Question: Exercise 1 3 - 1 9 ( Static ) Public Charity [ LO 1 3 - 3 ] The Let's Read organization is a public

Exercise 13-19(Static) Public Charity [LO 13-3]
The Let's Read organization is a public charity under IRC section 501(c)(3). It had total support of the following:
United Way support$10,000Grant from the state25,000Grant from the city10,000Contributions from individuals261,000Investment income1,000Revenue from the sale of books12,000$319,000
Of the $261,000 received from individuals, $240,000 came from four contributors, each of whom gave $60,000; the other $21,000 came from small individual contributions.
Required
Calculate the total amount of support that qualifies as public support in meeting the public support test to escape private foundation status.

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