Audit - 1986
THE SALINA ARTS AND HUMANITIES COMMISSION
Salina, Kansas
REPORT ON EXAMINATION
December 31, 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
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, 1986, and the related statement of receipt.:" disburse-
ments, 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 recE~ived 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 prE~sent fairly
the assets and liabilities arising from cash transactions of the Salina Arts
and Humanities comITcission as of December 31, 1986, 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.
(¿ ¿5d-L . i, f;t&2h tJ-. yÞ 1-
January 22, 1987
WOODS & DURHAM
Cash
Investments
Equipment
Fund Balance
THE SALINA ARTS AND HUMANITIES COMMISSION
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE
December 31, 1986
ASSETS
LIABILITIES AND FUND BALANCE
See Notes to Financial Statements.
$ 1,566
6,933
4,221
$}2,720
$~L2, 720
THE SALINA ARTS AND HUMANITIES COMMISSION
Salina, Kansas
STATEMENT OF RECEIPTS, DISBURSEMENTS, AND
CHANGES IN FUND BALANCE
December 31, 1986
RECEIPTS
General
Government contracts and grants
City of Salina
K.A.C.
Contracted revenue
USD 305
Museum opening
Library
Other
Interest
Miscellaneous
Contributions
Reimbursement of expenses
Earned revenue
Admissions
$95,838
11,700
6,000
1,747
1,000
1,829
946
220
75
5,000
1,001
$125,356
DISBURSEMENTS
Salaries
General, administrative
Travel
Miscellaneous
Arts programs
Services
and operating
76,338
9,679
1,726
1,66~
27,326
7,902
124,636
RECEIPTS OVER (UNDER) DISBURSEMENTS
720
FUND BALANCE - January I, 1986
12,000
FUND BALANCE - December 31, 1986
$ 12,720
See Notes to Financial Statements.
THE SALINA ARTS AND HUMANITIES COMMISSION
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31,1986
The Salina Arts and Humanities conunission was organized to promote the
cultural arts in the Salina area. The conunission is exempt from federal
income taxes under Section 501 of the Internal Revenue Code.
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 rec~3nized when
disbursed.
B.
A separate audit report has been issued for the Smoky Hill
River Festival as of September 30, 1986, and for the Horizons
Program as of December 31, 1986. Both are programs of the
Salina Arts and Humanities conunission.
C.
Property, plant and Equipment - The amount recorded as fixed
assets represents equipment purchased by the Salina Arts and
Humanities conunission. Such assets are recordE~ at cost.
Depreciation has not been provided on these assets.
D.
Investments are recorded at cost.
E.
Employees are not permitted to accumulate vacation time not
taken; and accordingly, no liability for such exists at
December 31, 1986.