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	$	6,695,000							$	2,360,000
Contribution revenues		3,437,500			$	761,000				3,310,000
Grant revenue						107,000							$	1,036,000
Net gains on endowment investments		18,600
Net assets released from restriction
Satisfaction of program restrictions		472,000				(472,000	)			707,000				(707,000	)
Total revenues		10,623,100				396,000				6,377,000				329,000
Expenses
Education program expenses		6,721,000								1,570,000
Research program expense		1,267,000								2,806,000
Total program service expenses		7,988,000								4,376,000
Fund-raising		566,000								411,000
Administration		661,000								1,240,000
Total supporting service expenses		1,227,000								1,651,000
Total expenses		9,215,000								6,027,000
Increase in net assets		1,408,100				396,000				350,000				329,000
Net assets January 1		4,219,000				770,000				1,048,500				331,000
Net assets December 31	$	5,627,100			$	1,166,000			$	1,398,500			$	660,000

Statement of Net Assets	ABC Not-for-Profit						XYZ Not-for-Profit
Current assets
Cash		$	216,000					$	367,000
Short-term cash equivalents			276,000						100,100
Supplies inventories			43,000						161,000
Receivables			450,500						199,500
Total current assets			985,500						827,600
Noncurrent assets
Noncurrent pledges receivable			276,000
Endowment investments			2,700,000
Land, buildings, and equipment (net)			3,186,000						1,779,000
Total noncurrent assets			6,162,000						1,779,000
Total assets		$	7,147,500					$	2,606,600
Current liabilities
Accounts payable		$	34,000					$	140,000
Total current liabilities			34,000						140,000
Noncurrent liabilities
Notes payable			189,500
Total noncurrent liabilities			189,500
Total liabilities			223,500						140,000
Net Assets
Unrestricted			4,036,000						2,375,500
Donor restricted for purpose			166,000						91,100
Donor restricted for endowment			2,700,000						0
Total net assets			6,902,000						2,466,600
Total liabilities and net assets		$	7,125,500					$	2,606,600

Required: a. Calculate the following ratios (assume depreciation expense is $761,000 for both organizations and is allocated among program and supporting expenses):

Program expense.

Fund-raising efficiency.

Days cash on hand.

Working capital (expressed in days).

b. For each ratio, which of the two organizations has the stronger ratio. (Assume 365 days in a year. Do not round intermediate calculations. Round "Program expense" answers to 1 decimal place and "Fund-raising efficiency" answers to 3 decimal places and "Days cash on hand", "Working capital" answers to nearest whole number.)