Audit - 2012 •
SALINA DOWNTOWN, INC.
Financial Statements
And
Independent Auditor's Report
ii
December 31, 2012
r
Table of Contents
Page
Independent Auditor's Report 3
Statement of Financial Position 4
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Statement of Activities & Net Assets 5
Statement of Cash Flows 8
Notes to the Financial Statements 9
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BENSON ACCOUNTING, CPA, PA
JOEL BENSON, CPA - MARY BENSON, CPA
1929 S. Ohio St.
SALINA, KS 67401
PH: 785-827-3157 FAX: 785-827-3159
Independent Auditor's Report
To the Board of Directors of
SALINA DOWNTOWN, INC.
We have audited the accompanying financial statements of Salina Downtown, Inc. (a nonprofit
organization) which comprise the statement of financial position as of December 31, 2012, and the
related statements of activities and cash flows for the year then ended, and the related notes to the
financial statements.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements
in accordance with accounting principles generally accepted in the United States of America; this
includes the design, implementation and maintenance of internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due
to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We FI
conducted our audit in accordance with auditing standards generally accepted in the United States
of America. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. i
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly,
we express no such opinion. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of significant accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion. I'
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of Salina Downtown, Inc. as of December 31, 2012 and the changes in its net
assets and its cash flows for the year then ended in conformity with accounting principles generally
accepted in the United States of America.
BENSON ACCOUN TING,L C ft PA
, PA
By: QA/1"-----Joeon,
CPA
February 8, 2013
Salina, KS
SALINA DOWNTOWN, INC.
STATEMENT OF FINANCIAL POSITION
As Of December 31, 2012
ASSETS
Current Assets
Cash on Hand $ 1,695
Cash in Banks 154,317
Accounts Receivable 4,149
$ 160,161
Current Notes Receivable — Startup Kansas $ 100
Notes Receivable — DIP New Business Loans $ 27,935
Property and Equipment, Net $ 603
Total Assets $ 188.799
LIABILITIES & NET ASSETS
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Current Liabilities
Accounts Payable $ 6,579
Facade grant Payable 35,026
Payroll taxes Payable 2,691
$ 44,296
Current Notes Payable — Startup Kansas $ 100
Total Liabilities $ 44,396
Net Assets
Unrestricted $ 69,933 '
Permanently Restricted $ 74,470
$ 144,403
Total Liabilities and Net Assets $ 188.799
See independent auditor's report and accompanying notes.
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SALINA DOWNTOWN, INC.
STATEMENT OF ACTIVITIES & NET ASSETS
For the Year Ended December 31, 2012
UNRESTRICTED NET ASSETS
Revenues
Service Fees $ 81,927
Organization Contribution 53,000
Business Support& Recruitment 8,118
Destination Marketing 8,167
Buddy Membership Income 3,000
Interest 802
Total Revenue $ 155,014
Program Expenses
Organizational Expenses
Salaries, Wages & Payroll Tax $ 71,289
Outside Professional Services 17,385
Utilities 2,813
Computer Supplies & Maintenance 2,312
Communications 1,926
Insurance 1,597
Dues & Subscriptions 1,279
Office Supplies 1,261
Postage & Printing 1,005
Equipment & Building Maintenance 789
Special Projects 500
Travel 405
Professional Development 363
Depreciation 322
Other Expenses 320
Taxes 75
Office Rent 0
Total Organizational Expenses $ 103,641
See independent auditor's report and accompanying notes.
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SALINA DOWNTOWN, INC.
STATEMENT OF ACTIVITIES & NET ASSETS (CONTINUED)
For the Year Ended December 31, 2012
Program Expenses (Continued)
Committee Expenses
Business Support Expenses
Cluster Marketing $ 13,742
Sculpture Tour 6,414
Holiday Lighting 4,590
Seminars 1,654
Buddy Membership Expenses & Adjustments 1,419
Other 867
Environment 106
Total Business Support Expenses $ 28,792
Destination Marketing Expenses
Marketing $ 10,992
Special Events 8,686
Total Destination Marketing Expenses $ 19,678
Communications &Advocacy Expenses
Meetings $ 2,277
Total Comm. & Advocacy Exp. $ 2,277
Total Committee Expenses $ 50,747
Total Program Expenses $ 154,388
Change in Unrestricted Net Assets $ 626
Unrestricted Net Assets— Beginning of Year $ 74,337
Permanent Restriction Adjustment-Façade Grant (30)
Board Imposed Permanent Restriction — New Business Loans $ (5,000)
Unrestricted Net Assets — End of Year $ 69,933
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See independent auditor's report and accompanying notes.
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SALINA DOWNTOWN, INC.
STATEMENT OF ACTIVITIES & NET ASSETS (CONTINUED)
For the Year Ended December 31, 2012
PERMANENTLY RESTRICED NET ASSETS
RESTRICTED FADADE GRANTS:
Facade Grant Revenues $ 0
Facade Grant Adjustments — Prior Years 30
Facade Grant (Expenses)/Returns (34,607)
Change in Permanently Restricted Facade Net Assets $ (34,577)
Permanently Rest. Facade Net Assets — Beginning of Year 64,777
Permanently Rest. Facade Net Assets — End of Year $ 30,200
RESTRICTED KHC-WEB BASED HISTORC TOURS:
KHC Grant Revenues $ 0
KHC Grant (Expenses)/Returns (3,473)
Change in Permanently Restricted KHC Net Assets $ (3,473)
Permanently Rest. KHC Net Assets— Beginning of Year 7,420
Permanently Rest. KHC Net Assets— End of Year $ 3,947
RESTRICTED NEW BUSINESS LOAN POOL (NBL):
NBL Grant Revenues $ 0
NBL Interest Income 323
NBL Grant Board Imposed Restriction 5,000
NBL Grant (Expenses)/Returns 0
Change in Permanently Restricted Net Assets $ 5,323
Permanently Rest. Net Assets— Beginning of Year 35,000
Permanently Rest. Net Assets— End of Year $ 40,323
RESTRICTED USDA KITCHEN INCUBATOR — KITCHEN 4 HIRE (K4H):
K4H Grant Revenues $ 5,334
K4H Grant (Expenses)/Returns (5,334)
Change in Permanently Restricted K4H Net Assets $ 0
Permanently Rest. K4H Net Assets— Beginning of Year 0
Permanently Rest. K4H Net Assets— End of Year $ 0
TOTAL PERMANANTLY RESTRICTED NET ASSETS: $ 74,470
See independent auditor's report and accompanying notes.
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SALINA DOWNTOWN, INC.
STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Service Fees & Organization Contributions $ 151,094
Façade Grant Received 0
Other Grants Received 8,334
Interest Received 1,124
Other Revenue 0
Façade Grant Paid (7,276)
Cash Paid to Suppliers & Others (163,545)
Net Cash Provided / (Used) by Operations $ (10,269)
CASH FLOWS FROM INVESTING ACTIVITIES:
Long Term Loan Investments Made (Notes Receivable) $ (17,000)
Long Term Loan Payments Received (Notes Receivable) 10,950
Net Cash Provided / (Used) by Investing $ (6,050)
CASH FLOWS FROM FINANCING ACTIVITIES:
Long Term Borrowings (Start-up Kansas) $ 0
Repayment of Long Term Debt (Start-up Kansas) (6,375)
Net Cash Provided/(Used) by Financing $ (6,375)
NET INCREASE/ (DECREASE) IN CASH $ (22,694)
CASH AT BEGINNING OF YEAR $ 178,706
CASH AT END OF YEAR $ 156,012
RECONCILIATION OF CHANGE IN NET ASSETS TO NET CASH
PROVIDED BY OPERATING ACTIVITIES
Increase/(Decrease) in Net Assets $ (37,131)
Add Non-cash Expense, Depreciation/Loss 322
Net (Increase)/Decrease in Receivables (118)
Net (Decrease)/Increase in Payables 26,658
Net Cash Provided / (Used) by Operations $ (10,269)
See independent auditor's report and accompanying notes.
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SALINA DOWNTOWN, INC.
NOTES TO FINANCIAL STATEMENTS
For the Year Ended December 31, 2012
NOTE A — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A summary of the significant accounting policies of Salina Downtown, Inc. is as follows:
Business Activity — The function of Salina Downtown, Inc. is to improve the image of
downtown Salina, Kansas through cooperation, promotion; business retention, recruitment
and enhancement of physical appearance. The Organization primarily receives funds in
the form of assessments to businesses located in the Business Improvement District.
These assessments are invoiced and collected by the City of Salina and paid to the •
Organization.
Taxes — Salina Downtown, Inc. is exempt from federal and state income taxes under
Internal Revenue Code Section 501(c)(6) and similar state provisions. The Organization
prepares its financial statements on the accrual method of accounting.
Method of Accounting — The Organization prepares its financial statements according to
Accounting Standards Codification (ASC) Topic No. 958, "Financial Statements for Not-
For-Profit Organizations". Under ASC Topic No. 958, the Organization is required to
report information regarding its financial position and activities according to three classes
of net assets: Unrestricted net assets, temporarily restricted net assets, and permanently
restricted net assets. In addition, the Organization is required to present a statement of
cash flows.
The Organization also follows ASC Topic No. 958-605-25, "Accounting for Contributions
Received and Contributions Made", whereby contributions received are recorded as
unrestricted, temporarily restricted, or permanently restricted support depending on the
existence and/or nature of any donor restrictions. Restricted net assets are reclassified to
unrestricted net assets upon satisfaction of the time or purpose restrictions.
Accounts Receivable — Salina Downtown, Inc. considers accounts receivable to be fully
collectible; accordingly, no allowance for doubtful accounts is required. If amounts
become uncollectible, they will be charged to operations when that determination is made.
Through City of Salina ordinance, all accounts are to be billed and collected by the City of
Salina for distribution to Salina Downtown, Inc. Therefore, all accounts uncollected by
the City will remain on the receivables list of the City, and not the books of Salina
Downtown, Inc. Accounts receivable included on the books of Salina Downtown, Inc.
include only those payments actually received from Business Improvement District patrons
through the end of the year which have not been paid to Salina Downtown, Inc.
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Depreciation — Capital assets are recorded at cost. Depreciation is determined using both
straight-line and accelerated methods over the estimated useful life of each asset. Il
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See independent auditor's report. I'
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SALINA DOWNTOWN, INC.
NOTES TO FINANCIAL STATEMENTS (Continued)
For the Year Ended December 31, 2012
Use of estimates — The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires management to
make estimates and assumptions that affect certain reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and certain reported amounts of revenues and expenses during the reporting
• period. Actual results could differ from those estimates.
Date of Management's Review — Management has evaluated subsequent events through
February 8, 1013, the date on which the financial statements were available to be issued.
NOTE B — CONCENTRATIONS OF CREDIT RISK
The Organization derives the vast majority of its revenues from the City of Salina, Kansas
either through special budgeted funds or through sales tax revenues allotted to Salina
Downtown, Inc. The Organization conducts all of its business and derives all of its
funding as it relates to the geographical downtown district of Salina, Kansas.
NOTE C — ORGANIZATION CONTRIBUTION
The Organization has entered into an agreement with the City of Salina to merge private
efforts with city government efforts toward the development of plans and programs to
assure the vitality and prosperity of Salina's Central Business District, with no further
restriction. The agreement provides the City and Salina Downtown, Inc. will jointly fund
these programs. Contributions from the City of Salina for 2012 totaled $38,000. During
the year ended December 31, 2012, the member organization Salina Regional Health
Center also contributed $15,000 without restriction to assist with these same efforts.
NOTE D — LEASES
The Organization has entered into a lease agreement with the current landlord spanning a
period sufficient for the base rent to cover the cost of premises alterations incurred by
landlord in order to accommodate the Organization beginning on November 1, 2009. This
remodeling cost totaled $17,427. Base rental shall be paid in the amount of $570 per
month. As this total cost has been recovered, there is no lease expense for 2012, nor are
there any future minimum lease payments; however, the Organization is still responsible
for a proportionate share of utilities and incidentals.
NOTE E — FUNCTIONAL CLASSIFICATION OF EXPENSES
Salina Downtown Inc.'s expenses are primarily program related with an insignificant 1.
amount of expenses related to administration and fund raising. Thus, the statement of
functional expenses is not presented. li
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See independent auditor's report.
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SALINA DOWNTOWN, INC.
NOTES TO FINANCIAL STATEMENTS (Continued)
For the Year Ended December 31, 2012
NOTE F — CASH ON HAND AND IN BANKS
Cash on the Statement of Cash Flows includes the following:
Cash on hand $ 1,695
Cash in Bank — Certificates of Deposit 104,905
Cash in Bank— Debit Card Account 2,547
Cash in Bank— Operating 46,865
$ 156,012
For purposes of the Statement of Cash Flows, the Organization considers all highly liquid
investments with a maturity of three months or less to be cash equivalents.
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NOTE G — PROPERTY AND EQUIPMENT
A detail of property and equipment, recorded at cost, is as follows:
Furniture and Fixtures $ 7,552
Less Accumulated Depreciation (6,949)
Net Property and Equipment $ 603
It is the policy of the Organization to capitalize assets with useful lives beyond 1 year and
a cost in excess of $500.
NOTE H — NOTE PAYABLE/NOTE RECEIVABLE — STARTUP KANSAS
During the years ended December 31, 2010 & 2009, the Organization entered into several
agreements with the Kansas Center for Entrepreneurship, Inc. (KCEI) whereby the
Organization has applied for and was granted loans to award to member organizations
carrying interest rates of 0% for various terms. For purposes of these loans, the
Organization oversees the administration of the loans and related payments. The original
loan amounts varied from $4,000 to $10,350 and were payable in monthly installments
ranging from $100.00 to $143.75. However, from these payments, the Organization is
allowed a monthly administrative charge of$45 in aggregate. The total aggregate amount
due to KCEI monthly was $243.75. If, at a later date, any other amounts are determined
uncollectible, an adjustment will be made at that time, and a workable plan will be
determined between the Organization and KCEI.
II
Loan Receipts and Payments scheduled for the next six years are as follows:
•
Due for the Year Ending December 31, 2013: $ 100
Total: $ 100
See independent auditor's report.
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SALINA DOWNTOWN, INC.
NOTES TO FINANCIAL STATEMENTS (Continued)
For the Year Ended December 31, 2012
NOTE I — DEVELOPMENT INCENTIVE PROGRAM (FACADE GRANT)
The City of Salina has joined resources with Salina Downtown, Inc. in an effort to
improve the aesthetics of the Business Improvement District through the repair and
maintenance of exterior building façades. Property owners and/or tenants who are in
good standing with the Business Improvement District (service fees are current) are
eligible to apply. There are 2 levels of grants available. "Mini Grants" are available for up
to $3,499 per award; "Forgivable Loans" are available for grants of $3,500 up to $15,000
per award. See Note J below for additional restrictions on "Forgivable Loan" awards.
There are annual limits to the aggregate of each type of incentive grant as determined by
the board of directors.
During the year ended December 31, 2012, there were no City contributions to Salina
Downtown, Inc. due to a substantial un-awarded remainder of funding from prior years.
Grants awarded to Downtown Patrons, but not paid as of December 31, 2012 amounted to
$35,026.
As of December 31, 2012, $30,200 has not been awarded to qualifying businesses, but is
available for award. This un-awarded amount not expended to Downtown shop and
property owners is subject to retu r n to the Ci ty of Salina upon request, but ma y be rolled
into the following year's grant allocation total. The City has agreed to allow that allocation
to be awarded in the year ending December 31, 2013.
The façade grant activity is included in the accompanying financial statements as
Permanently Restricted activities due to the specificity of use of these funds.
NOTE J — COMMITMENTS AND CONTINGENCIES
The Organization, through its involvement in the "Forgivable Loan" Development Incentive
Program indicated above, holds an obligation from award winning organizations to
maintain the improvements and to occupy the same location for a three year period from
the date of the agreement for which the award was granted. The obligation is reduced by
1/36 for each whole month after the award date. As of December 31, 2012, incentive
recipients were contingently obligated to the Organization in the aggregate amount of
$21,569. As this award is ultimately funded through the City of Salina, any return of the
awarded loans would be an amount that is obligated to the City of Salina upon receipt.
NOTE K— NOTES RECEIVABLE DIP — NEW BUSINESS LOANS
The Organization has previously received an FHLBank Topeka Jobs Grant to be used to
assist in the funding of new and small businesses. The original grant award was for
$25,000, to which the Organization internally restricted another $10,000 in 2011 and
$5,000 in 2012. These funds have been restricted for this specific use of making no
interest loans and low interest loans to eligible downtown businesses. This is a permanent
restriction as indicated on the Statement of Activities and Net Assets.
See independent auditor's report.
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SALINA DOWNTOWN, INC.
NOTES TO FINANCIAL STATEMENTS (Continued)
For the Year Ended December 31, 2012
NOTE K — NOTES RECEIVABLE DIP — NEW BUSINESS LOANS (Continued)
Interest earned on these permanently restricted funds totaled $323 for 2012, and is
intended to increase the available funding. As indicated on the statement of net assets,
the result is a restricted total of $40,323 as of December 31, 2012. During the year ended
December 31, 2012, a total of $17,000 was loaned to qualifying borrowers with varying
payment terms. The total outstanding balance of loans made at December 31, 2012 is
$27,935. Remaining funding available for loan awards is $12,388 at December 31, 2012.
NOTE L—WEB BASED HISTORIC TOURS
The Organization received a grant in 2011from the Kansas Humanities Council to be used
in promoting Salina's Downtown through the use of a web based walking tour to
encourage more visitors. These funds have been restricted for this specific use, and have
been indicated as such on the Statement of Activities and Net Assets under permanently
restricted funds. The grant amount was $7,420, of which $3,473 has been expended I
during and through the year ended December 31, 2012.
NOTE M — POSTRETIREMENT BENFITS
The Organization maintains a SIMPLE retirement plan in which employees with over 2
years employment and who earn over $5,000 are eligible to participate. The plan states
that the Employer will match employee withholdings up to a total of 3% for each calendar
year. For the year ended December 31, 2012, the total amount of employer matching
contributions is $1,504 and is included in the financial statements as Salaries, Wages and
Payroll taxes.
NOTE N — USDA KITCHEN INCUBATOR — KITCHEN FOR HIRE (K4H)
The Organization has applied for and received a grant to be used in promoting Salina's
Downtown through the utilization of an entrepreneurial facilitation focused on making a
commercial kitchen available to prospective entrepreneurs. This project, funded in part by
the grant awarded by the US Department of Agriculture in the amount of $70,050, and in
partnership with the Masonic Center in Salina, is intended to provide food based
entrepreneurs with access to a commercial kitchen in which to process their goods. The
grant is structured such that grant income is recognized to the extent of related expenses
and is intended as an expense reimbursement grant. During the year ended December
31, 2012, the total amount funded and expended for this project was $5,334. The
remaining available funding for 2013 is $64,716.
See independent auditor's report.
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BENSON ACCOUNTING, CPA, PA
JOEL BENSON, CPA MARY BENSON, CPA
. 1929 S. OHIO ST.
SALINA, KS 67401
PH: 785-827-3157 FAX: 785-827-3159
February 8, 2013
To the Board of Directors and Executive Director of
SALINA DOWNTOWN, INC. (SDI)
We have audited the financial statements of Salina Downtown, Inc. for the year ended
December 31, 2012, and have issued our report thereon dated February 8, 2013.
Professional standards require that we provide you with information about our
responsibilities under generally accepted auditing standard, as well as certain
information related to- the planned scope and timing of our audit. We have
communicated such information in our letter to you dated April 18, 2012. Professional
standards also require that we communicate to you the following information related to
our audit.
Significant Audit Findings
During the audit, the following items were noted as areas for potential improvement or
additional focus, which if implemented and continued will improve the internal controls
related to the accuracy and completeness of the books and records of SDI:
1) While reviewing activity in Accounts Payable, we noted that the billing date from the
vendor often did not coincide with the invoice date in the software. This generally
occurs when the entry date is selected as the billing date. We suggest using the
same invoice date when entering the bills as the date used by the vendor. This will
assure proper cutoff for recording accounts payable and recognizing them in the
proper time period:
2) The use of class identifiers within the QuickBooks Software is a useful and
powerful tool. We noted a couple of classes improperly omitted as a subclass of
a parent class. We recommend constant review of the class system within the
software to ensure all classes are properly totaled and maintained.
3) Façade grant recording accuracy is important to track the continuing restriction of
net assets to that fund. During our audit, we noted that a couple of grants that
had been awarded carried a minor difference between the amount that was
recorded and the amount that was actually paid. Although this difference was
not significant, it is necessary to track all activity properly and accurately. We
recommend referring back to the original award document prior to each payment
to ensure the correct payment.
4) We encourage board members to take an active role in the oversight of the
transactions within the Organization. The use of dual signatures on the checking
account is a good start to require at least one board member to be present to
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BENSON ACCOUNTING, CPA, PA
JOEL BENSON, CPA MARY BENSON, CPA
1929 S. OHIO ST.
SAUNA, KS 67401
PH: 785-827-3157 FAX: 785-827-3159
approve those payments. However, with the use of a debit card for small
purchases, this control is not present. We encourage the board members to
proactive in the monitoring and oversight, particularly as it relates to the use of
the debit cards.
Management is responsible for the selection and use of appropriate accounting policies.
The significant accounting policies used by Salina Downtown, Inc. are described in
Note A to the financial statements. No new accounting policies were adopted and the
application of existing policies was not changed during 2012. We noted no transactions
entered into by the Organization during the year for which there is a lack of authoritative
guidance or consensus. All significant transactions have been recognized in the
financial statements in the proper period.
Accounting estimates are an integral part of the financial statements prepared by
management and are based on management's knowledge and experience about past
and current events and assumptions about future events. Certain accounting estimates
are particularly sensitive because of their significance to the financial statements and
because of the possibility that future events affecting them may differ significantly from
those expected. The most sensitive estimate(s) affecting the financial statements relate
to depreciation and collectability estimates.
The financial statements are neutral, consistent, and clear.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and
completing our audit.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all misstatements identified during the
audit, other than those that are clearly trivial, and communicate them to the appropriate
level of management. Management has corrected all such misstatements. In addition,
none of the misstatements detected as a result of audit procedures and corrected by
management were material, either individually or in the aggregate, to the financial
statements taken as a whole.
Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting,
reporting, or auditing matter, whether or not resolved to our satisfaction, that could be
significant to the financial statements or the auditor's report. We are pleased to report
that no such disagreements arose during the course of our audit.
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BENSON ACCOUNTING, CPA, PA
JOEL BENSON, CPA MARY BENSON, CPA
1929 S. OHIO ST.
SALINA, KS 67401
PH: 785-827-3157 FAX: 785-827-3159
Management Representations
We have requested certain representations from management that are included in the
management representation letter dated February 8, 2013.
Management Consultations with Other Independent Accountants
In some cases, management may decide to consult with other accountants about
auditing and accounting matters, similar to obtaining a "second opinion" on certain
situations. If a consultation involves application of an accounting principle to the
Organization's financial statements or a determination of the type of auditor's opinion
that may be expressed on those statements, our professional standards require the
consulting accountant to check with us to determine that the consultant has all the
relevant facts. To our knowledge, there were no such consultations with other
accountants.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting
principles and auditing standards, with management each year prior to retention as the
Organization's auditors. However, these discussions occurred in the normal course of
our professional relationship and our responses were not a condition to our retention.
Other Matters
This information is intended solely for the use of the Board of Directors and Executive
Director of Salina Downtown, Inc. and is not intended to be, and should not be, used
by anyone other than these specified parties.
Very truly yours,
•
Benson Accounting, CPA, PA
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