Minutes for the regular National Finance Committee meeting January 7, 2014.

Meeting convened at 8:41 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), Manijeh Saba, Richard

Roll Call
2. Approve Agenda
3. Next meeting date
4. Approve Minutes
5. Budget to Actual Reports - KPFA,
6. Chair’s Notes re: Management Letter/Audit, Committee Realignment, WBAI


(Tracy Rosenberg) “To approve the agenda.” (Passed without objection)

Previous notice was given by the WBAI
Treasurer to bring a motion at the next meeting regarding SCA fees related to WBAI’s transmitter.

Next meeting
date 8:49 PM (ET)

The committee discussed changing the next meeting date. Not enough members wanted to change it
so the committee’s next meeting date remains January 14, 2014.

Approve Minutes 8:55 PM (ET)

(Michael Novick) “To approve the minutes of the November 26, 2013, meeting.” (Passed without objection)

(R. Paul Martin) “To approve the minutes of the December 10, 2013, meeting” (Passed without objection)

Budget to
Actual Reports - KPFA, KPFT, WPFW 8:56 PM (ET)

KPFA and WPFW were not ready to make reports at this meeting. They
will report at the next meeting.

KPFT - The station’s first on-air fund raiser of FY13 came up short, and they
did not recover from that. In Q4 they had a Summer drive and tried to compensate for the lack of CPB money, and for not
receiving their real property tax refund. They added $53,000 for CPB and $30,000 for the tax refund to the budgeted
goal, and come in severely short. They matched the amount in the FY13 budget but didn’t make up for the CPB grant and
the tax refund. Listener Support came in about $90,000 short. In Q4 their golf tourney came in lower than expected. In
total the station came in about $120,000 short for FY13. They still haven’t gotten the tax refund. There were also
transmitter problems. The station shares a Business Manager with WBAI and last year they were paying the Business
Manager’s entire salary. This will be partially corrected going forward. The station needs to make adjustments for

The committee discussed the report. The Chair said that she’d been told that the CPB money should arrive in

Chair’s Notes re: Management Letter/Audit, Committee Realignment, WBAI Lease 9:10 PM (ET)

Chair reported that a two year lease at 388 Atlantic Ave. in Brooklyn, NY is in the hands of the WBAI LSB. If the LSB
consents to the lease it’ll likely be signed.

The committee discussed it’s membership for 2014. The Chair will
term out and will not be on the committee after the PNB in-person meting in February.

Motion: (Manijeh Saba)
“That Tracy Rosenberg continue as Chair of the NFC until the PNB elects new Directors to the NFC for 2014, and the
committee elects a new Chair at the first meeting of the new NFC.” (Passed without objection)

The Chair reported
that the Management letter was delivered to the Audit Committee, it should be delivered to the NFC too. She suggested
that the NFC review it and have cross committee dialogue with the Audit Committee about who does what with it. The
committee discussed this.

The KPFK Treasurer wanted to amend his report from the last meeting. The balance sheet
he was given was incorrect. The equipment purchases were given as positive figures instead of as expenses. Correcting
this results in a $200,000 deficit for FY13. The KPFK Fall on-air fund raiser brought in a nice amount of money but a
lot of that went right to premiums. Most of KPFK’s FY14 premiums budget has been spent. Ongoing problems of the payroll
and transmitter are still there.

The committee discussed the issue of premiums and the need to strengthen

The committee discussed the lack of financial reports and having General Managers attend the NFC

Motion: (Richard Uzzell) “The NFC requests that the PNB direct that all station General Managers shall
report to the NFC quarterly about the performance of their station’s current Budget, and if the Budget becomes
unbalanced into the ‘red’ that the General Manager shall propose immediate changes that will bring the Budget back into
balance.” (Passed without objection)

The committee discussed getting someone from the National Office to attend
the next NFC meeting, since the CFO probably will not attend.

Adjourned 10:37 PM (ET)

Submitted by R. Paul
Martin, Secretary.