Audit Community Art 2007
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SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
COMPILED FINANCIAL STATEMENTS
December 31, 2007
WOODS & DURHAM, CHARTERED
Certified Public Accountants
Salina, Kansas
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Salina Arts and Humarlities Cot)1missiori ' , ' '
. Community Art & Design Program' , ' , ,
Salina; Karisas ' , ':'
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We have compiled the,accomp,anyingstatememt of assets, Iiabilities'and net assets - cash' basis, of the
Salina Arts and Humanities Commission =, Comrminity Art & Design Progr.~m (anonprof!t organizati~n),
'as of December 31, 2007, arid the related statement of revenue and ,expenses - cash basis, for the year'
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: then ended, in accordance with Statements on Standards for Accounting and Review Services issued
" by the American 'institute of Ce'rtified Public Accountants,ihesefinanci~1 statements were prepared on '
the cash basis of accou'nting, which is 'a comprehensive, ba'sis of, accounting other than generally
accepted accounting 'pr,inciples,, :,' \ ," ", ' ' ,
Acompilatio'~is limited to'pre~knting' in, the form' of financial statements info;~atiqn 'that, is, ttie
., representation of" management' We 'have ,'not audited or ,reviewed, the accompanying' financial'
','statements and"acc'cirdingly, do not exp'ress an opinion oranyother form9fass~rance on ttiem,
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WOODS & bURHAM, CHTD:
'Certified' Public' Accountants'
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'1619 E, lron'Avimue .,' p,d B6i< 1516.
Fax,785-825-4450 .
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Salina, Kansas,67402-1516 . Phone 785,825-5494 '
www:woodsanddurhal11;com.
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Current Assets
Cash
Investments
TOTAL ASSETS
Net Assets
Unrestricted
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina,Kansas
STATEMENT OF ASSETS, LIABILITIES, AND NET ASSETS
CASH BASIS
December 31, 2007
ASSETS
$
244
16,992
17,236
$
LIABILITIES AND NET ASSETS
$
17,236
The accompanying notes are an integral part of these financial statements.
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SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
STATEMENT OF REVENUE AND EXPENSES
CASH BASIS
Year Ended December 31, 2007
PUBLIC SUPPORT AND REVENUE
Revenue
Investment return (Note 2) $
169
EXPENSES
Program Services
Special Projects
Community Projects
3,813
DECREASE OF REVENUE OVER EXPENSES
(3,644)
NET ASSETS. January 1, 2007
20,880
NET ASSETS - December 31, 2007 $
17,236
The accompanying notes are an integral part of these financial statements.
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SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
The Community Art & Design Program was created in 2001 by the Salina Arts and Humanities
Commission as a program to promote and support the integration of art in public spaces within the
community. Initial funding came through various programs within the Commission. The Community Art
& Design Program is a project of the Salina Arts and Humanities Commission. As such, it is exempt
from federal income tax under Section 501 (c)(3) of the Internal Revenue Code, and is not identified as a
private foundation within the Code.
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The organization prepares its financial statements on the cash basis of
accounting, which is a comprehensive basis of accounting other than generally accepted accounting
principies. Under this basis, revenue is recognized when received and expenses are recorded as
disbursed.
Cash and Cash Equivalents - Cash and cash equivalents include all monies in banks and highly liquid
investments with maturity dates of three months or less. Fair market value equals carrying amounts.
Investments - The Organization has adopted SFAS No. 124, "Accounting for Certain Investments Held
by Not-for-Profit Organizations." Investments in marketable securities with readily determinable fair
values and all investments in debt securities are reported at their fair values' in the statement of assets,
liabilities and net assets. Unrealized gains and losses are reported in the statement of revenue and
expenses as increases or decreases in net assets.
Basis of Presentation - Financial statements presentation follows the recommendations of the
Financial Accounting Standards Board in its Statement of Financial Accounting Standards (SFAS) No.
117, Financial Statements of Not-for-Profit Organizations. Under SFAS No. 117, the Organization is
required to report information regarding its financial position and activities according to three classes of
net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net
assets. As of December 31,2007, there were no donor-imposed restrictions on net assets.
Contributed Services - No amounts have been reported in the financial statements for donated
services because no objective basis is available to measure the value of such service.
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Estimates - The preparation of financial statements requires management to make estimates and
assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could
differ from those estimates.
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SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina,Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
NOTE 2 - INVESTMENTS
Investments are stated at fair value and consist of:
Unrealized
Cost Market Loss
Money Market $ 1,062 $ 1,062 $
Mutual Fund 17,547 15,930 (1,617)
Total $ 18,609 $ 16,992 $ (1,617)
Investment return is summarized as follows:
Interest and Dividend Income
Long-Term Capital Gains
Net Unrealized Loss on Investments
Realized Loss on Investments
$
525
1,380
(1,683)
(53)
Total Investment Return
$
169
NOTE 3 . CONCENTRATION OF CREDIT RISK
Financial instruments that potentially subject the Commission to concentrations of credit risk include
cash deposits with commercial banks and a brokerage firm. There were no deposits at risk as of
December 31, 2007. The Commission's investments at the brokerage firm are not collateralized by the
federal government. It is the opinion of management that the solvency of the referenced financial
institution is not of concern at this time. These funds are insured with SIPC.