FY2021, only KPFA made an unaudited net income after adjusting for windfalls, per Sep2021 monthlies

Here are the unaudited FY2021 net income statements of the 5 stations, per the NETA-produced Sep2021 monthlies. They’re adjusted to exclude the windfalls: the forgiving of the two loans received from the Paycheck Protection Program that benefited all stations, & a property donated to WBAI.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .KPFA . . . . . . . KPFK . . . . . . . .KPFT . . . . . . WPFW . . . . . . . . WBAI . .

revenue:

revenue . . . . . . . . . . . . . . . . . . . . . 4 861 315 . . . .3 120 159 . . . . .667 024 . . . . 1 774 741 . . . . . 1 713 203

less PPP #1 & #2 . . . . . . . . . . . . . . .~891 475. . . . .~735 972 . . . .~117 373 . . . . .~273 411 . . . . . .~255 715

less donated property . . . . . . . . . . . . . . . . 0 . . . . . . . . . . . 0 . . . . . . . . . . .0 . . . . . . . . . . . .0 . . . . . . . 200 000

total revenue . . . . . . . . . . . . . . ~$3 969 840 . .~$2 384 187 . . .~$549 651 . .~$1 501 330 . . . ~$1 257 488

expenses:

Central Services . . . . . . . . . . . . . . . .471 456 . . . . .500 868 . . . . . 161 628 . . . . . .208 176 . . . . . . .253 344

other expenses . . . . . . . . . . . . . . . 3 216 336 . . . 2 671 995 . . . . .580 498 . . . . 1 351 266 . . . . . 1 399 170

August tower rent . . . . . . . . . . . . . . . . . . . .0. . . . . . . . . . . 0 . . . . . . . 6 000 . . . . . . . . . . . .0 . . . . . . . . . . . . .0

total expenses . . . . . . . . . . . . . . .$3 687 792 . . $3 172 863 . . . .$748 126 . . . $1 559 442 . . . .$1 652 514

net income/(loss):

FY2021 net income/(loss) . . . . ~$282 048 . .(~$788 676) . . (~$198 475) . . .(~$58 112) . . (~$395 026)

depreciation . . . . . . . . . . . . . . . . . . .~77 310 . . . . . ~15 461 . . . . . .~26 882 . . . . . ~13 900 . . . . . . ~16 282

FY2021 net income/(loss) . . . . ~$204 738 . .(~$804 137) . . (~$225 357) . . .(~$72 012) . . (~$411 308)

The stations as a whole:

• one net income, ~$204 738

• four losses, ~$1 512 814

total loss (net), ~$1 308 076

Sources: Sep2021 monthlies, https://mega.nz/file/9IMj2aTS#e03Ou9otHTSDjVTng6oPkNbTdu724o_ner3bH2_bi4I; &, for the FY2020 audited depreciation charge, please see page 36 (page 39 of the PDF) of the FY2020 auditor’s report, https://pacifica.org/finance/audit_2020.pdf

~

Explanations of estimates, etc.:

• this statement supersedes the one derived from the Aug2021 monthlies – in the section ‘Discussion: General’ of https://pacificaradiowatch.home.blog/2021/11/19/today-kpfk-is-losing-money-at-a-rate-of-3500-dollars-a-day-105k-a-month-1-point-26m-a-year-as-per-the-docs-publicly-why-does-no-one-recognise-the-scale-the-urgency-qm/.

• why the PPP amounts had to be estimated: “[t]he distribution of PPP #1 (& #2, for that matter) hasn’t been made public. But in the NETA monthlies are the Jan2021 & Aug2021 totals for ‘Miscellaneous/Other Income’, within which they’re posted. The Jan2021 totals per the July monthlies, the latest to have PPP #1 posted within FY2021: KPFA $440 828.47, KPFK $393 653.02, KPFT $58 199, WPFW $141 119.64, WBAI $126 557.47, PNO $50 180.54, PRA $46 755.67, consolidated as $1 257 293.81. That’s $663.81 more than the loan – and, indeed, that’s the figure left in the Jan2021 statement of the Aug2021 monthlies, when PPP #1 was deleted from the FY2021 consolidated & put in the FY2020 one. With no other info, in the KPFK computation above, the perhaps overstated $393 653 has been used” – link just given, in the ‘Discussion: General’ section, problem P#5. The size of the forgiven loan: “[t]he PPP loan [#1] was granted to the Foundation on June 19, 2020 in the amount of $1,256,630” (p. 19; p. 21 of the PDF) – https://pacifica.org/finance/audit_2020.pdf.

• the $200k property, donated to WBAI, & booked June2021 – report to WBAI Local Station Board (p. 1) by its Treasurer, R Paul Martin, https://glib.com/treasurers_report_2021-07-14.pdf.

• the revenue data in the Sep2021 monthlies differ from those in the Aug ones. There’s no change for KPFK, WPFW, & WBAI. However, KPFT has 1 change: the June2021 ‘Listener Support’ was reduced by $200. And KPFA has 9 changes, almost half of them material: 3 were unchanged (Oct, July, Sep); 5 differed by <$5k each; but 4 were larger, with Dec rising by $39 757, Jan falling by $48 377, Feb falling by $127 606, & Mar rising by $373 303. Booking adjustments are made all the time, but management are interested in patterns. It would be reassuring – not least because KPFA’s bookkeeper, Maria ‘if you don’t stop your nasty questions I’m off this call’ Negret, has been holding up the production of NETA’s monthlies – if CFO Anita Sims provided a written public explanation of why the last 4 bookkeeping totals were changed.

R Paul Martin on the bottleneck: “[at the 9Nov PNB Finance Cttee,] NETA Controller Julia Kennard substituted for the interim CFO […] She said that she hoped that the September financials would be out soon. She said that KPFA is still getting their revenue numbers in, and that it always takes long time to get that in. She said that she didn’t know why the software KPFA uses makes that a challenge” (p. 2) – https://glib.com/treasurers_report_2021-11-10.pdf. Fiefdoms. Provincial priorities. The Berkeley Hillbillies.

The KPFA material differences: Dec2020 rising $39 757 (562875 ⭢ 602632), Jan falling $48 377 (604089 ⭢ 555713, rounding), Feb falling $127 606 (381092 ⭢ 253485, rounding), & Mar rising $373 303 (374292 ⭢ 747595).

• KPFT Aug2021 tower rent charge: all year the charge is ~$6 500 rising to ~$6 700, except for Aug, which is ~$776. With no explanation given, it’s prudent to add $6k.

• depreciation estimate: this charge is absent, as a matter of course, from the net income statements constituting the NETA monthlies. It’s computed from the relevant asset balances destined for the balance sheet, a statement that first appears when it’s presented to the auditors. Given this, as mentioned, the estimate used is simply the audited FY2020 charges found in the auditor’s report (p. 36; p. 39 of the PDF) – https://pacifica.org/finance/audit_2020.pdf. Note that KPFA’s charge is anomalous in Pacifica terms, & exactly x5 that of KPFK: they’re buying assets, presumably to improve their service to the listeners, whilst the struggling stations are dying on their knees . . . this is the inverse of the implementation of a Pacifica network development plan. We need a rational response to the uneven & combined development that is Pacifica Foundation, Inc. – as The Lion may have put it.

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