Annual Report / 2021
Financials Building for the Future
GBH depends on its audiences, and we were moved and motivated to see how much our audiences depend on us, especially in times of disruption and uncertainty. We felt acutely our accountability to our community, and we were determined to engage, even as we were physically disconnected. With unflagging donor support and the ever-amazing tools of technology, we were able to do just that.
The five-year Campaign for GBH: Leadership in the Digital Century closed at the end of 2020, raising $215 million, exceeding our goal of $175 million. The donors and foundations who contributed to this ambitious and extremely successful campaign have allowed us to shape the future of public media and advance our mission in journalism, science, children's media and education and history, arts and culture. This support positions us for a very strong future.
Throughout the year, we reinvented the ways we connect, support and engage:
- GBH Education stepped up to provide students and families with online learning resources and helped teachers adjust to the new realities and to connect with each other.
- In our science programming and journalism — NOVA, GBH News and FRONTLINE — we provided accurate and timely information about the evolving COVID-19 crisis.
- With our expansion across online platforms, engagement grew, with digital accounting for more than half our audience impressions.
- In a contentious election year, we offered voters a variety of resources and events to understand the issues.
- NOVA delivered essential programming that explored our changing climate and solutions to counteract Earth’s rising temperature.
- The inclusive series Molly of Denali, with a podcast and games, drew in millions of children and families.
- Music, drama and art continued to fill our homes, even during a lockdown — with COVID — safe performances by Yo-Yo Ma and of Handel’s “Messiah,” new AMERICAN EXPERIENCE programs and delights from MASTERPIECE.
As GBH reflected on the critical issues of racism and inequity, we made a commitment to demonstrate diversity, equity and inclusion not just in the work we create, but in how we do the work.
GBH will continue to learn, evolve and create as we strengthen and expand our reinvented community.
Consolidated Statements of Operating Activities
(UNRESTRICTED FUND)
(Year Ended June 30, 2020)
Revenue
| Revenue | FY20 Actual |
|---|---|
| Program support from corporations, foundations, campaign gifts and others | 137,539,000 |
| General support from members, patrons and other individuals | 43,486,000 |
| Affiliation and distribution services | 11,338,000 |
| Community Service Grants (CSGs) from the Corporation for Public Broadcasting | 10,446,000 |
| Captioning and ancillary services | 21,426,000 |
| Royalties, video, and foreign distribution | 3,110,000 |
| Investment earnings and accrued interest | 7,419,000 |
| Other Income | 6,910,000 |
| Total revenue | 241,674,000 |
Operating Expenses
| Operating Expenses | FY20 Actual |
|---|---|
| Program Services | |
| Programming and production | 176,581,000 |
| Broadcasting | 44,978,000 |
| Public information, guides and educational material | 12,414,000 |
| Total Program services | 233,973,000 |
| Supporting services | |
| Fundraising | 16,843,000 |
| Underwriting | 8,295,000 |
| General and administrative | 25,527,000 |
| Total supporting services | 50,665,000 |
| Total operating expenses | 284,638,000 |
| Nonoperating income (including gains on investments) | 41,366,000 |
| Excess of revenue over expenses | (1,598,000) |
Assets & Liabilities
| Assets | FY20 Actual |
|---|---|
| Cash | 48,303,000 |
| Receivables | 150,644,000 |
| Film, licenses and intangible assets | 50,326,000 |
| Endowment investments | 427,671,000 |
| Equity Investments | 23,036,000 |
| Property, facilities and equipment, net | 155,340,000 |
| Other assets | 17,086,000 |
| Total assets | 872,406,000 |
| Liabilities | FY20 ACTUAL |
|---|---|
| Current liabilities | 62,120,000 |
| Long-term deferred revenue and other liabilities | 73,040,000 |
| Long-term debt, net | 171,472,000 |
| Accrued bond interest expense | 26,480,000 |
| Total liabilities | 333,112,000 |
| Net Assets | FY20 ACTUAL |
|---|---|
| Without donor restrictions | 423,731,000 |
| With donor restrictions | 115,563,000 |
| Total net assets | 539,294,000 |
| Total liabilities and net assets | 872,406,000 |