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(5) Note Payable
In January 2000, PBS obtained a variable-rate bank note in the amount of $8.4 million. The note is payable in quarterly installments of $.7 million commencing in April 2000 and maturing in January 2003. As of June 30, 2001 and 2000, total debt outstanding amounted to $4.9 million and $7.7 million, respectively, with the current portion representing $2.8 million. Interest expense on the note amounted to $.4 million and $.2 million as of June 30, 2001 and 2000, respectively. The aggregate principal payments for the next two years subsequent to June 30, 2001 are $2.8 million and $2.1 million, respectively.
(6) Designated Net Assets
Designated net assets at June 30, 2001 and 2000 consist of the following (in thousands):
| |
2001 |
 |
2000 |
|
|
|
|
|
| National Program Service |
$87,942 |
|
108,717 |
|
|
|
|
|
| Satellite Replacement |
53,446 |
|
66,881 |
|
|
|
|
|
| Property fund |
16,368 |
|
14,138 |
|
|
|
| Digital environment initiatives |
3,337 |
|
4,876 |
|
|
|
|
|
| Board-designated investments |
3,522 |
|
2,687 |
|
|
|
|
|
| Other |
1,083 |
|
1,451 |
|
|
|
|
|
| |
$165,738 |
|
198,750 |
|
|
|
|
|
|
|
|
|
The National Program Service net asset balance represents funds which have been committed for national programming that will be made available for broadcast in future years.
The Satellite Replacement net asset balance represents funds expended on equipment and the satellite lease that will be depleted as the equipment and lease are depreciated and amortized.
(7) Temporarily Restricted Net Assets
Temporarily restricted net assets as of June 30, 2001 and 2000 are available for the following purposes (in thousands):
| |
2001 |
|
2000 |
|
|
|
|
|
| Programming |
$ 7,512 |
|
3,668 |
|
|
|
|
|
| Other member and educational services |
7,035 |
|
7,904 |
|
|
|
|
|
|
|
| |
$14,547 |
|
11,572 |
|
|
|
|
|
|
|
|
|
(8) Reclassification of Net Assets
Net assets were released from donor restrictions by incurring expenses satisfying the restricted purposes specified by the donor during the years ended June 30, 2001 and 2000 as follows (in thousands):
| |
2001 |
|
2000 |
|
|
|
|
|
| Programming |
$28,953 |
|
$33,375 |
|
|
|
|
|
|
|
| Other member and educational services |
24,476 |
|
19,281 |
|
|
|
|
|
| Satellite replacement |
- |
|
219 |
|
|
|
|
|
| |
$53,429 |
|
52,875 |
|
|
|
|
|
|
|
|
|
(9) Imputed Value of Donated Broadcast Rights
In administering the PBS National Program Service, PBS acquires and receives program productions and the related broadcast rights at a cost estimated to be lower than fair market value because the production was directly funded in part by corporate and foundation underwriting. The total amount of underwritten funds provided for a particular production is recorded in the accompanying consolidated statements of activities as the imputed value of the donated broadcast rights. Imputed value of donated broadcast rights are recognized as revenue in the year the initial program in production is received by PBS and made available to member public television stations for broadcast. An equal amount of expense is recognized as programming expense in the same year that the corresponding revenue is recorded. Imputed value of donated broadcast rights amounted to approximately $222 million and $176 million for the years ended June 30, 2001 and 2000, respectively.
NEXT PAGE: 6
There are five parts to the financial statements.
Click on a link below to go to that section.
1. Independent Auditors’ Report
2. Consolidated Statements of Financial Position
3. Consolidated Statements of Activities
4. Consolidated Statements of Cash Flows
5. Notes to Consolidated Financial Statements
(6 pages, page 5 of 6 above)
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2001
PRIMETIME
EMMYS
Among the 5 Primetime Emmys awarded to PBS programs, American Masters won "Outstanding Non-Fiction Series" for the third consecutive year.
American Masters
Finding Lucy
Blast
ExxonMobile Masterpiece Theatre's American Collection
Great Performances
La Traviata
from Paris
American Experience Scottsboro: An American Tragedy
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