Imagine you are a clinical manager of UMGC Health Care primary care services and in charge of developing a projected annual operating budget. Your budgetary figures are as follows: For fiscal year 2017 and 2018, your clinic received $3 million from the government as fee-for-services reimbursements, as well as $1.1 million from private payers. The clinic has an annual fund-raiser that historically brings in $180,000 and a grants department that brings in $1.2 million annually. Your chief financial officer (CFO) has provided you with the following annual expenses: UMGC Health Care Annual Expenses: Annual salaries - $1.5 million Annual benefits - $ 240,000 Annual rent - $ 960,000 Annual insurance - $ 45,000 Annual depreciation - $ 780,000 Annual overhead - $ 180,000 Annual supplies - $60,000 Using the UMGC Health Care Operating Budget template, complete a 12-month operating budget in which you include the net profit (loss). Prepare a brief executive summary that explains to the board of directors how you developed the budget and its importance. Include the following in your summary: Explain the process fr creating an operating budget and its importance. Explain how revenues and expenses are grouped for planning and control in the financial statements. Explain the differences between cash and accrual financial systems.