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. Cash Budget for Tri-County Social Service Agency (in thousands) Quarters III IV Year $ 15 $ 15 90 76 282 120 124 26 290 240 440 477 374 348 Cash balance, beginning Receipts: Grants Contracts Mental health income Charitable donations Total cash available Less Disbursements: Salaries and benefits Office expenses Equipment purchases & maintenance Specific assistance Total disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings from endowment fund Repayments Total financing effects Cash balance, ending 1,492 273 76 77 58 3 5 4 21 21 15 18 77 (50) 122 118 (35) Amount owed to endowment fund