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Audit Cultural Develop 1992 SALINA ARTS AND HUMANITIES FOUNDATION COMMUNITY CULTURAL DEVELOPMENT PROGRAM Salina, Kansas COMPILED FINANCIAL STATEMENTS December 31, 1992 WOODS & DURHAM Certified Public Accountants Salina, Kansas ~~tif¡cd .lJLLL in/hUe C H ART ERE D accountants Salina Arts and Humanities Foundation Community Cultural Development Program Salina, Kansas We have compiled the accompanying statement of assets, liabilities and fund balance - cash basis, of the Salina Arts and Humanities Foundation - Community Cultural Development Program as of December 31, 1992, and the related statement of revenue, expenses, and changes in fund balance for the year then ended, in accordance with standards established by the ÞÆerican Institute of Certified Public Accountants. The financial statements have been prepared on the cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial state- ments, and accordingly, do not express an opinion or any other form of assurance on them. January 15, 1993 It! ~ cf1 ~'YL WOODS & DURHAM Certified Public Accountants 1619 E. Iron Avenue. P.O. Box 1516 . Salina, Kansas 67402-1516. Phone 913-825-5494 SALINA ARTS AND HUMANITIES FOUNDATION COMMUNITY CULTURAL DEVELOPMENT PROGRAM Salina, Kansas STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE CASH BASIS December 31, 1992 ASSETS Investments LIABILITIES AND FUND BALANCE Unrestricted Fund Balance See Accompanying Accountants' Compilation Report and Notes to Financial Statements. $51,147 ------ ------ $~!L!i2 ------ SALINA ARTS AND HUMANITIES FOUNDATION COMMUNITY CULTURAL DEVELOPMENT PROGRAM Salina, Kansas STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN FUND BALANCE - CASH BASIS December 31, 1992 PUBLIC SUPPORT AND REVENUE Revenue Investment income EXPENSES Total Public Support and Revenue Over Expenses FUND BALANCE - January 1, 1992 Transfer - Smoky Hill River Festival FUND BALANCE - December 31, 1992 See Accompanying Accountants' Compilation Report and Notes to Financial Statements. $ 1,147 1,147 50,000 $51,147 ------ ------ SALINA ARTS AND HUMANITIES FOUNDATION COMMUNITY CULTURAL DEVELOPMENT PROGRAM Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1992 The Community Cultural Development Program was created in 1992 by the Salina Arts and Humanities Foundation as a program within the Foundation to collect funds for use in the development and promo- tion of the cultural arts in the City of Salina. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation The accompanying financial statements are presented on the cash basis; consequently, revenue is recorded as received and expenditures are recorded as disbursed. B. The Community Cultural Development Program is a pro- ject of the Salina Arts and Humanities Foundation. As such, it is exempt from federal income tax under Section 501 of the Internal Revenue Code. C. Investments value. are stated at cost, which equals market D. The program was initially funded in 1992 by means of a transfer of funds from the Smoky Hill River Festival, another project of the Foundation.