Audit - 1983
THE SALINA ARTS COMMISSION
Salina, Kansas
REPORT ON EXAMINATION
December 31, 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
Salina Arts Commission
Salina, Kansas
We have examined the statement of assets, liabilities, and fund balance
arising from cash transactions of the Salina Arts Commission as of De-
cember 31, 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
accordingly, included such tests of the accounting records and such oth-
er auditing procedures as we considered necessary in the circumstances.
As described in Note 1, the Commission's poI icy is to prepare its finan-
cial statements on the basis of cash receipts and disbursements; conse-
quently, certain revenue and the related as sets are recognized ';.Then 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
position and results of operations in conformity with generally accept-
ed accounting principles.
In our opinion, the financial statements referred to above present fair-
ly the assets and liabilities arising from cash transactions of the Sal-
ina Arts Commission as of December 31, 1983, and the revenues collected
and disbursements made during the year then ended~ on the basis of ac-
counting described in Note 1, applied in a manner consistent with the
preceding year.
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January 31,1984
WOODS & DURHAM
THE SALINA ARTS COMMISSION
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE
December 31,1983
Cash
Investments
Equipment
Fund Balance
ASSETS
LIABILITIES AND FUND BALANCE
See Notes to Financial Statements.
$1,340
593
4,390
--
$6.32J
--
$6.32J
--
THE SALINA ARTS COMMISSION
Salina, Kansas
STATEMENT OF RECEIPTS, DISBURSEMENTS, AND
CHANGES IN FUND BALANCE
December 31,1983
RECEIPTS
General
Government Contracts
City of Salina
U. S.D. 305
K.A.C.
Private Contributions
Other
MAAA
Contracted Revenues
Reimbursed Expense
Transfers
In terest
Miscellaneous
Earned Revenue
Admissions
Fees
and Grants
DISBURSEMENTS
Salaries
General Administrative
Travel
Miscellaneous
Arts Programs
Services
and Operating
Receipts Over (Under) Disbursements
Fund Balance - January l~ 1983
Fund Balance - December 31, 1983
$ 63,109
5,650
16,544
3,845
550
4,172
2,233
9,750
300
26
741
640
$107,560
53,802
6,791
3,057
587
37,429
5,865
107~53l
29
6,294
$ 6.323
See Notes to Financial Statements.
THE SALINA ARTS COMMISSION
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
NOTE 1 - SUHHARY OF ACCOUNTING POLICIES
A. Basis of Presentation - The accompanying financial
statements are prepared on the cash bas~s; conse-
quently, revenues are recorded when received and
expenses are recognized when disbursed.
B. A separate audit report has been issued for the
Smoky Hill River Festival as of September 30, 1983,
for the Artist in Residence Program as of December
31, 1983. Both are programs of the Salina Arts
Commission.
C. Property~ Plant and Equipment - The amount record-
ed as fixed assets represents equipment purchased
by the Salina Arts Commission. Such assets are re-
corded at cost. Depreciation has not been provid-
ed on these assets.
D. Investments are recorded at cost.
E. The Salina Arts Commission is exempt from federal
income taxes under Section 501 of the Internal Re-
venue Code.