Irvine Services is a private organization that provides community services for the prevention of substance abuse. The following events occur in 2013:
1. Cash contributions of $550,000 are received. Of this amount, $350,000 is donor-designated for educational program activities. The rest is unrestricted.
2. Contributions of $375,000 are promised to the organization during the year. Irvine has signed agreements from the donors that payment will be received in early 2014. It is estimated that 70 percent of these promises are collectible. Due to the short collection period, it is not necessary to report these promises at present value.
3. A donor contributes marketable securities valued at $200,000, with the stipulation that the securities be held intact. The income is unrestricted. The value of the securities at year-end is $215,000. Income earned on the securities during 2013 is $12,000.
4. Cash expenses for the year are:
General services.........................................................................$ 25,000
Program services........................................................................490,000
Fund-raising............................................................................. 65,000
Included in the program services expenses above are $225,000 from contributions made last year which were donor-designated for educational program activities, and $140,000 from contributions made this year (see 1. above) which were donor-designated for educational program activities.
5. Volunteers contributed services as follows:
• A local CPA provided accounting and payroll services valued at $8,000.
• A contractor donated his services to finish the upper floor in the organization's office building. The fair value of these services is $35,000.
Required
Prepare Irvine Services' statement of activities for 2013.