Agenda Item No. __________

Washburn University Board of Regents

SUBJECT: KTWU Audit Report for the Year Ended June 30, 1998

DESCRIPTION:

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 a copy the KTWU Financial Statements as audited by Berberich Trahan & Co., P.A. are attached for the period ended June 30, 1998. The auditors issued an unqualified ("clean") opinion on the financial statements. The management of KTWU and the Business Office staff are to be commended for this accomplishment.

The financial report reflects the status of KTWU operations as previously provided to the Board of Regents through the 1997-98 University Financial Reports. The 1998 KTWU Support and Revenues were up by almost $400,000 from 1997, primarily due to a facilities grant (approximately $300,000) from NTIA (National Telecommunications Information Agency) for the new transmitter at the main transmitter facility. The new transmitter was operational in May 1998 and replaced the existing 20-year-old transmitter. Expenses were down from last year by approximately $141,000, mainly in local programming and production expense and in management and general expenses.

The net effect of KTWU operations for the year resulted in net increases in fund balance of $16,755 from operations and $514,625 in the Property fund for a total increase in fund balance of $531,380. This compares to a total increase in fund balance of $76,640 in FY97.

FINANCIAL IMPLICATIONS:

KTWU will need to continue to be vigilant in their financial operations especially as they look to the future and the development of a capital campaign to fund equipment purchases necessary to provide a digital signal by the year 2003.

RECOMMENDATION:

President Farley recommends Board of Regents' approval of the KTWU Audit Report for the year ended June 30, 1998.

______________ __________________________________

(date) Jerry B. Farley, President


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