Audit Cultural Develop 2000
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SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
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 0 accountants
Salina Arts and Humanities Commission
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 Commission - Community Cultural Development
Program (a nonprofit organization), as of December 31, 2000, 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. 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.
~oodA.+ ~
January 18, 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
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina, Kansas
STATEMENT OF ASSETS, LIABILITIES, AND NET ASSETS
CASH BASIS
December 31,2000
ASSETS
Current Assets
Investments $
Other Asset
Beneficial Interest in Community Foundation (see Note 1)
TOTAL ASSETS $
LIABILITIES AND NET ASSETS
Net Assets
Restricted $
Unrestricted
TOTAL NET ASSETS $
See accompanying accountant's compilation report
and notes to financial statements.
134,118
9,676
143,794
9,676
134,118
143,794
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SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina, Kansas
STATEMENT OF REVENUE AND EXPENSES
CASH BASIS
Year Ended December 31,2000
REVENUE
Investment income $ 13,234
EXPENSE
Program support (9,300)
TOTAL REVENUE OVER SUPPORT 3,934
NET ASSETS - January 1, 2000 139,860
NET ASSETS - December 31,2000 $ 143,794
See accompanying accountant's compilation report
and notes to financial statements.
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SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2000
The Community Cultural Development Program was created in 1992 by the Salina Arts
and Humanities Commission as a program to collect funds for use in the development
and promotion of the cultural arts in the City of Salina. The Community Cultural
Development 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 recorded as
disbursed.
B. 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.
C. Management considers all highly liquid investments available for current use with
an initial maturity of three months or less to be cash equivalents.
D. Assets Transferred to a ReciDient 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.
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SALINA ARTS AND HUMANITIES COMMISSION
COMMUNITY CULTURAL DEVELOPMENT PROGRAM
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 2000
NOTE 2 - INVESTMENTS
Investments are stated at fair value and consist of:
Cost Market
Money Market $ 8,149 $ 8,149
Certificates of Deposit 70,164 70,164
Mutual Fund 55,499 55,805
Total $ 133,812 $ 134,118