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A Note from the Chief Financial Officer Fiscal year 2007 (July 1, 2006 to June 30, 2007) marked the third year in a row that WHYY achieved an increase in net assets. In addition, fiscal year 2007 also represented the third year of growth in production and broadcasting expenses versus fundraising and general and administrative expenses ��� in other words, more of our member's dollars are going toward the programs and services that they enjoy. At June 30, 2007, WHYY had $475,000 of line of credit borrowings. These borrowings were required due to WHYY���s continued investment in capital during fiscal 2007. These borrowings were paid back early in fiscal 2008. WHYY���s endowment funds increased by over 17% during fiscal year 2007. These results are particularly impressive given the continued changes in the media landscape, especially as WHYY prepares for the long anticipated transition from analog to digital television in February 2009. In addition, WHYY continues to build its online delivery of news and information as more and more people look to the web for sources they can trust. Maintaining the status quo is not an option for success. We continue to thank our hardworking and dedicated staff who are the mainstay of WHYY���s presence and activity in the community, and our loyal members who return year after year to support our efforts to deliver the quality services they demand. -Bruce Flamm
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| ASSETS | 2007 |
2006 |
2005 |
FY07 % |
| Current assets | $7,852,000 | $6,334,000 | $6,506,000 | |
| Contributions receivable, net of current portion | 1,880,000 | 2,184,000 | 912,000 | |
| Investments | 8,564,000 | 7,783,000 | 7,434,000 | |
| Property and equipment | 15,799,000 |
15,637,000 |
13,803,000 |
|
Total assets |
$34,095,000 |
$31,938,000 |
$28,655,000 |
|
| LIABILITIES AND NET ASSETS | ||||
| Current liabilities | $5,843,000 | $5,549,000 | $4,241,000 | |
| Long term liabilities | 5,544,000 | 5,834,000 | 6,129,000 | |
| Net assets | 22,708,000 |
20,555,000 |
18,285,000 |
|
Total liabilities
and net assets |
$34,095,000 |
$31,938,000 |
$28,655,000 |
Statement of Activities
Support, Contributions & Revenue
| Support, contributions and revenue | ||||
| Government Funding | $3,955,000 | $4,035,000 | $3,942,000 | 12% |
| Contributions | 15,689,000 | 16,894,000 | 16,786,000 | 50% |
| Program funding and underwriting | 8,972,000 | 7,981,000 | 8,679,000 | 28% |
| Other | 3,041,000 |
1,400,000 |
1,132,000 |
10% |
Total support, |
||||
contributions and revenue |
31,657,000 |
$30,310,000 |
$30,539,000 |
Expenses
| Expenses | ||||
| Production and broadcasting | 19,652,000 | $17,674,000 | $18,891,000 | 67% |
| General and administrative | 3,030,000 | 3,525,000 | 3,592,000 | 10% |
| Fund raising | 6,821,000 |
6,841,000 |
6,849,000 |
23% |
Total expenses |
29,503,000 |
$28,040,000 |
$29,332,000 |
|
Change in net assets
|
$2,154,000 |
$2,270,000 |
$1,207,000 |