Loading...
Audit - 1991 THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas AUDITED FINANCIAL STATEMENTS December 31, 1991 WOODS & DURHAM Certified Public Accountants Salina, Kansas ~~tifœd LJLU. public C H ART ERE D accountants INDEPENDENT AUDITOR'S REPORT Salina Arts and Humanities Commission Salina, Kansas We have audited the accompanYlng statement of assets, liabilities and fund balance cash basis, of Salina Arts and Humanities Commission, as of December 31, 1991, and the related statement of support, revenue and expenses, and changes in fund balance - cash basis, for the year then ended. These financial statements are the responsibility of the Commission's management. 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 evaluating 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 ex- penses are recognized when paid rather than when the obligation is incurred. This basis is a comprehensive basis of accountlng other than generally accepted accounting principles. In our oplnion, the financial statements referred to above pre- sent fairly, in all material respects, the assets, liabilities, and fund balances of the Salina Arts and Humanities Commission as of December 31, 1991, 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. January 21, 1992 ~~~ ~MY\ WOODS & DURHAM Certified Public Accountants 1619 E. Iron Avenue. P.O. Box 1516. Salina, Kansas 67402.1516. Phone 913.825.5494 THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE December 31, 1991 ASSETS Current Assets Cash Investments Total Current Assets Property and equipment TOTAL ASSETS LIABILITIES AND FUND BALANCE Investment in equipment Unrestricted fund balance TOTAL LIABILITIES AND FUND BALANCE See Notes to Financial Statements. $ 7,118 13,574 20,692 22,892 $43,584 ------ ------ $22,892 20,692 $i~!.~~i ------ THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas STATEMENT OF SUPPORT, REVENUE, AND EXPENSES, AND CHANGES IN FUND BALANCE - CASH BASIS December 31, 1991 PUBLIC SUPPORT AND REVENUE Public Support Government grants City of Salina K.A.C. USD 305 Other contracted revenue Public Private Contributions $141,124 29,488 12,000 14,430 9,290 2,343 Total Public Support Revenue Program Revenue Ticket sales Book sales Horizons Investment income Miscellaneous 17,876 56 5,000 1,252 204 Total Revenue Total Public Support and Revenue EXPENSES Program Services Special Projects Arts programs Arts services Total Program Services 103,748 34,981 Supporting Services General administration Miscellaneous Horizons program Fund raising Total supporting Services 36,779 782 15,000 23,386 Total Expenses Total Public Support and Revenue Over (Under) Expenses FUND BALANCE - January 1, 1991 FUND BALANCE - December 31, 1991 See Notes to Financial Statements. $208,675 24,388 233,063 138,729 75,947 214,676 18,387 25,197 $ 43,584 ------- ------- THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1991 The Salina Arts and Humanities Commission was organized to promote the cultural arts in the Salina area. The Commission is exempt from federal income taxes under Section 501 of the Internal Revenue Code. NOTE 1 - SUMMARY OF ACCOUNTING POLICIES A. Basis of Presentation - The accompanying financial state- ments are prepared on the cash basis; consequently, revenue is recorded when received and expenses are recognized when disbursed. However, programs of the Commission do not necessarily happen within one calendar year. Therefore, revenue received during a fiscal year are often not expended until the next fiscal year. B. A separate audit report has been issued for the Smoky Hill River Festival as of September 30, 1991, and for the Horizons Program as of December 31, 1991. Both are programs of the Salina Arts and Humanities Con~ission. c. Property and Equipment - The amount recorded as property and equipment represents equipment purchased by the Salina Arts and Humanities Commission. Such assets are recorded at cost. Depreciation has not been provided on these assets. D. Investments are recorded at cost. E. Employee salaries and fringe benefits are paid by the City of Salina under a third party reimbursement program; therefore, they are covered by Kansas Public Employees Retirement System through the City. Accordingly, no dis- closures pertaining to the City's retirement plan is in- cluded in these financial statements. Salaries have been allocated to the Arts Programs and Arts Services based upon an estimate by management of the time spent by the employees of the particular activities. F. Employees are not permitted to accumulate vacation time not taken; and accordingly, no liability for such exists at December 31, 1991. G. No amounts have been reported in the financial statements for donated services because no objective basis is avail- able to measure the value of such services.