Salina Arts Center Financial Statement & Auditors report 1987, 1988
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SALINA ART CENTER, INC.
Salina, Kansas
FINANCIAL STATEMENTS AND AUDITORS' REPORT
June 30, 1988 and 1987
KENNEDY AND COE
Certified Public Accountants
Salina, Kansas
SALINA ART CENTER, INC.
Sa lina, Kansas
CONTENTS
Page
AUDITORS' REPORT
1
Exhibit A
BALANCE SHEETS
2
Exhibit B
STATEMENTS OF SUPPORT, REVENUES, EXPENSES AND CRANGES
IN FUND BALANCES
3-4
Exhibit C
STATEMENTS OF CHANGES IN FINANCIAL POSITION
5
NOTES TO FINANCIAL STATEMENTS
6-7
Contents
.
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HOME OFFICE:
P.O. BOX 1100
I SAUNA, KANSAS 67402.1100
. 913.825-1561
KENNEDY AND COE
CERTIFIED PUBLIC ACCOUNTANTS
OFFICES IN
KANSAS
NEBRASKA
OKLAHOMA
COLORADO
I
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To the Board of Directors
The Salina Art Center, Inc.:
I
We have examined the balance sheets of Salina Art Center, Inc., Salina, Kansas, as
of June 30, 1988 and 1987, and the related statements of support, revenues, expenses,
and changes in fund balances and changes in financial position for the years then
ended. Our examinations were made in accordance with generally accepted auditing
standards and, accordingly, included such tests of the accounting records and such
other auditing procedures as we considered necessary in the circumstances.
In our opinion, the accompanying financial statements present fairly the financial
position of Salina Art Center, Inc. as of June 30, 1988 and 1987, and the results
of its operations and changes in its fund balances and financial position for the
years then ended in conformity with generally accepted accounting principles applied
on a consistent basis.
Salina, Kansas
October 26, 1988
Respectfully submitted,
f(~~ ~
MEMBERS OF: AMERICAN INSTlTUTE OF CERTIFIED PUBUC ACCOUNTANTS AND
SEC PkACTlCE SECTOON AND PRIV"'" COM......"............T"'..
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SALINA ART CENTER, INC.
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
June 30, 1988 and 1987
1. Summary of Significant Accounting Policies:
a. Fund Accounting: To ensure observance of limitations and restric-
tions placed on the use of resources available to the Center, the
accounting records are maintained in accordance with the principles
of fund accounting. This is the procedure by which resources are
classified for accounting and reporting purposes into funds estab-
lished according to their nature and purpose.
(1) The Operating Fun~ includes unrestricted and donor-
restricted resources available for support of center
operations.
(2) The Building Fund is used to account for resources
restricted by donors for plant and equipment acqui-
sitions and to account for resources expended for
plant and equipment.
(3) The Endowment Fund represents funds that are subject
to restrictions of gift instruments.
b. Basis of Accounting: The accompanying financial statements are
prepared using the accrual basis of accounting.
c. Inventories: Inventories are stated at lower of cost or market
determined on the "first-in, first-out" (FIFO) method.
d.
Depreciation and Amortization:
property, plant, and equipment
line method over the estimated
Depreciation and amortization of
are computed using the straight-
useful lives.
e. Uncollectible Pledges: Pledges receivable are recorded net of an
estimated allowance for uncollectible amounts.
f. Contributions: Pledges receivable are recorded as contributions
in the year the pledges are made by the donor. Services contri-
buted by business enterprises and other contributed goods are
recorded at their fair market value and reported as contributions
in the year received.
g. Acquisition of Property, Plant, and Equipment: Purchases of
property, plant, and equipment are recorded at cost and donated
acquisitions are valued at the fair market value when received.
-6-
,
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,.....:,"
.
2. Pledges Receivable
The pledges receivable are expected to be collected as follows:
Year Ended June 30,
1989
1990
Total pledges receivable
Less current portions
$ 72 ,099
34,007
106,106
72 ,099
34,007
3,183
Less allowance for uncollectible pledges
Pledges Receivable, Less Current Portions
$ 30,824
3. Endowment Fund
An endowment fund has been established with $42,500 contributions in the year
ended June 30, 1988. Donations received by the Building Fund totaling $32,500
from the year ended June 30, 1987 are also designated as endowment monies. On
June I, 1988, the Building Fund borrowed $75,000 from the Endowment Fund with
an annual interest rate of nine percent. The note is payable on demand. At
June 30, 1988, interest accrued on this note totaled $555.
4. Agreement with City of Salina
The Center has an agreement with the City of Salina, Kansas, whereby the
City provides the utilities, routine janitorial services, maintenance of
the facility and multi-peril insurance for the building and improvement.
The Center has deposited $1,500 in a capital replacement certif~cate of
deposit as required by the agreement. This certificate, including earnings,
is included in the Building Fund cash and temporary investments in the
amount of $1,544 at June 30, 1988.
5. Subsequent Event
Subsequent to June 30, 1988, the Center signed a contract for $67,500 for the
purchase of a building at 236 S. Santa Fe, Salina, Kansas. Commitments for
seventy percent of the funds have been obtained.
-7-
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