Audit - 2000
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THE SMOKY HILL RIVER FESTIVAL
Salina,Kansas
AUDITED FINANCIAL STATEMENTS
September 30, 2000
WOODS & DURHAM
Certified Public Accountants
Salina,Kansas
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THE SMOKY HILL RIVER FESTIVAL
Salina,Kansas
TABLE OF CONTENTS
Independent Auditor's Report ....................................
Statement of Assets, Liabilities, and Net Assets -
Cash Basis ................................................
Statement of Support, Revenue and Expenses,
and Changes in Net Assets - Cash Basis ........................
Notes to Financial Statements ...................................
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certified
public
C H ART ERE 0 accountants
INDEPENDENT AUDITOR'S REPORT
The 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, 2000,
and the related statement of support, revenue and expenses, and 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 in 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, 2000, 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.
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October 18, 2000
WOODS & DURHAM
Certified Public Accountants
1619 E. Iron Avenue · P.O. Box 1516 · Saliilta, Kansas 67402-1516 . Phone 785-825-5494
Fax 785-825-4450 · www.woodsanddurham.com
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THE SMOKY HILL RIVER FESTIVAL
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND NET ASSETS
CASH BASIS
September 30, 2000
ASSETS
Current Assets
Cash $ 13,087
Investments 125,480
Total Current Assets 138,567
Equipment 6,881
TOTAL ASSETS $ 145,448
LIABILITIES AND NET ASSETS
Net Assets
Unrestricted
$
145,448
See Independent Auditor's Report and Notes to Financial Statements.
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THE SMOKY HILL RIVER FESTIVAL
Salina,Kansas
STATEMENT OF SUPPORT, REVENUE AND EXPENSES,
AND CHANGES IN NET ASSETS - CASH BASIS
September 30, 2000
PUBLIC SUPPORT AND REVENUE
Public Support
Grant Income - KAC
Private Charitable Contributions
Individual donations
Business donations
Sponsorships
Professional fund campaign
Total Public Support
Revenue
Program Revenue
Admissions
Fees
Merchandise income
Investment income
Total Revenue
$ 3,960
19,621
7,863
61,075
14,225
127,843
88,941
13,334
7,052
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
183,471
73,853
48,382
8,890
25,450
8,679
3,081
TOTAL EXPENSES
CHANGES IN NET ASSETS
NET ASSETS BEGINNING OF YEAR - October 1,1999
NET ASSETS END OF YEAR - September 30, 2000
See Independent Auditor's Report and Notes to Financial Statements.
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$ 106,744
237,170
343,914
314,596
37,210
351,806
(7,892)
153,340
$ 145,448
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THE SMOKY HILL RIVER FESTIVAL
Salina,Kansas
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. ~ Q[ Accounting - The accompanying financial statements are prepared on the cash
basis; consequently, 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. Propertv g.asJ. EQuipment- 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.
E. ~ g.asJ. ~ Equivalents - Cash equivalents consist of highly liquid investments with
an initial maturity of three months or less. Fair value equals carrying amounts.
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
Deposits
As of September 30, 2000, 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, 2000, the balance of investments of the Festival was $125,480. 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.
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