Audit - 2023Salina, Kansas
COMPILED FINANCIAL STATEMENTS
December 31, 2023
SALINA DOWNTOWN, INC.
Salina, Kansas
WOODS & DURHAM, CHARTERED
Certified Public Accountants
Page
Numbers
Compilation Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Statement of Assets, Liabilities, and Net Assets - Tax Basis . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Statement of Revenues, Expenses, and Changes in Net Assets - Tax Basis . . . . . . . . . . . . . 3
Supplementary Information
Statements of Assets, Liabilities, and Net Assets - Prior Year Comparison - Tax Basis . . . . 4
Statement of Revenues and Expenses - Budget v. Actual - Tax Basis . . . . . . . . . . . . . . . . . . . 5
Statement of Revenues and Expenses by Class - Tax Basis. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
SALINA DOWNTOWN, INC.
Salina, Kansas
TABLE OF CONTENTS
To the Board of Directors
Salina Downtown, Inc.
Salina, Kansas
Woods & Durham, Chartered
Certified Public Accountants
Salina, Kansas
ACCOUNTANTS' COMPILATION REPORT
Management is responsible for the accompanying financial statements of Salina Downtown, Inc. (a
nonprofit organization), which comprise the statement of assets, liabilities, and changes in net assets - tax
basis as of December 31, 2023, and the related statement of revenues, expenses, and changes in net
assets - tax basis for the one month and twelve months then ended and determining that the tax basis of
accounting is an acceptable financial reporting framework. We have performed a compilation engagement
in accordance with Statements on Standards for Accounting and Review Services promulgated by the
Accounting and Review Services Committee of the AICPA. We did not audit or review the financial
statements nor were we required to perform any procedures to verify the accuracy or completeness of the
information provided by management. We do not express an opinion, a conclusion, nor provide any
assurance on these financial statements
February 7, 2024
Management has elected to omit substantially all the disclosures ordinarily included in the financial
statements prepared in accordance with the tax basis of accounting. If the omitted disclosures were
included in the financial statements, they might influence the user's conclusions about the Organization's
assets, liabilities, net assets, revenues, and expenses. Accordingly, these financial statements are not
designed for those who are not informed about such matters.
The supplementary information is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information is the responsibility of management. The
supplementary information was not subject to our compilation engagement. We have not audited or
reviewed the supplementary information and do not express an opinion, a conclusion, nor provide any
assurance on such information.
We are not independent with respect to the Salina Downtown, Inc.
The financial statements are prepared in accordance with the tax basis of accounting, which is a basis of
accounting other than accounting principles generally accepted in the United States of America.
1
ASSETS
Current Assets
Cash in Bank 210,574$
Accounts Receivable 22,116
Total Current Assets 232,690
Property and Equipment
Furniture and Equipment 14,858
Less: Accumulated Depreciation (14,858)
Net Property and Equipment -
Other Assets
Rent Deposit 500
TOTAL ASSETS 233,190$
LIABILITIES AND NET ASSETS
Current Liabilities
Accounts Payable 7,962
Accrued Wages 5,205
Accrued Payroll Taxes 471
Facade Payable 48,497
TOTAL LIABILITIES 62,135
Net Assets
Without Donor Restrictions 96,496
With Donor Restrictions
Restricted Facade Funds 52,091
Restricted Grant Funds 940
Restricted New Business Assets 21,528
TOTAL NET ASSETS 171,055
TOTAL LIABILITIES AND NET ASSETS 233,190$
SALINA DOWNTOWN, INC.
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND NET ASSETS - TAX BASIS
December 31, 2023
See Accountants' Compilation Report
2
Period Ended Year-to-Date
Dec. 31, 2023 Dec. 31, 2023
NET ASSETS WITHOUT DONOR RESTRICTIONS
Revenues Without Donor Restrictions
BID Service Fees 9,565$ 86,756$
CID Service Fees 40,199 159,519
Grant Income - 5,000
Program Income 120 27,507
Partnership Income - 9,845
Other Income - 69
Gift Certificate Income 27,224 28,249
Contributions City w/o Restrictions - 60,000
Total Revenues Without Donor Restrictions 77,108 376,945
Net Assets Released from Restrictions
Satisfaction of CID Program Restrictions - 32,569
Satisfaction of Restricted Grants - 1,560
Satisfaction of Facade Program Restrictions - 84,541
Total Net Assets Released from Restrictions - 118,670
Expenses
Bank Service Charges 50 909
General Maintenance - 4,234
Security 2,163 15,296
Trash 1,336 16,076
Computer Expenses 194 2,665
Contributions - 2,030
Dues and Subscriptions 215 2,463
Holiday Lighting and Decorations (339) 21,739
Insurance 332 3,339
Program Marketing - 34
General Marketing 1,124 18,960
Meals 91 2,558
Meeting Expenses - 150
Office Expense 507 2,834
Personnel Expense 23,899 155,229
Health Reimbursement Benefit - 5,000
Postage Expense - 886
Printing 210 1,146
Professional Development - 1,320
Professional Services 700 15,340
Small Tools & Equipment - 198
Flowers and Landscaping - 9,031
Event/Project Supplies 483 40,138
Taxes and Fees - 391
Gasoline and Fuel 33 880
Travel/Mileage - 7,331
Occupancy 1,314 15,742
Gift Certificates Issued 28,425 29,735
Facade Awards (3,981) 70,573
Total Expenses 56,756 446,227
Change in Net Assets Without Donor Restrictions 20,352 49,388
NET ASSETS WITH DONOR RESTRICTIONS
Facade Grants - 60,000
Grant Income - 2,500
Net Assets Released from Restrictions - (118,670)
Change in Net Assets With Donor Restrictions - (56,170)
CHANGE IN NET ASSETS 20,352 (6,782)
NET ASSETS - BEGINNING OF PERIOD 150,703 177,837
NET ASSETS - END OF PERIOD 171,055$ 171,055$
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS - TAX BASIS
For the One Month and Twelve Months Ended December 31, 2023
SALINA DOWNTOWN, INC.
Salina, Kansas
See Accountants' Compilation Report
3
SUPPLEMENTARY INFORMATION
Dec. 31, 2023 Dec. 31, 2022 $ Change
ASSETS
Current Assets
Cash in Bank 210,574$ 223,041$ (12,467)$
Accounts Receivable 22,116 27,128 (5,012)
232,690 250,169 (17,479)
Current Assets
Property and Equipment
Furniture and Equipment 14,858 14,858 -
Less: Accumulated Depreciation (14,858) (14,858) -
Net Property and Equipment - - -
Other Assets
Rent Deposit 500 500 -
TOTAL ASSETS 233,190$ 250,669$ (17,479)$
LIABILITIES AND NET ASSETS
Current Liabilities
Accounts Payable 7,962 5,467 2,495
Accrued Wages 5,205 4,899 306
Accrued Payroll Taxes 471 - 471
Facade Payable 48,497 62,465 (13,968)
TOTAL LIABILITIES 62,135 72,831 (10,696)
Net Assets
Without Donor Restrictions 96,496 45,111 51,385
With Donor Restrictions
Restricted Facade Funds 52,091 80,613 (28,522)
Restricted CID Funds - 30,586 (30,586)
Restricted Grant Funds 940 - 940
Restricted New Business Assets 21,528 21,528 -
TOTAL NET ASSETS 171,055 177,838 (6,783)
TOTAL LIABILITIES AND NET ASSETS 233,190$ 250,669$ (17,479)$
SALINA DOWNTOWN, INC.
Salina, Kansas
STATEMENTS OF ASSETS, LIABILITIES, AND NET ASSETS - PRIOR YEAR COMPARISON - TAX BASIS
December 31, 2023 and 2022
See Accountants' Compilation Report
4
Variance Variance
Dec. 31, 2023 YTD Budget YTD Budget Annual Budget Annual Budget
Revenues
BID Service Fees 86,756$ 90,000$ (3,244)$ 90,000$ (3,244)$
CID Service Fees 159,519 155,000 4,519 155,000 4,519
Grant Income 7,500 5,000 2,500 5,000 2,500
Program Income 27,507 24,000 3,507 24,000 3,507
Partnership Income 9,845 25,000 (15,155) 25,000 (15,155)
Other Income 69 - 69 - 69
Gift Certificate Income 28,249 - 28,249 - 28,249
Contributions City w/o Restrictions 60,000 60,000 - 60,000 -
Total Revenues 379,445 359,000 20,445 359,000 20,445
Expenses
Bank Service Charges 909 600 309 600 309
General Maintenance 4,234 2,000 2,234 2,000 2,234
Security 15,296 13,500 1,796 13,500 1,796
Trash 16,076 14,000 2,076 14,000 2,076
Computer Expenses 2,665 1,500 1,165 1,500 1,165
Contributions 2,030 2,000 30 2,000 30
Dues and Subscriptions 2,463 3,000 (537) 3,000 (537)
Holiday Lights and Decorations 21,739 18,000 3,739 18,000 3,739
General Repairs - 500 (500) 500 (500)
Insurance 3,339 4,500 (1,161) 4,500 (1,161)
Cluster Marketing - 500 (500) 500 (500)
Program Marketing 34 2,500 (2,466) 2,500 (2,466)
General Marketing 18,960 24,000 (5,040) 24,000 (5,040)
Meals 2,558 1,000 1,558 1,000 1,558
Meeting Expenses 150 1,200 (1,050) 1,200 (1,050)
Office Expense 2,834 2,000 834 2,000 834
Other Misc. Expenses - 100 (100) 100 (100)
Personnel Expense 155,229 165,000 (9,771) 165,000 (9,771)
Health Reimbursement Benefit 5,000 - 5,000 - 5,000
Postage Expense 886 1,000 (114) 1,000 (114)
Printing 1,146 1,000 146 1,000 146
Professional Development 1,320 2,000 (680) 2,000 (680)
Professional Services 15,340 12,500 2,840 12,500 2,840
Small Tools and Equipment 198 1,000 (802) 1,000 (802)
Flowers and Landscaping 9,031 12,000 (2,969) 12,000 (2,969)
Event/Project Supplies 40,138 31,000 9,138 31,000 9,138
Taxes and Fees 391 500 (109) 500 (109)
Gas and Fuel 880 500 380 500 380
Travel/Mileage 7,331 500 6,831 500 6,831
Occupancy 15,742 17,000 (1,258) 17,000 (1,258)
Gift Certificates Issued 29,735 - 29,735 - 29,735
Total Expenses 375,654 334,900 40,754 334,900 40,754
Increase (Decrease) - Operating 3,791 24,100 (20,309) 24,100 (20,309)
Facade Program
Facade Grants 60,000 60,000 - 60,000 -
Facade Awards (70,573) (60,000) (10,573) (60,000) (10,573)
Increase (Decrease) - Facade Program (10,573) - (10,573) - (10,573)
Increase (Decrease) in Net Assets (6,782)$ 24,100$ (30,882)$ 24,100$ (30,882)$
SALINA DOWNTOWN, INC.
Salina, Kansas
STATEMENT OF REVENUES AND EXPENSES - BUDGET V. ACTUAL - TAX BASIS
For the Twelve Months Ended December 31, 2023
See Accountants' Compilation Report
5
Administration DIP Programs Grant Programs CID Funding Total
Revenues
BID Service Fees 86,756$ -$ -$ -$ 86,756$
CID Service Fees - - - 159,519 159,519
Grant Income - - 7,500 - 7,500
Program Income 27,507 - - - 27,507
Partnership Income 9,845 - - - 9,845
Other Income 69 - - - 69
Contributions City w/o Restr. 60,000 - - - 60,000
Gift Certificate Income - - - 28,249 28,249
Facade Grants - 60,000 - - 60,000
Total Revenues 184,177 60,000 7,500 187,768 439,445
Expenses
Bank Service Charges 888 - - 21 909
General Maintenance - - 1,560 2,674 4,234
Security - - - 15,296 15,296
Trash - - - 16,076 16,076
Computer Expenses 2,665 - - - 2,665
Contributions 1,430 - - 600 2,030
Dues and Subscriptions 2,463 - - - 2,463
Holiday Lighting and Decorations - - 5,000 16,739 21,739
Insurance 3,339 - - - 3,339
Program Marketing - - - 34 34
General Marketing 18,960 - - - 18,960
Meals 1,017 - - 1,541 2,558
Meeting Expenses 85 - - 65 150
Office Expense 2,834 - - - 2,834
Personnel Expense 34,370 - - 120,859 155,229
Health Reimbursement Benefit 5,000 - - - 5,000
Postage Expense 594 - - 292 886
Printing 752 - - 394 1,146
Professional Development 420 - - 900 1,320
Professional Services 15,115 - - 225 15,340
Small Tools and Equipment - - - 198 198
Flowers and Landscaping - - - 9,031 9,031
Event/Project Supplies - - - 40,138 40,138
Taxes and Fees 311 - - 80 391
Gasoline and Fuel 34 - - 846 880
Travel/Mileage 1,949 - - 5,382 7,331
Occupancy 15,644 - - 98 15,742
Gift Certificates Issued - - - 29,735 29,735
Facade Awards - 70,573 - - 70,573
Total Expenses 107,870 70,573 6,560 261,224 446,227
Change in Net Assets 76,307$ (10,573)$ 940$ (73,456)$ (6,782)$
SALINA DOWNTOWN, INC.
Salina, Kansas
STATEMENT OF REVENUES AND EXPENSES BY CLASS - TAX BASIS
For the Twelve Months Ended December 31, 2023
See Accountants' Compilation Report
6