Loading...
Audit - 1998 I, I t I I I 1 I I I I m I I m I I I I THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas AUDITED FINANCIAL STATEMENTS December 31, 1998 WOODS & DURHAM Certified Public Accountants Salina, Kansas t. t t [II I I I I I ¡ I , I m I I I I I I I ~cified .lJUl.. public C H ART ERE 0 accountants INDEPENDENT AUDITOR'S REPORT Commissioners Salina Arts and Humanities Commission Salina, Kansas We have audited the accompanying statement of assets, liabilities and net assets - cash basis, of Salina Arts and Humanities Commission (a nonprofit organization), as of December 31, 1998, and the related statement of support, revenue, expenses, and changes in net assets - cash basis, for the year then ended. These financial statements are the responsibility of the Commission's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 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. This basis is a comprehensive basis of accounting other than generally accepted accounting principles. In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities, and net assets of Salina Arts and Humanities Commission as of December 31, 1998, and its support, revenue, expenses, and the changes in its net assets for the year then ended, on the basis of accounting described in Note 1. ~OOdA.+ ~ January 15, 1999 WOODS & DURHAM Certified Public Accountants 1 1619 E. Iron Avenue. . P.O. Box 1516 . Salina, Kansas 67402-1516 . Phone 785-825-5494 t. t jI rI t 8 t 8 tI I I II I I I I I I I I Current Assets Cash Investments THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas STATEMENT OF ASSETS, LIABILITIES AND NET ASSETS CASH BASIS December 31, 1998 ASSETS TOTAL ASSETS Net Assets Unrestricted Restricted LIABILITIES AND NET ASSETS TOTAL LIABILITIES AND NET ASSETS See Notes to Financial Statements 2 $ 14,381 43.772 $ 58.153 $ 32,813 25.340 $ 58.153 8. t t rI I I 1 I I I I I I I I I I I I THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas STATEMENT OF SUPPORT, REVENUE, EXPENSES, AND CHANGES IN NET ASSETS - CASH BASIS Year Ended December 31, 1998 PUBLIC SUPPORT AND REVENUE Public Support Government grants City of Salina K.AC. Other contracted revenue Public Private Contributions Total Public Support Revenue Program Revenue Ticket and book sales Investment income Miscellaneous Total Revenue Total Public Support and Revenue EXPENSES Program Services Special Projects Arts programs Arts services Total Program Services Supporting Services General administration Horizons program . Fund raising - Total Supporting Services Total Expenses TOTAL PUBLIC SUPPORT AND REVENUE OVER EXPENSES NET ASSETS - January 1, 1998 NET ASSETS - December 31, 1998 See Notes to Financial Statements 3 $ 247,221 24,215 27,730 5,470 1.100 1,049 2,869 5.283 120,454 48.492 52,571 45,000 42.729 $ 305,736 9.201 314.937 168,946 140.300 309.246 5,691 52.462 $ 58.153 t. t 8 II I I I I I I 1 I 1 t I I ~ , THE SALINA ARTS AND HUMANITIES COMMISSION Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1998 The Salina Arts and Humanities Commission was organized to promote the cultural arts in the Salina area. The Commission is exempt from federal income taxes under Section 501 of the Internal Revenue Code, and is not classified as a private foundation. NOTE 1 - SUMMARY OF ACCOUNTING POLICIES A Basis of Presentation - The accompanying financial statements are prepared on the cash basis; consequently, revenue is recorded when received and expenses are recognized when disbursed. However, programs of the Commission do not necessarily happen within one calendar year. Therefore, revenue received during a fiscal year is often not expended until the next fiscal year. B. A separate audit report has been issued for the Smoky Hill River Festival as of September 30, 1998, and for the Horizons Program as of December 31, 1998. Both are programs of the Salina Arts and Humanities Commission. C. ProlJertv and EQuilJment - The amount recorded as property and equipment represents equipment purchased by the Salina Arts and Humanities Commission. Such assets are recorded at cost. Depreciation has not been provided on these assets. D. The Commission considers all highly liquid investments available for current use with an initial maturity of three months or less to be cash equivalents. E. 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. F. Employee salaries and fringe benefits are paid by the City of Salina under a third party reimbursement program; therefore, they are covered by Kansas Public Employees Retirement System through the City. Accordingly, no disclosures pertaining to the City's retirement plan is included in these financial statements. Salaries have been allocated to the Arts Programs and Arts Services based upon an estimate by management of the time spent by the employees of the particular activities. 4 I-" I 8 I I I I I I I I I I I ) I I I THE SALINA ARTS AND HUMANITIES COMMISSION . Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1998 NOTE 1 - SUMMARY OF ACCOUNTING POLICIES (Cont'd.) G. No amounts have been reported in the financial statements for donated services because no objective basis is available to measure the value of such services. NOTE 2 - RESTRICTED NET ASSETS The restricted net assets are comprised of programs receiving funding and commitments during 1998 which will not be paid for until during the 1999 fiscal year. NOTE 3 -INVESTMENTS Investments are stated at fair value and consist of: Cost Market Certificates of Deposit $ 29,765 $ 29,765 Mutual Fund 14.007 14.007 Total ~ 43.772 $ 43.772 5 - t 8 t I I , I 8 I I I I I I I I I I THE SMOKY HILL RIVER FESTIVAL SALlNA,KANSAs AUDITED FINANCIAL STATEMENTS SEPTEMBER 30, 1998 WOODS & DURHAM CERTIFIED PUBLIC ACCOUNTANTS SALINA, KANSAS I I , I I I ,) I I ¡I I I I I I I I I I ~ ~¡fied .lJUl.. public C H ART ERE D accountants INDEPENDENT AUDITOR'S REPORT Smoky Hill River Festival Salina, Kansas We have audited the accompanying statement of assets, liabilities, and net assets - cash basis, of the Smoky Hill River Festival (a nonprofit organization) as of September 30, 1998, and the related statement of support, revenue and expenses, and other changes in net assets - cash basis, for the year then ended. These financial statements are the responsibility of Salina Arts and Humanities Foundation. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As described in Note 1, these financial statements were prepared on the cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities and net assets of the Smoky Hill River Festival as of September 30, 1998, and its support, revenue and expenses, and other changes in net assets for the year then ended, on the basis of accounting described in Note 1. ~OM! + ~ Oqtober 15, 1998 WOODS & DURHAM Certified Public Accountants 1619 E. Iron Avenue. . P.O. Box 1516 . Salina, Kansas 67402-1516 . Phone 785-825-5494 I I I I I I 1 I , I I I I I I I I I I I THE SMOKY HILL RIVER FESTIVAL SALlNA,KANSAS STATEMENT OF ASSETS, LIABILITIES AND NET ASSETS - CASH BASIS SEPTEMBER 3D, 1998 ASSETS CURRENT ASSETS Cash Investments $ 47,269 91.035 TOTAL CURRENT ASSETS 138,304 EQUIPMENT 6.881 TOTAL ASSETS lJj5.185 LIABILITIES AND NET ASSETS NET ASSETS Unrestricted ~ 145.1]§ See Independent Auditor's Report and Notes to Financial Statements. I I I I I I I I I I I I I 1 I I I I I THE SMOKY HILL RIVER FESTIVAL SALINA, KANSAS STATEMENT OF SUPPORT, REVENUE AND EXPENSES, AND OTHER CHANGES IN NET ASSETS - CASH BASIS SEPTEMBER 30, 1998 PUBLIC SUPPORT AND REVENUE PUBLIC SUPPORT Government Grants Kansas Arts Commission Private Charitable Contributions Individual donations Business donations Sponsorships Professional fund campaign TOTAL PUBLIC SUPPORT REVENUE Program Revenue Admissions Fees Merchandise income Investment income Miscellaneous TOTAL REVENUE TOTAL PUBLIC SUPPORT AND REVENUE EXPENSES PROGRAM SERVICES Special Projects Arts programs Marketing Technical Merchandise expense TOTAL PROGRAM SERVICES SUPPORTING SERVICES General administration Sales tax Miscellaneous TOTAL SUPPORTING SERVICES TOTAL EXPENSES $ 700 16,712 8,231 60,575 12.950 136,825 84,018 11,441 5,107 463 154,055 70,819 42,786 5.041 27,567 9,365 2.819 See Independent Auditor's Report and Notes to Financial Statements. $ 99,168 237.854 337.022 272,701 39.751 312.452 THE SMOKY HILL RIVER FESTIVAL SALINA, KANSAS STATEMENT OF SUPPORT, REVENUE AND EXPENSES, AND OTHER CHANGES IN NET ASSETS - CASH BASIS SEPTEMBER 3D, 1998 CHANGE IN NET ASSETS NET ASSETS AT BEGINNING OF YEAR - OCTOBER 1,1997 NET ASSETS AT END OF YEAR - SEPTEMBER 30, 1998 See Independent Auditor's Report and Notes to Financial Statements. $ 24,570 120.615 ~ THE SMOKY HILL RIVER FESTIVAL SALINA, KANSAS NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1998 NOTE 1 - SUMMARY OF ACCOUNTING POLICIES A. Basis of Presentation The accompanying financial statements are presented on the cash basis, where revenue is recorded as received, and expenditures are recorded as disbursed. B. The Smoky Hill River Festival is a program of the Salina Arts and Humanities Foundation. Separate accounting records are maintained by the two entities, and separate audit reports have been issued. C. Prooertv. Plant and EQuilJment The amount recorded as equipment represents equipment purchased at cost by the Smoky Hill River Festival. Depreciation has not been provided on this equipment. D. The Smoky Hill River Festival, as a program of the Salina Arts and Humanities Foundation, is exempt from federal income tax under Section 501 of the Internal Revenue Code, and is not identified as a private foundation within the Code. NOTE 2 - CONTRIBUTED SERVICES The Festival utilizes the donated services of literally hundreds of volunteers to produce the Festival. Although these volunteer services are an integral part of the organization, there is no clearly measurable basis for determining the value of such services. Accordingly, these financial statements do not reflect financial data pertaining to these services. NOTE 3 - DEPOSITS AND INVESTMENTS Deoosits As of September 30, 1998 and for the year then ended, the cash balances of the Festival were adequately secured by FDIC insurance of the respective banking institutions. Investments As of September 30, 1998, the balance of investments of the Festival was $91,035. All investments made are in institutions insured by the FDIC, and all investment balances during the year were fully insured. The balance reflected is at cost basis, and market value equals cost for these investments. íI I 8 I 8 I J I I , I I I I I I I I I I SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas AUDITED FINANCIAL STATEMENTS December 31, 1998 WOODS & DURHAM Certified Public Accountants Salina, Kansas iI 8 ~ rtI - - i :t it I I I I I I I I I I ~ ~tified L.}Ul.. public C H ART ERE 0 accountants INDEPENDENT AUDITOR'S REPORT Salina Arts and Humanities Commission Horizons Program Salina, Kansas We have audited the accompanying statement of assets, liabilities, and net assets - cash basis, of the Horizons Program of the Salina Arts and Humanities Commission (a nonprofit organization), as of December 31, 1998, and the related statements of support, revenue, expenses, and changes in net assets - cash basis, for the year then ended. These financial statements are the responsibility of the Commission's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 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. This basis is a comprehensive basis of accounting other than generally accepted accounting principles. In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities, and net assets of the Horizons Program of the Salina Arts and Humanities Commission as of December 31, 1998, and its support, revenue, expenses, and the changes in net assets for the year then ended, on the basis of accounting described in Note 1. Mood!-+- ~ January 15, 1999 WOODS & DURHAM Certified Public Accountants 1619 E. Iron Avenue. . P.O. Box 1516 . Salina, Kansas 67402-1516 . Phone 785-825-5494 8 I I I I I 1 I II I I II I I I I I I :1 SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas STATEMENT OF ASSETS, LIABILITIES, AND NET ASSETS CASH BASIS December 31, 1998 ASSETS Current Assets Unrestricted Cash Investments Restricted Investments $ 7,433 148,390 14.175 Total Current Assets 169,998 3.975 Property and Equipment TOTAL ASSETS $ 173.973 LIABILITIES AND NET ASSETS Net Assets Investment in equipment Restricted Unrestricted TOTAL LIABILITIES AND NET ASSETS $ 3,975 14,175 155.823 $ 173.973 See Notes to Financial Statements. PI - - t 8 I t I I I I D I I n I I I » SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas STATEMENT OF SUPPORT, REVENUE, EXPENSES, AND CHANGES IN NET ASSETS - CASH BASIS Year Ended December 31, 1998 PUBLIC SUPPORT AND REVENUE Public Support City of Salina Private Charitable Contributions Total Public Support Revenue Investment income Total Public Support and Revenue EXPENSES Program Services Evaluator Horizons Grants - 1995 Horizons Grants - 1996 Horizons Grants - 1997 Horizons Grants - 1998 Sudden Opportunity GrantslTraining and Development Horizons 50 - fundraising Unrestricted Fund expenditure Total Program Services Supporting Services General administration Total Expenses TOTAL PUBLIC SUPPORT AND REVENUE OVER EXPENSES NET ASSETS - January 1, 1998 NET ASSETS - December 31, 1998 See Notes to Financial Statements. ~ ( J1.it~ t.l~ , ,,^-o' ',..s-"'" 0-:" " ~> ~r¡r../Dc.ft'f ~ : J rl/"'lf"M H j . $ 45,000 '... -o .ft::.'#.fff 26 . 2 2 9 :-rr "f.ii:F $ 71,229 /" 9,538 80.767 $ 5,484 123 640 11,086 44,900 1 ,498 1,587 3.599 68,917 8.983 77.900 2,867 171 . 1 06 iJ73.973 8 I 8 rI I I I I I I I I I I I I I I I SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1998 The Horizons Program was created by the Salina Arts and Humanities Commission in 1986 as a continuing grant program to provide support to the cultural life of the community. Initial funding was provided by the Artist in Residence Program, which was terminated 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, revenue is recorded as received and expenditures are recorded as disbursed. B. The Horizons Program is a project of the Salina Arts and Humanities Commission. Separate accounting records are maintained, and separate audit reports have been issued for both entities. C. The Horizons Program considers all highly liquid investments available for current use with an initial maturity of three months or less to be cash equivalents. D. 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. E. The Horizons Program, as a project of the Salina Arts and Humanities Commission, is exempt from federal income tax under Section 501 of the Internal Revenue Code, and is not considered a private foundation. F. No amounts have been reported in the financial statements for donated services because no objective basis is available to measure the value of such services. G. The amount recorded as property and equipment represents equipment purchased with undesignated funds held in the Horizons accounts. Such assets are recorded at cost. Depreciation has not been provided on these assets. I I I I I I 1 I I I I I I I I I I I I SALINA ARTS AND HUMANITIES COMMISSION HORIZONS PROGRAM Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1998 NOTE 2 - RESTRICTED NET ASSETS The restricted net assets of the Horizons Program consist of unpaid balances of Horizons grants. NOTE 3 -INVESTMENTS Investments are stated at fair value and consist of: Cost Market Certificates of Deposit $ 146,330 $ 146,330 Mutual Fund 16.235 16.235 Total $ 162.565 $ 162.565 . I I I I I 8 1 I I I I I I I I I I I I SALINA ARTS AND HUMANITIES FOUNDATION COMMUNITY CULTURAL DEVELOPMENT PROGRAM Salina, Kansas COMPILED FINANCIAL STATEMENTS December 31,1998 WOODS & DURHAM Certified Public Accountants Salina, Kansas t 8 I I I I I I I I I D I I U I I I I . ~ifi'd ULU. public C H ART ERE 0 accountants Salina Arts and Humanities Foundation 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 Foundation - Community Cultural Development Program, as of December 31, 1998, and the related statement of revenue, expenses, and changes in net assets - cash basis, for the year then ended, in accordance with the Statements for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The financial statements have been 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. ~Oßd4. + ~ January 15, 1999 WOODS & DURHAM Certified Public Accountants 1619 E. Iron Avenue. . P.o. Box 1516 . Salina, Kansas 67402-1516 . Phone 785-825-5494 8 I 8 [I I I 1 I I I I I I I I I I I I SALINA ARTS AND HUMANITIES FOUNDATION COMMUNITY CULTURAL DEVELOPMENT PROGRAM Salina, Kansas STATEMENT OF ASSETS, LIABILITIES AND NET ASSETS CASH BASIS December 31, 1998 ASSETS Investments LIABILITIES AND NET ASSETS Net Assets Unrestricted See accompanying accountant's compilation report and notes to financial statements. $ 134.252 $ 134.252 SALINA ARTS AND HUMANITIES FOUNDATION COMMUNITY CULTURAL DEVELOPMENT PROGRAM Salina, Kansas STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN NET ASSETS - CASH BASIS Year Ended December 31, 1998 REVENUE Investment income $ 10,807 NET ASSETS - January 1, 1998 123.445 NET ASSETS - December 31, 1998 U34.252 See accompanying accountant's compilation report and notes to financial statements. I I I J J I SALINA ARTS AND HUMANITIES FOUNDATION COMMUNITY CULTURAL DEVELOPMENT PROGRAM Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 1998 The Community Cultural Development Program was created in 1992 by the Salina Arts and Humanities Foundation as a program within the Foundation to collect funds for use in the development and promotion of the cultural arts in the City of Salina. 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. The Community Cultural Development Program is a project of the Salina Arts and Humanities Foundation. As such, it is exempt from federal income tax under Section 501 of the Internal Revenue Code, and is not considered a private foundation. C. 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.