Audit - 1986
THE SMOKY HILL RIVER.FESTIVAL
Salina, Kansas
REPORT ON EXAMINATION
September 30, 1986
WOODS & DURHAM
Certified Public Accountants
Salina, Kansas
WOODS & DURHAM
CERTIFIED 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 Festi val as of
September 30, 1986, 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 conunission' 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 30,1986, 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 20, 1986
WOODS & DURHAM
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCES
September 30, 1986
Cash
Investments
Equipment
Fund Balance
Unrestricted
ASSETS
LIABILITIES AND FUND BALANCE
See Notes to Financial Statements.
$ 28,561
112,827
4,087
$145,475
$145,475
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT OF RECEIPTS, DISBURSEMENTS,
AND CHANGES IN UNRESTRICTED FUND BALANCE
September 30, 1986
OPERATING RECEIPTS
General
Government Grants and Contracts
Saline County
Private Charitable Contributions
Individual donations
Business donations
Sponsorships
Art Auction
Miscellaneous
Fire Insurance Proceeds
Earned Revenue
Admissions
Fees
Shirt sales
$ 6,075
7,470
6,300
16,190
6,210
112
6,195
84,230
24,690
7,051
TOTAL OPERATING RECEIPTS
$164,523
OPERATING DISBURSEMENTS
General Administration
Special Projects
Arts programs
Marketing and promotion
Technical
Shirt Expenses
Sales Tax
Art Auction Expenses
Miscellaneous
Horizons Program
$11,063
74,596
27,326
22,474
4,721
3,645
1,275
2,875
12,500
TOTAL OPERATING DISBURSEMENTS
160,475
OPERATING INCOME (LOSS)
4,048
Interest Income
9,434
TOTAL INCOME
13,482
UNRESTRICTED FUND BALANCE - October 1, 1985
131,993
UNRESTRICTED FUND BALANCE - September 30, 1986
$145,475
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, 1986
RECEIPTS
Interest income
$
1,004
DISBURSEMENTS
Salina civic Orchestra
Salina Arts Center
Salina Community Theatre
Kansas Wesleyan
Miscellaneous
Salina Chorale
$1,500
1,500
1,500
1,399
37
361
6,297
RECEIPTS OVER (UNDER) DISBURSEMENTS
(5,293)
RESTRICTED FUND BALANCE - October 1, 1985
20,137
Transfer to Horizons Program
(14,844)
RESTRICTED FUND BALANCE - September 30, 1986
$
See Notes to Financial Statements.
THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
September 30, 1986
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 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 Salina Arts
and Humanities Corrnnission, is exempt from federal income tax
under Section 501 of the Internal Revenue Code.
NOTE 2 - FESTIVAL CURRENTS PRCX;RAM
The Festival 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 ended July, 1986. The remaining funds were
transferred into the "Horizons Program". Horizons is a special
projects grant program of the Salina Arts and Humanities Corrnnission
that provides support to the cultural life of this community.