Review the financial statements of the March of Dimes for 2019 as presented in Table 12-8.
1. Comment as best you can ( even in the absence of guidelines as to what constitutes norms for comparable foundations) on the fiscal strength of the organization as of December 31, 2019, with respect to:
a. Liquidity
b. Burden of debt relative to assets
c. Adequacy of available resources to meet expenditures
d. Current fiscal performance as indicated by surpluses or deficits
e. Riskiness of revenue stream
2. Did it direct more of its revenues toward missionoriented programs rather than to administrative or fund-raising activities?
3. What data would you prefer for evaluating the organization's efficiency?

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TABLE 12-8 March of Dimes Foundation (dollar amounts in thousands) (Continued) Cash flows from operating activities Sponsorships and other receivables Inventory and other assets Accounts payable and accrued expenses Grants and awards payable Refundable advances and deferred revenue Accrued postretirement and pension benefit obligation Net cash used in operating activities Cash flows from investing activities Purchase of fixed assets Loss on disposal of fixed assets Investment receivable Purchase of investments Proceeds from sale of investments Net cash provided by investing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Contributed materials and services 2019 (1,991) 172 (1,255) (7,336) 1,234 3,586 (12,109) (19) 12,006 10 (6,689) 2,403 7,711 (4,398) 8,736 $ 4,338 $ 3,007