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Pacifica Radio FY03 Audit Shows Financial
Gains
June 22, 2004
Pacifica Radio Release
BERKELEY (June 22) – The Pacifica Radio FY03 audit
published today confirmed a strong financial turnaround at
the nation’s oldest listener-sponsored broadcaster,
Pacifica Radio officials said.
Available at pacifica.org/finance/audits.html,
the audit outlines a $5.7 million two-year turnaround at the
five-station network.
From a $4.4 million deficit in FY01 to a $1.34 million surplus
in FY03, Pacifica has steadily pulled itself back from the
brink of bankruptcy following a severe financial and internal
crisis that peaked in January 2002.
“The financial rebound detailed in the FY03 audit is
a testament to the hard work and commitment of staff and listeners
nationwide to ensure that Pacifica remain a strong and independent
media voice at this critical time in the country’s history,”
said Pacifica Executive Director Dan Coughlin.
The audit highlights a number of key points:
- Net assets increased from $2.615 million in FY02 to $4.28
million in FY03, a 64 percent jump.
- Total liabilities declined from $3.04 million in FY02
to $2.0 million in FY03.
- Total network revenues climbed to $15.84 million from
$13.72 million in FY02, an increase of 15.5 percent.
- Expenses dropped from $15.43 million in FY01 to $14.49
million in FY03.
- KPFA revenue hit $4.46
million in FY03, up 24 percent from $3.6 million in FY02.
- WBAI raised $3.8 million
in FY03, up 26 percent from $3.02 million in FY02.
- KPFK raised $3.42 million
in FY03, up 30 percent from $2.63 million in FY02.
Under the leadership of Pacifica CFO Lonnie Hicks, the network’s
financial and management team in FY03 also:
- Spearheaded the seamless move of the finance office from
Washington, DC to Berkeley.
- Built from scratch a new national finance team.
- Moved the entire network to publishing detailed monthly
financial statements, including actual vs. budget.
- Published dozens of financial reports, providing the
most transparent finances in the history of the Pacifica
Radio network.
- Outlined key financial benchmarks for the network, including
the need for one month’s operating surplus.
Founded in 1949, Pacifica Radio operates non-commercial radio
stations in Houston, Los
Angeles, New York, the San Francisco Bay Area, and Washington,
DC. Pacifica's mission is to engage in any activity that
shall contribute to a lasting understanding between nations
and between the individuals of all nations, races, creeds
and colors.
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