How can the society restrict some of the cash

Assignment Help Accounting Basics

Reference no: EM132838420

Questions -

Q1. We have a new fund this year called the endowment fund. What is the purpose of the endowment fund? And why don't we have any investment income going through the endowment fund?

Q2. Our hall is starting to require some exterior maintenance.

a. How can the Society restrict some of the cash for future hall maintenance?

b. What does this type of restriction look like in the financial statements?

c. Can we make changes to the restricted balance if we decide we have restricted too much or too little? If so, how can this be done?

Q3. The organization needs $100,000 to construct the new playground and just started raising funds this year.

a. How much do we have set aside right now & how were these funds raised?

b. Given our current financial situation, what are some options for how we can fund the remaining capital needed for the playground this summer? Which option would you recommend and why?

Q4. Hall rental is such a pain for our Society because weddings and parties make so much noise and there is increased traffic in the community.

a. Expenses that relate directly to hall rental include 100% of janitorial fees, 90% of utilities and 20% of advertising for the month. Given these expenses, how much net income did we generated from hall rentals in January?

b. Are there any other costs we might want to consider when assessing the results?

c. Currently we're not able to easily see hall revenues net of expenses in Sage 50. What are some options to better track this within the SAGE 50 accounting software? Suggest at least two options. Which option would you recommend? Why?

Reference no: EM132838420

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