Presented below are financial statements (except cash flows) for two not-for-profit organizations.

	ABC Not-for-Profit	XYZ Not-for-Profit
Statement of Activities	Unrestricted	Donor-Restricted	Unrestricted	Donor- Restricted
Revenues
Program service revenue	$ 5,595,000		$ 2,250,000
Contribution revenues	3,327,500	$ 750,000	3,200,000
Grant revenue		96,000		$ 1,025,000
Net gains on endowment investments	17,500
Net assets released from restriction
Satisfaction of program restrictions	450,000	(450,000)	377,000	(377,000)
Total revenues	9,390,000	396,000	5,827,000	648,000
Expenses
Education program expenses	5,525,000		1,680,000
Research program expense	1,350,000		2,232,000
Total program service expenses	6,875,000		3,912,000
Fund-raising	550,000		412,000
Administration	650,000		990,000
Total supporting service expenses	1,200,000		1,402,000
Total expenses	8,075,000		5,314,000
Increase in net assets	1,315,000	396,000	513,000	648,000
Net assets, January, 1	4,208,000	759,000	1,037,500	320,000
Net assets, December, 31	$ 5,523,000	$ 1,155,000	$ 1,550,500	$ 968,000

Statement of Net Assets	ABC Not-for-Profit	XYZ Not-for-Profit
Current assets
Cash	$ 205,000	$ 356,000
Short-term cash equivalents	265,000	99,000
Supplies inventories	32,000	150,000
Receivables	439,500	188,500
Total current assets	941,500	793,500
Noncurrent assets
Noncurrent pledges receivable	173,000	86,000
Endowment investments	2,590,000
Land, buildings, and equipment (net)	3,175,000	1,768,000
Total noncurrent assets	5,938,000	1,854,000
Total assets	$ 6,879,500	$ 2,647,500
Current liabilities
Accounts payable	$ 23,000	$ 129,000
Total current liabilities	23,000	129,000
Noncurrent liabilities
Notes payable	178,500
Total noncurrent liabilities	178,500
Total liabilities	201,500	129,000
Net Assets
Unrestricted	5,523,000	1,550,500
Donor restricted for purpose	155,000	0
Donor restricted for endowment	1,000,000	968,000
Total net assets	6,678,000	2,518,500
Total liabilities and net assets	$ 6,879,500	$ 2,647,500

Required:

Calculate the following ratios (assume depreciation expense is $480,000 for both organizations and is allocated among program and supporting expenses):

• Program expense.
• Fund-raising efficiency.
• Days cash on hand.
• Working capital (expressed in days).

For each ratio, which of the two organizations has the stronger ratio.