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Audit - 1987 Horizons Program SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas REPORT ON EXAMINATION December 31, 1987 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 Horizons Program Salina, Kansas We have examined the statement of assets, liabilities, and fund balances arising from cash transactions of the Horizons Program of the Salina Arts and Humanities Commission as of December 31, 1987, 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 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. 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 Horizons Program of the Salina Arts and Humanities Commission as of December 31, 1987, and the revenue collected and disbursements made during the year then ended, on the basis of accounting described in Note 1. rM ~ 4- (jJu$yaM Î- January 21, 1988 WOODS & DURHAM Certified Public Accountants SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCE December 31, 1987 ASSETS Cash - Checking account Savings Investments - Certificate of deposit LIABILITIES AND FUND BALANCE Restricted fund balance Unrestricted fund balance See Notes to Financial Statements. $ 24,347 2,999 90,519 $117,865 ------- ------- $ 16,031 101,834 $117,865 ------- ------- SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN FUND BALANCE December 31, 1987 RECEIPTS General Private contributions Other - City of Salina Interest income Miscellaneous $ 7,730 12,500 5,583 2,040 DISBURSEMENTS General Administrative and operating Special projects - Note 3 Grants Program expenses Program evaluation Evaluator Horizons Grants - 1986 Horizons Grants - 1987 Horizons 50 1,490 6,836 1,094 1,511 8,938 11,017 2,387 RECEIPTS OVER (UNDER) DISBURSEMENTS FUND BALANCE - January 1, 1987 FUND BALANCE - December 31,1987 See Notes to Financial Statements. $ 27,853 33,273 (5,420) 123,285 $117,865 ------- ------- SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1987 The Horizons Program was created by the Salina Arts and Humanities Commission as a continuing grant program to provide support to the cultural life of the community. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation - The accompanying financial state- ments are presented on the cash basis; consequently, revenue is recorded as received and expenditures are recorded as disbursed. B. The Horizons Program is a project of the Salina Arts and Humanities Commission. Separate accounting records are maintained, and separate audit reports have been issued for both entities. C. Investments are stated at cost. D. The Horizons Program, as a project of the Salina Arts and Humanities Commission, is exempt from federal income tax under Section 501 of the Internal Revenue Code. NOTE 2 - HORIZONS PROGRAM The Horizons Program was initiated early in 1986, and was the recipient of funds transferred from the Artist in Residence Program, which was terminated December 31, 1985. NOTE 3 - SPECIAL PROJECTS The Horizons Program purchased, out of undesignated funds, a personal computer for all programs of the Salina Arts and Humanities Commission.