Financial Statements

A Note from the Senior Vice President and Chief Financial Officer

The 2009 fiscal year was a challenging year by any measure. The decrease in net assets for the year is directly attributed to the impact of the downturn in the U.S. economy, beginning in October 2008. WHYY incurred significant reductions in support from corporate underwriting, foundation and government grants and capital pledges. Additionally, fair-market declines in the endowment investment portfolio required the recording of a $1.3 million unrealized loss. On a positive note, thanks to our loyal members, net membership revenue increased slightly from the prior year.

On the expense front, the 2009 fiscal year represented the fifth year of growth in production and broadcasting expenses as a percentage of WHYY's total budget while costs of fund-raising 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. In fact, only 7 percent of all expenditures were for general and administrative costs.

WHYY achieved many strategic goals in fiscal 2009. The federally mandated analog-to-digital transition was successfully completed, and WHYY now offers three fully differentiated television program services. Construction of the fully funded Dorrance H. Hamilton Public Media Commons, a destination to support media literacy for all our audience members, commenced in May 2009. New bank financing arrangements closed in November 2009, providing the overall credit availability to fund necessary investments in capital during the 2009 and 2010 fiscal years and short-term working capital requirements. Those facilities help bridge the periods between the receipt of capital pledges due in future periods and development efforts throughout the year.

WHYY also put in place a balanced budget plan for the 2010 fiscal year that provides for modest new investments while managing the impact of an economy that appears to be recovering very slowly. With more than 18 percent growth in radio market share from 2008 to 2009 - and most of that growth coming from listeners under the age of 34 - WHYY's continues to look bright!

A. William Dana

Statement of Financial Position

ASSETS	2009 Fiscal Year	2008 Fiscal Year
Current assets	$7,923,000	$8,752,000
Contributions receivable, net of current portion	$1,234,000	$2,058,000
Investments	$8,116,000	$9,092,000
Property and equipment	$15,724,000	$14,652,000
Total assets	$32,997,000	$34,554,000

LIABILITIES AND NET ASSETS
Current liabilities	$8,396,000	$5,899,000
Long term liabilities	$6,585,000	$5,247,000
Net assets	$18,016,000	$23,408,000
Total liabilities and net assets	$32,997,000	$34,554,000

Statement of Activities

Support, Contributions & Revenue

Support, contributions and revenue
Government Funding	$3,807,000	$4,042,000
Contributions	$14,090,000	$15,965,000
Program funding and underwriting	$7,265,000	$10,037,000
Other income (loss)	($663,000)	$1,038,000
Total support,
contributions and revenue	$24,499,000	$31,082,000

Expenses

Expenses
Production and broadcasting	$20,714,000	$20,867,000
General and administrative	$2,347,000	$2,156,000
Fund raising	$6,830,000	$7,359,000
Total expenses	$29,891,000	$30,382,000

Change in net assets	($5,392,000)	$700,000

A Note from the Senior Vice President and Chief Financial Officer

A. William Dana

Support, Contributions & Revenue

Expenses

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