The Fleming Foundation is a charitable organization founded by Gaylord Fleming and Sandy Fleming. The Flemings intended for thecharity to provide programs in health care for older persons, particularly those in poverty. The two main program divisions of thefoundation are mental health and housing for elderly individuals. In addition to these programs, the foundation also provides healthcare educational programs and has a significant fund-raising effort to help the foundation grow and accomplish the goals of thefounders. The foundation is organized into two operating departments-education and program management. These departmentsare supported by two service departments-information technology (IT) and administration. To summarize, there are fourdepartments (two service departments and two operating departments) and two programs (mental health and housing for olderadults). The service department costs are allocated to the operating departments, and then the operating department costs areallocated to the programs.There are $512,000 of costs directly traceable to each of the four departments. An additional $65,000 of indirect costs is sharedamong the four departments-$50,000 of which is allocated to the departments based on labor hours and $15,000 of which isallocated to the departments based on the number of personnel (head count) in the departments.The cost, labor hours, and head count in these departments in the most recent year are as follows:LaborHeadHoursCountDepartmentsInformation technologyAdministrationEducationProgram managementDirectCost$ 100,000122,000100,000190,000$ 512,000Mental healthHousingLabor hours in educationHead count in program managementa. Direct Methodb. Step Methodc. Reciprocal Method2,0006,0004,0004,000IT serves education, administration, and program management 20%, 20%, and 60% of its time, respectively. Administration serveseducation, IT, and program management 30%, 10 %, and 60% of its time, respectively.The costs of the two operating departments (education and program management) are allocated to the two programs (mental healthand housing) as follows: The costs in Education are allocated on the basis of labor hours in the programs, while the costs in programmanagement are allocated using the head count used in the two programs. The following table shows the labor hours and headcount consumption by the two programs:Mental Health2LaborHours2,0002,0004,000334Cost AllocationHousingRequired:Determine the costs allocated to the mental health and housing programs using the (a) direct method. (b) the step method (assumingthat IT goes first), and (c) the reciprocal method. (Do not round Intermediate calculations. Round final answers to the nearestdollar.)HeadCount134$$$Total0

The direct method allocates the costs of service departments directly to production or operating…

The Fleming Foundation is a charitable organization founded by Gaylord Fleming and Sandy Fleming. The Flemings intended for the charity to provide programs in health care for older persons, particularly those in poverty. The two main program divisions of the foundation are mental health and housing for elderly individuals. In addition to these programs, the foundation also provides health care educational programs and has a significant fund-raising effort to help the foundation grow and accomplish the goals of the founders. The foundation is organized into two operating departments-education and program management. These departments are supported by two service departments-information technology (IT) and administration. To summarize, there are four departments (two service departments and two operating departments) and two programs (mental health and housing for older adults). The service department costs are allocated to the operating departments, and then the operating department costs are allocated to the programs.

The Fleming Foundation is a charitable organization founded by Gaylord Fleming and Sandy Fleming. The Flemings intended for the charity to provide programs in health care for older persons, particularly those in poverty. The two main program divisions of the foundation are mental health and housing for elderly individuals. In addition to these programs, the foundation also provides health care educational programs and has a significant fund-raising effort to help the foundation grow and accomplish the goals of the founders. The foundation is organized into two operating departments-education and program management. These departments are supported by two service departments-information technology (IT) and administration. To summarize, there are four departments (two service departments and two operating departments) and two programs (mental health and housing for older adults). The service department costs are allocated to the operating departments, and then the operating department costs are allocated to the programs.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

3. Charity Navigator (https://www.charitynavigator.org) is a website dedicated to providing information regarding not-for-profit charitable organizations. After reviewing the website, explain how not-for-profit organizations are rated. Explain why there is a need for the type of information provided by Charity Navigator. Choose one to two charities listed in the website. Explain the information provided about the charity (financial and nonfinancial), the rating of the charity, and any other relevant factors.
Please answer the all questions.
IS IT PART OF THE COUNTY? Harland County is in a financially distressed area within the state of Missouri. In hopes of enticing business to the county, the state legislature appropriates $3 million to start an industrial development commission. The federal government provides an additional $1 million. The state appoints 15 individuals to a board to oversee the operations of this commission. Harland County officials name five additional members. The commission begins operations by raising funds from local citizens and businesses. Over the past 12 months, it received $700,000 in donations and pledges. The county provides clerical assistance and allows the commission to use one wing of a county office building for its headquarters. The Harland County government must approve the commission's annual operating budget. The county will also cover any deficits that might occur.During the current period, the commission spent $2.4 million and achieves notable success. Several large companies…
Please answer without image
a) Modern Day Gospel Fellowship is a non-denominational charity organisation established in 2001. The charity’s aim is to provide support to children from disadvantagedbackgrounds. The support comes in two folds i.e. academic such as scholarships and related academic activities and sports such as tennis, swimming and football. The aim is to provide total well-being to humanity.Modern Day Gospel Fellowship has detailed constitution which explains how the charity’s income can be spent. The constitution also notes that the administration expenditure cannot exceed 6% of annual income.The charity’s income is derived wholly from voluntary donations which includes: • Cash collected from public donations by volunteers.• Cheques sent to the charity’s head office.• Donation from generous individuals. Some of these donations have specific clauses attached to them indicating that the initial amount donated (capital) cannot be spent. However, the income (interest) from the donation can only be…
The most common funds used by private colleges and universities include all of the following except. Multiple Choice Endowment funds. Loan funds. Sustainable funds. Plant funds.
H
For each of the following indicate the fund (or funds), if any, in which you think the activity should be accounted for and reported. If you think the fund should be a fiduciary fund, then indicate the type of fund; if a governmental or proprietary fund, then so state. Provide a brief explanation for your response. The Jackson School District holds all funds of the foundation that supports the Jackson High School football team. The foundation is governed by a board of advisors, the members of which are selected by a committee of other advisors. The District performs no administrative functions other than depositing the funds in a checking account and writing checks as directed by the foundation. Virginia State University requires that all cash collected by university‐sponsored clubs be held in university maintained accounts and that all disbursements be approved by the Assistant Dean of Students, consistent with policies and procedures established by the university. Using general…
Integrity Reconstructive is a private, not-for-profit hospital. The following information is available about the operations. Gross patient services charges totaled P4,500,000. Included in the above revenues are: charity services, P165,000; contractual adjustments, P400,000; and courtesy allowances, P14,000. Received marketable securities valued at P115,000 for the purchase of new diagnostic equipment. The marketable securities were sold for P124,000 and diagnostic equipment was purchased at a cost of P138,000. Revenue from the hospital gift shop was P31,000 and from the cafeteria revenues were P160,000. Incurred and paid nursing service costs of P1,000,000 and general service costs of P500,000. How much is the net patient service revenue?
The Let's Read organization is a public charity under Internal Revenue Code IRS section 501(c)(3). It had a total support of the following. 1. United way support $10,000 2.Grant from state. $25,000 3. Grant from city $10,000 4. Contribution from individuals $261,000 5. Investment income. $1,000 6. Revenue from sales of books $12,000 Total =$319,000 Of the $261,000 received from contributors, $240,000 came from four contributors, each giving $60,000, the other $21,000 came from small individual contributions. Respond to the following. 1. Calculate the total amount of support that qualifies as public support in meeting the public test to escape private foundation status. 2. Is the organization considered a public charity ?why? 3. If the organization had received $200,000 from one individual and the remaining $61,000 from many small individual contribution, would the not-for-profit…
In each of the three scenarios below (a, b, and c), choose ONE appropriate measure of performance among the following four measures: i) Sharpe Measure ii) Treynor Measure iii) Jensen’s Alpha iv) Information Ratio a) A charitable foundation is considering investing its entire endowment with a single portfolio manager. b) A diabetes foundation is considering choosing many portfolio managers (from a very large pool of portfolio managers) to manage its endowment. c) A university endowment is considering adding a position in an actively-managed portfolio to an already existing passive portfolio. It is evaluating several actively-managed portfolios to choose one among them. PLEASE PROVIDE YOUR ANSWERS IN THE FREE-RESPONSE BOX BELOW: