Audit - 1987
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
REPORT ON EXAMINATION
September 30, 1987
WOODS & DURHAM
Certified Public Accountants
Salina, Kansas
WOODS & DURHAM
CERTIFIED PUBLIC ACCOUNTANTS
SALINA, KANSAS
605 W. NORTH STREET
P.O. BOX 1516
SALINA, KANSAS 67402-1516
AREA 913 825-5494
Smoky Hill River Festival
Salina, Kansas
We have examined the statement of assets, liabilities, and fund
balance arising from cash transactions of the Smoky Hill River
Festival as of September 30, 1987, and the related statements of
receipts, disbursements and changes in fund balance for the year
then ended. Our examination was made in accordance with
generally accepted auditing standards, and accordingly, included
such tests of the accounting records and such other auditing
procedures as we considered necessary in the circumstances.
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
expenses are recognized when paid rather than when the obligation
is incurred. Accordingly, the accompanying financial statements
are not intended to present financial position and results of
operations in conformity with generally accepted accounting
principles.
In our opinion, the financial statements referred to above
present fairly the assets and liabilities arising from cash
transactions of the Smoky Hill River Festival as of September 30,
1987, and the revenues collected and disbursements made during
the year then ended, on the basis of accounting described in Note
1, which has been applied in a manner consistent with that of the
preceding year.
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October 19, 1987
WOODS & DURHAM
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCE
September 30, 1987
Current Assets
Cash
Investments
Total
Equipment
Fund Balance
Unrestricted
ASSETS
$ 6,589
127,824
134,413
4,087
$138,500
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LIABILITIES AND FUND BALANCE
$ !~~L~QQ
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See Notes to Financial Statements.
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT OF RECEIPTS, DISBURSEMENTS,
AND CHANGES IN UNRESTRICTED FUND BALANCE
September 30, 1987
OPERATING RECEIPTS
General
Government Grants and Contracts
Saline County
Private Charitable Contributions
Individual donations
Business donations
Sponsorships
Art Auction
Miscellaneous
Earned Revenue
Admissions
Fees
Shirt sales
TOTAL OPERATING RECEIPTS
OPERATING DISBURSEMENTS
General Administration
Special Projects
Arts programs
Marketing and promotion
Technical
Shirt Expenses
Sales Tax
Art Auction Expenses
Miscellaneous
TOTAL OPERATING EXPENSES
OPERATING INCOME (LOSS)
Interest Income
TOTAL INCOME (LOSS)
UNRESTRICTED FUND BALANCE - October 1, 1986
UNRESTRICTED FUND BALANCE - September 30, 1987
$ 6,834
7,607
6,864
17,600
6,867
1,083
79,223
32,712
5,831
28,502
82,799
38,491
15,383
6,678
4,190
1,607
2,229
See Notes to Financial Statements.
$164,621
179,879
(15,258)
8,283
(6,975)
145,475
$!~~!.~QQ
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THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
NOTE 1 - SUMMARY OF ACCOUNTING POLICIES
A. Basis of Presentation - The accompanying financial state-
ments are presented on the cash basis, where revenue is
recorded as received and expenditures are recorded as
disbursed.
B. The Smoky Hill River Festival is a program of the Salina
Arts and Humanities Commission. Separate accounting
records are maintained by the two entities, and separate
audit reports have been issued.
C. Property, Plant and
equipment represents
Hill River Festival.
on this equipment.
Equipment - The amount recorded as
equipment purchased by the Smoky
Depreciation has not been provided
D. Investments are stated at cost.
E. The Smoky Hill River Festival, as a program of the Salina
Arts and Humanities Commission, is exempt from federal
income tax under Section 501 of the Internal Revenue
Code.
NOTE 2 - The Salina
expenditure
Hill River
marketing.
Arts and Humanities Commission authorized the
of $10,000 from investments for the 1987 Smoky
Festival for the purpose of promotion and