A Note from the Senior Vice President and Chief Financial Officer
The 2011 fiscal year was another positive year for WHYY measured in terms of financial results, an increase in the number of members and continued growth in the percentage of our budget invested in programs and other content.
We recorded an overall increase in net assets of $1 million following an increase of $2.2 million the previous year. The positive outcomes are the result of a combination of careful management of expenses and improved results in membership, corporate underwriting and other grants. The increase in net assets means that for the sixth year out of the past seven, our total revenues exceeded expenditures, thereby providing additional resources for investment in our community programs and activities.
WHYY signed agreements to acquire the five former New Jersey Network radio stations in southern New Jersey. This will ensure the residents of New Jersey continue to have access to trusted news and information programming. It also will expand our already substantial New Jersey radio coverage area to the Jersey shore.
The Dorrance H. Hamilton Public Media Commons offered a full schedule of media courses, hosted many member events and generated income from rental activity. Preliminary results indicate that members who attend events at the Commons renew their support at higher rates than average, further reducing the cost of the renewal process. NewsWorks.org, our online home for regional news and civic dialogue, launched in November 2010 and has earned critical claim and a growing number of users.
The 2011 fiscal year represented the sixth year of growth 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 for general and administrative costs. We were also able to negotiate more favorable terms for managing our line of credit and long-term financing.
With continued growth in the WHYY-FM audience, we grew the number of members in our files by 1.6 percent compared with declines at most other major public media stations. We also recorded another year of net member revenue increases and a 9 percent increase in the number of automatically renewing members.
We still 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 government and related sources continued the decline from $2.4 million in 2010 to $2 million in 2011 through the loss of the remaining Pennsylvania operating grants and reduction from $100,000 to $73,500 in Delaware.
Overall, fiscal year 2011 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
Statement of Financial Position
Statement of Activities
Support, Contributions & Revenue
Archived Annual Reports