Audit Cultural Development 2007
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SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina,Kansas
COMPILED FINANCIAL STATEMENTS
December 31, 2007
WOODS & DURHAM, CHARTERED
Certified Public Accountants
Salina, Kansas
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Salina Artsand'Humanities:Com;"is~ion
,Community CulturaL DevEllopment,Prog'ram.:
. Salina,Kansas' '" ',' .,
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. We have. compiled the accompa~ying,statemeniof assets; liabilities and net asseis - cash basis, ,of th.e
Salina Arts and Humanities Commission' -CommunitY Cultural Development progra'm (a nonprofit '
organization), as ofDecembe'r 31, 2007;, and the related statement 'of revenue and expenses - cash '. .
basis, forthe year then ended, in, accorilance with' StatemEmtson StandardsJor'Accountingand Revie,w, .
Services issued by thee; American' Institute of Certified Public Accountants.nlese financial.statements
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we're'prepared on the cash.basis,of acco~nting" which is a comprehensive basis, of accounting other' "
than generally acceJlted'accountingprinciples. " " '
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, . Acompilation islimiied to'presentinginthefqrmof financial statements: information that is ,the,
'. ,representation' ',of management.. We have, not, audited or .'reviewed the' .accompanying 'financial, ' , .-
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. " ,statements and, accordingly, do' not'exp'ress an opinion orany other form of assurance on them: .
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, 'WOODS &DURHAM,CHTD.
'Certified Public Accountants'
February 19; 2008,
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1619 E.lro'nAvenue:.P:O. Box-i516'.
, ',F~x 785-825,4450.
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Salina; Kansas 67402-1516' ~ Pnone 785,825-5494
.wwW.woodsan.dd.mham.com-.c .: '. ...... .
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SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina,Kansas
STATEMENT OF ASSETS, LIABILITIES, AND NET ASSETS
CASH BASIS
December 31,2007
ASSETS
Current Assets
Investments
$
19,031
Other Assets
Beneficial Interest in Community Foundation (Note 1)
13,992
TOTAL ASSETS
$
33,023
LIABILITIES AND NET ASSETS
Net Assets
Unrestricted
33,023
TOTAL NET ASSETS
$
33,023
The accompanying notes are an integral part of these financial statements.
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SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina, Kansas
STATEMENT OF REVENUE AND EXPENSES
CASH BASIS
Year Ended December 31,2007
REVENUE
Investment return (Note 2) $ 2,797
Transfers
Transfer 10 Salina Arts & Humanities Commission (38,400)
Tolal Decrease in Nel Assets (35,603)
NET ASSETS - January 1, 2007 68,626
NET ASSETS - December 31,2007 $ 33,023
The accompanying notes are an integral part of these financial statements.
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SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
The Community Cultural Development Program was created in 1992 by the Salina Arts and Humanities
Commission as a program to collect funds for use in the development and promotion of the cultural arts in the
City of Salina. The Community Cultural Development 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 principles. 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.
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.
NOTE 2 - ASSETS TRANSFERRED TO A RECIPIENT ORGANIZATION
The Organization permanently transferred $10,000 to the Greater Salina Community Foundation for its
benefit. The Foundation has variance power and legal ownership over all property in the fund, and the
income derived from it. The Foundation may make annual distributions to Salina Arts and Humanities
Commission of an amount up to but not to exceed five percent of the fund's net fair market value. The
Organization has recognized the fair market value of the fund at December 31,2007 of $13,992 as an other
asset in the accompanying statement of assets, liabilities and net assets.
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SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
NOTE 3 - INVESTMENTS
Investments are stated at fair value and consist of (not including Greater Salina Community Foundation,
presented in Note 2):
Unrealized
Cost Market Gain
Money Market $ 2 $ 2 $
Mutual Fund 18,878 19,029 151
Total $ 18,880 $ 19,031 $ 151
Investment return is summarized as follows (including Greater Salina Community Foundation):
Interest and Dividend Income
Long-Term Capital Gains
Net Unrealized Loss on Investments
Realized Gain on Investments
$
2,471
2,697
(4,458)
2,087
Total Investment Return
$
2,797
Expenses relating to investment revenue amounted to $136, and have been netted against investment
revenue in the accompanying statement of revenue and expenses - cash basis.
NOTE 4 - 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.