Audit - 1990 Horizons Program
SALINA ARTS AND HUMANITIES COMMISSION
HORIZONS PROGRAM
Salina, Kansas
REPORT ON EXAMINATION
December 31, 1990
WOODS & DURHAM
Certified Public Accountants
Salina, Kansas
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C H ART ERE 0 accountants
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 Program of
the Salina Arts and Humanities Commission, as of December 31,
1990, 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 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 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, 1990, 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 23, 1991
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WOODS & DURHAM
Certified Public Accountants
1619 E. Iron Avenue. PO. Box 1516 . Salina, Kansas 67402-1516. Phone 913-825-5494
SALINA ARTS AND HUMANITIES COMMISSION
HORIZONS PROGRAM
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCE
December 31, 1990
ASSETS
Current Assets
Cash - Checking account
Savings
Investments - Certificate of deposit
Total Current Assets
LIABILITIES AND FUND BALANCE
Restricted fund balance
Unrestricted fund balance
Total Liabilities and Fund Balance
See Notes to Financial Statements.
$ 25,803
6,136
111,135
$!~~1-Q2~
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$ 19,640
123,434
$!~~1-Q2~
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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, 1990
PUBLIC SUPPORT AND REVENUE
Public Support
City of Salina
Private Charitable Contributions
$15,000
24,450
Total Public Support
Revenue
Investment income
7,534
Total Revenue
Total Public Support and Revenue
EXPENSES
Program Services
Evaluator
Horizons Grants - 1989
Horizons Grants - 1990
Horizons 50 - fundraising
Horizons 50 - residency
2,746
15,403
7,350
299
341
Total Program Services
Supporting Services
General administration
Miscellaneous
6,786
252
Total Supporting Services
Total Expenses
Total Public Support and Revenue
Over (Under) Expenses
FUND BALANCE - January 1, 1990
FUND BALANCE - December 31, 1990
See Notes to Financial Statements.
$ 39,450
7,534
46,984
26,139
7,038
33,177
13,807
129,267
$!~~1-Q2~
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SALINA ARTS AND HUMANITIES COMMISSION
HORIZONS PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
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 are stated at cost.
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 1990 grants.