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NEW YORK PUBLIC RADIO Financial Statements June 30, 2020 and 2019 (With Independent Auditors’ Report Thereon) KPMG LLP 345 Park Avenue New York, NY 10154-0102

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NEW YORK PUBLIC RADIO Financial Statements June 30, 2020 and 2019 (With Independent Auditors’ Report Thereon) KPMG LLP 345 Park Avenue New York, NY 10154-0102 NEW YORK PUBLIC RADIO Financial Statements June 30, 2020 and 2019 (With Independent Auditors’ Report Thereon) KPMG LLP 345 Park Avenue New York, NY 10154-0102 Independent Auditors’ Report The Board of Trustees New York Public Radio: We have audited the accompanying financial statements of New York Public Radio, which comprise the statements of financial position as of June 30, 2020 and 2019, and the related statements of activities, functional expenses, and cash flows for the years then ended, and the related notes to the financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of New York Public Radio as of June 30, 2020 and 2019, and the changes in its net assets and its cash flows for the years then ended, in accordance with U.S. generally accepted accounting principles. October 23, 2020 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. NEW YORK PUBLIC RADIO Statements of Financial Position June 30, 2020 and 2019 Assets 2020 2019 Current assets: Cash and cash equivalents $ 18,399,071 12,243,383 Pledges and grants receivable, less allowance for doubtful accounts of $270,000 at June 30, 2020 and 2019 7,296,397 6,939,552 Accounts receivable, less allowance for doubtful accounts of $929,552 and $826,983 at June 30, 2020 and 2019, respectively 4,995,073 6,459,564 Due from partners in collaborative arrangement 666,362 426,926 Prepaid expenses and other current assets 1,661,913 1,871,969 Total current assets 33,018,816 27,941,394 Noncurrent assets: Pledges receivable, net, current portion 6,979,309 9,172,278 Investments 44,049,010 43,139,127 Fixed assets, net of accumulated depreciation and amortization 13,242,661 14,523,863 FCC licenses 29,242,387 29,242,387 Other assets 1,940,710 3,192,214 Total noncurrent assets 95,454,077 99,269,869 Total assets $ 128,472,893 127,211,263 Liabilities and Net Assets Current liabilities: Accounts payable and accrued expenses $ 6,972,834 5,226,790 Wages and payroll liabilities 6,620,122 5,589,979 Deferred revenue 1,275,554 1,040,701 Current portion of refundable advance – Paycheck Protection Program 8,936,017 — Due to partners in collaborative arrangement 181,862 1,383,421 Total current liabilities 23,986,389 13,240,891 Noncurrent liabilities: Refundable advance 1,000,000 1,000,000 Debt payable 15,749,377 15,746,548 Deferred rent 1,992,337 2,248,374 Other liabilities 1,185,556 1,702,627 Total noncurrent liabilities 19,927,270 20,697,549 Total liabilities 43,913,659 33,938,440 Commitments Net assets: Without donor restrictions 65,752,589 72,145,294 With donor restrictions 18,806,645 21,127,529 Total net assets 84,559,234 93,272,823 Total liabilities and net assets $ 128,472,893 127,211,263 See accompanying notes to financial statements. 2 NEW YORK PUBLIC RADIO Statements of Activities Years ended June 30, 2020 and 2019 2020 2019 Net assets Net assets Net assets Net assets without donor with donor without donor with donor restrictions restrictions Total restrictions restrictions Total Operating activities: Operating support and revenue: Contributions $ 65,173,605 8,357,148 73,530,753 60,338,095 17,648,885 77,986,980 Government grants 194,030 — 194,030 191,942 377,000 568,942 Donated services 812,677 — 812,677 583,610 — 583,610 Production and other income 5,291,538 — 5,291,538 4,966,308 — 4,966,308 Special events revenue, net of direct expenses of $369,241 and $423,812 in 2020 and 2019, respectively 1,071,764 — 1,071,764 994,551 50,000 1,044,551 Investment income, net 77,838 — 77,838 1,128,884 — 1,128,884 Revenues from collaborative arrangement 1,502,561 — 1,502,561 1,140,688 — 1,140,688 Net assets released from restrictions 10,653,673 (10,653,673) — 13,022,939 (13,022,939) — Total operating support and revenue 84,777,686 (2,296,525) 82,481,161 82,367,017 5,052,946 87,419,963 Operating expenses: Program services: Programming 57,537,039 — 57,537,039 56,696,081 — 56,696,081 Technical operations 7,017,559 — 7,017,559 6,520,808 — 6,520,808 Marketing 4,427,348 — 4,427,348 4,886,927 — 4,886,927 Total program services 68,981,946 — 68,981,946 68,103,816 — 68,103,816 Supporting services: Fund-raising 16,541,788 — 16,541,788 16,828,795 — 16,828,795 Management and general 7,310,169 — 7,310,169 8,725,030 — 8,725,030 Total supporting services 23,851,957 — 23,851,957 25,553,825 — 25,553,825 Total operating expenses 92,833,903 — 92,833,903 93,657,641 — 93,657,641 (Decrease) increase in operating activities (8,056,217) (2,296,525) (10,352,742) (11,290,624) 5,052,946 (6,237,678) Nonoperating activities: Net Investment return, less amounts allocated for spending 1,663,512 (24,359) 1,639,153 503,066 1,796 504,862 Change in net assets (6,392,705) (2,320,884) (8,713,589) (10,787,558) 5,054,742 (5,732,816) Net assets at beginning of year 72,145,294 21,127,529 93,272,823 82,932,852 16,072,787 99,005,639 Net assets at end of year $ 65,752,589 18,806,645 84,559,234 72,145,294 21,127,529 93,272,823 See accompanying notes to financial statements. 3 NEW YORK PUBLIC RADIO Statement of Functional Expenses Year ended June 30, 2020 Program services Supporting services Technical Management Programming operations Marketing Total Fund-raising and general Total 2020 2019 Salaries and benefits $ 39,535,548 3,620,560 2,556,554 45,712,662 9,722,388 4,038,277 13,760,665 59,473,327 59,998,523 Consultants’ fees 2,271,637 195,691 108,749 2,576,077 280,411 176,602 457,013 3,033,090 3,167,412 Marketing and public relations 230,887 — 1,082,958 1,313,845 179,922 46,060 225,982 1,539,827 1,927,225 Program acquisition and production 8,088,731 9,188 242,354 8,340,273 — — — 8,340,273 7,910,232 Membership services — — — — 4,101,163 355 4,101,518 4,101,518 3,828,718 Professional services 781,234 38,386 44,898 864,518 291,412 1,049,422 1,340,834 2,205,352 3,021,212 Travel, entertainment, and meetings 497,757 32,883 29,904 560,544 215,506 159,112 374,618 935,162 1,302,625 Equipment rental, repairs, maintenance, and supplies 883,826 855,734 85,628 1,825,188 474,324 327,467 801,791 2,626,979 2,338,595 Office expenses 179,753 17,432 20,615 217,800 60,263 63,404 123,667 341,467 309,137 Bad debt expense, net of recoveries — — — — — 163,913 163,913 163,913 425,076 Postage and mailing 15,361 5,905 717 21,983 18,437 4,949 23,386 45,369 54,782 Insurance 219,987 20,853 12,660 253,500 46,918 21,597 68,515 322,015 311,782 Rent, utilities, and custodial 3,223,600 2,068,437 149,728 5,441,765 807,941 287,055 1,094,996 6,536,761 6,145,350 Financing costs and other costs — — — — — 788,184 788,184 788,184 587,596 Total expenses before depreciation, amortization and direct benefits to donor costs 55,928,321 6,865,069 4,334,765 67,128,155 16,198,685 7,126,397 23,325,082 90,453,237 91,328,265 Depreciation and amortization 1,608,718 152,490 92,583 1,853,791 343,103 183,772 526,875 2,380,666 2,329,376 Total expenses $ 57,537,039 7,017,559 4,427,348 68,981,946 16,541,788 7,310,169 23,851,957 92,833,903 93,657,641 Costs of direct benefits to donors 369,241 423,317 Total expenses and costs of direct benefit to donors $ 93,203,144 94,080,958 See accompanying notes to financial statements.
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