Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any permanently restricted net assets.

	ABC Not-for-Profit		XYZ Not-for-Profit
Statement of Activities	Unrestricted		Temporarily Restricted		Unrestricted		Temporarily Restricted
Revenues
Program service revenue	$	7,195,000							$	2,410,000
Contribution revenues		3,487,500			$	766,000				3,360,000
Grant revenue						112,000							$	1,041,000
Net gains on endowment investments		19,100
Net assets released from restriction
Satisfaction of program restrictions		482,000				(482,000	)			857,000				(857,000	)
Total revenues		11,183,600				396,000				6,627,000				184,000
Expenses
Education program expenses		7,221,000								1,575,000
Research program expense		1,272,000								3,056,000
Total program service expenses		8,493,000								4,631,000
Fund-raising		616,000								436,000
Administration		666,000								1,245,000
Total supporting service expenses		1,282,000								1,681,000
Total expenses		9,775,000								6,312,000
Increase in net assets		1,408,600				396,000				315,000				184,000
Net assets January 1		4,224,000				775,000				1,053,500				336,000
Net assets December 31	$	5,632,600			$	1,171,000			$	1,368,500			$	520,000

Statement of Net Assets	ABC Not-for-Profit		XYZ Not-for-Profit
Current assets
Cash		$	221,000					$	372,000
Short-term cash equivalents			281,000						100,600
Supplies inventories			48,000						166,000
Receivables			455,500						204,500
Total current assets			1,005,500						843,100
Noncurrent assets
Noncurrent pledges receivable			281,000
Endowment investments			2,750,000
Land, buildings, and equipment (net)			3,191,000						1,784,000
Total noncurrent assets			6,222,000						1,784,000
Total assets		$	7,227,500					$	2,627,100
Current liabilities
Accounts payable		$	39,000					$	145,000
Total current liabilities			39,000						145,000
Noncurrent liabilities
Notes payable			194,500
Total noncurrent liabilities			194,500
Total liabilities			233,500						145,000
Net Assets
Unrestricted			4,041,000						2,380,500
Donor restricted for purpose			171,000						101,600
Donor restricted for endowment			2,750,000						0
Total net assets			6,962,000						2,482,100
Total liabilities and net assets		$	7,195,500					$	2,627,100

Required: a. Calculate the following ratios (assume depreciation expense is $766,000 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).

b. For each ratio, which of the two organizations has the stronger ratio. (Assume 365 days in a year. Do not round intermediate calculations. Round "Program expense" answers to 1 decimal place and "Fund-raising efficiency" answers to 3 decimal places and "Days cash on hand", "Working capital" answers to nearest whole number.)