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Audit - 1984 THE SMOKY HILL RIVER FESTIVAL Salina, Kansas REPORT ON EXAMINATION September 30, 1984 WOODS & DURHAM Certified Public Accountants Salina, Kansas WOODS & DURHAM CERTlF1ED PUBLIC ACCOUNTANTS SALINA, KANSAS 605 W. NORTH STREET P.O. BOX 1324 SALINA, KANSAS 67402-1324 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, 1984, and the related statements of receipts, disbursements and changes in fund balance for the year then ended. Our examination was made in accordance with generally accepted auditing standards, illld ac- cordingly, included such tests of the accounting records and such other 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 mlen 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, 1984, and the revenues collected and disbursements made during the year then ended, on the basis of ac- counting described in Note 1, which has been applied in a manner consist- ent with that of the preceding year. October 15, 1984 ~ ~ '7-!tJ!h lÎì CWL--- WOODS & DURHAM THE SMOKY HILL RIVER FESTIVAL Salina, Kansas STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCES September 30,1984 ASSETS Cash Investments Restricted Assets Cash Investments Equipment (Note 2) LIABILITIES AND FUND BALANCE Fund Balances (Note 2) Unrestricted Restricted - Festival Currents Program See Notes to Financial Statements. $ 19,847 100,645 7,971 5,000 1,417 -- $134.880 $121,909 12,971 -- $134.880 -- THE SMOKY HILL RIVER FESTIVAL Salina, Kansas STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN UNRESTRICTED FUND BALANCE September 30, 1984 OPERATING RECEIPTS General Government Grants and Contracts Saline County Private Charitable Contributions Individual Donations Business Donations Sponsorships Art Auction Miscellaneous Kansas Arts Commission MAAA Earned Revenue Admissions Fees Shirt Sales TOTAL OPERATING RECEIPTS OPERATING DISBURSEMENTS General Administration Special Projects Arts Programs Marketing and Promotion Technical Shirt Expenses Sales Tax Art Auction Expenses Miscellaneous Festival Currents Program TOTAL OPERATING DISBURSEMENTS OPERATING INCOME Interest Income TOTAL INCOME Unrestricted Fund Balance - October 1, 1983 Unrestricted Fund Balance - September 30, 1984 See Notes to Financial Statements. $ 10,386 5~450 4,815 21,211 7,498 550 525 73 ,180 17,541 6~017 $ 8,752 69,921 24,549 14,858 4,688 2,922 1,374 2,732 10,000 $147,173 139,796 7,377 8,800 16,177 105,732 $121. 909 THE SMOKY HILL RIVER FESTIVAL Salina, Kansas FESTIVAL CURRENTS PROGRAM STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN RESTRICTED FUND BALANCE September 30, 1984 RECEIPTS Smoky Hill River Festival Interest Income DISBURSEMENTS Salina Symphony Salina Arts Center Salina Chorale Salina Community Theatre Kansas Wesleyan Marymount College Salina Civic Orchestra Miscellaneous RECEIPTS OVER (UNDER) DISBURSEMENTS Restricted Fund Balance - October 1, 1983 Restricted Fund Balance - September 30~ 1984 See Notes to Financial Statements. $10~000 548 $ 680 1,500 1,500 1,500 1,250 463 623 61 $10~548 7,577 -- 2,971 10,000 -- $12.971 THE SMOKY HILL RIVER FESTIVAL Salina, Kansas NOTES TO FINANCIAL STATEMENTS September 30, 1984 NOTE 1 - SUMMARY OF ACCOUNTING POLICIES 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 501 of the Internal Revenue Code. NOTE 2 - FESTIVAL CURRENTS PROGRAM The Festival Currents Program is funded through a $10,000 budget- ed transfer from the Smoky Hill River Festival. The Festival Cur- rents Program was created to supplement and expand various arts programs in the Salina area. Disbursement of these funds is re- stricted for those purposes.