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 $5.
• If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $5 minimum.
• It is anticipated that the year will begin with an $8 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 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.)