SUBJECT: KTWU Audit Report for the Year Ended June 30, 1999
The Corporation for Public Broadcasting (CPB) requires the submission of an annual financial report and an audit performed by an independent auditor. A copy of the Annual Financial Report and Audit Report as performed by Berberich Trahan & Co., P.A. are attached for the period ended June 30, 1999.
The financial report reflects the status of KTWU operations as previously provided to the Board of Regents through the 1998-99 University Financial Reports. The 1999 KTWU Support and Revenues were down by approximately $400,000 from 1998, primarily due to the NTIA (National Telecommunications Information Agency) grant for the new transmitter at the main transmitter facility on Wanamaker Road. This grant was a stand-alone project funded mainly in 1998 by the federal and state governments. Expenses for 1999 had a minimal increase of $3,000.
The net effect of KTWU operations for the year when comparing 1999 to 1998 left KTWU with small increases in fund balances for both the operating fund and the property fund.
KTWU will need to continue to be vigilant in its financial operations especially when exploring future ways to develop a capital campaign to fund equipment purchases necessary to provide a digital signal by the year 2003.
President Farley recommends approval by the Board of Regents of the KTWU Audit Report for the year ended June 30, 1999.
(date) Jerry B. Farley, President