A business donated rent-free office space to the organization that would normally rent for $35,200 a year. A fund drive raised $186,000 in cash and $102,000 in pledges that will be paid within one...

1. A business donated rent-free office space to the organization that would normally rent for $35,200 a year.


2. A fund drive raised $186,000 in cash and $102,000 in pledges that will be paid within one year. A state government grant of $152,000 was received for program operating costs related to public health education.


3. Salaries and fringe benefits paid during the year amounted to $208,760. At year-end, an additional $16,200 of salaries and fringe benefits were accrued.


4. A donor pledged $102,000 for construction of a new building, payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be $94,460.


5. Office equipment was purchased for $12,200. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $9,800 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered net assets without donor restrictions by INVOLVE.


6. Telephone expense for the year was $5,400, printing and postage expense was $12,200 for the year, utilities for the year were $8,500 and supplies expense was $4,500 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3,800.


7. Volunteers contributed $15,200 of time to help with answering the phones, mailing materials, and various other clerical activities.


8. It is estimated that 90 percent of the pledges made for the 2021 year will be collected. Depreciation expense is recorded for the full year on the assets recorded in item 5.


9. All expenses were allocated to program services and support services in the following percentages: public health education, 35 percent; community service, 30 percent; management and general, 20 percent; and fund-raising, 15 percent.


10. Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for public health education program purposes.


11. All nominal accounts were closed to the appropriate net asset accounts.

Extracted text: L 11(a) Contributions-Without Donor Restrictions 299,000 X Net Assets Without Donor Restrictions 4,820 X 102,963 X 88,254 X Public Health Education Program Community Service Program Management and General 58,836 X Fund-Raising 44,127 X M 11(b) Contributions-With Donor Restrictions-Time 280,460 X Contributions-With Donor Restrictions-Program 280,460 X N 11(c) Net Assets With Donor Restrictions 152,000 8 Net Assets Released-Satisfaction of Purpose Restriction-With 152,000 X O0 00 0 o


Extracted text: J 09 Public Health Education Program 88,254 X Community Service Program 88,254 X 88,254 X 88,254 X Management and General Fund-Raising Salaries and Benefits Expense 224,960 O Rent Expense 35,200 Telephone Expense 5,400 O 12,200 O 4,500 O Printing and Postage Expense Supplies Expense Depreciation Expense 3,420 O Utilities Expense 8,500 K 10 Net Assets Released-Satisfaction of Purpose Restriction-With Dd 152,000 X Net Assets Released-Satisfaction of Purpose Restriction-With 152,000 X O0000 0000OO