Question

1 Approved Answer

Posted on Sep 03, 2024

1. Find the following values for each organization in the most recent fiscal year reported (if the requested value is not available for one organization,

1. Find the following values for each organization in the most recent fiscal year reported (if the requested value is not available for one organization, please report that as such--no calculations are necessary):

Total revenue
Total expenditures
End-of-year cash balance
Public support percentage
Fundraising expenditures

2. For the four financial statements, please identify section(s) of Form 990 that best match the data presented in that statement (report your answer in "Part X, Section Y(-Z)" form). If you do not believe that any part of Form 990 is similar to a particular financial statement, then please indicate so in your response.

3. Based on the financial statements for Meals for the Homeless, evaluate the financial viability and health of the organization in a paragraph or two (you may want to rely on concepts introduced in other modules to fully develop your response).

4. Based on the IRS Form 990 for the National World War I Museum, evaluate the financial viability and health of the organization in a paragraph or two. In particular, focus on how the written material affects your evaluation.

5. Based on the provided documents, write a paragraph or two to explain which organization you have a better understanding of their financial condition. If I ask about a better understanding of organizational condition, does your choice change? Why?

image text in transcribed

Meals for the Homeless: Statement of Financial Condition ASSETS FY 2019 LIABILITIES & NET ASSETS FY 2019 Current Assets Liabilities Cash $ 1,000 Current Liabilities Marketable Securities 5,000 Wages Payable $ 3,000 Accounts Receivable, Net 58,000 Accounts Payable 3,000 Inventory 4,000 Notes Payable 4,000 Prepaid Expenses 2.000 Current PortionMortgage Payable 5,000 Total Current Assets $70,000 Total Current Liabilities $ 15,000 Long-Term Assets Long-Term Liabilities Fixed Assets Mortgage Payable $ 14,000 Property $ 50,000 Total Long-Term Liabilities $ 14,000 Equipment, Net 35,000 Investments 12,000 TOTAL LIABILITIES $ 29,000 Total Long-Term Assets $ 97,000 NET ASSETS 138,000 TOTAL ASSETS $167,000 TOTAL LIABILITIES & NET ASSETS $167,000 Revenues and Support 2019 2018 Meals Client Revenue $ 12,000 $ 12,000 16,000 City Revenue 20,000 Shelter Counseling Client Revenue 1,000 Meals for the Homeless: Statement of Activities 2,000 10,000 10,000 County Revenue Fundraising Foundation Grants 70,000 55,000 11,000 12,000 25,000 Annual Ball Telephone Solicitation Mail Solicitation Total Revenue and Support Expenses: 28,000 45,000 48,000 $198.000 $179,000 Food $ 19,000 $ 19,000 Kitchen Staff Counseling Staff Rent on Kitchen Locations 35,000 35,000 34,000 34,000 15,000 65,000 4,000 10,000 15,000 75,000 4,000 Administration and General Bad Debts 10,000 $193,000 $181,000 Depreciation Total Expenses Change in Net Assets: Increasel(Decrease) $ 5,000 $ (2,000) Meals for the Homeless: Statement of Cash Flows For the Year Ending December 31, 2019 Cash Flows from Operating Activities 2019 2018 Increase in Net Assets $ 5,000 $ (2,000) 10,000 10,000 Add Expenses Not Requiring Cash: Depreciation Other Adjustments: Add Decrease in Inventory Add Increase in Accounts Payable 2,000 2,000 0 1,000 Subtract Increase in Receivables (17,000) (12,000) (1,000) 0 0 Subtract Decrease in Wages Payable Subtract Increase in Prepaid Expenses Net Cash Used for Operating Activities Cash Flows from Investing Activities (1,000) $ (2,000) $ (11,000) Sale Stock Investments $ 4,000 $ 4,000 Purchase of Delivery Van (32,000) $ (28,000) Net Cash from Investing Activities $ 4,000 Cash Flows from Financing Activities Increase in Mortgages and Notes Payable $ 25,000 (5,000) (4,000) $ 21,000 Repayments of Mortgages Net Cash from Financing Activities Net Increasel(Decrease) in Cash Cash, Beginning of Year Cash, End of Year $ (5,000) $ (3,000) $ (18,000) 4,000 22,000 $ 1,000 $ 4,000 Meals for the Homeless Statement of Functional Expenses For the Year Ending December 31, 2019 Program Services Support Services EXPENSES Meals Counseling G&A Fund Raising Total Salaries and Benefits $35,000 $35,000 $40,000 $17,000 $127,000 Food 19,000 19,000 Supplies and Brochures 2,000 1,000 1,000 2,000 6,000 Office Expenses 1,000 1,000 1,000 3,000 6,000 Rent 14,000 1,000 2,000 1,000 18,000 Professional Fees 3,000 3,000 Bad Debts 4,000 4,000 Depreciation 10,000 10,000 Total Expenses $85,000 $38,000 $47,000 $23,000 $193,000 Meals for the Homeless: Statement of Financial Condition ASSETS FY 2019 LIABILITIES & NET ASSETS FY 2019 Current Assets Liabilities Cash $ 1,000 Current Liabilities Marketable Securities 5,000 Wages Payable $ 3,000 Accounts Receivable, Net 58,000 Accounts Payable 3,000 Inventory 4,000 Notes Payable 4,000 Prepaid Expenses 2.000 Current PortionMortgage Payable 5,000 Total Current Assets $70,000 Total Current Liabilities $ 15,000 Long-Term Assets Long-Term Liabilities Fixed Assets Mortgage Payable $ 14,000 Property $ 50,000 Total Long-Term Liabilities $ 14,000 Equipment, Net 35,000 Investments 12,000 TOTAL LIABILITIES $ 29,000 Total Long-Term Assets $ 97,000 NET ASSETS 138,000 TOTAL ASSETS $167,000 TOTAL LIABILITIES & NET ASSETS $167,000 Revenues and Support 2019 2018 Meals Client Revenue $ 12,000 $ 12,000 16,000 City Revenue 20,000 Shelter Counseling Client Revenue 1,000 Meals for the Homeless: Statement of Activities 2,000 10,000 10,000 County Revenue Fundraising Foundation Grants 70,000 55,000 11,000 12,000 25,000 Annual Ball Telephone Solicitation Mail Solicitation Total Revenue and Support Expenses: 28,000 45,000 48,000 $198.000 $179,000 Food $ 19,000 $ 19,000 Kitchen Staff Counseling Staff Rent on Kitchen Locations 35,000 35,000 34,000 34,000 15,000 65,000 4,000 10,000 15,000 75,000 4,000 Administration and General Bad Debts 10,000 $193,000 $181,000 Depreciation Total Expenses Change in Net Assets: Increasel(Decrease) $ 5,000 $ (2,000) Meals for the Homeless: Statement of Cash Flows For the Year Ending December 31, 2019 Cash Flows from Operating Activities 2019 2018 Increase in Net Assets $ 5,000 $ (2,000) 10,000 10,000 Add Expenses Not Requiring Cash: Depreciation Other Adjustments: Add Decrease in Inventory Add Increase in Accounts Payable 2,000 2,000 0 1,000 Subtract Increase in Receivables (17,000) (12,000) (1,000) 0 0 Subtract Decrease in Wages Payable Subtract Increase in Prepaid Expenses Net Cash Used for Operating Activities Cash Flows from Investing Activities (1,000) $ (2,000) $ (11,000) Sale Stock Investments $ 4,000 $ 4,000 Purchase of Delivery Van (32,000) $ (28,000) Net Cash from Investing Activities $ 4,000 Cash Flows from Financing Activities Increase in Mortgages and Notes Payable $ 25,000 (5,000) (4,000) $ 21,000 Repayments of Mortgages Net Cash from Financing Activities Net Increasel(Decrease) in Cash Cash, Beginning of Year Cash, End of Year $ (5,000) $ (3,000) $ (18,000) 4,000 22,000 $ 1,000 $ 4,000 Meals for the Homeless Statement of Functional Expenses For the Year Ending December 31, 2019 Program Services Support Services EXPENSES Meals Counseling G&A Fund Raising Total Salaries and Benefits $35,000 $35,000 $40,000 $17,000 $127,000 Food 19,000 19,000 Supplies and Brochures 2,000 1,000 1,000 2,000 6,000 Office Expenses 1,000 1,000 1,000 3,000 6,000 Rent 14,000 1,000 2,000 1,000 18,000 Professional Fees 3,000 3,000 Bad Debts 4,000 4,000 Depreciation 10,000 10,000 Total Expenses $85,000 $38,000 $47,000 $23,000 $193,000