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Audit - 1983 SALINA ARTS COMMISSION ARTIST IN RESIDENCE PROGRAM Salina, Kansas REPORT ON EXAMINATION December 31, 1983 WOODS & DURHAM Certified Public Accountants Salina, Kansas WOODS & DURHAM CERTIFIED PUBLIC ACCOUNTANTS SALINA, KANSAS 605 W. NORTH STREET P.O. BOX 1324 ~,ALlNA, KANSAS 67401 AREA 913 825-5494 Salina Arts 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 Commission as of December 31, 1983, 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 account- ing records and such other auditing procedures as we considered necessary in the circumstances. As described in Note 1, the Commission I s policy is to prepare :i ts 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 Commission as of December 31, 1983, 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 31, 1984 tJ ~ ~t»JJCV,VY1 WOODS & DURHAM SALINA ARTS COMMISSION ARTIST IN RESIDENCE PROGRAM Salina, Kansas STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE December 31,1983 ASSETS Cash - Checking Account Savings Investments - Certificate of Deposit $ 4,908 34,006 31,121 $70.035 LIABILITIES AND FUND BALANCE Fund Balance :no .035 See Notes to Financial Statements. SALINA ARTS COMMISSION ARTIST IN RESIDENCE PROGRAM Salina, Kansas STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN FUND BALANCE December 31,1983 RECEIPTS General Private Contributions Business Individual Foundation Grants Other - Outreach Interest Income Earned Income Admissions DISBURSEMENTS General Administration and Operations Residency Programs Artist Fees Residency Support and Supplies Printing and Documentation Travel Miscellaneous Receipts Over (Under) Disbursements FUND BALANCE - January 1, 1983 FUND BALANCE - December 31, 1983 See Notes to Financial Statements. $20,234 6,470 5,000 10,000 3,721 291 7,936 15,483 3,386 1,930 2,534 255 $45,716 31,524 14,192 55,843 $70,035 SALINA ARTS COMMISSION ARTIST IN RESIDENCE PROGRAM Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1983 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation - The accompanying financial statements are presented on the cash basis; conse-' quently, revenues are recorded as received and ex-' penditures are recorded as disbursed. B. The Artist in Residence Program is a project of the Salina Arts 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 Commission, is exempt from Federal Income Tax Under Section 501 of the Internal Reve- nue Code.