It is the end of the fiscal year. CIRNAC funded an Indigenous organization to work with another indigenous organization on boundary issues. You have been asked to review a schedule of project expenses and compare it to the approved budget. Approved Budget: Wages/Salaries $10,000.00 Honoraria* $2,000.00 (5 people @ 2 days) Consultant $5,000.00 Travel $3,000.00 Administration @ 10%** $2,000.00 TOTAL $22,000.00 *Departmental Honoraria Policy: $200.00/person **Departmental Administration Cost Policy: max of 10% of total project costs Actual Expenses: Wages/Salaries $5,000.00 Honoraria $3,600.00 (4 people @ 3 days) Consultant $3,400.00 Travel $6,000.00 Administration $2,500.00 TOTAL $20,500.00 What are the observations? Skip
It is the end of the fiscal year. CIRNAC funded an Indigenous organization to work with another indigenous organization on boundary issues. You have been asked to review a schedule of project expenses and compare it to the approved budget. Approved Budget: Wages/Salaries $10,000.00 Honoraria* $2,000.00 (5 people @ 2 days) Consultant $5,000.00 Travel $3,000.00 Administration @ 10%** $2,000.00 TOTAL $22,000.00 *Departmental Honoraria Policy: $200.00/person **Departmental Administration Cost Policy: max of 10% of total project costs Actual Expenses: Wages/Salaries $5,000.00 Honoraria $3,600.00 (4 people @ 3 days) Consultant $3,400.00 Travel $6,000.00 Administration $2,500.00 TOTAL $20,500.00 What are the observations? Skip
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:It is the end of the fiscal year. CIRNAC funded an Indigenous organization to work with another indigenous organization on
boundary issues. You have been asked to review a schedule of project expenses and compare it to the approved budget.
Approved Budget:
Wages/Salaries $10,000.00
Honoraria* $2,000.00 (5 people @ 2 days)
Consultant $5,000.00
Travel $3,000.00
Administration @ 10%** $2,000.00
TOTAL $22,000.00
*Departmental Honoraria Policy: $200.00/person
**Departmental Administration Cost Policy: max of 10% of total project costs
Actual Expenses:
Wages/Salaries $5,000.00
Honoraria $3,600.00 (4 people @ 3 days)
Consultant $3,400.00
Travel $6,000.00
Administration $2,500.00
TOTAL $20,500.00
What are the observations?
Skip
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