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Audit - 1992 Horizons Program SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas AUDITED FINANCIAL STATEMENTS December 31, 1992 WOODS & DURHAM Certified Public Accountants Salina, Kansas ~~¡iIi<d .LJLU. ¡malic C H 1\ R T ERE D aCCUlt11Wnts INDEPENDENT AUDITOR'S REPORT Salina Arts and Humanities Commission Horizons Program Salina, Kansas We have audited the accompanying statement of assets, liabil- ities, and fund balance - cash basis, of the Horizons :?rogram of the Salina Arts and Humanities Commission, as of December 31, 1992, and the related statements 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 I?xpress an opinion on these financial statements based on our audi~. 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 Com~ission'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 accounting other than generally accepted accounting principles. In our opinion, the financial statements referred to above pre- sent fairly, in all material respects, the assets, liabilities, and fund balances of the Horizons Program of the Salina Arts and Humanities Commission as of December 31, 1992, and its support, revenue and expenses, and the changes in fund balances for the year then ended, on the basis of accounting described in Note 1. January 15, 1993 tJ Mr ~ cI- fkffit1JWl- WOODS & DURHAM Certified Public Accountants 1619 E. Iron Avenue. PO. Rux 1516. Salina, Kansas 67402.1516. Phone 9lLS25.5494 SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCE December 31, 1992 ASSETS Current Assets Unrestricted Cash Investments Restricted Cash Total Current Assets LIABILITIES AND FUND BALANCE Restricted fund balance Unrestricted fund balance Total Liabilities and Fund Balance See Notes to Financial Statements. $ 19,484 117,560 9,012 $~~~!.Q~~ ------- $ 9,012 137,044 $~~~!.Q~~ ------- SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas STATEMENT OF SUPPORT, REVENUE, AND EXPENSES, AND CHANGES IN FUND BALANCE - CASH BASIS For The Year Ended December 31, 1992 PUBLIC SUPPORT AND REVENUE Public Support City of Salina Private Charitable Contributions Lovewell Institute $15,000 47,000 25,000 Total Public Support Revenue Investment income Total Public Support and Revenue EXPENSES Program Services Evaluator Horizons Grants - 1991 Horizons Grants - 1992 Horizons 50 - fundraising Horizons 50 - residency Lovewell Institute 2,183 13,058 19,594 626 5,000 25,000 Total Program Services Supporting Services General administration Miscellaneous 6,371 2,362 Total Supporting Services Total Expenses Total Public Support and Revenue Over (Under) Expenses FUND BALANCE - January 1, 1992 FUND BALANCE - December 31, 1992 See Notes to Financial Statements. $ 87,000 7,445 94,445 65,461 8,733 74,194 20,251 125,805 $~~~!.Q~~ ------- SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1992 The Horizons Program was created by the Salina Arts and Humanities Commission in 1986 as a continuing grant program to provide support to the cultural life of the community. Initial funding 'Was provided by the Artist in Residence Program, which was terminated December 31, 1985. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation - The accompanying financial state- ments are presented on the cash basis; consequently, revenue is recorded as received and expenditures are recorded as disbursed. B. The Horizons Program is a project of the Salina Arts and Humanities Commission. Separate accounting records are maintained, and separate audit reports have been issued for both entities. C. Investments value. are stated at cost, which equals market D. The Horizons Program, as a project of the Salina Arts and Humanities Commission, is exempt from federal income tax under Section 501 of the Internal Revenue Code. E. 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. NOTE 2 - RESTRICTED FUND BALANCE The restricted fund balance of the Horizons Program consists of unpaid balances of 1992 grants.