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Audit - 1988 Horizons Program SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas REPORT ON EXAMINATION December 31, 1988 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 audited the statement of assets, liabilities, and fund balance - cash basis, of the Horizons Program of the Salina Arts and Humanities Commission, as of December 31, 1988, and the re- lated statement of receipts, disbursements, and changes in fund balance cash basis, for the year then ended. These financial statements are the responsibility of the Commission's management. 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, these financial statements were prepared on the cash basis of accounting and are not intended to be pre- sented in conformity with generally accepted accounting principles. In our opinion, the financial statements referred to above pre- sent fairly, in all material respects, the assets, liabilities, and fund balance of the Horizons Program of the Salina Arts and Humanities Commission as of December 31, 1988, and the receipts, disbursements, and changes in fund balance for the year then ended, on the basis of accounting described in Note 1. ¡Jood4- ~ ~WIh~ January 9, 1989 WOODS & DURHAM Certified Public Accountants SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCE December 31, 1988 ASSETS Cash - Checking account Savings Investments - certificate of deposit LIABILITIES AND FUND BALANCE Reserved fund balance - Note 2 Unreserved fund balance See Notes to Financial Statements. $ 19,333 4,460 79,267 $~~~£:~~~ $ 16,653 86,407 $~Q2.!.Q§'Q ------- SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN FUND BALANCE December 31, 1988 RECEIPTS General Private contributions Other - City of Salina Interest income Miscellaneous $12,000 12,500 6,388 709 DISBURSEMENTS General Administrative and operating Special projects Grants Program expenses Evaluator Horizons Grants - 1987 Horizons Grants - 1988 Horizons 50 2,670 4,000 2,305 14,935 14,480 8,012 RECEIPTS OVER (UNDER) DISBURSEMENTS FUND BALANCE - January 1, 1988 FUND BALANCE - December 31,1988 See Notes to Financial Statements. $ 31,597 46,402 (14,805) 117,865 $~Q~.!.2~2 ------- SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1988 The Horizons Program was created by the Salina Arts and Humanities Commission in 1986 as a continuing grant program to provide support to the cultural life of the community. Initial funding was provided by the Artist in Residence Program, which was terminated December 31, 1985. 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 - RESERVED FUND BALANCE The reserved fund balance of the Horizons Program consists of unpaid balances of 1987 and 1988 grants.