fundraising and general and administrative expenses continued their downward trend. In other words, more and more of your contributions are being invested in programs and services, with only 7 percent of all expenditures earmarked for general and administrative costs. We were also able to negotiate and close on a new banking relationship, providing more favorable terms for managing our line of credit and long-term financing.
With the continued strength of the WHYY-FM audience, we grew the number of members in our files by 2.3 percent compared with declines at most other major public media providers. We also recorded another year of net member revenue increases and a 12 percent increase in the number of automatically renewing members.
We have many challenges ahead. The economy continues to be sluggish, and that impact is felt in the slow pace of foundation grants and support for capital projects. The support from the Corporation for Public Broadcasting has stabilized at $2 million; however, there is significant uncertainty at the federal level, which could materially impair our annual CPB grant. Overall, fiscal year 2012 was a very positive year for WHYY, and we are in a strong position to continue building our programs and services for Pennsylvania, New Jersey and Delaware.
— A. William Dana
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| ASSETS | 2012 Fiscal Year | 2011 Fiscal Year |
|---|---|---|
| Current assets | $7,448,000 | $6,919,000 |
| Contributions receivable, net of current portion | $1,439,000 | $1,131,000 |
| Investments | $5,625,000 | $6,485,000 |
| Property and equipment | $18,215,000 | $19,581,000 |
| Broadcast licenses | $1,287,000 | |
| Other | $77,000 | $126,000 |
| Total assets | $34,091,000 | $34,242,000 |
| LIABILITIES AND NET ASSETS | ||
| Current liabilities | $5,234,000 | $5,305,000 |
| Long term liabilities | $7,564,000 | $7,650,000 |
| Net assets | $21,293,000 | $21,287,000 |
| Total liabilities and net assets | $34,091,000 | $34,242,000 |
| Support, contributions and revenue | 2012 Fiscal Year | 2011 Fiscal Year | FY12% |
|---|---|---|---|
| Government Funding | $2,102,000 | $2,012,000 | 7% |
| Contributions | $15,483,000 | $14,219,000 | 55% |
| Program funding and underwriting | $9,968,000 | $10,987,000 | 35% |
| Other income (loss) | $677,000 | $1,206,000 | 2% |
| Total support, contributions and revenue | $28,230,000 | $28,424,000 |
| Expenses | 2012 Fiscal Year | 2011 Fiscal Year | FY12% |
|---|---|---|---|
| Production and broadcasting | $19,426,000 | $18,876,000 | 69% |
| General and administrative | $1,858,000 | $1,959,000 | 7% |
| Fundraising | $6,940,000 | 24% | |
| Total expenses | $27,379,000 | $27,379,000 | |
| Change in net assets | $6,000 | $1,045,000 |
