Based on the following information prepare a Statement of Activities
Based on the following information, prepare a Statement of Activities for the year ended December 31, 20X6, for the Mark Meadows Foundation, a private, not-for-profit charity.
1. Contributions of $3,000,000 (including $250,000 of pledges not collected by year end) were received from donors during the year without restriction.
2. Contributions of $1,000,000 restricted for public presentations for education purposes were received in cash during the year.
3. The foundation received gifts of $10 million to establish a permanent endowment to be used to generate resources for the foundation’s community service programs.
4. Income restricted for specific community service programs was earned on the permanent endowment, $320,000.
5. Computers were purchased from unrestricted resources, $72,000.
6. A fund-raising banquet was held. Revenues (unrestricted) were $290,500, and direct costs of the banquet totaled $97,500.
7. Contributions of $1,500,000 were received. These contributions are restricted for building an activity center for the foundation.
8. Membership dues, for which members receive no benefits, total $75,000.
9. Unrestricted investment income earned totaled $83,400.
10. Expenses incurred for mailings, brochures, and other items for the purpose of soliciting donations totaled $95,000.
11. Administrative costs incurred during the year totaled $253,000.
12. Community service program expenses payable from restricted gifts totaled $220,000.
Other expenses for community service programs totaled $2,110,000. Expenses for the foundation’s education programs totaled $200,000, and expenses for its public presentations program were $555,000.
13. Costs incurred on the construction of the activity center totaled $922,000.
14. Unrestricted pledges made by contributors in the prior year but collected in the current year totaled $135,000.
15. Unrestricted net assets, January 1, 20X6, were $1,400,000.
16. Temporarily restricted net assets, January 1, 20X6, were $303,000.
17. There were no permanent endowments at the beginning of the year.
18. The foundation reports restricted gifts and income as increases in temporarily restricted net assets even if the restriction is satisfied in the year the gifts or income are initially recorded.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help