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	$	5,995,000							$	2,290,000
Contribution revenues		3,367,500			$	754,000				3,240,000
Grant revenue						100,000							$	1,029,000
Net gains on endowment investments		17,900
Net assets released from restriction
Satisfaction of program restrictions		458,000				(458,000	)			497,000				(497,000	)
Total revenues		9,838,400				396,000				6,027,000				532,000
Expenses
Education program expenses		6,021,000								1,563,000
Research program expense		1,260,000								2,456,000
Total program service expenses		7,281,000								4,019,000
Fund-raising		496,000								376,000
Administration		654,000								1,233,000
Total supporting service expenses		1,150,000								1,609,000
Total expenses		8,431,000								5,628,000
Increase in net assets		1,407,400				396,000				399,000				532,000
Net assets January 1		4,212,000				763,000				1,041,500				324,000
Net assets December 31	$	5,619,400			$	1,159,000			$	1,440,500			$	856,000

Statement of Net Assets	ABC Not-for-Profit						XYZ Not-for-Profit
Current assets
Cash		$	209,000					$	360,000
Short-term cash equivalents			269,000						99,400
Supplies inventories			36,000						154,000
Receivables			443,500						192,500
Total current assets			957,500						805,900
Noncurrent assets
Noncurrent pledges receivable			269,000
Endowment investments			2,630,000
Land, buildings, and equipment (net)			3,179,000						1,772,000
Total noncurrent assets			6,078,000						1,772,000
Total assets		$	7,035,500					$	2,577,900
Current liabilities
Accounts payable		$	27,000					$	133,000
Total current liabilities			27,000						133,000
Noncurrent liabilities
Notes payable			182,500
Total noncurrent liabilities			182,500
Total liabilities			209,500						133,000
Net Assets
Unrestricted			4,029,000						2,368,500
Donor restricted for purpose			159,000						76,400
Donor restricted for endowment			2,630,000						0
Total net assets			6,818,000						2,444,900
Total liabilities and net assets		$	7,027,500					$	2,577,900

Required: a. Calculate the following ratios (assume depreciation expense is $754,000 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.)