Audit - 1982
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
REPORT ON EXAMINATION
September 30, 1982
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
September 30,1982, 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, accord-
ingly, included such tests of the accounting records and such other audit-
ing 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 po-
sition 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, 1982, and the revenues collected
and disbursements made during the year then ended, on the basis of ac-
counting described in Note 1.
October 22,1982
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THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCE
September 30, 1982
ASSETS
Cash
Investments
Equipment
$18,993
62,562
1 , 2 68
$82.823
LIABILITIES AND FUND BALANCE
Fund Balance
$82.823
See Notes to Financial Statements.
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT OF RECEIPTS, DISBURSEMENTS,
AND CHANGES IN FUND BALANCE
September 30, 1982
RECEIPTS
General
Government Grants and Contracts
Saline County
Miscellaneous bf ,\ . .
Private Charitable Contributions
Individual Donations
Business Donations
Sponsorships
Interest
Other-I:".+ ,i':¡,,¡!
Miscellaneous
Mid-America Arts Alliance
Earned Revenue
Admissions
Fees
Miscellaneous -
Transfers
i,
$ 4,514
2,500
2,416
2 , 385
20,650
5,808
6,041
613
69,771
11,732
5,275
1,500
5,565
5,199
6,331
50,095
19,052
19,462
$13 3,205
DISBURSEMENTS
Salaries
General Administration
Miscellaneous
Special Projects
Arts Programs
Marketing and Promotion
Technical
105,704
Receipts Over (Under) Disbursements
27,501
Fund Balance - October 1,1981
55,322
Fund Balance - September 30, 1982
$ 82.823
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
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 Sal-
ina Arts Commission, is exempt from federal income tax
under Section 501 of the Internal Revenue Code.