Audit Community Art 2008
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
COMPILED FINANCIAL STATEMENTS
December 31, 2008
WOODS & DURHAM, CHARTERED
Certified Public Accountants
Salina, Kansas
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
certified
public
C H ART ERE D accountants
Salina Arts and Humanities Commission
Community Art & Design Program
Salina, Kansas
We have compiled the accompanying statement of assets, liabilities and net assets - cash basis, of the
Salina Arts and Humanities Commission - Community Art & Design Program (a nonprofit organization),
as of December 31, 2008, and the related statement of revenue and expenses - cash basis, for the year
then ended, in accordance with Statements on Standards for Accounting and Review Services issued
by the American Institute of Certified Public Accountants. These financial statements were prepared on
the cash basis of accounting, which is a comprehensive basis of accounting other than generally
accepted accounting principles.
A compilation is limited to presenting in the form of financial statements information that is the
representation of management. We have not audited or reviewed the accompanying financial
statements and, accordingly, do not express an opinion or any other form of assurance on them.
'WoodS dt})urlia~ Clitt!
February 11, 2009
WOODS & DURHAM, CHTD.
Certified Public Accountants
1619 E. Iron Avenue · P.O. Box 1516 · Salina, Kansas 67402-1516 · Phone 785-825-5494
Fax 785-825-4450 · www.woodsanddurham.com
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
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, 2008
ASSETS
$
$
LIABILITIES AND NET ASSETS
$
The accompanying notes are an integral part of these financial statements.
385
10,037
10,422
10,422
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina,Kansas
STATEMENT OF REVENUE AND EXPENSES
CASH BASIS
Year Ended December 31,2008
PUBLIC SUPPORT AND REVENUE
Revenue
Investment return (Note 2) $
EXPENSES
Program Services
Special Projects
Community Projects
DEFICIENCY OF REVENUE OVER EXPENSES
NET ASSETS - January 1, 2008
NET ASSETS - December 31, 2008 $
The accompanying notes are an integral part of these financial statements.
(6,455)
359
(6,814)
17,236
10,422
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations - 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.
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 31,2008, 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.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31,2008
NOTE 2 - DEPOSITS AND INVESTMENTS
As of December 31, 2008, the cash balance of the Commission was adequately secured by FDIC
Insurance.
A portion of the Foundation's investments are held at a brokerage firm and 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. These investments are
exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated
with certain investment securities, it is reasonably possible that changes in values of investment
securities will occur in the near term.
Investments are stated at fair value and consist of:
Money Market
Mutual Fund
Cost
$ 577
18,178
Market
$ 577
9,460
(Loss)
$
(8,718)
Investment return is summarized as follows:
Interest and Dividend Income
Net Unrealized Loss on Investments
$
646
(7,101)