Audit - 1985
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
REPORT ON EXAMINATION
September 30, 1985
WCODS & DURHAM
Certified Public Accountants
Salina, Kansas
WOODS & DURHAM
CERTIAED PUBLIC ACCOUNTANTS
SALINA, KANSAS
605 W. NORTH STREET
P.O. BOX 1516
SALINA, KANSAS 67402-1516
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, 1985, 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, and accordingly, 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 cormnission' 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, 1985, and the revenues
collected and disbursements made during the year then ended, on the
basis of accounting described in Note 1, which has been applied in a
manner consistent with that of the preceding year.
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October 15, 1985
WOODS & DURHAM
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCES
September 30, 1985
ASSETS
Cash
Investments
Restricted assets
Cash
Investments
Equipment
$ 23,333
107,073
(Note 2)
14,645
5,492
1,587
$152,130
LIABILITIES AND FUND BALANCE
Fund Balance (Note 2)
Unrestricted
Restricted - Festival Currents Program
$131,993
20,137
$152,130
See Notes to Financial Statements.
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT OF RECEIPTS, DISBURSEMENTS,
AND CHANGES IN UNRESTRICTED FUND BALANCE
September 30, 1985
OPERATING RECEIPTS
General
Government Grants and Contracts
Saline County
Private Charitable Contributions
Individual donations
Business donations
Sponsorships
Art Auction
Miscellaneous
Earned Revenue
Admissions
Fees
Shirt sales
$10,814
6,300
6,535
18,190
5,384
436
82,200
21,817
7,330
TOTAL OPERATING RECEIPTS
$159,006
$ 6,344
79,455
27,839
23,390
4,994
3,288
1,795
1,960
10,000
159,065
(59)
10,143
10,084
121,909
$131,993
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 (LOSS)
Interest Income
TOTAL INCOME
UNRESTRICTED FUND BALANCE - October 1, 1984
UNRESTRICTED FUND BALANCE - September 30, 1985
See Notes to Financial Statements.
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
FESTIVAL CURRENTS PROGRAM
STATEMENT OF RECEIPTS, DISBURSEMENTS,
AND CHANGES IN RESTRICTED FUND BALANCE
September 30, 1985
RECEIPTS
Smoky Hill River Festival
Interest income
DISBURSEMENTS
Salina Symphony
Salina Arts Center
Salina Community Theatre
Kansas Wesleyan
Miscellaneous
RECEIPTS OVER (UNDER) DISBURSEMENTS
RESTRICTED FUND BALANCE - October 1, 1984
RESTRICTED FUND BALANCE - September 30,1985
See Notes to Financial Statements.
$10,000
1,060
$
497
1,500
1,247
601
49
$11,060
3,894
7,166
12,971
$20,137
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
September 30, 1985
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
and Humanities Commission. Separate accounting records are
maintained by the two entities, and separate audi t reports
have been issued.
C. Property, Plant and Equipment The amount recorded as
equipment represents equipment purchased by the Smoky Hill
Ri ver 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 Salina Arts
and Humanities 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
budgeted transfer from the Smoky Hill River Festival. The
Festi val Currents Program was created to supplement and expand
various arts programs in the Salina area. Disbursement of these
funds is restricted for those purposes.
The Currents Program will end as of July, 1986. The remaining
funds will be transferred into the "Horizons Program". Horizons
is a special projects grant program of the Salina Arts and
Humanities Commission that provides support to the cultural life
of this community.