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Audit - 1982 THE SALINA ARTS COMMISSION Salina, Kansas REPORT ON EXAMINATION December 31,1982 WOODS & DURHAM Certified Public Accountants Salina, Kansas WOODS & DURHAM CERTIFIED PUBLIC ACCOUNTANTS SALINA, KANSAS 605 W. NORTH STREET P.O. BOX 1324 SAUNA, KANSAS ~~1 AREA 913 825-5494 Salina Arts Commission Salina, Kansas We have examined the statement of assets, liabilities, and fund balance arising from cash transactions of the Salina Arts Commission as of De- cember 31,1982, 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 oth- er auditing procedures as we considered necessary in the circumstances. 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 accept- ed accounting principles. In our opinion, the financial statements referred to above present fair- ly the assets and liabilities arising from cash transactions of the Sal- ina Arts Commission as of December 31,1982, and the revenues collected and disbursements made during the year then ended, on the basis of ac- counting described in Note 1, applied in a manner consistent \vith the preceding year. January 13, 1983 WOODS & DURHAM Í1j~dA.. -;' /)I.-UhWv-./\_/ THE SALINA ARTS COMMISSION Salina, Kansas STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE December 31, 1982 Cash Investments Equipment Fund Balance ASSETS $ 541 1,902 3,851 -- $h294 LIABILITIES AND FUND BALANCE $h294 See Notes to Financial Statements. THE SALINA ARTS COMMISSION Salina, Kansas STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN FUND BALANCE December 31, 1982 RECEIPTS General Government Contracts City of Salina D.S.D. 305 K.A.C. Private Contributions Interest Miscellaneous Earned Receipts Admissions Other and Grants DISBURSEMENTS Salaries General Administrative Travel Miscellaneous Arts Programs Services Transfers and Operating Receipts Over (Under) Disbursements Fund Balance - January 1,1982 Fund Balance - December 31, 1982 See Notes to Financial Statements. $ 60,680 5,500 17,222 9,000 588 1,007 5,533 5,565 49,400 6,270 1,106 1,018 43,900 3,689 $105,095 105,383 (288) 6,582 $ 6 . 2 94 THE SALINA ARTS COMMISSION Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1982 NOTE 1 - SUMMARY OF ACCOUNTING POLICIES A. Basis of Presentation - The accompanying financial statements are prepared on the cash basis; conse-- quently, revenues are recorded when received and expenses are recognized when disbursed. B. A separate audit report has been issued for the Smoky Hill River Festival as of September 30,1982, and for the Artist in Residence Program as of De-. cember 31,1982. Both are programs of the Salina Arts Commission. C. Property, Plant and Equipment - The amount record- ed as fixed assets represents equipment purchased by the Salina Arts Commission. Such assets are re- corded at cost. Depreciation has not been provid- ed on these assets. D. Investments are recorded at cost. E. The Salina Arts Commission is exempt from federal income taxes under Section 501 of the Internal Re.. venue Code.