Wuva Inc. Eyad Younis

“Wuva, inc. (wuva) is a virginia not-for-profit, membership corporation. It has been in existence since 1947. (wuva has been determined to be a charity under irc sec. 501(c)(3) and not a private foundation under sec. 509(a).) under wuva's articles and by-laws, the members of the corporation are students currently enrolled at the university of virginia who have worked at wuva for at least one semester and, on that basis, have been elected to membership in the corporation by the existing members. At the end of cy 2017, the number of student members was approximately 50. Additionally, 6 alumni who have been elected by the membership to serve on the board of directors are also members of the corporation. Thus, at the end of cy 2017, the number of members of the corporation totaled approximately 56.”

“Under wuva's articles and by-laws, the members of the corporation have the power to elect the corporation's board of directors. The board is composed of 5 students elected annually. The student directors also serve as the corporation's officers. Additionally, the board has 6 alumni who are elected to the board by the members. The alumni directors serve staggered 6-year terms. Two alumni directors are elected (or re-elected) every 2 years. Thus, the board numbers a total of 11 directors.”

“Wuva's outside general council reviews form 990 with wuva's outside accounting firm prior to filing.”

“Governing documents are not made available to the public.”

“In calendar year 2017, wuva, inc. Sold its commercial radio station, wuva fm, licensed by the fcc in charlottesville, virginia, to saga communications of charlottesville, llc. The sale price was 1,650,000. The reason for the sale was that university of virginia students were no longer focused on learning the art and business of commercial radio. Rather, their interests had expanded to digital media and internet based communications. After repaying loans and deducting expenses from the sale proceeds, wuva established an endowment (managed by the uva fund at the university of virginia) to support wuva news, an internet based news service for the university of virginia community, the charlottesville community and the commonwealth of virginia. That endowment now is in excess of 1.3 million. Proceeds from the sale were also used to build and equip new studios and offices for wuva news at the university of virginia. Endowment proceeds are used to sustain wuva news operations. Wuva's mission continues to be to train university of virginia students in commercial and noncommercial media.”

“Uvimco management fees 5,502 0 0 saga expenses 16,892 0 0 agency commissions 1,212 0 0 collection expenses 400 0 0 board meeting exp. 3,304 0 0 expense reimbursements -1,246 0 0 equipment maintenance 30 0 0 tower rents 1,052 0 0 wuva news 3,406 0 0 postage & mailing 200 0 0 supplies 138 0 0 telecomunications 3,600 0 0 bank charges 15 0 0 internet back up 993 0 0 tv/internet 1,327 0 0 streaming 311 0 0 promotions 276 0 0 commercial productions 225 0 0 traffic software 53 0 0 minor equipment 123 0 0 music license fees 6,550 0 0 miscellaneous taxes 145 0 0 auto 797 0 0 miscellaneous 1,074 0 0 wuva news miscellaneous 1,270 0 0 software leases 1,200 0 0 bad debts 11,371 0 0 meetings and conferences 4,500 0 0 internal student meetings 170 0 0 payroll processing 1,315 0 0 transmitter loop/link 438 0 0 nab public service 3,960 0 0 total 70,603 0 0”

“Adjustment to correct prior misstatements -105,733”