SOT F F, Inc. is a tax-exempt entity whose mission is to build a sea wall around its coastal community to prevent floods and storm surge from entering the community in the event of a hurricane. The organization files an annual tax reporting form but has never prepared GAAP financial statements. You are the board member with financial expertise and have decided that you will move the organization closer to being in compliance with GAAP by at least drafting a statement of financial position and statement of activities for now. Next year you will add a statement of cash flows and statement of functional expenses.

Save Our Town From Flooding, Inc. Adjusted (pre-closing) Trial Balance as of December 31, 2020
	Debit	Credit
Cash and cash equivalents	$235,050
Contributions receivable, net of uncollectible accounts	42,411
Grants receivable	50,000
Inventory-supplies	22,985
Prepaid expenses	10,000
Long-term investments, at fair value	64,442
Capital assets, net of accumulated depreciation	75,430
Accounts payable		$ 39,890
Capital lease obligation payable		6,500
Notes payable		47,000
Net assets without donor restrictions		171,492
Net assets with donor restrictions		84,813
Contributions-without donor restrictions		159,956
Contributions-with donor restrictions		104,798
Net assets released from restrictions	41,540	41,540
Program expenses*	81,523
Supporting expenses*	32,608	_______
Totals	$655.989	$655,989
*Only functional, not natural (line-item) expense categories are provided here.

Prepare the statement of financial position and statement of activities, in good form, for Save Our Town From Flooding, Inc. based on the adjusted trial balance provided.