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Audit - 1989 THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas REPORT ON EXAMINATION December 31, 1989 WOODS & DURHAM Certified Public Accountants Salina, Kansas WOODS & DURHAM CERTIFIED PUBLIC ACCOUNTANTS SALINA, KANSAS 1619 EAST IRON AVE. P.O. BOX 1516 SALINA, KANSAS 67402-1516 AREA ~113 825-5494 INDEPENDENT AUDITOR'S REPORT Salina Arts and Humanities Commission Salina, Kansas We have audited the accompanying statement of assets, liabilities and fund balance cash basis, of Salina Arts and Humanities Commission, as of December 31, 1989, and the related statement 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 Salina Arts and Humanities CoIT~ission as of December 31, 1989, its support, revenue and expenses, and the changes in its fund balances for the year then enàed, on the basis of accounting described in Note 1. J~CY ~1TL- WOODS & DURHAM Certified Public Accountants January 17, 1990 THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas STATEMENT OF ASSETS, LIABILITIES AND FUND BALl\NCE December 31, 1989 ASSETS Current Assets Cash Investments Total Current Assets Equipment LIABILITIES AND FUND BALANCE Fund Balance See Notes to Financial Statements. $17,788 2,204 19,992 19,133 $39,125 ------ ------ $39,125 ------ ------ THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas STATEMENT OF SUPPORT, REVENUE, AND EXPENSE~h AND CHANGES IN FUND BALANCE - CASH BASIS December 31, 1989 PUBLIC SUPPORT AND REVENUE Public Support Government grants City of Salina K.A.C. USD 305 Salina Public Library Other contracted revenue Contributions $121,892 21,296 12,552 1,750 759 3,19S~ Total Public Support Revenue Program Revenue Ticket sales Book sales Museum Investment income {vliscellaneous 14,956 24l 3,637 1,356 93 Total Revenue Total Public Support and Revenue EXPENSES Program Services Special Projects Arts programs Arts services 65,517 18,672 Total Program Services Supporting Services General administration Miscellaneous Horizons program Fund raising 45,683 252 12,500 25,233 Total Supporting Services Total Expenses Total Public Support and Revenue Over (Under) Expenses FUND BALANCE - January 1, 1989 FUND BALANCE - December 31, 1989 See Notes to Financial Statements. $161,448 20,283 181,731 84,189 83,668 167,857 13,874 25,251 $=~~f~~~ THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1989 The Salina Arts and Humanities Commission was organized to promote the cultural arts in the Salina area. The Commission is exempt from federal income taxes under Section 501 of the Internal Revenue Code. NOTE 1 - SUMMARY OF ACCOUNTING POLICIES A. Basis of Presentation - The accompanying financial state- ments are prepared on the cash basis; consequently, revenue is recorded when received and expenses are recognized when disbursed. However, programs of the Commission do not necessarily happen within one calendar year. Therefore, revenue received during a fiscal year are often not expended until the next fiscal year. B. A separate audit report has been issued for the Smoky Hill River Festival as of September 30, 1989, and for the Horizons Program as of December 31, 1989. Both are programs of the Salina Arts and Humanities Commission. c. Property, Plant and Equipment - The amount recorded as fixed assets represents equipment purchased by the Salina Arts and Humanities Commission. Such assets are recorded at cost. Depreciation has not been provided on these assets. D. Investments are recorded at cost. E. Employees are not permitted to accumulate vacation time not taken; and accordingly, no liability for such exists at December 31, 1989. F. Employee salaries and fringe benefits are paid by the City of Salina under a third party reimbursement program; therefore, they are covered by Kansas Public Employees Retirement System through the City. Accordingly, no dis- closures pertaining to the City's retirement plan is in- cluded in these financial statements. G. 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.