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 $7. If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $7 minimum. It is anticipated that the year will begin with an $10 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 1 11 IV Year $ 10 $ 10 Cash balance, beginning Receipts: Grants 85 100 277 120 Contracts Mental health income 50 220 Charitable donations 450 210 430 Total cash available 513 351 Less Disbursements: Salaries and benefits 372 1,694 100 73 56 307 5 13 5 26 18 19 22 78 (66) 125 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 142 (24) Required 2 Required 3 Determine the amount that the agency will owe the endowment fund at year-end. (Enter your answer in thousands.) Amount owed to endowment fund