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Audit - 1989 THE SMOKY HILL RIVER FESTIVAL Salina, Kansas REPORT ON EXAMINATION September 30, 1989 WOODS & DURHAM Certified Public Accountants Salina, Kansas WOODS & DURHAM CERTIFIED PUBLIC ACCOUNTANTS SALINA, KANSAS 1619 EAST IRON AVE. P.O. BOX 1516 SALINA, KANSAS 67402-1516 AREA 913 825.5494 INDEPENDENT AUDITOR'S REPORT Smoky Hill River Festival Salina, Kansas We have audited the accompanying statement of assets, liabil- ities, and fund balance - cash basis, of the Smoky Hill River Festival as of September 30, 1989, and the related statements of support, revenue, and expenses, and changes in unrestricted fund balance cash basis, for the year then ended. These financial statements are the responsibility of Salina Arts and Humanities Commission. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As described in Note 1, the Commission's policy is to prepare its financial statements on the basis of cash receipts and disburse- ments; 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. This basis is a comprehensive basis of accounting other than generally accepted accounting principles. In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities and fund balances of the Smoky Hill River Festival as of September 30, 1989, and its support, revenue, and expenses, and the changes in its fund balances for the year then ended, on the basis of accounting described in Note 1. i \ (1\ UJ c'teLL q- iJL"~OJWL- \ WOODS & DURfIAM Certified Public Accountants October 9, 1989 Current Assets Cash Investments Total Equipment Fund Balance Unrestricted THE SMOKY HILL RIVER FESTIVAL Salina, Kansas STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCE - CASH BASIS September 30, 1989 ASSETS LIABILITIES AND FUND BALANCE See Notes to Financial Statements. $ 13,519 125,496 139,015 4,087 $!i~!.~23. ,------- $~i~!.!23. ------- THE SMOKY HILL RIVER FESTIVAL Salina, Kansas STATEMENT OF SUPPORT, REVENUE, AND EXPENSES, AND CHANGES IN UNRESTRICTED FUND BALANCE - CASH BASIS September 30, 1989 PUBLIC SUPPORT AND REVENUE Public Support Government grants Saline County Private Charitable Contributions Individual donations Business donations Sponsorships $10,636 10,996 18,550 17,850 Total Public Support $ 58,032 Revenue Program Revenue Admissions Fees Shirt sales Investment income Miscellaneous 91,580 34~406 5,095 10,949 1,748 Total Public Support and Revenue 143,778 201,810 Total Revenue EXPENSES Program Services Special Projects Arts programs Marketing Technical Shirt expenses 99,578 38,718 21,557 4,016 Total Program Services 163,869 Supporting Services General administration Sales tax Miscellaneous 31,098 4,633 3,256 Total Supporting Services Total Expenses 38,987 202,856 Total Public Support and Revenue Over (Under) Expenses (1,046) 144,148 Unrestricted Fund Balance - October 1, 1988 Unrestricted Fund Balance - September 30, 1989 $~~~b~~~ See Notes to Financial Statements. THE SMOKY HILL RIVER FESTIVAL Salina, Kansas NOTES TO FINANCIAL STATEMENTS september 30, 1989 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 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 represents Hill River Festival. on this equipment. Equipment - The amount recorded as equipment purchased by the Smoky Depreciation has not been provided 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.