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INVOLVE was incorporated as a not$-$for$-$profit organization on January $1,2023.$ During the fiscal year ended December $31,2023,$ the following transactions occurred.

A business donated rent$-$free office space to the organization that would normally rent for $$36,200$ a year.

A fund drive raised $$191,000$ in cash and $$112,000$ in pledges that will be paid next year. A state government grant of $$162,000$ was received for program operating costs related to public health education.

Salaries and fringe benefits paid during the year amounted to $$209,760.$ At year$-$end, an additional $$17,200$ of salaries and fringe benefits were accrued.

A donor pledged $$112,000$ for construction of a new building, payable over five fiscal years, commencing in $2025.$ The discounted value of the pledge is expected to be $$95,460.$

Office equipment was purchased for $$13,200.$ The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $$10,800$ was donated by a local office supply company. The furniture has an estimated useful life of $10$ years. Furniture and equipment are considered net assets without donor restrictions by INVOLVE.

Telephone expense for the year was $$6,400,$ printing and postage expense was $$13,200$ for the year, utilities for the year were $$9,500$ and supplies expense was $$5,500$ for the year. At year$-$end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $$4,800.$

Volunteers contributed $$16,200$ of time to help with answering the phones, mailing materials, and various other clerical activities.