Annual Report 2010 Home

Financial Statements

A Note from the Senior Vice President and Chief Financial Officer

The 2010 fiscal year represented a significant financial turnaround for WHYY. We recorded an overall increase in net assets of $2.2 million compared with a decrease of $5.4 million the previous year. The positive outcome was 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 fifth year out of the past six, our total revenues exceeded expenditures, thereby providing additional resources for investment in our community programs and activities.

The Dorrance H. Hamilton Public Media Commons opened on time and within budget in May with Mrs. Hamilton present to greet guests at the annual President's Dinner. Since then, we have offered a full schedule of media courses, hosted many member events and generated income from rental activity. Development work progressed on, WHYY's new website, which launched in November 2010 and is already earning critical acclaim. A balanced budget was adopted for the 2011 fiscal year.

The 2010 fiscal year represented the sixth 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.

With continued growth in the WHYY-FM audience, we grew the number of members in our files by 3.5 percent compared with declines at most other major public media stations. We also recorded two consecutive years of net member revenue increases and an 8 percent increase in the number of automatically renewing members.

The year was not without its challenges. We have seen government support decline from 15 percent of income to about 8 percent due largely to the elimination of support from Pennsylvania. The economy continues to be sluggish, and that impact is felt in the slow pace of foundations grants and support for capital projects.

During the year, we were also able to finalize bank negotiations, putting in place a working capital line of credit and term financing package that replaced contractually expiring debt facilities, thereby providing the cash management flexibility we need throughout the year.

WHYY continues to make prudent investments in new programs and services to favorably position the organization in a rapidly changing media environment.

A. William Dana

Statement of Financial Position


2010 Fiscal Year

2009 Fiscal Year*

Current assets $8,001,000 $7,147,000
Contributions receivable, net of current portion $699,000 $1,234,000
Investments $7,442,000 $7,843,000
Property and equipment $20,296,000



$ -0

              Total assets



Current liabilities $8,324,000 $7,347,000
Long term liabilities $8,026,000 $6,585,000
Net assets



               Total liabilities and net assets



Statement of Activities

Support, Contributions & Revenue

Support, contributions and revenue    
Government Funding $2,405,000 $3,807,000
Contributions $13,390,000 $14,376,000
Program funding and underwriting $12,368,000 $6,980,000
Other income (loss)



             Total support,
             contributions and revenue




Production and broadcasting $18,596,000 $20,714,000
General and administrative $1,921,000 $2,347,000
Fund raising



              Total expenses



              Change in net assets                   



* Certain amounts in the accompanying condensed financial statements for 2009 have been reclassified in conformity with the current year presentation for 2010. The reclassifications had no impact on WHYY's previously reported change in net assets.

Archived Annual Reports

Annual Report 2010

Annual Report 2009

Annual Report 2008

Annual Report 2007

Annual Report 2006

Annual Report 2005

Annual Report 2004

Annual Report 2003