Audit - 1980
THE SMaKY HILL RIVER FESTIVAL
Salina, Kansas
REPaRT 'ON EXAMINATIaN
September 3'0, 1980
woaDS & DURHAM
Certified Public Accountants
Salina, Kansas
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WOODS
&
DURHAM
605 W NORTH STREET
PO BOX 1324
SALINA, KANSAS 67401
TELEPHONE - AREA 913 . 825.5494
Smoky Hill River Festival
Salina, Kansas
We have examined the statement of assets, liabilities, and fund balances a-
rising from cash transactions of the Smoky Hill River Festival as of Septem-
ber 3'0, 198'0, 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, 198'0, and the revenues collected and dis-
bursements made during the year then ended, on the basis of accounting de-
scribed in Note 1.
January 26,1981
waaDS & DURHAM
THE SMaKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT 'OF ASSETS, LIABILITIES, AND FUND BALANCE
September 3'0, 198'0
Cash
Investments
Equipment
Fund Balance
ASSETS
LIABILITIES AND FUND BALANCE
See Notes to Financial Statements
$1'0,'093
40,'030
794
$50.917
$50.917
THE SMaKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT 'OF RECEIPTS, DISBURSEMENTS, AND
CHANGES IN FUND BALANCE
September 3'0, 1980
RECEIPTS
Lapel Button Sales
Donations
Sponsorships
NEA Grant
Artists Fees
Game Fees
Food Vendor Fees
Electrical Fees
Miscellaneous
T-Shirts
DISBURSEMENTS
Salaries
Consultant Retainers
Publicity and Promotion
Construction, Electrical
Entertainment
Children's Section
Staging Costs
'Office Expenses
Documentation
Travel
Various Programs
Miscellaneous
T-Shirts
and Technical
Receipts aver (Under) Disbursements
Fund Balance - 'October 1, 1979
Fund Balance - September 3'0, 198'0
$48,739
5,91'0
17,299
5,'0'00
3,400
165
3,522
399
379
4,293
$89,106
$ 3,141
1,217
10,184
4 , 636
22,519
4,54'0
5,613
2,932
2,463
7'01
3,666
892
981
63,485
25,621
25,296
$5'0.917
See Notes to Financial Statements
THE SMaKY HILL RIVER FESTIVAL
Salina, Kansas
NaTES Ta FINANCIAL STATEMENTS
September 3'0, 198'0
NaTE 1 - SUMMARY 'OF ACCaUNTING paLICIES
A.
Basis of Presentation - The accompanying financial statements
are presented on the cash basis, where revenue is recorded as
received and expenditures are recorded as disbursed.
B.
The Smoky Hill River Festival is a program of the Salina Arts
Commission. Separate accounting records are maintained by the
two entities, and separate audit reports have been issued.
C.
Property, Plant and Equipment - The amount recorded as equip-
ment represents equipment purchased by the Smoky Hill River
Festival. Depreciation has not been provided on this equip-
ment.
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
5'01 of the Internal Revenue Code.