Audit Community Art 2003
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
COMPILED FINANCIAL STATEMENTS
December 31,2003
WOODS & DURHAM
Certified Public Accountants
Salina, Kansas
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Salina Arts and Humanities Commission
Community Art & Design Program
Salina, Kansas
We have compiled the accompanying statement of assets, liabilities and net assets - cash
basis, of the Salina Arts and Humanities Commission - Community Art & Design Program (a
nonprofit organization), as of December 31, 2003, and the related statement of revenue and
expenses - cash basis, for the year then ended, in accordance with Statements on Standards
for Accounting and Review Services issued by the American Institute of Certified Public
Accountants. These financial statements were 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
statements and, accordingly, do not express an opinion or any other form of assurance on
them.
'Woodš e:t aJurlíam, cliti.
WOODS & DURHAM
Certified Public Accountants
January 22,2004
1619 E. Iron Avenue. P.O. Box 1516 . Salina, Kan,;as 67402-1516 . Phone 785-825-5494
Fax 785-825-4450 . www.wlJod,;anddurham.corn
Current Assets
Cash
Investments
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND NET ASSETS
CASH BASIS
December 31, 2003
ASSETS
TOTAL ASSETS
Net Assets
Unrestricted
LIABILITIES AND NET ASSETS
See accompanying accountant's compilation report
and notes to financial statements.
$ 4,028
16,722
C' 20,750
.¡)
$
20,750
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
STATEMENT OF REVENUE AND EXPENSES
CASH BASIS
Year Ended December 31,2003
REVENUE
Investment Return
EXPENSES
Program services
Special Projects
Community Projects
DEFICIENCY OF REVENUE OVER EXPENSES
NET ASSETS - January 1, 2003
NET ASSETS - December 31, 2003
See accompanying accountant's compilation report
and notes to financial statements.
$
2,430
3,046
(616)
21 ,366
$
20,750
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31,2003
The Community Art & Design Program was created in 2001 by the Salina Arts and
Humanities Commission as a program to promote and support the integration of art in
public spaces within the community. Initial funding came through various programs
within the Commission. The Community Art & Design Program is a project of the Salina
Arts and Humanities Commission. As such, it is exempt from federal income tax under
Section 501 of the Internal Revenue Code, and is not considered a private foundation.
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. Investments
The Organization has adopted SFAS No. 124, "Accounting for Certain Investments
Held by Not-for-Profit Organizations." Under SFAS No. 124, investments in
marketable securities with readily determinable fair values and all investments in
debt securities are reported at their fair values in the statement of financial position.
Unrealized gains and losses are included in the change in net assets. Investment
income and gains restricted by a donor are reported as increases in unrestricted net
assets if the restrictions are met (either by passage of time or by LIse) in the
reporting period in which the income and gains are recognized.
C. Management considers all highly liquid investments available for current use with
an initial maturity of three months or less to be cash equivalents.
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31,2003
NOTE 2 - INVESTMENTS
Investments are stated at fair value and consist of:
Mutual Fund
Cost
17,583
$
Investment return is summarized as follows:
Interest Income
Dividend Income
Unrealized Gain on Investment
Investment Return
Market
$ 16,722
$ 12
270
2,148
$ 2,430