Audit - 2000
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All PROGRAMS OF THE
SALINA ARTS AND HUMANITIES COMMISSION
Salina, Kansas
COMPilED FINANCIAL STATEMENTS
December 31, 2000
WOODS & DURHAM
Certified Public Accountants
Salina,Kansas
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certified
public
C H ART ERE D accountants
To The Board of Directors
Salina Arts and Humanities Commission
Salina, Kansas
We have compiled the accompanying statement of assets, liabilities and net assets - cash
basis, of All Programs of the Salina Arts and Humanities Commission as of December 31,
2000, and the related statement of support, 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. 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.
~ODd4.+ ~
WOODS & DURHAM
Certified Public Accountants
January 18, 2001
1619 E. Iron Avenue · P.O. Box 1516 · Salina, Kansas 67402-1516 . Phone 785-825-5494
Fax 785-825-4450 · www.woodsanddurham.com
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ALL PROGRAMS OF THE
SALINA ARTS AND HUMANITIES COMMISSION
Salina,Kansas
STATEMENT OF ASSETS, LIABILITIES, AND NET ASSETS
CASH BASIS
December 31,2000
ASSETS
Current Assets
Unrestricted
Cash $
Investments
Total Current Assets
Other Asset
Beneficial interest in Community Foundation
Equipment
TOTAL ASSETS $
LIABILITIES AND NET ASSETS
Investment in Equipment $
Net Assets
Restricted
Unrestricted
Total Net Assets
TOTAL LIABILITIES AND NET ASSETS $
See accompanying accountant's compilation report
and notes to financial statements.
31,494
456,426
487,920
9,676
10,856
508,452
10,856
54,415
443,181
497,596
508,452
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ALL PROGRAMS OF THE
SALINA ARTS AND HUMANITIES COMMISSION
Salina, Kansas
STATEMENT OF SUPPORT, REVENUE AND EXPENSES
CASH BASIS
Year Ended December 31,2000
PUBLIC SUPPORT AND REVENUE
Public Support
Government grants
Contracted revenue
Contributions
Total Public Support
$ 307,634
30,430
133,804
Revenue
Program revenue
Investment Income
Miscellaneous
Total Revenue
233,892
38,018
1,317
TOTAL PUBLIC SUPPORT AND REVENUE
EXPENSES
Program Services
Arts programs
Arts services
Total Program Services
544,489
54,495
Supporting Services
General administration
Fund raising
Total Supporting Services
90,065
61,474
TOTAL EXPENSES
TOTAL PUBLIC SUPPORT AND REVENUE OVER EXPENSES
NET ASSETS - January 1, 2000
NET ASSETS - December 31, 2000
See accompanying accountant's compilation report
and notes to financial statements.
$ 471,868
273,227
745,095
598,984
151,539
750,523
(5,428)
503,024
$ 497,596
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ALL PROGRAMS OF THE
SALINA ARTS AND HUMANITIES COMMISSION
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2000
This report combines all of the activities of the Salina Arts and Humanities Commission, which are a
part of the Arts and Humanities Department of the City of Salina and financially housed in the Salina
Arts and Humanities Foundation, as of and for the year ended December 31, 2000, including the work
of the Salina Arts and Humanities Commission and it's programs - Horizons Program, Smoky Hill River
Festival, and the Cultural Community Development. The combined financial entity, the Foundation, 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 SIGNIFICANT 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. ProDertv and Equipment
The amount recorded as property and equipment represents equipment purchased. Such assets
are recorded at cost. Depreciation has not been provided on these assets.
C. The Commission 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. 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 retireme~t 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.
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ALL PROGRAMS OF THE
SALINA ARTS AND HUMANITIES COMMISSION
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2000
NOTE 1 - SUMMARY OF ACCOUNTING POLICIES (Cont'd.)
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. Assets Transferred to a Recioient Organization
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.
NOTE 2 - RESTRICTED NET ASSETS
The restricted net assets are comprised of programs receiving funding and
commitments during 2000 that will not be paid for until the 2001 fiscal year.
NOTE 3 - INVESTMENTS
Investments are stated at fair value and consist of:
Fair
~ Market Value
Money Market $ 47,752 $ 47,752
Certificates of Deposit 299,741 299,741
Mutual Funds 103,948 108,933
Total $ 451 ,441 $ 456,426
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SALINA ARTS AND HUMANITIES COMMISSION
Salina,Kansas
AUDITED FINANCIAL STATEMENTS
December 31,2000
WOODS & DURHAM
Certified Public Accountants
Salina, Kansas
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certified
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, 2000, and the related statement of support, revenue, and expenses - 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, 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 Salina Arts and Humanities Commission
as of December 31, 2000, and its support, revenue, and expenses for the year then ended,
on the basis of accounting described in Note 1.
~oodA.+~
WOODS & DURHAM
Certified Public Accountants
January 18, 2001
1619 E. Iron Avenue · P.O. Box 1516 · Salina, Kansas 67402-1516 · Phone 785-825-5494
Fax 785-825-4450 · www.woodsanddurham.com
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SALINA ARTS AND HUMANITIES COMMISSION
Salina,Kansas
STATEMENT OF ASSETS, LIABILITIES, AND NET ASSETS
CASH BASIS
December 31, 2000
ASSETS
Current Assets
Cash $
Investments
4,586
69,637
Total Assets $
74,223
LIABILITIES AND NET ASSETS
Net Assets
Unrestricted $
Restricted
39,473
34,750
Total Liabilities and Net Assets $
74,223
See Notes to Financial Statements.
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SALINA ARTS AND HUMANITIES COMMISSION
Salina,Kansas
STATEMENT OF SUPPORT, REVENUE, AND EXPENSES
CASH BASIS
Year Ended December 31, 2000
PUBLIC SUPPORT AND REVENUE
Public Support
Government Grants
City of Salina
K.A.C.
State of Kansas Human Resources
Other Contracted Revenue
Public
Private
Total Public Support
$ 269,147
31,297
7,190
21,255
9,175
$ 338,064
Revenue
Program Revenue
Ticket and book sales
Investment Income
Transfer from CCO
Miscellaneous
Total Revenue
2,320
4,130
9,300
1,317
17,067
TOTAL PUBLIC SUPPORT AND REVENUE
355,131
EXPENSES
Program Services
Special Projects
Arts programs
Arts services
Total Program Services
Supporting Services
General administration
Transfer to Horizons Program -
from City of Salina support
Fund raising
Total Supporting Services
TOTAL EXPENSES
138,917
54,495
193,412
51,982
45,000
49,655
146,637
340,049
15,082
59,141
$ 74,223
TOTAL PUBLIC SUPPORT AND REVENUE OVER EXPENSES
NET ASSETS - January 1, 2000
NET ASSETS - December 31,2000
See Notes to Financial Statements.
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SALINA ARTS AND HUMANITIES COMMISSION
Salina,Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2000
The Salina Arts and Humanities Commission was organized to promote the cultural arts in the Salina
Area. Commission programs happen as part of the Arts and Humanities Department of the City of
Salina and its financial activities are housed in the Salina Arts and Humanities Foundation. As such, it
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 SIGNIFICANT ACCOUNTING POLICIES
A. ~ Q[ Presentation - The accompanying financial statements are prepared on the cash basis;
consequently, revenue is recorded when received and expenditures 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,
2000, and for the Horizons Program as of December 31, 2000. Both are programs of the Salina
Arts and Humanities Commission.
C. PropertvaaQ Equioment- 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.
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.
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SALINA ARTS AND HUMANITIES COMMISSION
Salina,Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2000
NOTE 2 - RESTRICTED NET ASSETS
The restricted net assets are comprised of programs receiving funding and commitments
during 2000 that will not be paid for until the 2001 fiscal year.
NOTE 3 - INVESTMENTS
Investments are stated at fair value and consist of:
~ Market
Money Market $ 25,681 $ 25,681
Certificates of Deposit 28,259 28,259
Mutual Fund 16,449 15,697
Total $ 70,389 $ 69,637