Minutes for the regular National Finance Committee meeting January 14, 2014.

Meeting convened at 8:42 PM (ET) a
quorum being present, the Chair and Secretary being
Jim Boyd, John Cromshow, Marcus Jetter, R. Paul Martin (Secretary), Tony Norman, Michael Novick, Tracy Rosenberg
(Chair), Richard Uzzell, Barbara

Roll Call
2. Approve agenda
3. Approve minutes
4. Meeting Schedule
5. SCA Discussion
6. Reports from WPFW
and KPFA
7. Errors and Omissions liability policy notification on


Chair informed the committee that the CFO is no longer employed by Pacifica.

Motion: (Jim Boyd) “To approve the
agenda.” (Passed without objection)

Approve minutes 8:50 PM (ET)

Motion: (Jim Boyd) “To approve the
minutes of the January 7, 2014, meeting as amended” (Passed without objection)

Minor changes were

Meeting Schedule 8:51 PM (ET)

The committee discussed when to meet next, and decided that the
next meeting would be on February 25, 2014.

SCA Discussion 9:03 PM (ET)

The committee discussed a proposal
from the WBAI LSB regarding Subsidiary Communications Authorization (SCA) revenues.

Reports from WPFW and KPFA
9:17 PM (ET)

WPFW - Their goal for their December mini-on-air fund raiser was $118,000 and they achieved a tally
of $125,000. They’ve done a mass mailing to raise funds. The new interim General Manager is pursing grants, and has a
part time grant writer. They hope to get all Paid Staff back on full time in February. The on-air fund raiser planned
for February will have a goal of $400,000. They are trying to keep premium costs down. They’ve had problems with their
transmitter; it’s been operating at low power for a long time. It is estimated that it will cost $10,000 to $20,000 to
fix it, they hope to get this done by end of January. There is an issue with WPFW’s local financial records having been
taken to Berkeley; the interim General Manager is attempting to get them brought back to WPFW. Their rent is about
$12,000 a month in their new location, which is about $4,500 less than in their previous location.

The committee
discussed the report.

KPFA - The KPFA Treasurer reported on the station’s performance for FY13. She cautioned
that the Business Manager doesn’t have all of the data yet. Revenue was budgeted at $3,386,499 the statement she has
shows an actual of $3,288,436, about $98,000 less than budgeted. The station had $120,000 in stock donated, they don’t
have it yet, they plan to count it as FY13 revenue. There is more data to come from community events and the crafts
fair. The bank statement needs to be reconciled. In expenses, the satellite fee needs to be reclassified for KFCF. They
will take other KFCF items out of the statement. Personnel was budgeted at $1,707,576, the actual is $1,847,519 and is
over budget by about $139,000. The “Total Operating Expense” item is over budget by $29,331, some of these figures may
change. No Staff cuts have been made.

The KPFA Director said that she believes that personnel expenses would be
higher and that legal expenses haven’t been paid yet for FY13. She believes that KPFA’s FY13 actuals will probably show
a deficit of about the same size as FY12. She said that KPFA’s Fall on-air fund raiser came up somewhat short and that
personnel expenses are higher than budgeted due to pay increases, and between that and the lack of CPB money cash flow
is extremely tight. She said that KPFA needs to cut one to three FTEs.

The committee discussed the report. Some
members wondered how the NFC could judge the financial health of KPFA without any information about Q1 of FY14. The
problem of financial information from the National Office being slow to come by was discussed.

Errors and
Omissions liability policy notification on termination 10:07 PM (ET)

The issue was raised that the errors and
omissions liability insurance policy that protects Directors has lapsed due to non-payment of premiums. The committee
discussed the issue.

Motion: (Jim Boyd) “That there be a notation on the Errors and Omissions insurance policy
that if the insurance has lapsed for non-payment of premiums that the insurance company must notice the five Directors
on the NFC about it.” (Passed without objection)

The Chair noted that she would be terming out and would not be
on the NFC after the in-person PNB meeting in February and she thanked the committee members for their service. The
committee thanked the Chair for her work on the committee over the years.

Adjourned 10:20 PM

Submitted by R. Paul Martin, Secretary.