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Audit - 1985 SALINA ARTS AND HUMANITIES COMMISSION ARTIST IN RESIDENCE PROGRAM Salinal Kansas REPORT ON EXAMINATION December 311 1985 WOODS & DURHAM Certified Public Accountants Salina, Kansas WOODS & DURHAM CERTIRED 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 Artist in Residence Program Salina, Kansas We have examined the statement of assets 1 liabilities, and fund balances arising from cash transactions of the Artist in Residence prO<;Jram of the Salina Arts and Humanities Commission as of December 311 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 accompanyin9 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 Artist in Residence Program of the Salina Arts and Humanities Commission as of December 31, 1985, and the revenues collected and disbursements made during the year then ended 1 on the basis of accounting described in Note 1, applied in a manner consistent with the preceding year. ~ I.()~ January 29, 1986 WOODS & DURHAM SALINA ARTS AND HUMANITIES COMMISSION ARTIST IN RESIDENCE PROGRAM Salinal Kansas STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE December 31, 1985 ASSETS Cash - Checking account Savings Investments - Certificate of deposit $ 570 3, 544 54,772 -- $58,886 LIABILITIES AND FUND BALANCE Fund Balance $58,886 See Notes to Financial Statements. SALINA ARTS AND HUMANITIES COMMISSION ARTIST IN RESIDENCE PROGRAM Salinal Kansas STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN FUND BALANCE December 311 1985 RECEIPTS General Private contributions Business Other - Smoky Hill River Festival Interest income Miscellaneous Earned revenue Admissions $ 1/000 10,000 5,413 88 3,499 $20,000 DISBURSEMENTS General 1 administrative and operating Residency programs Artist fees Residency support and supplies Printing and documentation Travel 2,791 12,075 6,532 7,918 2/660 31,976 RECEIPTS OVER (UNDER) DISBURSEMENTS (11,976) FUND BALANCE - January 11 1985 70/862 FUND BALANCE - December 311 1985 $58,886 See Notes to Financial Statements. SALINA ARTS AND HUMANITIES COMMISSION ARTIST IN RESIDENCE PROGRAM Salina 1 Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1985 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation - The accompanying financial statements are presented on the cash basis; consequently, revenues are recorded as recei ved and expendi tures are recorded as disbursed. B. The Artist in Residence Program is a project of the Salina Arts and Humanities Cormnission. Separate accounting records are maintained, and separate audit reports have be~en issued for both entities. C. Investments are stated at cost. D. The Artist in Residence Program, as a project of t.he Salina Arts and Humanities Commission, is exempt from Federal Income Tax under Section 501 'of the Internal Revenue Code. NOTE 2 - ARTIST IN RESIDENCE PROGRAM The Artist in Residence Program was created by the Salina Arts and Humani ties Commission as a short-term program funded by contributions. This program ended December 31, 1985" and the balance of Outreach funds not utilized have been transferred to other programs.