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Thanks to continued strong community support during difficult economic times, WGBH balanced its operating budget for the 22nd consecutive year.
However, due to the economic climate, we did reduce our costs. We would have had to make further reductions were it not for increased support for programming related to the events of September 11. Careful fiscal management helped WGBH maintain its position as one of the nation's top public broadcasters, as a leading producer of high-quality content for TV, radio, the Web, and other media, and as a provider of access services for people with visual or hearing impairments.
In FY02, WGBH produced one-third of the content for PBS prime time and PBS Online, while successfully operating three public television stations (WGBH 2 and 44 in Boston and their digital counterparts, DT19 and DT43, and WGBY in Springfield, Massachusetts), three public radio stations (WGBH 89.7 in Boston and WCAI 90.1 and WNAN 91.1 serving Cape Cod and the Islands), and a comprehensive Web site (wgbh.org).
Our local broadcast operations were supported primarily by viewers and listeners, local business sponsors, and a federal Community Service Grant from the Corporation for Public Broadcasting (CPB).
Programs produced for local broadcast were similarly funded, with additional support from the Massachusetts Cultural Council and other local foundations. Program Venture funds augmented critical individual contributions, enabling WGBH to move forward with the development of new productions for local and national broadcast and with the conversion to digital television.
Our national productions for television and the Internet were funded primarily by restricted grants from corporations, foundations, government agencies, and PBS stations. In addition, WGBH received supplementary funding from both PBS and private foundations to address issues raised by the September 11 terrorist attacks through several of our national program strands, including Frontline and Zoom. Our media access technologies for people with disabilities were supported by grants from CPB and the US Department of Education, and by the sale of services.
Fiscal outlook
The past year also was notable for several extraordinary events that figure in our financial report: the sale of trademark rights and real estate, and the issuance of a bond to purchase the building and land for our new home in Boston's Brighton Landing neighborhood (projected move: 2005).
WGBH enters FY03 on sound financial footing due to our early response to the weakening economy over the past two years. We'll carefully monitor our financial activity as the year progresses. Generous membership support allows us to continue to provide important services to audiences across New England. Grants from foundations, corporations, government agencies, and public broadcasting entities enable us to produce programs for the nation. We're grateful to WGBH's many supporters for making all this possible.
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| Operating sources |
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FY02 |
| FY01 |
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| Grants and contracts |
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$122,105,000 |
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$138,488,000 |
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| Contributions from individuals |
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$20,933,000 |
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$20,902,000 |
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Community Service Grants (CSGs)
from Corporation for Public Broadcasting |
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$10,407,000 |
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$ 9,139,000 |
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| Royalties, video, and international distribution |
|
$23,621,000 |
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$17,702,000 |
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Other (including WGBH Auction and outside
captioning and sales) |
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$14,987,000 |
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$15,631,000 |
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Net transfers from WGBH program funds
for programming and reserves |
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$7,472,000 |
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$1,937,000 |
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| Total sources |
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$199,525,000 |
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$203,799,000 |
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| Operating expenses |
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Program production (includes TV productions,
radio productions, instructional and
access technologies, program development) |
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$140,101,000 |
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$146,535,000 |
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Broadcast (WGBH 2, 44, 89.7, WNAN 91.1,
WCAI 90.1, and WGBY 57) |
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$11,975,000 |
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$10,540,000 |
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| Educational services and program information |
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$19,928,000 |
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$15,781,000 |
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| Support services |
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$27,151,000 |
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$ 30,324,000 |
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| Total expenses |
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$199,155,000 |
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$203,180,000 |
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Excess of operating sources
over expenses and transfers |
|
$370,000 |
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$619,000 |
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| Fund balances |
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| Undesignated |
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$15,748,000 |
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$27,420,000 |
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| Grants for future programming (backlog) |
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$88,817,000 |
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$113,910,000 |
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Capital campaign, debt service, and
board-designated funds* |
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$170,764,000 |
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$13,640,000 |
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| Endowment (market value) |
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$32,094,000 |
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$35,319,000 |
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| Total fund balances |
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$307,423,000 |
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$190,289,000 |
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| * Includes the net present value of future revenue streams
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