An internal analysis of CapRadio’s finances has found that the public radio station is projected to be insolvent in January 2024, Sacramento State University said. The university said Saturday that Sacramento State’s Chief Financial Officer Jonathan Bownan has been appointed by President Luke Wood to be the administrator in charge of CapRadio. According to a release from the university, Bowman, who also serves as vice president for Administration and Business Affairs, will be overseeing CapRadio’s affairs after a recent audit detailed widespread mismanagement. CapRadio is an auxiliary of the university, which means that CapRadio can’t file for bankruptcy. That leaves Sac State on the hook for CapRadio’s debt. The audit detailed cases of financial decisions being made without approval by the station’s board of directors or Sac State’s administration, like the taking out of loans for studio equipment, a lack of review over credit card purchases, inaccurate or incomplete paperwork being submitted, the station falling behind on payments, and CapRadio’s continued occupation its on-campus building rent free after construction delays with a new downtown space.“Based on our review of…
