Colorado community station projects higher deficit this year

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Colorado community radio station KDNK is reportedly projecting a bigger budget gap this fiscal year.

The Glenwood Springs station had projected at midyear a loss of upwards of $67,000, according to the Post Independent. In response to the poor financial situation, the station’s board fired g.m. Steve Skinner last month.

KDNK showed a loss of more than $7,000 in fiscal year 2015, according to its most recent 990. It had cash reserves of nearly $123,000.

According to the Post Independent, the station is in danger of falling short of the nonfederal financial support it must raise to maintain its $120,000 in annual CPB funding. CPB recently increased the minimum amount of support stations must earn to maintain funding. KDNK would go on probation before losing its grant if it misses its goal of $300,000.

A competing station in the market has seen revenue growth, but KDNK has struggled to increase its revenue:

KDNK saw stagnant revenues over the previous five years, hovering between $450,000 and $485,000. During that same period Aspen Public Radio has seen its revenue climb from $776,000 in 2011 to $1.4 million in 2015.

The station doesn’t have any intention of becoming Aspen Public Radio, said [KDNK board president Bob] Schultz, but it needs to learn from what APR and other stations are doing that is making them more successful.

KDNK hopes to make up some of the projected losses during the holiday giving season and will participate in the GiveBig To MyStation initiative, coordinated by the National Federation of Community Broadcasters, to grow online giving.