Tri-County Social Service Agency is a not-for-profit organization in the Midwest. Use the following information to complete the cash budget for the year ending December 31.

• The Board of Trustees requires that Tri-County maintain a minimum cash balance of $10.
• If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $10 minimum.
• It is anticipated that the year will begin with an $13 cash balance.
• Contract revenue is received evenly during the year.
• Mental health income is expected to grow by $6 in the second and third quarters; no change is expected in the fourth quarter.

Required:

2. Complete the cash budget for each quarter and the year as a whole.

3. Determine the amount that the agency will owe the endowment fund at year-end.

Complete this question by entering your answers in the tabs below. Required 2 Required 3 Complete the cash budget for each quarter and the year as a whole. (Cash deficiency and repayments should be indicated by a minus sign. Enter your answers in thousands.) Cash Budget for Tri-County Social Service Agency (in thousands) Quarters III IV Year Cash balance, beginning $ 13 $ 13 Receipts: Grants 85 73 288 Contracts 100 Mental health income 23 122 Charitable don 270 220 420 Total cash available 475 355 Less Disbursements: Salaries and benefits 345 1,429 Office expenses 73 74 54 266 Equipment purchases & maintenance 2 4 3 20 Specific assistance 20 14 17 75 Total disbursements Excess (deficiency) of cash available over disbursements (48) 117 Financing: Borrowings from endowment fund 115 Repayments (37) Total financing effects Cash balance, ending Complete this question by entering your answers in the tabs below. Required 2 Required 3 Determine the amount that the agency will owe the endowment fund at year-end. (Enter your answer in thousands.)