KCWC-TV A/K/A WYOMINGPBS A PUBLIC TELECOMMUNICATIONS ENTITY OPERATED BY CENTRAL WYOMING COLLEGE FINANCIAL REPORT JUNE 30, 2020 CONTENTS INDEPENDENT AUDITOR’S REPORT 1 and 2 MANAGEMENT’S DISCUSSION AND ANALYSIS 3 - 8 (Required Supplementary Information) FINANCIAL STATEMENTS Statements of Net Position 9 Statements of Revenues, Expenses, and Changes in Net Position 10 Statements of Cash Flows 11 Statements of Financial Position – Foundation 12 Statements of Activities – Foundation 13 Notes to Financial Statements 14 - 29 REQUIRED SUPPLEMENTARY INFORMATION Schedule of the Station’s Proportionate Share of the Net Pension Liability 30 Schedule of the Station’s Contributions 31 Schedule of the Station’s Proportionate Share of the Total OPEB Liability 32 Notes to Required Supplementary Information 33 SUPPLEMENTARY INFORMATION Schedules of Operating Expenses 34 INDEPENDENT AUDITOR’S REPORT To the Board of Trustees Central Wyoming College KCWC-TV, a/k/a WyomingPBS Riverton, Wyoming Report on the Financial Statements We have audited the accompanying financial statements of KCWC-TV, a/k/a WyomingPBS (the “Station”), a public telecommunications entity operated by, and a fund of, Central Wyoming College (the “College”), and its discretely presented component unit, as of and for the years ended June 30, 2020 and 2019, and the related notes to the financial statements, which collectively comprise the Station’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements 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, 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. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of the Wyoming PBS Foundation (the “Foundation”), which are discretely presented on pages 12 and 13. Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for the Foundation, is based solely on the reports of the other auditors. 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 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. 1 Opinion In our opinion, based on our audit and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of the Station and the discretely presented component unit of the Station as of June 30, 2020 and 2019, and the respective changes in financial position and, where applicable, cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of a Matter As discussed in Note 1, the financial statements present only the Station and do not purport to, and do not, present fairly the financial position of Central Wyoming College as of June 30, 2020 and 2019, the changes in financial position or, where applicable, its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis on pages 3 through 8, and certain pension plan and OPEB information on pages 30-33, be presented to supplement the basic financial statements. Such information, although not a 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. Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Station’s basic financial statements. The Schedule of Operating Expenses, on page 34, is presented for purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Operating Expenses is the responsibility of management and was derived from and relates 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 Schedule of Operating Expenses is fairly stated, in all material respects, in relation to the basic financial statements as a whole. Cheyenne, Wyoming December 7, 2020 2 KCWC-TV A/K/A WyomingPBS (also operating as Wyoming Public Television) MANAGEMENT’S DISCUSSION AND ANALYSIS Years Ended June 30, 2020 and 2019 This section represents management’s discussion and analysis of Wyoming Public Television’s (WyomingPBS) financial activity for the fiscal year ended June 30, 2020 and compared to the fiscal year 2019. WyomingPBS is a fund of Central Wyoming College (CWC) and is included as part of CWC’s financial statements. This financial report is prepared on the accrual basis, as opposed to the operating financial reports of WyomingPBS, which are prepared on a budgetary basis. Under the accrual basis of accounting, revenues and assets are recognized when the service is provided, and expenses and liabilities are recognized when others provide the service, regardless of when cash is exchanged. Each is relevant to their respective purpose. This report was prepared by WyomingPBS management and should be read in conjunction with the financial statements and footnotes. Responsibility for the completeness of and fairness of this information rests with WyomingPBS. Using this annual report: The financial statements focus on WyomingPBS as a whole versus the traditional presentation by fund type. WyomingPBS’s financial statements are designed to emulate corporate presentation models whereby all WyomingPBS activities are consolidated into one total comparative analysis, with fiscal year 2018 also included for comparison. The Statements of Net Position include all assets/deferred outflows of resources, liabilities/deferred inflows of resources, and net position (assets/deferred outflows of resources minus liabilities/deferred inflows of resources) of WyomingPBS. This statement combines and consolidates current financial resources with capital assets. The Statements of Revenues, Expenses, and Changes in Net Position focus on both the gross costs and the net costs of WyomingPBS’s activities, which are supported mainly by State appropriations, grants, and contracts from Federal, state, and other sources. This statement is intended to summarize and simplify the user’s analysis of the cost of the various services which WyomingPBS provides to its service area. The Statements of Cash Flows present cash inflows and outflows summarized by operating, capital, and noncapital financing and investing activities.