Loading...
Audit - 1981 SALINA ARTS COMMISSION ARTIST IN RESIDENCE PROGRAM Salina, Kansas REPORT ON EXAMINATION December 31, 1981 WOODS & DURHAM Certified Public Accountants Salina, Kansas WOODS & DURHAM CERTIFIED PUBLIC ACCOUNTANTS SAILINA,KANSAS 605 W. NORTH STREET P.O. BOX 1324 SALINA, KANSAS 67401 AREA 913 825-5494 Salina Arts Commission Artist in Residence Program Salina, Kansas We have examined the statement of assets, liabilities, and fund balances arising from cash transactions of the Artist in Residence Program of the Salina Arts Commission as of December 31, 1981, 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 account- ing 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 finan- cial statements on the basis of cash receipts and disbursements; conse- quently, certain revenue and the related assets are recognized when 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 po- sition 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 Artist in Residence Program of the Salina Arts Commission as of December 31, 1981, and the revenues collected and disbursements made during the year then ended, on the basis of accounting described in Note 1. February 8, 1982 WOODS & DURHAM aJ&cc!.4 t /)>>dltM"^-- SALINA ARTS COMMISSION ARTIST IN RESIDENCE PROGRAM Salina, Kansas STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE December 31, 1981 ASSETS Cash - Checking Account Savings Investments - Certificate of Deposit LIABILITIES AND FUND BALANCE Fund Balance See Notes to Financial Statements. $ 608 11,798 10,000 $22.406 $22.406 SALINA ARTS COMMISSION ARTIST IN RESIDENCE PROGRAM Salina, Kansas STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN FUND BALANCE December 31, 1981 RECEIPTS General Revenue KAC Other - Outreach Private Contributions Business Individual Interest Earned Revenue Admissions DISBURSEMENTS Salaries Project Supplies General Administration and Operations Travel Miscellaneous Receipts Over (Under) Disbursements Fund Balance - January 1, 1981 Fund Balance - December 31, 1981 See Notes to Financial Statements. $ 3,729 20,000 7,250 3,650 1,170 741 $12,476 3,566 988 974 130 $36,540 18,134 18,406 4,000 $22.406 SALINA ARTS COMMISSION ARTIST IN RESIDENCE PROGRAM Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1981 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation - The accompanying financial statements are presented on the cash basis, when revenue is recorded as received and expenditures are recorded as disbursed. B. The Artist in Residence Program is a project of the Salina Arts Commission. Separate accounting records are maintained, and separate audit reports have been issued for both entities. C. Investments are stated at cost. D. The Artist in Residence Program, as a project of the Salina Arts Commission, is exempt from Federal Income Tax Under Section 501 of the Internal Reven- ue Code.