WTVP audit sheds new light on the television station's steep financial losses in 2023
WTVP-TV suffered steep financial losses in 2023 during a year the Peoria public television station witnessed both a financial and leadership crisis.
An audit of the station's finances shows WTVP lost just under $870,000 in assets last year, including $685,000 in cash.
The audit showed WTVP brought in about $4.7 million in revenues but had roughly $5.5 million in expenses.
WTVP happily reported solid financial numbers for December 2023 and January 2024 — both of which the station saw a net positive figure for operating revenue — but the overall financial picture for 2023 was bleak.
The station also has $877,000 in outstanding debts.
The financial troubles come as the station has also been navigating a controversy left behind by former CEO Lesley Matuszak, who the board believes misspent and allegedly stole money from the station before her resignation and suicide in September of last year.
More: An in-depth look at WTVP's future and criminal investigation
WTVP's new board president John Wieland told the Journal Star in January that it appeared around $300,000 had been misspent or stolen by Matuszak.
Matuszak had admitted to the board she had taken out a $100,000 line of credit from PNC Bank and liquidated another $320,000 in board assets without board approval last summer. Matuszak, according to executive committee meeting minutes from August, thought she had the authority to do this.
Matuszak liquidated the assets to help pay the station's bills, yet former board chairman Andrew Rand raised concerns at the August meeting that she did so without board approval or knowledge.
The next month, Matuszak resigned and committed suicide.
WTVP works to regain its footing
Since then, the station has been trying to navigate the public backlash from the controversies and steer WTVP back into solid financial footing.
Donors have pledged the station roughly $1.2 million in new money, Wieland said. Additionally, he is hopeful the Corporation for Public Broadcasting will once again deliver funding to the station.
The CPB put roughly $900,000 in funding on hold in December while WTVP was working through the financial crisis.
More: WTVP is at the center of a financial crisis. Here's what we know so far
Wieland told the Journal Star the CPB may have given the station too much money because of an error in how advertising funds were recorded as donations.
Wieland said about $50,000 was improperly recorded as donations instead of advertising dollars and the station will work to pay back the CPB.
Peoria Magazine was losing around $30,000 a month, Wieland said, something that will not continue under his watch, he said.
The audit shows Peoria Magazine, which halted publication in October, was a huge financial drain on WTVP.
Peoria Magazine had operating expenditures of $1.2 million in 2023 but brought in only about $512,000 in advertising revenue.
More: WTVP lays off nine employees amid financial losses and budget cuts
This article originally appeared on Journal Star: WTVP audit sheds light on station's steep financial losses in 2023
