REPORT WWNO-FM RADIO STATION A PUBLIC TELECOMMUNICATIONS ENTITY JUNE 30. 2020 AND 2019 WWNO-FM RADIO STATION A PUBLIC TELECOMMUNICATIONS ENTITY TABLE OE CONTENTS JUNE 30, 2020 AND 2019 PAGE INDEPENDENT AUDITOR'S REPORT I - 3 MANAGEMENT'S DISCUSSION AND ANALYSIS 4 - 7 EINANCIAL STATEMENTS: Statements of Net Position 8 Statements of Revenues, Expenses, and Changes in Eund Net Position 9 Statements of Cash Plows 10 - 11 Notes to Einancial Statements 12-29 REQUIRED SUPPLEMENTARY INEORMATION: Schedule of Proportionate Share of Net Pension Liability 30 Schedule of Pension Contributions 31 Notes to Required Supplementary Information 32 - 33 SUPPLEMENTARY INEORMATION: Schedule of Compensation, Benefits, and Other Payments to the General Manager 34 Schedule of functional Expenses 35 INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER EINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OE EINANCIAL STATEMENTS PEREORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDATUTiS 36 - 37 SUMMARY SCHEDULE OE EINDINGS 38 AJ. Duplantier,Jr., CPA Duplantier (1919-1985) Felix J. Hrapmann,Jr., CPA Hrapmann (1919-1990) DHHM William R. Hogan,Jr., CPA certified public Hogan & (1920-1996) accountants -James Maher,Jr., CPA Maher, LLP (1921-1999) Lindsay J. Calub, CPA, LLC INDEPENDENT AUDITOR'S REPORT Guy L. Duplantier, CPA Michelle H. Cunningham, CPA November 30, 2020 Dennis W. Dillon, CPA Grady C. Lloyd, HI CPA Dr. John Nicklow, President University of New Orleans Heather M.Jovanovich, CPA New Orleans, Louisiana Terri L. Kitto, CPA Robynn p Beck, CPA Report OH Financial Statements John P. Butler, CPA Jason CMontegut, CPA We have audited the accompanying financial statements of the WWNO- PauiM.Novak,CPA, AvB,cvA EM Radio Station (the Station), as of and for the years ended June 30, 2020 and Wesley D. Wade, CPA 2019, and the related notes to the financial statements, which collectively comprise the Station's basic financial statements as listed in the tahle of contents. Michael J. C Rourke, CPA David A. Burgard, CPA Management's Responsibility for the Financial Statements Clifford J. Giffin,Jr., CPA William G. Stamm, CPA Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, New Orleans 1615 Poydras Street, implementation, and maintenance of internal control relevant to the preparation Suite 2100 New Orleans, LA 70112 and fair presentation of financial statements that are free from material Phone: (504) 586-8866 misstatement, whether due to fraud or error. Fax:(504)525-5888 Northshore 1290 Seventh Street Auditor's Responsibility Slidell, LA 70458 Phone:(985)641-1272 Fax:(985)781-6497 Our responsibility is to express an opinion on these financial statements Houma based on our audits. We conducted our audits in accordance with auditing 247 Corporate Drive standards generally accepted in the United States of America and the standards Houma, LA 70360 Phone: (985)868-2630 applicable to financial audits contained in Government Auditing Standards, Fax:(985)872-3833 issued by the Comptroller General of the United States. Those standards require Napoleonville that we plan and perform the audit to obtain reasonable assurance about whether 5047 Highway 1 P.O. Box 830 the financial statements are free from material misstatement. Napoleonville, LA 70390 Phone:(985)369-6003 Fax:(985)369-9941 www.dhhracpa.com Members American Institute of Certified Public Accountants Society of LA CPAs An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's 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 Station'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 Station'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 respective financial position of the Station as of June 30, 2020 and 2019, and the respective changes in financial position, and cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, the schedule of the Station's proportionate share of net pension liability, the schedule of the Station's contributions to retirement systems, and the notes to the required supplementary information be presented to supplement the basic financial statements. Such information, although not part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole that collectively comprise the Station's basic financial statements. The schedule of compensation, benefits, and other payments to the General Manager and the schedule of functional expenses are presented for purposes of additional analysis and are not a required part of the financial statements. The schedule of compensation, benefits, and other payments to the General Manager and the schedule of functional expenses are the responsibility of management were derived from, and relate directly, to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 30, 2020, on our consideration of the Station's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Station's internal control over financial reporting and compliance. New Orleans, Louisiana l n WWNO-FM RADIO STATION A PUBLIC TELECOMMUNICATIONS ENTITY MANAGEMENT'S DISCUSSION AND ANALYSIS AS OE AND EOR THE YEARS ENDED JUNE 30. 2020 AND 2019 The Management's Discussion and Analysis of the WWNO-EM Radio Station's financial performance presents a narrative overview and analysis of the WWNO-EM Radio Station's financial activities for the year ended June 30, 2020. This document focuses on the current year's activities, resulting changes and currently known facts in comparison with the prior year's information. Please read this document in conjunction with the information contained in the WWNO-EM Radio Station financial statements, which begin on page 8. FINANCIAL HIGHLIGHTS • WWNO-EM Radio Station's liabilities and deferred inflows exceeded assets and deferred outflows at June 30, 2020 by $284,259. • Deferred outflows of resources and deferred inflows of resources related to pensions were $713,056 and $361,904, respectively, as of June 30, 2020. The deferred outflows and inflows of resources were