2018-05-10T13:39:58-05:00 2017-06-30 KPMG LLP 345 Park Avenue New York NY 101540102 990 2016-07-01 133015230 NEW YORK PUBLIC RADIO D/B/A WNYC RADIO WQXR AND NJ PUBLIC RADIO % MICHELE RUSNAK NEWY 6468294400 160 VARICK STREET NEW YORK NY 10013 MICHELE RUSNAK VP, Finance & admin. & CFO 6468294400 2018-05-09 true DAVID M HIGHFILL P01517891 2127589700 2018-05-10 2016 2022-09-23 18:48:47Z LAURA R WALKER 160 VARICK STREET NEW YORK NY 10013 101561985 false X WWW.NYPUBLICRADIO.ORG X 1979 NY TO MAKE THE MIND MORE CURIOUS, THE HEART MORE OPEN, AND THE SPIRIT MORE JOYFUL THROUGH EXCELLENT AUDIO PROGRAMMING THAT IS DEEPLY ROOTED IN NEW YORK. 40 39 624 84 19001088 -407019 65706155 63515257 14839148 25307780 222423 887332 -500574 464541 80267152 90174910 0 0 0 0 48908586 55642928 652880 687810 18739596 31455121 31795642 81016587 88126380 -749435 2048530 119831915 126894361 28466414 29621736 91365501 97272625 X TO MAKE THE MIND MORE CURIOUS, THE HEART MORE OPEN, AND THE SPIRIT MORE JOYFUL THROUGH EXCELLENT AUDIO PROGRAMMING THAT IS DEEPLY ROOTED IN NEW YORK. false false 54079780 5896068 NEW YORK PUBLIC RADIO CONSISTS OF WNYC AM 820, WNYC FM 93.9, WWW.WNYC.ORG, WNJT FM 88.1, WNJP FM 88.5, WNJY FM 89.3, WNJO FM 90.3, WWW.NJPR.ORG, WQXR 105.9 FM, WWW.WQXR.ORG, WWW.WQXW.ORG AND THE JEROME L. GREENE PERFORMANCE SPACE. WNYC AND WQXR ARE AMONG THE COUNTRY'S TOP LEADING PUBLIC RADIO STATIONS. ESTABLISHED IN 1924 AS A MUNICIPAL RADIO STATION AND OPERATED AS SUCH FOR SEVENTY-FOUR YEARS, NEW YORK PUBLIC RADIO NOW EXISTS AS AN INDEPENDENT, NOT-FOR-PROFIT ORGANIZATION WITH A VIBRANT BOARD OF TRUSTEES. FOR MORE INFORMATION, SEE SCHEDULE O. 6009441 TECHNICAL OPERATIONS FOR THE DISTRIBUTION AND SUPPORT OF PROGRAMMING ON WNYC AM, WNYC FM, WWW.WNYC,ORG, WNJT FM, WNJP FM, WNJY FM, WNJO FM, WWW.NJPR.ORG, WQXR FM, WWW.WQXR.ORG, WQXW FM, AND THE JEROME L. GREENE PERFORMANCE SPACE. ENGINEERING OF ALL RADIO, DIGITAL AND LIVE PERFORMANCE PROGRAMMING AND INFORMATION TECHNOLOGY FOR THE ENTIRE NY PUBLIC RADIO ORGANIZATION. 3322277 MARKETING SUPPORT SERVICES: NEW YORK PUBLIC RADIO'S MARKETING EFFORTS PROMOTE THE UNIQUE PROGRAMMING AND EVENTS PRODUCED BY WNYC AND WQXR, INCLUDING NEWS, CULTURAL, AND MUSIC RADIO PROGRAMMING, ORIGINAL ONLINE CONTENT, AND A SCHEDULE OF LIVE EVENTS IN THE JEROME L. 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OFFICER 35.0 0.0 X 378705 0 41862 NATHANIEL LANDAU SVP & CDO (STARTED 4/7/16) 35.0 0.0 X 219290 0 17745 GRAHAM PARKER VP & GM, WQXR(THROUGH 6/10/16) 35.0 0.0 X 125014 0 13263 DANA TEPLITSKY VP CHIEF HR OFFICER 35.0 0.0 X 265947 0 27831 COREY BOUTILIER DIGITAL MGR PODCAST SPRSP LEAD 35.0 0.0 X 559612 0 12540 STEPHEN GIPS SENIOR SALES MANAGER 35.0 0.0 X 299387 0 42100 JOHN HOCKENBERRY HOST 35.0 0.0 X 357340 0 44990 BRIAN LEHRER HOST 35.0 0.0 X 365255 0 41516 JAMES SCHACHTER VICE PRESIDENT, NEWS 35.0 0.0 X 311441 0 13426 4895086 0 490876 132 false true false STREAMGUYS PO BOX 828 ARCATA CA 95518 STREAMING SERVICES 883770 DIVERSIFIED SYSTEMS LLC 37 MARKET STREET KENILWORTH NJ 07033 VIDEO EQUIPMENT 655941 Abila Inc 10800 Pecan Park Blvd Ste 400M AUSTIN TX 78750 software 425890 Conde Nast PO Box 5350 NEW YORK NY 10018 media 404731 T2 COMPUTING INC 119 W 23RD STREET NEW YORK NY 10011 IT SOLUTIONS 361230 28 1349384 302839 61863034 1582027 63515257 PRODUCTION 900004 3347585 3347585 COLLABORATIVE AGREEMENTS 515100 1627185 1627185 OTHER PROGRAM SERVICE REVENUE 515100 921298 921298 TAXABLE UNDERWRITING 900004 19411712 19411712 25307780 462203 462203 0 1173921 8092 1165829 182522 2900 601425 2712 -418903 188 -418716 -418716 10798983 10373854 425129 425129 425129 118420 1349384 409084 -290664 -290664 0 0 0 0 0 0 0 90174910 5896068 19001088 1762497 0 0 0 0 3411638 2329846 544075 537717 0 42464138 31327562 1891452 9245124 988875 699299 102181 187395 5567933 3890527 665320 1012086 3210344 2316545 286832 606967 0 236569 6805 229764 218978 133775 59582 25621 14000 14000 687810 687810 206329 206329 4054809 2892839 443708 718262 1614522 1055981 47605 510936 1407721 948247 69924 389550 1110422 584105 215923 310394 0 4574397 4020685 144560 409152 830708 639042 49815 141851 0 508836 244510 90005 174321 369766 369766 0 2974373 2315496 215402 443475 306780 238051 22469 46260 PROGRAM ACQUISITION 5238563 5238563 MEMBERSHIP SERVICES 3278675 3278675 FINANCING COSTS 119097 119097 BAD DEBT 117177 117177 4613920 4529620 84300 88126380 63411498 5975286 18739596 1106171 3473132 8158170 15654954 12408838 12302885 5164413 8700685 0 0 0 0 0 0 0 0 701091 1199167 46502807 29132498 19564132 17370309 27185194 20779217 15868807 17348725 0 0 0 0 29675099 30065287 119831915 126894361 13242644 14306668 0 0 0 0 10515000 9660220 0 0 0 0 0 0 0 0 4708770 5654848 28466414 29621736 X 75811260 81629106 15217481 15309414 336760 334105 91365501 97272625 119831915 126894361 X 2048530 3269595 588999 X false true X true false X 54532817 57836580 57300088 65706155 63515257 298890897 0 0 0 0 0 0 0 54532817 57836580 57300088 65706155 63515257 298890897 3957546 294933351 1036393 543575 534003 447716 1636124 4197811 0 0 0 0 0 0 0 659003 0 0 0 659003 303747711 46631057 0.97098 0.98030 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 18599 18599 63359207 63377806 1000000 250000 false 1000000 1000000 1000000 1000000 4000000 6000000 58157 20163 18599 96919 250000 250000 250000 250000 1000000 1500000 336760 9841 12496 334105 339024 5211 7475 336760 354258 -8895 6339 339024 349477 13979 9198 354258 349668 14576 14767 349477 1.00000 false false 24531250 11722279 12808971 16004242 12192904 3811338 5967315 5217315 750000 17370309 HEDGE FUNDS 8825891 F GLOBAL EQUITY 4220428 F US EQUITY 2496687 F EMERGING MARKETS 1311443 F INFLATION HEDGING 494276 F 17348725 FCC LICENSE 29242387 DUE FROM COLLABORATION 328769 OTHER ASSETS 494131 30065287 0 DUE FROM COLLABORATION 1912365 FAIR VALUE OF SWAP 1011508 REFUNDABLE ADVANCE 1000000 OTHER LIABILITIES 1730975 5654848 X 96461623 3269595 1823981 588999 5682575 90779048 -604138 -604138 90174910 90554499 1823981 604138 2428119 88126380 88126380 USE OF ENDOWMENT FUNDS SCHEDULE D, PART V, LINE 4 THE ENDOWMENT FUNDS ARE THE PERMANENTLY RESTRICTED NET ASSETS OF NEW YORK PUBLIC RADIO, THE PRINCIPAL OF WHICH MUST BE MAINTAINED INTACT IN PERPETUITY, AND INCOME EARNED IS RESTRICTED FOR THE DEVELOPMENT OF NEWS, INFORMATION, AND OTHER PROGRAMMING SERVICES. UNCERTAIN TAX POSITIONS SCHEDULE D, PART X, LINE 2 NEW YORK PUBLIC RADIO IS A SECTION 501(C)(3) ORGANIZATION, WHICH IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE (THE CODE). IT IS A PUBLICLY SUPPORTED ORGANIZATION AS DESCRIBED IN SECTION 509(A)(1) OF THE CODE. NEW YORK PUBLIC RADIO IS ALSO EXEMPT FROM STATE AND LOCAL INCOME TAXES. ACCORDINGLY, IT IS NOT SUBJECT TO INCOME TAXES EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. NEW YORK PUBLIC RADIO RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THESE POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED. RECONCILIATION OF REVENUE AND EXPENSE PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XI, LINE 2D CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT $588,999 RECONCILIATION OF REVENUE AND EXPENSE PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XI, LINE 4B AND PART XII, LINE 2D RECLASSIFICATION OF VARIOUS EXPENSES FOR RENTALS OF THE GREENE SPACE AND THE STUDIO RENTALS FROM EXPENSES TO REVENUE, PART VIII, LINE 6B. Central America and the Caribbean Investments 3946127 Europe (Including Iceland and Greenland) Investments 5480324 North America Investments 1281959 10708410 10708410 true false true true true false X X X X X X X true ACD DIRECT 1353 NORTH 1075 WEST 6 FARMINGTON UT 84025 PLEDGE DRV FUNDRAISING false 195096 -195096 LEWIS KENNEDY ASSOCIATES PO BOX 3257 PORTLAND OR 97208 FUNDRAISING ADVISORY false 173700 -173700 BLUE STATE DIGITAL INC 101 AVENUE OF THE AMERICAS 12TH FLOOR NEW YORK NY 10013 FUNDRAISING ADVISORY false 60000 -60000 REICHENBACH CONSULTING LLC 1 TYLER ROAD ITHACA NY 14850 FUNDRAISING ADVISORY false 41798 -41798 MOGO MARKETING MEDIA LLC 21 TAMAL VISTA BLVD 207 CORTE MADERA CA 94925 FUNDRAISING ADVISORY false 39100 -39100 JAY CLAYTON ASSOCIATES 35 ERIE STREET LYNN MA 01902 FUNDRAISING ADVISORY false 36234 -36234 SUTTON LEE LLC 315 SUTTON COAST HIGHWAY 101 SUITE U289 ENCINITAS CA 92024 FUNDRAISING ADVISORY false 34838 -34838 QUANTCAST CORPORATION 201 THIRD STREET FLOOR 2 SAN FRANCISCO CA 94103 DIGITAL ADVERTISING false 29675 -29675 ARIA COMMUNICATIONS 717 WEST ST GERMAIN STREET ST CLOUD MN 56301 TELEPHONE FUNDRAISING false 25038 -25038 MOVABLE INC 636 AVENUE OF THE AMERICAS 5th floor NEW YORK NY 10011 DIGITAL FUNDRAISING false 22872 -22872 658351 -658351 AL AK AR CA CO CT DC FL HI IL KS KY ME MD MA MI NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI GALA 1467804 1349384 118420 15000 117736 64095 212253 0 1467804 1349384 118420 15000 117736 64095 212253 409084 -290664 FUNDRAISING ACTIVITIES PART I, LINE 2B, COLUMNS (III)-(V) NEW YORK PUBLIC RADIO UTILIZES THE SERVICES OF SEVERAL FUNDRAISING ADVISORS TO CONSULT ON THE DEVELOPMENT ACTIVITIES OF THE ORGANIZATION. DUE TO THE NATURE OF THESE ARRANGEMENTS IT IS UNFEASIBLE TO DEVISE A SYSTEM TO TRACK RECEIPTS RELATED TO FUND RAISERS OR FUND RAISING PROJECTS. AS SUCH NEW YORK PUBLIC RADIO IS UNABLE TO REASONABLY DETERMINE THE GROSS RECEIPTS FROM THE FUNDRAISING ACTIVITIES WHICH ARE SOLELY ATTRIBUTABLE TO THESE ADVISORS. X X X X X false true false true false false false true false LAURA R WALKER PRESIDENT / CEO 632656 0 150000 0 48555 0 93696 0 29675 0 954582 0 48555 MICHELE RUSNAK SVP, FINANCE & ADMIN / CFO 296978 0 63000 0 0 17225 0 26588 0 403791 0 DEAN CAPPELLO CCO, EVP, PROGRAMMING 320459 0 70000 0 0 17225 0 27889 0 435573 0 JOHN CHAO SVP, BUSINESS & STRATEGY 279499 0 30000 0 0 8077 0 11406 0 328982 0 THOMAS HJELM EVP, CDO (THROUGH 4/15/16) 121948 0 0 0 0 3822 0 125770 0 MARGARET HUNT SVP & CHIEF DEVELOP. OFFICER 316705 0 62000 0 0 14575 0 27287 0 420567 0 NATHANIEL LANDAU SVP & CDO (STARTED 4/7/16) 205290 14000 17745 237035 GRAHAM PARKER VP & GM, WQXR(THROUGH 6/10/16) 125014 0 0 0 0 13263 0 138277 0 DANA TEPLITSKY VP CHIEF HR OFFICER 218447 0 47500 0 0 0 27831 0 293778 0 COREY BOUTILIER DIGITAL MGR PODCAST SPRSP LEAD 75628 0 21250 0 462734 0 11925 0 615 0 572152 0 STEPHEN GIPS SENIOR SALES MANAGER 71609 0 5000 0 222778 0 16351 0 25749 0 341487 0 JOHN HOCKENBERRY HOST 357340 0 0 0 0 44990 0 402330 0 BRIAN LEHRER HOST 330255 0 35000 0 0 0 41516 0 406771 0 JAMES SCHACHTER VICE PRESIDENT, NEWS 263441 0 48000 0 0 11925 0 1501 0 324867 0 SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN SCHEDULE J, PART I, LINE 4B UNDER THE CURRENT 457(F) ARRANGEMENT, LAURA WALKER RECEIVED EMPLOYER FUNDING OF $76,471 IN CALENDAR YEAR 2016; THIS AMOUNT IS DEFERRED AND REPORTED ON SCHEDULE J, PART II, COLUMN (C). $48,555 OF THE 457(F) PLAN VESTED ON JUNE 30, 2016 AND WAS INCLUDED IN HER 2016 FORM W-2; THE AMOUNT IS REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). COMPENSATION CONTINGENT ON REVENUES SCHEDULE J, PART I, LINE 5A A PORTION OF THE DIGITAL MANAGER PODCAST SPONSORSHIP LEADER AND THE SENIOR SALES MANAGER IS BASED ON THE GROSS SPONSORSHIP REVENUES OF THE ORGANIZATION. NON-FIXED PAYMENTS SCHEDULE J, PART I, LINE 7 IN ANY GIVEN YEAR, CERTAIN STAFF MAY BE AWARDED NON-FIXED BONUSES. THE COMPENSATION COMMITTEE REVIEWS ANNUAL BONUSES AWARDED TO STAFF. IN ADDITION, THE CEO BONUS IS APPROVED BY THE EXECUTIVE COMMITTEE. 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STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS Form 990, Part III, Line 4a NEW YORK PUBLIC RADIO CONSISTS OF WNYC AM 820, WNYC FM 93.9, WWW.WNYC.ORG, WNJT FM 88.1, WNJP FM 88.5, WNJY FM 89.3, WNJO FM 90.3, WWW.NJPR.ORG, WQXR 105.9 FM, WWW.WQXR.ORG, WWW.WQXW.ORG AND THE JEROME L. GREENE PERFORMANCE SPACE. WNYC AND WQXR ARE AMONG THE COUNTRY'S TOP LEADING PUBLIC RADIO STATIONS. ESTABLISHED IN 1924 AS A MUNICIPAL RADIO STATION AND OPERATED AS SUCH FOR SEVENTY-FOUR YEARS, NEW YORK PUBLIC RADIO NOW EXISTS AS AN INDEPENDENT, NOT-FOR-PROFIT ORGANIZATION WITH A VIBRANT BOARD OF TRUSTEES. WNYC ORIGINATES A WIDE RANGE OF PROGRAMS FROM LOCAL AND NATIONAL AUDIENCES. WNYC IS A MAJOR CONTENT PROVIDER FOR PUBLIC RADIO STATIONS ACROSS THE COUNTRY. ITS NATIONALLY DISTRIBUTED PROGRAMS INCLUDE THE TAKEWAY, RADIOLAB, ON THE MEDIA, STUDIO 360 WITH KURT ANDERSEN AND FREAKONOMICS RADIO. WNYC'S ORIGINAL CONTENT IS AVAILABLE TO PEOPLE WHEREVER THEY ARE VIA MOBILE PLATFORMS, ONLINE AUDIO STREAMS, PODCASTS AND SOCIAL MEDIA. WNYC ALSO PROVIDES NEW YORK AND NEW JERSEY WITH THE BEST PROGRAMMING FROM NPR, PUBLIC RADIO INTERNATIONAL, THE BBC, AND PUBLIC RADIO EXCHANGE. NEW JERSEY PUBLIC RADIO EXTENDS WNYC REACH AND SERVICE MORE DEEPLY INTO NEW JERSEY. WQXR 105.9 FM IS ONE OF THE NATION'S MOST LISTENED-TO CLASSICAL STATIONS AND NEW YORK CITY'S ONLY ALL-CLASSICAL MUSIC STATION. IN PARTNERSHIP WITH CARNEGIE HALL AND AMERICAN PUBLIC MEDIA, WQXR CO-PRODUCES A LIVE BROADCAST SERIES CALLED CARNEGIE HALL LIVE THAT AIRS ON STATIONS ACROSS THE COUNTRY. WQXR OFFERS PROGRAMS SUCH AS METROPOLITAN OPERA RADIO SATURDAY MATINEE BROADCASTS AND NEW YORK PHILHARMONIC THIS WEEK. IN THE JEROME L. GREENE PERFORMANCE SPACE, WQXR GIVES AUDIENCES ACCESS TO A ROSTER OF CONCERTS, CONVERSATIONS, SEASON PREVIEWS AND LIVE RADIO SHOWS. WQXR.ORG HAS ESTABLISHED ITSELF AS THE DESTINATION FOR CLASSICAL MUSIC FANS WORLDWIDE WITH OFFERINGS LIKE Q2 MUSIC (ITS MUSIC STREAM DEDICATED TO CONTEMPORARY COMPOSERS) AND OPERAVORE (ITS HOME FOR ALL THINGS OPERA). WQXR ACQUIRED WQXW (FORMERLY WDFH) EXPANDING ITS REACH INTO CENTRAL AND NORTHERN PARTS OF WESTCHESTER COUNTY ON THE NEW WQXR 90.3FM. IN ADDITION TO ITS AUDIO CONTENT, WNYC AND WQXR PRODUCE CONTENT FOR LIVE RADIO AND WEB AUDIENCES FROM THE JEROME L. GREENE PERFORMANCE SPACE, THE STATION'S STREET-LEVEL MULTIPURPOSE, MULTI-PLATFORM BROADCAST STUDIO AND PERFORMANCE SPACE. THE GREENE SPACE PRODUCES PUBLIC EVENTS, INCLUDING LIVE CLASSICAL MUSIC PERFORMANCES, LIVE PODCAST TAPINGS, AND POLITICAL AND CULTURAL CONVERSATIONS. DESCRIPTION OF THE FORM 990 REVIEW PROCESS FORM 990, PART VI, LINE 11A FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY NEW YORK PUBLIC RADIO. THE DRAFT PREPARED BY THE ACCOUNTING FIRM IS THEN CAREFULLY REVIEWED BY NEW YORK PUBLIC RADIO'S FINANCE DEPARTMENT, AS WELL AS THE PRESIDENT AND CEO. SENIOR MANAGEMENT THEN REVIEWS THE FINAL DRAFT 990 WITH THE AUDIT COMMITTEE. THE FINAL VERSION OF THE RETURN IS THEN PROVIDED TO ALL MEMBERS OF THE BOARD OF TRUSTEES BEFORE BEING FILED WITH THE INTERNAL REVENUE SERVICE. DESCRIPTION OF THE MONITORING AND ENFORCING OF CONFLICT OF INTEREST POLICY FORM 990, PART VI, LINE 12C THE POLICY IS DISTRIBUTED ANNUALLY TO ALL OFFICERS, DIRECTORS, TRUSTEES AND KEY EMPLOYEES. THE COMPLETED FORMS ARE REVIEWED BY THE GENERAL COUNSEL. IF ANY CONFLICTS ARE NOTED, THE GENERAL COUNSEL AND THE CHAIR OF THE AUDIT COMMITTEE CONSULT ON THE PROPER PROCESS IN ACCORDANCE WITH NEW YORK PUBLIC RADIO'S CONFLICT OF INTEREST POLICY. THERE WERE NO CONFLICTS OF INTEREST IN FY17. DESCRIPTION OF THE PROCESS FOR DETERMINING CEO COMPENSATION FORM 990, PART IV, LINE 15 NEW YORK PUBLIC RADIO SEEKS TO ENSURE THAT COMPENSATION IS REASONABLE AND REPRESENTS THE FAIR MARKET VALUE FOR SERVICES RENDERED. NEW YORK PUBLIC RADIO ROUTINELY UTILIZES BENCHMARK STUDIES AND INDEPENDENT REVIEW OF MARKET COMPENSATION DATA FROM BOTH NONPROFIT AND MEDIA ORGANIZATIONS, AT THE TIME OF EMPLOYEE HIRING OR WHEN SPECIAL COMPENSATION ADJUSTMENTS ARE AWARDED. NEW YORK PUBLIC RADIO SETS COMPENSATION WITHIN THE RANGE OF THIS GOING MARKET RATE. NO INDIVIDUAL HAVING A CONFLICT OF INTEREST UNDER NEW YORK PUBLIC RADIO'S CONFLICT OF INTEREST POLICY, OR A CONFLICT WITH RESPECT TO THE CEO'S COMPENSATION ARRANGEMENT, IS PERMITTED TO PARTICIPATE IN THE COMPENSATION REVIEW OR DECISION MAKING PROCESS. CONTEMPORANEOUS WRITTEN RECORDS ARE KEPT OF THE PROCESS. PROCESS BY WHICH ORGANIZATION MAKES GOVERNING DOCS AVAILABLE TO THE PUBLIC FORM 990, PART VI, LINE 19 GOVERNING DOCUMENTS, THE CONFLICT OF INTEREST POLICY, AND THE FINANCIAL STATEMENTS OF NEW YORK PUBLIC RADIO ARE AVAILABLE FOR PUBLIC REVIEW THROUGH THE ORGANIZATION'S WEBSITE UNDER THE "ABOUT" HEADING. RECONCILIATION OF NET ASSETS PART XI, LINE 9 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 588,999. =======