Audit - 2000 Horizons Program
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SALINA ARTS AND HUMANITIES COMMISSION
HORIZONS PROGRAM
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
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, 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.
~08dA.+ ~
January 17, 2001
WOODS & DURHAM
Certified Public Accountants
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
HORIZONS PROGRAM
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND NET ASSETS
CASH BASIS
December 31, 2000
ASSETS
Current Assets
Unrestricted
Cash $
Investments
Restricted
Investments
Total Current Assets
Property and Equipment
TOTAL ASSETS $
LIABILITIES AND NET ASSETS
Net Assets
I nvestment in equipment $
Restricted
Unrestricted
TOTAL LIABILITIES AND NET ASSETS $
See Notes to Financial Statements.
4,717
145,458
5,266
155,441
3,975
159,416
3,975
5,266
150,175
159,416
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SALINA ARTS AND HUMANITIES COMMISSION
HORIZONS PROGRAM
Salina,Kansas
STATEMENT OF SUPPORT, REVENUE, AND EXPENSES
CASH BASIS
Year Ended December 31,2000
PUBLIC SUPPORT AND REVENUE
Public Support
Transfer from Salina Arts and Humanities Commission
City of Salina support $ 45,000
Private Charitable Contributions 25,270
Total Public Support $ 70,270
Revenue
Investment Income 13,175
TOTAL PUBLIC SUPPORT AND REVENUE 83,445
EXPENSES
Program Services
Evaluator 4,173
Horizons Grants - 1998 645
Horizons Grants - 1999 14,161
Horizons Grants - 2000 55,515
Sudden Opportunity Grantsrrraining and Development 902
Fund Planning 2,543
25th Initiative 7,074
Miscellaneous 13
Fundraising 2,146
Total Program Services 87,172
Supporting Services
General administration 11,914
TOTAL EXPENSES 99,086
TOTAL PUBLIC SUPPORT AND REVENUE OVER EXPENSES (15,641)
NET ASSETS - January 1, 2000 175,057
NET ASSETS - December 31,2000 $ 159,416
See Notes to Financial Statements.
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SALINA ARTS AND HUMANITIES COMMISSION
HORIZONS PROGRAM
Salina,Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2000
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. 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.
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. 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.
F. 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.
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SALINA ARTS AND HUMANITIES COMMISSION
HORIZONS PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31,2000
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:
Money Market Funds
Certificates of Deposit
Mutual Fund
QQ.st
$ 13,922
99,371
35,804
Market
$ 13,922
99,371
37,431
Total
$ 149,097
$ 150,724