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
$25,251
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$~~~~~~
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.