–Jeff Ward, Lehigh Valley News Briefs
Lehigh Valley Public Media (PBS 39) started the fiscal year beginning July 1, 2022, with $84.1 million in investments in publicly traded securities (See Form 990, link below).
By the June 30, 2023, the end of the fiscal year, that was down to $80.6 million, a drop of about 4%.
Meanwhile, the Dow Jones Industrial Average closed at 31,097 on July 1, 2022, and was 34,407 on June 30, 2023, a gain of about 11%.
Now endowments are not usually invested to match the broader market. They pursue a more conservative approach, but PBS 39 clearly missed the wave.
This is the same fiscal year that PBS 39 spent $15.15 million, while taking in $6.49 million, for an $8.66 million loss. We will take a look at that later, but as is obvious, they spent more while revenue dropped.
At one point did somebody notice? How much was withdrawn from their endowment, which is (now) $80 million of public money?
How much was withdrawn from the account, and on whose authorization? Is long-term money being used for operating expenses?
Lehigh Valley Public Media’s board of directors did at some point start to notice that this ship was headed the wrong way. But when? Fiscal 2023 was a disaster. This mess didn’t all start in one day.
Remember, ask for an operations audit. And remember above all, this organization plans to seek more state and federal money to burn. In July, the City of Easton gave PBS 39 an $8,000 grant.
That would have covered about eight hours of losses in fiscal 2023.
This is an outrage and needs scrutiny. I’ve asked a retired Chief Financial Officer to help, and he made some interesting points to be reviewed later.
Meanwhile, a recurring question, how does PBS 39 have $40.9 million in intangible assets? I contacted the outfit yesterday with questions about an audit and more. I have not heard back yet.
This is a public organization. That $80 million is public money.
Audit now!
Contact the Inspector General for public broadcasting: OIGemail@cpb.org
Contact U.S. Rep. Susan Wild: https://wild.house.gov/contact
Contact Pennsylvania Rep. Josh Siegel (he was mentioned at the board’s July meeting as being a potential mark, excuse me, contact to help them get more money. He was not at the meeting and to my knowledge has nothing to do with the shenanigans above.)
https://www.pahouse.com/Siegel/Contact/
And the Big Kahuna itself, PBS 39:
https://www.wlvt.org/contact-us/
They are a public organization. You are a member of the public. Go for it!
Please remember, the average person you may encounter from Lehigh Valley Public Media/PBS 39/WLVT/etc. is not part of the oversight team at the Bethlehem outfit. It’s not their fault. The higher ups, including the board, have to answer.
Lehigh Valley News Briefs 