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 $14. • If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $14 minimum. . It is anticipated that the year will begin with an $17 cash balance. Contract revenue is received evenly during the year. . • Mental health income is expected to grow by $3 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 this question by entering your answers in the tabs below. Required 2 Required 31
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 $14. • If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $14 minimum. . It is anticipated that the year will begin with an $17 cash balance. Contract revenue is received evenly during the year. . • Mental health income is expected to grow by $3 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 this question by entering your answers in the tabs below. Required 2 Required 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
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Transcribed Image Text: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 $14.
If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $14 minimum.
• It is anticipated that the year will begin with an $17 cash balance.
.
Contract revenue is received evenly during the year.
Mental health income is expected to grow by $3 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 this question by entering your answers in the tabs below.
Save & EXIT Submit
Required 2
Required 3:
Transcribed Image Text:U
Cash balance, beginning
Receipts:
Grants
Contracts
Mental health income
Charitable donations
Total cash available
Less Disbursements:
Salaries and benefits
Office expenses
Equipment purchases & maintenance
Specific assistance
Total disbursements
Excess (deficiency) of cash available over disbursements
Financing:
Total financing effects
wwww.
Borrowings from endowment fund
Repayments
Cash balance, ending
Cash Budget for Tri-County Social Service Agency
(in thousands)
ollow li……....
Required 2
Required 3
$
I
17 $
95
15
29
310
466
413
79
4
22
518
(52)
< Required 2
< Required 2
11
Quarters
14 $
79
15
32
339
479
351
60
6
15
432
47
(33)
Complete this question by entering your answers in the tabs below.
III
14 S
74
15
35
260
384
80
Required 3 >
5
18
4
121
Required 3 >
IV
14 S
460
62
127
Year
17
294
60
131
1,517
281
21
79
4
Determine the amount that the agency will owe the endowment fund at year-end. (Enter your answer in thousands.)
Amount owed to endowment fund
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