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Audit - 1992 THE SMOKY HILL RIVER FESTIVAL Salina, Kansas AUDITED FINANCIAL STATEMENTS September 30, 1992 WOODS & DURHAM Certified Public Accountants Salina, Kansas ~,tified .L.JLU. imblic C H ART ERE D accountants INDEPENDENT AUDITOR'S REPORT Smoky Hill River Festival Salina, Kansas We have audited the accompanying statement of assets, liabil- ities, and fund balance - cash basis, of the Smoky Hill River Festival as of September 30, 1992, 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 Foundation. 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 Festival'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, 1992, 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. October 26, 1992 W~ci-- ~ fl/))"\- WOODS & DURHAM Certified Public Accountants 1619 E. Iron Avenue. PO. Box 1516 . Salina, Kansas 67402-1516. Phone 913-825-5494 Current Assets Cash Investments THE SMOKY HILL RIVER FESTIVAL Salina, Kansas STATEMENT OF ASSETS, LIABILITIES. AND FUND BALANCE - CASH BASIS September 30, 1992 ASSETS Total Current Assets Equipment Total Assets Fund Balance Unrestricted LIABILITIES AND FUND BALANCE See Independent Auditor's Report and Notes to Financial Statements. $ 34,890 ].06,116 141,006 6,888 $ ~:i2.!.~~i -------- s ~:i2.!.~~i -------- THE SMOKY HILL RIVER FESTIVAL Salina, Kansas STATEMENT OF SUPPORT, REVENUE, AND EXPENSES, AND CHANGES IN UNRESTRICTED FUND BALANCE - CASH BASIS SepLember 30, 1992 PUBLIC SUPPORT AND REVENUE Public Support Government grants Saline County Kansas Arts Commission Private Charitable Contributions Individual donations Business donations Sponsorships Professional fund campaign Other Contracted Revenue Wichita Greyhound Charities $ 3,529 1,780 10,333 42,074 857 4,750 4.500 Total Public Support $ 67,823 Revenue Program Revenue Admissions Fees Merchandise income Investment income Hiscellaneous 114,978 53.617 8,349 7,811 2,712 Total Revenue 187,467 Total Public Support and Revenue 255,290 EXPENSES Program Services Special Projects Arts programs Marketing Technical Merchandise expense 113,862 44,984 34,280 8,714 Total Program Services 201,840 Supporting Services General administration Sales tax Miscellaneous 10,152 7,962 3,878 Total Supporting Services 21,992 Total Expenses 223,832 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, 1992 Total Public Support and Revenue Over (Under) Expenses $ 31,458 Unrestricted Fund Balance - October 1, 1991 166,436 Appropriation to Salina Arts and Humanities Foundation Community Cultural Development Program (50,000) Unrestricted Fund Balance - September 30, 1992 $!i2.!.~~i ------- See Independent Auditor's Report and Notes to Financial Statements. THE SMOKY HILL RIVER FESTIVAL Salina, Kansas NOTES TO FINANCIAL STATEMENTS September 30, 1992 NOTE 1 - SUMMARY OF ACCOUNTING POLICIES A. ~asis of Presentation - The accompanying financial state- ments are presented on the cash basis, where revenue is 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. Property, Plant and Equipment - The amount recorded as equipment represents equipment purchased at cost by the Smoky Hill River Festival. Depreciation ias not been provided on this equipment. D. Investments are stated at cost, and consist of certifi- cates of deposit or money market accounts 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, and is not identified as a private foundation within the Code. NOTE 2 - FUND BALANCES As of September 30, 1991, the Festival had restricted over a two-year period $19,000 of its fund balance to help build a permanent stage in Oakdale Park. Since matchinq funds were not available from the Salina Parks and Recreacion through capital improvements, the Festival funds were reimbursed to the City in May, 1992. In January, 1992, the Festival appropriated and paid $50,000 to the Salina Arts and Humanities Foundation, designated for Community Cultural DevelopmenL. A reconciliation of fund balances follows: THE SMOKY HILL RIVER FESTIVAL Salina, Kansas NOTES TO FINANCIAL STATEMENTS September 30, 1992 NOTE 2 - FUND BALANCES (Cont'd.) Restricted Unrestricted Fund Balances - October 1, 1992 $ 19,000 (19,000) $166,436 Reimbursement to City of Salina Appropriation to the Salina Arts and Humanities Foundation - Community Cultural Development (50,000) Total Public Support and Revenue Over Expenses ------- 31,458 $147,894 ------- -- Fund Balances - September 30, 1992 $ ------- ------- NOTE 3 - CONTRIBUTED SERVICES The Festival utilizes the donated services of literally hundreds of volunteers to produce the Festival. Although these volunteer services are an integral part of the organization, there is no clearly measurable basis for determining the value of such services. Accordingly, these financial statements do not reflect financial data pertain- ing to these services.