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Audit - 1986 Horizons Program SALINA ARTS AND HU~~ITIES COMMISSION HORIZONS PROGRMI Salina, Kansas REPORT ON EXAMINATION December 31, 1986 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 Salina Arts and Humanities Commission Horizons Program Salina, Kansas We have examined the statement of assets, liabilities, and fund balances arising from cash transactions of the Horizons Program of the Salina Arts and Humanities Commission as of December 31, 1986, and the related statement of receipts, disbursements, and changes in fund balance for the year then ended. Our examination was made in accordance wi th 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 disbursements; 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 Horizons Program of the Salina Arts and Humanities Commission as of December 31, 1986, and the revenues collected and disbursements made during the year then ended, on the basis of accounting described in Note 1. tJttkL i !t)1/i!JtfArl- January 22, 1987 WOODS & DURHAM SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE . . December 31, 1986 ASSETS Cash - Checking account Savings Investments - Certificate of deposit LIABILITIES AND FUND BALANCE Restricted fund balance Unrestricted fund balance See Notes to Financial Statements. $ 35,349 1,686 86,250 $123,285 $ 13,739 109,546 $~L23, 285 SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN FUND BALANCE December 31,1986 RECEIPTS General Private contributions Other-Smoky Hill River Festival and Currents Interest income Miscellaneous Transfer from Artist in Residence Program DISBURSEMENTS General Administrative and operating Special projects Grants Program expenses Horizons 50 RECEIPTS OVER (UNDER) DISBURSEMENTS FUND BALANCE - January 1, 1986 FUND BALANCE - December 31, 1986 See Notes to Financial Statements. $62,050 27,344 3,126 750 58,886 5,243 10,815 10,712 2,101 $152,156 28,871 123,285 $123,285 SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1986 The Horizons Program was created by the Salina Arts æld Humanities Commission as a continuing grant program to provide support to the cultural life of the community. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation - The accompanying financial statements are presented on the cash basis; consequently, revenues are recorded as recei ved 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 be em 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. NOTE 2 - HORIZONS PROGRAM The Horizons Program was initiated early in 1986, and was the recipient of funds transferred from the Artist in Residence Program, which was terminated December 31,1985.