BOUNCING back from an unfavorable review in Fiscal Year 2010, the Guam Educational Telecommunications Corporation (dba PBS Guam) ended the last fiscal year in the green.
The Office of Public Accountability released its audit of PBS Guam yesterday, stating that despite the economic downturn, the public corporation managed to close out the year with $10,500 in net assets.
In FY2010, PBS Guam closed with a loss of $204,000.
While PBS received a clean audit from independent auditors Deloitte and Touche LLP, they noted seven adjustments that had a cumulative effect of decreasing net assets by $2,050.
One deficiency was also noted with regard to vendor selection in PBS' procurement procedures. According to the OPA, the audit revealed there were four purchase orders that lacked supporting documentation.
PBS Guam's revenues increased from $1.6 million to $1.9 million, the OPA states, primarily due to a federal grant of $141,000 to upgrade the corporation's telecommunications equipment.
In addition to the federal grant, other grants received contributed to PBS Guam's increase in revenues by 46 percent or $891,000.
Expenses also increased for PBS Guam in FY2011 by 8 percent, going from $1.8 million to $1.9 million. These expenses were due to program broadcasting, development and promotion along with fundraising efforts.
According to the audit, government appropriations of $616,000 for FY2011 paid for 10 employees' salaries and benefits as well as contractual services and utilities. The OPA noted this was a steady increase of 1 percent from the previous fiscal year.
