Audit Cultural Develop 2002
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina, Kansas
COMPILED FINANCIAL STATEMENTS
December 31,2002
WOODS & DURHAM
Certified Public Accountants
Salina,Kansas
~fiW
LJUl.. public
C H ART ERE 0 accountants
Salina Arts and Humanities Commission
Community Cultural Development Program
Salina, Kansas
We have compiled the accompanying statement of assets, liabilities and net assets - cash
basis, of the Salina Arts and Humanities Commission -. Community Cultural Development
Program (a nonprofit organization), as of December 31, 2002, and the related statement of
revenue and expenses - cash basis, for the year then ended, in accordance with Statements
on Standards for Accounting and Review Services issued by the American Institute of
Certified Public Accountants. These financial statements were prepared on the cash basis of
accounting, which is a comprehensive basis of accounting other than generally accepted
accounting principles.
A compilation is limited to presenting in the form of financial statements information that is the
representation of management. We have not audited or reviewed the accompanying financial
statements and, accordingly, do not express an opinion or any other form of assurance on
them.
WoodA. .¡. ~0nY\.
WOODS & DURHAM
Certified Public Accountants
January 23, 2003
1619 E. Iron Avenue. p.o. Box 1516 . Salina, Kansas 67402-1516 . Phone 785-825-5494
Fax 785-825-4450 . www.woodsanddurham.com
Current Assets
Investments
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND NET ASSETS
CASH BASIS
December 31, 2002
ASSETS
Other Asset
Beneficial Interest in Community Foundation (see Note 1)
TOTAL ASSETS
Net Assets
Restricted
Unrestricted
LIABILITIES AND NET ASSETS
TOTAL NET ASSETS
See accompanying accountant's compilation report
and notes to financial statements.
$ 128,189
8,038
$ 136,227
$
8,038
128,189
$
136,227
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina, Kansas
STATEMENT OF REVENUE AND EXPENSES
CASH BASIS
Year Ended December 31,2002
REVENUE
Investment return (loss)
EXPENSE
Program Support
Transfer to Salina Arts & Humanities Commission
DEFICIENCY OF REVENUE OVER EXPENSES
Unrealized Loss - Restricted Asset
Total Decrease in Net Assets
NET ASSETS - January 1, 2002
NET ASSETS - December 31, 2002
See accompanying accountant's compilation report
and notes to financial statements.
$
(216)
9,330
(9,546)
(1,278)
(10,824)
147,051
$ 136,227
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31,2002
The Community Cultural Development Program was created in 1992 by the Salina Arts and
Humanities Commission as a program to collect funds for use in the development and promotion of the
cultural arts in the City of Salina. The Community Cultural Development Program ¡is a project of the
Salina Arts and Humanities Commission. As such, it is exempt from federal income tax under Section
501 of the Internal Revenue Code, and is not considered a private foundation.
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Basis of Presentation
The accompanying financial statements are presented on the cash basis; consequently, revenue
is recorded as received and expenditures are recorded as disbursed.
B. Investments
The Organization has adopted SFAS No. 124, "Accounting for Certain Investments Held by Not-for.
Profit Organizations." Under SFAS No. 124, investments in marketable securities with readily
determinable fair values and all investments in debt securities are reported at their fair values in
the statement of financial position. Unrealized gains and losses are included in the change in net
assets. Investment income and gains restricted by a donor are reported as increases in
unrestricted net assets if the restrictions are met (either by passage of time or by use) in the
reporting period in which the income and gains are recognized.
C. Management considers all highly liquid investments available for current use with an initial maturity
of three months or less to be cash equivalents.
D. Assets Transferred to a Recipient Orqanization
The Organization permanently transferred $10,000 to the Greater Salina Community Foundation
for its benefit. The Foundation has variance power and legal ownership over all property in the
fund, and the income derived from it. The Foundation may make annual distributions to Salina
Arts and Humanities Commission of an amount .up to but not to exceed five percent of the fund's
net fair market value. The Organization has recognized $10,000 as an Other Asset in the
accompanying Statement of Assets, Liabilities and Net Assets, including an adjustment to market
value as a decrease to this asset.
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31,2002
NOTE 2 - INVESTMENTS
Investments are stated at fair value and consist of:
Cost Market
Money Market $ 43 $ 43
Certificates of Deposit 76,479 76,479
Mutual Fund 59,420 51,667
Total $ 135,942 $ 128,189
Investment return (loss) is summarized as follows:
Interest Income
Net unrealized losses
$
3,214
(3,430)
(216)
Total Unrestricted Investment Income (Loss)
=
$