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Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any permanently restricted net assets.

	ABC Not-for-Profit								XYZ Not-for-Profit
Statement of Activities	Unrestricted				Temporarily Restricted				Unrestricted				Temporarily Restricted
Revenues
Program service revenue	$	5,605,000							$	2,236,600
Contribution revenues		3,333,400			$	747,900				3,180,900
Grant revenue						95,700							$	979,600
Net gains on endowment investments		17,500
Net assets released from restriction
Satisfaction of program restrictions		450,000				(450,000	)			374,700				(374,700	)
Total revenues		9,405,900				393,600				5,792,200				604,900
Expenses
Education program expenses		5,630,600								1,551,700
Research program expense		1,276,000								2,245,400
Total program service expenses		6,906,600								3,797,100
Fund-raising		455,000								357,000
Administration		670,000								1,230,000
Total supporting service expenses		1,125,000								1,587,000
Total expenses		8,031,600								5,384,100
Increase in net assets		1,374,300				393,600				408,100				604,900
Net assets January 1		4,228,000				754,500				991,600				298,700
Net assets December 31	$	5,602,300			$	1,148,100			$	1,399,700			$	903,600

STATEMENT OF NET ASSETS	ABC Not-for-Profit						XYZ Not-for-Profit
Current assets
Cash		$	98,200					$	239,700
Short-term investments			247,900						92,700
Supplies inventories			30,000						140,500
Receivables			224,500						82,900
Total current assets			600,600						555,800
Noncurrent assets
Pledges receivable			475,000
Long-term investments			2,600,000
Land, buildings, and equipment (net)			3,084,800						1,988,000
Total noncurrent assets			6,159,800						1,988,000
Total assets		$	6,760,400					$	2,543,800
Current liabilities
Accounts payable		$	23,000					$	128,100
Total current liabilities			23,000						128,100
Noncurrent liabilities
Notes payable			178,500
Total noncurrent liabilities			178,500
Total liabilities			201,500						128,100
Net Assets
Unrestricted			5,625,000						1,454,400
Temporarily restricted			933,900						961,300
Permanently restricted			0						0
Total net assets			6,558,900						2,415,700
Total liabilities and net assets		$	6,760,400					$	2,543,800

Required: a. Calculate the following ratios (Assume 365 days):

• Program expense.
• Fund-raising efficiency.
• Working capital.