Agenda Item No. IV. B. 1. b.

Washburn University Board of Regents



SUBJECT: KTWU Audit Report for the Year Ended June 30, 2002





DESCRIPTION:



Attached is the standard annual financial report for KTWU resulting from the annual audit required by the Corporation for Public Broadcasting (CPB) and the independent auditor's report. The CPB requires the submission of the annual report along with an independent audit and opinion on the station's financial statements. The financial report is prepared based on the financial information provided to the Board of Regents through the 2001-2002 University Financial Report. Berberich Trahan & Co., P.A. then audits the financial report and prepares their statement. The 2002 KTWU support and revenues increased by $730,258 over FY 2001 due primarily to support for the new KTWU tower project and digital conversion, while expenditures and transfers increased by $273,481.



FINANCIAL IMPLICATIONS:



KTWU will need to continue to be vigilant in its financial operations especially when exploring ways to develop the capital campaign to fund the equipment purchases necessary to provide a digital signal in 2003.



RECOMMENDATION:



President Farley recommends approval by the Board of Regents of the KTWU Audit Report for the year ended June 30, 2002.





______________________________ _______________________________

Date Jerry B. Farley, President


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