You, a recently designated CPA, have agreed to serve on a committee that is organizing a sports adventure race as a fundraiser for Far West Camp, a camp for teenagers from all economic backgrounds. Far West Camp has obtained support from two sponsors that have specified criteria that must be met before they will contribute. They have also asked for an independent opinion that their criteria have been fulfilled. The following is a list of the sponsors and their stated criteria. 1) Sponsor - Sports Wear Unlimited to provide $10 per participant. Contribution Criteria - Confirmation of the number of participants 2) Sponsor - Department of Tourism to provide a grant for publicity Contribution Criteria - Independent confirmation that the funds are spent on eligible activities, and that there is no direct benefit to individuals involved in organizing the race or operating the camp. Final approval for the grant is expected in the next couple of weeks. The chair of the committee has asked you to explain to the committee what it can do to satisfy the sponsor's requests.

Required: Explain to the committee chair the various options for both sponsors. (Christmas hint - this is to be read: what types of special reports do you recommend?)