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Audit - 1991 THE SMOKY HILL RIVER FESTIVAL Salina, Kansas AUDITED FINANCIAL STATEMENTS September 30, 1991 \'¡OODS & DURHÞ,M Certified Public Accountants Salina, Kansas ~~tifi'd LJLU. public C H ART ERE D accountants INDEPENDENT AUDITOR'S REPORT Smoky Hill River Festival Salina, Kansas \ve have audited the accompanying statement of assets, liabil- ities, and fund balance - cash basis, of the Smoky Hill River Festival as of September 30, 1991, and the related statements of support, revenue, and expenses, and changes in unrestricted fund balance cash basis, for the year then ended. These financial statements are the responsibility of Salina Arts and Humanities Co~mission. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit In accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as e11aluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As described in Note 1, the Commission's policy is to prepare its financial statements on the basis of cash receipts and disburse- ments; consequently, certain revenue and the related assets are recognized when received rather than when earned, and certain expenses are recognized when paid rather than when the obligation is incurred. This basis is a comprehensive basis of accounting other than generally accepted accounting principles. In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities and fund balances of the Smoky Hill River Festival as of September 30, 1991, and its support, revenue, and expenses, and the changes in its fund balances for the year then ended, on the basis of accounting described in Note 1. LJ rnsd.A- '" ~j October 21, 1991 \'¡OODS & DURHAf'l Certified Public Accountants [619 E. Iron Avenue 8 PO. Box 1516 8 Salina, Kansas 67402.1516 8 Phone 9 ]3.825.5494 Current Assets Cash Investments Total Equipment Fund Balance Restricted Unrestricted Total THE Sr10KY HILL RIVER FESTIVAL Salina, Kansas STATEMENT OF ASSETS, LIABILITIES. AND FUND BALANCE - CASH BASIS September 30, 1991 ASSETS LIABILITIES AND FUND BALANCE See Independent Auditor's Report and Notes to Financial Statements. $ 29,153 149,395 178,548 6,888 $185,436 ._------ .------- $ 19,000 166,436 $185,436 .------- ._------ THE SMOKY HILL RIVER FESTIVAL Salina, Kansas STATEMENT OF SUPPORT, REVENUE, AND EXPENSES, AND CHANGES IN UNRESTRICTED FUND BALANCE - CASH BASIS September 30, 1991 PUBLIC SUPPORT AND REVENUE Public Support Government grants Saline County Private Charitable Contributions Individual donations Business donations Sponsorships Professional fund campaign $13,352 11,263 36,491 1,404 4,250 Total Public Support $ 66,760 Revenue Program Revenue Admissions Fees Shirt sales Investment income 11i sce llaneous 94,788 51,819 11,266 12,183 2,501 Total Revenue Total Public Support and Revenue 172,557 239,317 EXPENSES Program Services Special Projects Arts programs Marketing Technical Shirt expenses 101,650 44,850 27,693 7,583 Total Program Services 181,776 Supporting Services General administration Sales tax Miscellaneous 22,981 5,777 2,311 Total Supporting Services Total Expenses 31,069 212,845 Total Public Support and Revenue Over (Under) Expenses 26,472 See Independent Auditor's Report and Notes to Financial Statements. THE SMOKY HILL RIVER FESTIVAL Salina, Kansas STATEMENT OF SUPPORT, REVENUE, AND EXPENSES, AND CHANGES IN UNRESTRICTED FUND BALANCE - CASH BASIS September 30, 1991 Total Public Support and Revenue Over (Under) Expenses $ 26,472 Unrestricted Fund Balance - October 1, 1990 139,964 Unrestricted Fund Balance - September 30, 1991 $166,436 ------- ------- See Independent Auditor's Report and Notes to Financial Statements. THE SMOKY HILL RIVER FESTIVAL Salina, Kansas NOTE TO FINANCIAL STATEMENTS SepLember 30, 1991 NOTE 1 - SUMMARY OF ACCOUNTING POLICIES A. Basis of Presentat~cn - The accompanying financial state- ments are presenLed on the cash basis, where revenue lS recorded as received and expenditures are recorded as disbursed. B. The Smoky Hill River Festival is a program of the Salina Arts and Humanities Foundation. Separate accounting records are maintained by the two entities, and separate audit reports have been issued. C. ProDertv, Plant and equipment represents Hill River Festival. on this equipment. Equipment - The amount recorded as equlpment purchased by the Smoky Depreciation has not been provided D. Investments are stated at cost, and consist of certifi- cates of deposit whereby cost equals market value. E. The Smoky Hill River Festival, as a program of the Salina Arts and Humanities Foundation, is exempt from federal income tax under Section 501 of the Internal Revenue Code.