Audit - 1981
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
REPORT ON EXAMINATION
September 30, 1981
WOODS & DURHAM
Certified Public Accountants
Salina, Kansas
WOODS & DURHAM
CERTIFIED PUBLIC ACCOUNTANTS
SALINA, KANSAS
605 W. NORTH STREET
P.O. BOX 1324
SALINA, KANSAS 67401
AREA 913 825.5494
Smoky Hill River Festival
Salina, Kansas
We have examined the statement of assets, liabilities, and fund balances
arising from cash transactions of the Smoky Hill River Festival as of Sep-
tember 30,1981, and the related statement 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 pro-
cedures 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 Smoky Hill
River Festival as of September 30, 1981, and the revenues collected and dis-
bursements made during the year then ended, on the basis of accounting de-
scribed in Note 1.
October 20, 1981
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THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCE
September 30, 1981
Cash
Investments
Equipment
Fund Balance
ASSETS
~? 9,551
44,977
794
~;55. 322
LIABILITIES AND FUND BALANCE
~;55. 322
See Notes to Financial Statements.
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT OF RECEIPTS, DISBURSEMENTS, AND
CHANGES IN FUND BALANCE
September 30, 1981
RECEIPTS
Lapel Button Sales
Saline County
Sponsorships
Grants
Contributions
Art Auc t ion
T-Shirts
Interest
Food Vendor Fees
Miscellaneous
Artist Fees
DISBURSEMENTS
Salaries
Marketing and Promotion
Stage Entertainment
Roving Entertainment
Children's Section
Staging Costs
Technical
Mural
Supplies
Outreach
Sales Tax
Other Programs
Office Expense
Miscellaneous
Receipts Over (Under) Disbursements
Fund Balance - October 1, 1980
Fund Balance - September 30, 1981
See Notes to Financial Statements.
$ 48,564
12,023
15,683
5,740
5,365
3,541
1,000
4,870
3,423
3,527
3,600
8,383
12,776
23,492
5,071
5,565
6,385
2,738
2,515
2,048
20,000
1,571
8,685
2,726
976
$107,336
102,931
4,405
50,917
$ 55.322
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
September 30, 1981
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 dis-
bursed.
B.
The Smoky Hill River Festival is a program of the Salina
Arts Commission. Separate accounting records are main-
tained by the two entities, and separate audit reports
have been issued.
C.
Property, Plant and Equipment - The amount recorded as
equipment represents equipment purchased by the Smoky
Hill River Festival. Depreciation has not been provided
on this equipment.
D.
Investments are stated at cost.
E.
The Smoky Hill River Festival, as a program of the Salina
Arts Commission, is exempt from federal income tax under
Section 501 of the Internal Revenue Code.