Exercise 13-19 (Algo) Public Charity [LO 13-3] The Let's Read organization is a public charity under IRC section 501(c)(3). It had total support of the following: United Way support Grant from the state Grant from the city Contributions from individuals Investment income Revenue from the sale of books Grant from the State United Way Support Grant from the City Contributions: Of the $262,300 received from Individuals, $241,100 came from four contributors, each of whom gave $60,275; the other $21,200 came from small individual contributions. Required a. Calculate the total amount of support that qualifies as "public support" in meeting the public support test to escape private foundation status. Small Contributions Large Contributions Public Support $ $ Amount 25,900 11,100 11,100 $ 11,100 25,900 11,100 262,300 21,200 25,752 95,052 2,300 9,200 $321,900

Exercise 13-19 (Algo) Public Charity [LO 13-3] The Let's Read organization is a public charity under IRC section 501(c)(3). It had total support of the following: United Way support Grant from the state Grant from the city Contributions from individuals Investment income Revenue from the sale of books Grant from the State United Way Support Grant from the City Contributions: Of the $262,300 received from Individuals, $241,100 came from four contributors, each of whom gave $60,275; the other $21,200 came from small individual contributions. Required a. Calculate the total amount of support that qualifies as "public support" in meeting the public support test to escape private foundation status. Small Contributions Large Contributions Public Support $ $ Amount 25,900 11,100 11,100 $ 11,100 25,900 11,100 262,300 21,200 25,752 95,052 2,300 9,200 $321,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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