Statement of Activities. The Atkins Museum recently hired a new controller. His experience with managerial accounting and strong communication skills were extremely attractive. The new controller sent each member of the Board of Trustees€™ Finance Committee a set of the monthly financial statements one week before the monthly meeting for their review. The set included the following statement of activities.

Other information: The management and general expenses are first allocated to the programs to which they directly relate; for example, the executive director€™s salary is allocated to the Public Exhibit Program according to the percentage of time spent working on the program. Remaining unallocated management and general expenses are allocated to the programs as indirect costs based on the relative amount of salaries and wages to total salaries and wages for the programs.
Required
As a member of The Atkins Museum€™s Board of Directors Finance Committee, review this statement and answer the following questions:
a. Is the statement in proper form according to SFAS No. 117?
b. What questions do you have for the controller?
c. The Atkins Museum would like to open an Impressionists exhibit. If its operating expenses are expected to be similar to that of the Abstract Exhibit, how much should the organization solicit in contributions or grants to cover the full cost of the program?
d. If you were a potential contributor to the Atkins Museum, do you think you have enough information from this statement on which to base your decision todonate?

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THE ATKINS MUSEUM Statement of Activities For the Eleven Months Ended February 28, 2011 (in hundreds of dollars) Mgt. & Public Abstract Exhibits Exhibit General Total Revenues: $50,000 Contributions $61,400 $111.400 Charges for services Interest income 478,800 478,800 2,500 2,500 Total revenues 540,200 50,000 2,500 592,700 Expenses: Salaries and wages 450,800 381,900 24,700 44,200 14,900 8,300 Occupancy costs Supplies 38,100 12,000 65,000 17,700 7,100 2,300 Equipment Travel and deveklopment 5,000 Б.500 11,500 2,800 6,900 9,700 Depreciation 12,000 1,500 6,300 19,800 Interest 3,700 3,700 Total variable expenses 456,900 40,500 90,800 588,200 Allocated management and general expenses 5,500 46,000 $ 4,000 85,300 (90,800) Total costs 542,200 588,200 $ 4,500 $ 2.000) $ 2,500 Excess of revenues aver experses