Audit - 1983
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
REPORT ON EXAMINATION
September 30, 1983
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, 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 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 ",hen 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, 1983, and the revenues collected
and disbursements made during the year then ended, on the basis of ac-
counting described in Note 1.
October 18, 1983
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THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCE
September 30,1983
Cash
Investments
Equipment
Fund Balance
ASSETS
LIABILITIES AND FUND BALANCE
See Notes to Financial Statements.
$ 24,683
79,781
1,268
$105.732
$105.732
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT OF RECEIPTS, DISBURSEMENTS,
AND CHANGES IN FUND BALANCE
September 30, 1983
RECEIPTS
General
Government Grants and Contracts
Saline County
Miscellaneous
Private Charitable Contributions
Individual Donations
Business Donations
Sponsorships
Interest
Other
Miscellaneous
Kansas Arts Commission
Earned Revenue
Admissions
Fees
Miscellaneous
$ 6,144
4,500
5,925
4,795
21,230
8,767
7,036
227
73,518
15,163-
4,720 $152,025
3,750
6,699
6,847
58,926
26,694
16,200
10,000 129,116
22,909
82,823
$105.7 32
DISBURSEMENTS
Salaries
General Administration
Miscellaneous
Special Projects
Arts Pro grams
Marketing and Promotion
Technical
Transfer to Rooting for the Arts
Receipts Over (Under) Disbursements
Fund Balance - October 1, 1982
Fund Balance - September 30, 1983
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
September 30,1983
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.