Report for FY 2005 - Minnesota Public Radio - American Public Media

INDEPENDENT AUDITORS’ REPORT
Board of Trustees
Minnesota Public Radio
Saint Paul, Minnesota
We have audited the accompanying consolidated statement of financial position of Minnesota Public Radio
and subsidiaries (the “Organization”), an affiliated organization of American Public Media Group, as of
June 30, 2005, and the related consolidated statements of activities, functional expenses, and cash flows for the
year then ended. These consolidated financial statements are the responsibility of the management of the
Organization. Our responsibility is to express an opinion on these consolidated financial statements based on
our audit. The prior-year summarized comparative information has been derived from the Organization’s
June 30, 2004, consolidated financial statements and, in our report dated November 24, 2004, we expressed an
unqualified opinion on those consolidated financial statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free of material misstatement. An audit includes
consideration of internal control over financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Organization’s internal control over financial reporting. Accordingly, we express no such opinion. An audit
also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated
financial statements, assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall consolidated financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the consolidated
financial position of the Organization as of June 30, 2005, and the consolidated results of its activities,
functional expenses, and cash flows for the year then ended, in conformity with accounting principles
generally accepted in the United States of America.
Our audit was conducted for the purpose of forming an opinion on the basic consolidated financial statements
taken as a whole. The additional operating and property consolidating information presented in the
consolidated statement of activities, consolidated statement of financial position, and consolidated statement of
functional expenses for 2005 is presented for the purpose of additional analysis of the basic consolidated
financial statements rather than to present the results of operations of the individual funds, and is not a required
part of the basic consolidated financial statements. This additional consolidating information is the
responsibility of the Organization’s management. Such information has been subjected to the auditing
procedures applied in our audit of the basic 2005 consolidated financial statements and, in our opinion, is fairly
stated in all material respects when considered in relation to the basic 2005 consolidated financial statements
taken as a whole.
November 30, 2005
Deloitte & Touche LLP
400 One Financial Plaza
120 South Sixth Street
Minneapolis, MN 55402-1844
USA
Tel: +1 612 397 4000
Fax: +1 612 397 4450
www.deloitte.com
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