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, 2016. • The Board of Trustees requires that Tri-County maintain a minimum cash balance of $9,000. • If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $9,000 minimum. (An "endowment fund" is an investment fund set up by a nonprofit entity [e.g., church, university, or hospital] and used either for ongoing operations or for purposes specified by the donor(s) to the fund. Such donations are generally tax deductible for the donors.) Repayment must be made as soon as possible. No interest is charged. • It is anticipated that the year 2016 will begin with an $12,000 cash balance. • Contract revenue is received evenly during the year. • Mental health income is expected to grow by $3,000 in the second and third quarters; no change is expected in the fourth quarter. Required: 2. Complete the cash budget for 2016, for each quarter and the year as a whole, using the template that follows. (Cash deficiency and repayments should be indicated by a minus sign. Enter your answers in thousands.) 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: Borrowings from endowment fund Repayments Cash Budget for Tri-County Social Service Agency 2016 (in thousands) Total financing effects Cash balance, ending $ 1 12 90 53 470 103 6 19 (68) 11 Quarters 99 525 375 4 14 (27) III 230 341 662 145 IV 450 60 130 S Year 12 | ខ | | 292 60 227 1,712 335 25 80
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, 2016. • The Board of Trustees requires that Tri-County maintain a minimum cash balance of $9,000. • If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $9,000 minimum. (An "endowment fund" is an investment fund set up by a nonprofit entity [e.g., church, university, or hospital] and used either for ongoing operations or for purposes specified by the donor(s) to the fund. Such donations are generally tax deductible for the donors.) Repayment must be made as soon as possible. No interest is charged. • It is anticipated that the year 2016 will begin with an $12,000 cash balance. • Contract revenue is received evenly during the year. • Mental health income is expected to grow by $3,000 in the second and third quarters; no change is expected in the fourth quarter. Required: 2. Complete the cash budget for 2016, for each quarter and the year as a whole, using the template that follows. (Cash deficiency and repayments should be indicated by a minus sign. Enter your answers in thousands.) 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: Borrowings from endowment fund Repayments Cash Budget for Tri-County Social Service Agency 2016 (in thousands) Total financing effects Cash balance, ending $ 1 12 90 53 470 103 6 19 (68) 11 Quarters 99 525 375 4 14 (27) III 230 341 662 145 IV 450 60 130 S Year 12 | ខ | | 292 60 227 1,712 335 25 80
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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, 2016.
• The Board of Trustees requires that Tri-County maintain a minimum cash balance of $9,000.
• If cash is short, the agency may borrow from an endowment fund the amount required to
maintain the $9,000 minimum. (An "endowment fund" is an investment fund set up by a
nonprofit entity [e.g., church, university, or hospital] and used either for ongoing operations
or for purposes specified by the donor(s) to the fund. Such donations are generally tax
deductible for the donors.) Repayment must be made as soon as possible. No interest is
charged.
• It is anticipated that the year 2016 will begin with an $12,000 cash balance.
• Contract revenue is received evenly during the year.
• Mental health income is expected to grow by $3,000 in the second and third quarters; no
change is expected in the fourth quarter.
Required:
2. Complete the cash budget for 2016, for each quarter and the year as a whole, using the template that
follows. (Cash deficiency and repayments should be indicated by a minus sign. Enter your
answers in thousands.)
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:
Borrowings from endowment fund
Repayments
Cash Budget for Tri-County Social Service Agency
2016 (in thousands)
Total financing effects
Cash balance, ending
$
12
90
53
470
103
6
19
(68)
11
Quarters
99
525
375
4
14
(27)
III
230
341
76
6
22
145
IV
450
60
130
10
S
Year
12
292
60
227
1,712
335
25
80](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F867aa6ac-eeb6-4ddd-a4b3-29dfc5fd7305%2Fd6b580b9-8341-4cc9-9f52-6f6168507f2a%2Ffxw71ho_processed.jpeg&w=3840&q=75)
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, 2016.
• The Board of Trustees requires that Tri-County maintain a minimum cash balance of $9,000.
• If cash is short, the agency may borrow from an endowment fund the amount required to
maintain the $9,000 minimum. (An "endowment fund" is an investment fund set up by a
nonprofit entity [e.g., church, university, or hospital] and used either for ongoing operations
or for purposes specified by the donor(s) to the fund. Such donations are generally tax
deductible for the donors.) Repayment must be made as soon as possible. No interest is
charged.
• It is anticipated that the year 2016 will begin with an $12,000 cash balance.
• Contract revenue is received evenly during the year.
• Mental health income is expected to grow by $3,000 in the second and third quarters; no
change is expected in the fourth quarter.
Required:
2. Complete the cash budget for 2016, for each quarter and the year as a whole, using the template that
follows. (Cash deficiency and repayments should be indicated by a minus sign. Enter your
answers in thousands.)
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:
Borrowings from endowment fund
Repayments
Cash Budget for Tri-County Social Service Agency
2016 (in thousands)
Total financing effects
Cash balance, ending
$
12
90
53
470
103
6
19
(68)
11
Quarters
99
525
375
4
14
(27)
III
230
341
76
6
22
145
IV
450
60
130
10
S
Year
12
292
60
227
1,712
335
25
80
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