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Audit - 1988 THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas REPORT ON EXAMINATION December 31, 1988 WOODS & DURHAM Certified Public Accountants Salina, Kansas WOODS & DURHAM CERTIAED PUBLIC ACCOUNTANTS SALINA, KANSAS 605 W. NORTH STREET P.O. BOX 1516 SALINA, KANSAS 67402-1516 AREA 913 825-5494 Salina Arts and Humanities Commission Salina, Kansas We have audited the statement of assets, liabilities and fund balance cash basis, of Salina Arts and Humanities Commission, as of December 31, 1988, and the related statement of receipts, disbursements, and changes in fund balance - cash basis, for the year then ended. These financial statements are the responsibil- ity 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, these financial statements were prepared on the cash basis of accounting, and are not intended to be pre- sented in conformity with generally accepted accounting principles. In our opinion, the financial statements referred to above pre- sent fairly, in all material respects, the assets and liabilities and fund balance of the Salina Arts and Humanities Commission as of December 31, 1988, and the receipts, disbursements, and changes in fund balance for the year then ended, on the basis of accounting described in Note 1. January 9, 1989 ~oork- q, ~~am~ WOODS & DURHAM Certified Public Accountants THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE December 31, 1988 Cash Investments Equipment Fund Balance ASSETS LIABILITIES AND FUND BALANCE See Notes to Financial Statements. $ 3,021 4,447 17,783 $25,251 ------ ------ $~~~~~~ THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN FUND BALANCE December 31, 1988 RECEIPTS General Government contracts City of Salina K.A.C. Contracted revenue USD 305 Library Other Interest Miscellaneous Earned revenue Admissions DISBURSEMENTS Salaries General, administrative Miscellaneous Arts programs Services Horizons program and grants $115,831 10,775 12,000 1,750 560 1,175 61 4,517 and operating 89,656 13,437 450 36,996 7,763 12,500 RECEIPTS OVER (UNDER) DISBURSEMENTS FUND BALANCE - January 1, 1988 FUND BALANCE - December 31, 1988 See Notes to Financial Statements. $146,669 160,802 (14,133) 39,384 $=~~~~~~ THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1988 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, 1988, and for the Horizons Program as of December 31, 1988. Both are programs of the Salina Arts and Humanities Commission. C. ?roperty, 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, 1988. 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.