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 $13,000.
- If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $13,000 minimum.
- It is anticipated that the year will begin with an $16,000 cash balance.
- Contract revenue is received evenly during the year.
- Mental health income is expected to grow by $6,000 in the second and third quarters; no change is expected in the fourth quarter.
Required:
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 $13,000 If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $13,000 minimum. It is anticipated that the year will begin with an $16,000 cash balance. Contract revenue is received evenly during the year . Mental health income is expected to grow by $6,000 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.) Cash Budget for Tri-County Social Service Agency (in thousands) Quarters IV Year 16 16 Cash balance, beginning Receipts 100 97 279 100 246 Grants Contracts Mental health income Charitable donations 54 270 490 510 415 549 Total cash available Less Disbursements 381 Salaries and benefits Office expenses Equipment purchases & maintenance Specific assistance 1,857 104 2 21 355 26 84 82 8 17 68 6 15 Total disbursements Excess (deficiency) of cash available over disbursements Financing (66) 140 Borrowings from endowment fund (33) Repayments Total financing effects Cash balance, ending Complete this question by entering your answers in the tabs below. Required 2Required 3 Determine the amount that the agency will owe the endowment fund at year-end Amount owed to endowment fund 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 $13,000 If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $13,000 minimum. It is anticipated that the year will begin with an $16,000 cash balance. Contract revenue is received evenly during the year . Mental health income is expected to grow by $6,000 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.) Cash Budget for Tri-County Social Service Agency (in thousands) Quarters IV Year 16 16 Cash balance, beginning Receipts 100 97 279 100 246 Grants Contracts Mental health income Charitable donations 54 270 490 510 415 549 Total cash available Less Disbursements 381 Salaries and benefits Office expenses Equipment purchases & maintenance Specific assistance 1,857 104 2 21 355 26 84 82 8 17 68 6 15 Total disbursements Excess (deficiency) of cash available over disbursements Financing (66) 140 Borrowings from endowment fund (33) Repayments Total financing effects Cash balance, ending Complete this question by entering your answers in the tabs below. Required 2Required 3 Determine the amount that the agency will owe the endowment fund at year-end Amount owed to endowment fund
