Open Financial Records Policy
WAER Open Financial Records Policy
Section 396(k)(5) of the Communications Act Provides that:
A. Section 396(k)(5) of the Communications Act provides that:
"Funds may not be distributed pursuant to this subsection to any public telecommunications entity that does not maintain for public examination copies of the annual financial and audit reports, or other information regarding finances, submitted to the Corporation pursuant to subsection (l)(3)(B)."
B. Section 396(l)(3)(B) of the Act requires that each public telecommunications entity receiving funds from CPB shall be required:
"(i) to keep its books, records, and accounts in such form as may be required by the Corporation;
"(ii)(I) to undergo a biennial audit by independent certified public accountants or independent licensed public accountants certified or licensed by a regulatory authority of a State, which audit shall be in accordance with auditing standards developed by the Corporation, in consultation with the Comptroller General; or
"(II) to submit a financial statement in lieu of the audit required by sub-clause (I) if the Corporation determines that the cost of such audit on such entity is excessive in light of the financial condition of such entity; and
"(iii) to furnish biennially to the Corporation a copy of the audit report required pursuant to clause (ii) as well as such other information regarding finances (including an annual financial report) as the Corporation may require."
C. 1. Section 397(12) of the Act defines the term "public telecommunications entity" as:
"any enterprise which-
"a. is a public broadcast station or a noncommercial telecommunications entity; and
"b. disseminates public telecommunications services to the public."
2. Section 397(7) of the Act defines the term "noncommercial telecommunications entity" as: "any enterprise which-
"a. is owned and operated by a State, a political or special purpose subdivision of a State, a public agency, or a nonprofit private foundation, corporation,
"b. has been organized primarily for the purpose of disseminating audio or video noncommercial educational and cultural programs to the public by means other than a primary television or radio broadcast station, including but not limited to, coaxial cable, optical fiber, broadcast translators, cassettes, discs, microwave, or laser transmission through the atmosphere."
3. Section 397(14) of the Act defines the term "public telecommunications services" as
"non-commercial educational and cultural radio and television programs, and related noncommercial instructional or informational material that may be transmitted by means of electronic communications."
WAER is a Corporation for Public Broadcasting supported non-commercial educational radio station licensed to Syracuse University. A copy of WAER’s Annual Financial Report to CPB (3 years) is kept in the station’s public file for viewing during regular business hours. A copy of WAER’s audited financial statement is also made available and can also be found in the station’s public file.