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 $12. If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $12 minimum. It is anticipated that the year will begin with an $15 cash balance. Contract revenue is received evenly during the year. Mental health income is expected to grow by $4 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. IV Year $ 15 90 282 120 124 240 440 374 Cash Budget for Tri-County Social Service Agency (in thousands) Quarters II Cash balance, beginning $ 15 Receipts: Grants 76 Contracts Mental health income 26 Charitable donations 290 Total cash available 477 Less Disbursements: Salaries and benefits 348 Office expenses 76 Equipment purchases & maintenance 3 5 Specific assistance 15 Total disbursements Excess (deficiency) of cash available over disbursements (50) Financing: Borrowings from endowment fund Repayments (35) Total financing effects Cash balance, ending 1,492 77 58 273 4 21 21 18 77 122 118 Amount owed to endowment fund