Audit Community Art 2002
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina,Kansas
COMPILED FINANCIAL STATEMENTS
December 31,2002
WOODS & DURHAM
Certified Public Accountants
Salina, Kansas
~rif~d
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C H ART ERE 0 accountants
Salina Arts and Humanities Commission
Community Art & Design 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 Art & Desi~~n 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 acceptled 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. + ~0IYtL
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
Cash
Investments
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND NET ASSETS
CASH BASIS
December 31,2002
ASSETS
TOTAL ASSETS
Net Assets
Unrestricted
LIABILITIES AND NET ASSETS
See accompanying accountant's compilation report
and notes to financial statements.
$
7,061
14,305
$
21,366
$
21,366
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
STATEMENT OF REVENUE AND EXPENSES
CASH BASIS
Year Ended December 31,2002
PUBLIC SUPPORT AND REVENUE
Public Support
Other Contracted Revenue
Public
Revenue
Investment Return (Loss)
TOTAL PUBLIC SUPPORT AND REVENUE
EXPENSES
Program services
Special Projects
Community Projects
USD 305
TOTAL EXPENSES
17,803
1,554
DEFICIENCY OF REVENUE OVER EXPENSES
NET ASSETS - January 1, 2002
NET ASSETS - December 31, 2002
See accompanying accountant's compilation report
and notes to financial statements.
$
6,771
(1,237)
5,534
19,357
(13,823)
35,189
$
21,366
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2002
The Community Art & Design Program was created in 2001 by the Salina Arts and
Humanities Commission as a program to promote and support the integration of art in
public spaces within the community. Initial funding came through various programs
within the Commission. The Community Art & Design 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 n~corded as
disbursed.
B. Investments
The Organization has adopted SFAS No. 124, "Accounting for Certain Investments
Held by Not-far-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.
SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY ART & DESIGN PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2002
NOTE 2 -INVESTMENTS
Investments are stated at fair value and consist of:
Mutual Fund
Cost
17,313
$
Investment return (loss) is summarized as follows:
Interest Income
Unrealized Loss on Investment
Investment Return (Loss)
Market
$ 114,305
$
615
(1,852)
(1,237)
$