INVOLVE was Incorporated as a not$-$for$-$profit organization on January $1,2023.$ Durlng the fiscal year ended December $31,$

$2023,$ the following transactlons occurred.

A business donated rent$-$free office space to the organization that would normally rent for $$35,000$ a year.

$2$ A fund drive ralsed $$185,000$ In cash and $$100,000$ in pledges that will be pald next year. A state government grant of

$$150,000$ was recelved for program operating costs related to public health education.

Salarles and fringe benefits pald during the year amounted to $$208,560.$ At year$-$end, an additlonal $$16,000$ of salarles

and fringe benefits were accrued.

A donor pledged $$100,000$ for construction of a new bullding, payable over five fiscal years, commencing in $2025.$ The

discounted value of the pledge is expected to be $$94,260.$

Office equipment was purchased for $$12,000.$ The useful life of the equipment is estimated to be five years. Office

furniture with a falr value of $$9,600$ was donated by a local office supply company. The furniture has an estlmated

useful life of $10$ years. Furniture and equipment are considered net assets without donor restrictions by INVOLVE.

Telephone expense for the year was $$5,200,$ printing and postage expense was $$12,000$ for the year, utilitles for the

year were $$8,300,$ and supplies expense was $$4,300$ for the year. At year$-$end, a immaterlal amount of supplies

remalned on hand and the balance In accounts payable was $$3,600.$

Volunteers contributed $$15,000$ of time to help with answering the phones, malling materlals, and varlous other clerlcal

actlvitles.

It is estimated that $90$ percent of the pledges made for the $2024$ year will be collected. Depreciation expense is

recorded for the full year on the assets recorded in item $5.$

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$-$ralsing, $15$

percent.

Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for public

health education program purposes.

All nominal accounts were closed to the approprlate net asset accounts.

Exerclse $14-24($Static$)$ Part d

d$.$ Prepare a statement of cash flows for the year ended December $31,2023.($List of cash outflows should be indicated by a minus

slgn$.)$