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Audit - 1984 SALINA ARTS AND HUMANITIES COMMISSION ARTIST IN RESIDENCE PROGRAM Salina, Kansas REPORT ON EXAMINATION December 31, 1984 WOODS & DURHAM Certified Public Accountants Salina, Kansas WOODS & DURHAM CERTIAED PUBLIC ACCOUNTANTS SALINA, KANSAS 605 W. NORTH STREET P.O. BOX 1324 SALINA, KANSAS 67402-1324 AREA 913 825-5494 Salina Arts and Humanities Commission Artist in Residence Program Salina, Kansas We have examined the statement of assets, liabilities, and fund balances arising from cash transactions of the Artist in Residence Program of the Salina Arts and Humanities Commission (formerly the Salina Arts Commis- sion), as of December 31, 1984, 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 stand- ards, and accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circum- stances. As described in Note 1, the Commission's policy is to prepare its finan- cial statements on the basis of cash receipts and disbursements; conse- quently, certain revenue and the related assets are recognized when re- ceived rather than when earned, and certain expenses are recognized when paid rather than when the obligation is incurred. Accordingly, the ac- companying 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 fair- ly the assets and liabilities arising from cash transactions of the Art- ist in Residence Program of the Salina Arts and Humanities Commission as of December 31, 1984, and the revenues collected and disbursements made during the year then ended, on the basis of accounting described in Note 1, applied in a manner consistent with the preceding year. January 21, 1985 ál~. MtJ¡~- WOODS & DURHAM SALINA ARTS AND HUMANITIES COMMISSION ARTIST IN RESIDENCE PROGRAM Salina, Kansas STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE December 31, 1984 ASSETS Cash - Checking account Savings Investments - Certificate of deposit LIABILITIES AND FUND BALANCE Fund balance See Notes to Financial Statements. $ 4,959 3,806 62,097 PO.862 ~; 70.862 SALINA ARTS AND HUMANITIES COMMISSION ARTIST IN RESIDENCE PROGRAM Salina, Kansas STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN FUND BALANCE December 31, 1984 RECE IPTS General Private contributions Business Individual Other - Outreach Interest income $ 9,166 3,350 10,000 5,276 DISBURSEMENTS General, administrative and operating Residency programs Artist fees Residency support and supplies Printing and documentation Travel 10,088 10,050 2,875 859 3,093 RECEIPTS OVER (UNDER) DISBURSEMENTS FUND BALANCE - January 1,1984 FUND BALANCE - December 31,1984 See Notes to Financial Statements. $27,792 26,965 827 70,035 $;70.862 SALINA ARTS AND HUMANITIES COMMISSION ARTIST IN RESIDENCE PROGRAM Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1984 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Salina Arts Commission is now recognized as the Salina Arts and Humanities Commission. No operational or policy changes have occurred due to the name change. A. Basis of Presentation - The accompanying financial statements are presented on the cash basis; consequently, revenues are recorded as received and expenditures are recorded as dis- bursed. B. The Artist in Residence Program is a project of the Salina Arts and Humanities Commission. Separate accounting records are maintained, and separate audit reports have been issued for both entities. C. Investments are stated at cost. D. The Artist in Residence 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 - ARTIST IN RESIDENCE PROGRAM The Artist in Residence Program was created by the Salina Arts and Humanities Commission as a short-term program funded by con- tributions. The Smoky Hill River Festival transferred $20,000 in the initial year, and $10,000 each of the next three years, through the Outreach Program, to the Artist in Residence Program. These transfers were made to supplement cash flow and to assure the financial success of the program. This program will end in 1985, and the balance of Outreach funds not utilized will be trans- ferred to a new program.