Audit - 1985
THE SALINA ARTS AND HUMANITIES COMMISSION
Salina, Kansas
REPORT ON EXAMINATION
December 31, 1985
WOODS & 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
Salina Arts and Humanities Commission
Salina, Kansas
We have examined the statement of assets, liabilities, and fund balance
arising from cash transactions of the Salina Arts and Humanities Commission
as of December 31, 1985, 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 other auditing procedures as we considered necessary in the
circumstances.
As described in Note 1, the Commission'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 Salina
Arts and Humanities Commission as of December 31, 1985, and the revenues
collected and disbursements made during the year then ended, on the basis
of accounting described in Note 1, applied in a manner consistent with the
preceding year.
ø~ NJ~Mn--
January 29, 1986
WOODS & DURHAM
THE SALINA ARTS k"'ID HUMANITIES COMMISSION
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE
December 31, 1985
Cash
Investments
Equipment
Fund Balance
ASSETS
LIABILITIES AND FUND BALANCE
See Notes to Financial Statements.
$ 1,952
5,827
4,221
$12,000
$12,000
THE SALINA ARTS AND HUMANITIES COMMISSION
Salina, Kansas
STATEMENT OF RECEIPTS, DISBURSEMENTS, AND
CHANGES IN FUND BALANCE
December 31,1985
RECEIPTS
General
Government contracts
City of Salina
K.A.C.
Contracted revenue
USD 305
Other
Interest
Miscellaneous
Earned revenue
Admissions
and grants
$89,638
14,150
13,500
1,923
697
235
875
$121,018
DISBURSEMENTS
Salaries
General, administrative
Travel
Miscellaneous
Arts programs
Services
Loss on sale of assets
and operating
67,138
7,882
1,809
522
31,396
5,756
900
115,403
RECEIPTS OVER (UNDER) DISBURSEMENTS
5,615
FUND BALANCE - January 1, 1985
6,385
FUND BALANCE - December 31, 1985
$12,000
See Notes to Financial Statements.
THE SALINA ARTS AND HUMANITIES COMMISSION
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31,1985
NOTE 1 - SUMMARY OF ACCOUNTING POLICIES
A.
Basis of Presentation - The accompanying financial statements
are prepared on the cash basis; consequently, 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 30,1985, and for the Artist in
Residence Program as of December 31, 1985. Both arE:~ programs
of the Salina Arts and Humanities Commission.
C.
Property, Plant and Equipment - The amount recorded as fixed
assets represents equipment purchased by the Salina Arts and
Humanities Commission. Such assets are recorded at cost.
Depreciation has not been provided on these assets.
D.
Investments are recorded at cost.
E.
The Salina Arts and Humanities Commission is exempt from
federal income taxes under Section 501 of the Internal Revenue
Code.