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Chapter 10 - Accounting for Private Not-for-Profit
10-12.
DEBITS
CREDITS
1.
CASH
CONTRIBUTIONS-UNRESTRICTED
CONTRIBUTIONS-TEMPORARILY RESTRICTED
CONTRIBUTIONS-PERMANENTLY RESTRICTED
3,900,000
1,950,000
950,000
1,000,000
2.
CASH
ADMISSIONS CHARGES-UNRESTRICTED
INTEREST INCOME-UNRESTRICTED
TUITION REVENUE-UNRESTRICTED
NOTE PAYABLE
1,100,000
250,000
200,000
550,000
100,000
3.
CONTRIBUTIONS RECEIVABLE
CONTRIBUTIONS-TEMPORARILY RESTRICTED
400,000
400,000
4.
CONTRIBUTIONS RECEIVABLE
CONTRIBUTIONS-TEMPORARILY RESTRICTED
421,236
421,236
5.
NEIGHBORHOOD PRODUCTIONS EXPENSE
ACCOUNTS PAYABLE
200,000
200,000
RECLASSIFICATION FROM TEMPORARILY RESTRICTED NET ASSETS-
SATISFACTION OF PROGRAM RESTRICTION
RECLASSIFICATION TO UNRESTRICTED NET ASSETS-
SATISFACTION OF PROGRAM RESTRICTIONS
(TO RECORD EXPIRATION OF PROGRAM RESTRICTIONS)
200,000
200,000
ACCOUNTS PAYABLE
CASH
200,000
200,000
6.
CASH
CONTRIBUTION RECEIVABLE
300,000
300,000
RECLASSIFICATION FROM TEMPORARILY RESTRICTED NET ASSETS-
EXPIRATION OF TIME RESTRICTIONS
RECLASSIFICATION TO UNRESTRICTED NET ASSETS-
EXPIRATION OF TIME RESTRICTIONS
(TO RECORD EXPIRATION OF TIME RESTRICTIONS)
300,000
300,000
Chapter 10 - Accounting for Private Not-for-Profit
10-12 (CONTINUED).
DEBITS
CREDITS
7.
EQUIPMENT
CASH
400,000
400,000
RECLASSIFICATION FROM TEMPORARILY RESTRICTED NET ASSETS-
SATISFACTION OF FIXED ASSET ACQUISITION RESTRICTIONS
RECLASSIFICATION TO UNRESTRICTED NET ASSETS-
SATISFACTION OF FIXED ASSET ACQUISITION RESTRICTIONS
(TO
RECORD EXPIRATION OF FIXED ASSET ACQUISITION
RESTRICTIONS)
400,000
400,000
8.
PERFORMANCE EXPENSE
BALLET SCHOOL EXPENSE
MANAGEMENT AND GENERAL EXPENSE
FUND RAISING EXPENSE
MEMBERSHIP DEVELOPMENT EXPENSE
ACCUMULATED DEPRECIATION
ACCOUNTS PAYABLE
1,400,000
650,000
550,000
300,000
200,000
300,000
2,800,000
9.
ACCOUNTS PAYABLE
CASH
2,800,000
2,800,000
10.
TEMPORARY INVESTMENTS
LONG-TERM INVESTMENTS
CASH
1,050,000
1,000,000
2,050,000
11.
LONG-TERM INVESTMENTS
GAINS ON INVESTMENTS-PERMANENTLY RESTRICTED
200,000
200,000
12.
MANAGEMENT AND GENERAL EXPENSE
ACCRUED INTEREST PAYABLE
4,000
4,000
Chapter 10 - Accounting for Private Not-for-Profit
10-12 (CONTINUED).
CLOSING ENTRIES
DEBITS
CREDITS
A.
CONTRIBUTIONS-UNRESTRICTED
ADMISSION CHARGES-UNRESTRICTED
INTEREST INCOME-UNRESTRICTED
TUITION REVENUE-UNRESTRICTED
RECLASSIFICATION TO UNRESTRICTED NET ASSETS-
SATISFACTION OF PROGRAM RESTRICTIONS
RECLASSIFICATION TO UNRESTRICTED NET ASSETS-
EXPIRATION OF TIME RESTRICTIONS
RECLASSIFICATION TO UNRESTRICTED NET ASSETS-
SATISFACTION OF FIXED ASSET ACQUISITION RESTRICT’NS
PERFORMANCE EXPENSE
BALLET SCHOOL EXPENSE
NEIGHBORHOOD PRODUCTION EXPENSE
MANAGEMENT AND GENERAL EXPENSE
FUND RAISING EXPENSE
MEMBERSHIP DEVELOPMENT EXPENSE
NET ASSETS-UNRESTRICTED
1,950,000
250,000
200,000
550,000
200,000
300,000
400,000
1,400,000
650,000
200,000
554,000
300,000
200,000
546,000
B.
CONTRIBUTIONS-TEMPORARILY RESTRICTED
RECLASSIFICATION FROM TEMPORARILY RESTRICTED
NET ASSETS-SATISFACTION OF PROGRAM
RESTRICTIONS
RECLASSIFICATION FROM TEMPORARILY RESTRICTED
NET ASSETS-EXPIRATION OF TIME RESTRICTIONS
RECLASSIFICATION FROM TEMPORARILY RESTRICTED
NET ASSETS-EXPIRATION OF FIXED ASSET
ACQUISITION RESTRICTIONS
NET ASSETS TEMPORARILY RESTRICTED
1,771,236
200,000
300,000
400,000
871,236
C.
CONTRIBUTION-PERMANENTLY RESTRICTED
1,000,000
Chapter 10 - Accounting for Private Not-for-Profit
10-21
10-12 (B).
THE GRANT WOOD ARTS ASSOCIATION
STATEMENT OF ACTIVITIES
YEAR ENDED DECEMBER 31, 2015
UNRES-
STRICTED
TEMPORARILY
RESTRICTED
PERMANENTLY
RESTRICTED
TOTAL
REVENUES, GAINS, AND OTHER
SUPPORT:
CONTRIBUTIONS
ADMISSIONS CHARGES
INTEREST
TUITION
GAINS ON INVESTMENTS
NET ASSETS RELEASED FROM
RESTRICTIONS:
SATISFACTION OF:
- PROGRAM RESTRICTIONS
- TIME RESTRICTIONS
- FIXED ASSET ACQUISITION
RESTRICTIONS
TOTAL REVENUES, GAINS, AND
OTHER SUPPORT
$ 1,950,000
250,000
200,000
550,000
200,000
300,000
400,000
3,850,000
$1,771,236
(200,000)
(300,000)
(400,000)
871,236
$1,000,000
200,000
_______
1,200,000
$4,721,236
250,000
200,000
550,000
200,000
________
5,921,236
EXPENSES:
PERFORMANCE
BALLET SCHOOL
NEIGHBORHOOD
PRODUCTIONS
MANAGEMENT AND
GENERAL
FUND RAISING
MEMBERSHIP
DEVELOPMENT
TOTAL EXPENSES
1,400,000
650,000
200,000
554,000
300,000
200,000
3,304,000
1,400,000
650,000
200,000
554,000
300,000
200,000
3,304,000
CHANGE IN NET ASSETS
NET ASSETS, 1/1/2015
NET ASSETS, 12/31/2015
546,000
1,130,000
$1,676,000
871,236
1,700,000
$2,571,236
1,200,000
3,000,000
$4,200,000
2,617,236
5,830,000
$8,447,236
Chapter 10 - Accounting for Private Not-for-Profit
10-12 (C).
THE GRANT WOOD ARTS ASSOCIATION
STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2015
ASSETS:
CASH
TEMPORARY INVESTMENTS
CONTRIBUTIONS RECEIVABLE
LONG-TERM INVESTMENTS
EQUIPMENT
ACCUMULATED DEPRECIATION-EQUIPMENT
TOTAL ASSETS
$ 350,000
2,300,000
1,021,236
4,200,000
2,120,000
(1,100,000)
$8,891,236
LIABILITIES:
ACCOUNTS PAYABLE
ACCRUED INTEREST PAYABLE
NOTE PAYABLE
TOTAL LIABILITIES
340,000
4,000
100,000
444,000
NET ASSETS:
UNRESTRICTED
TEMPORARILY RESTRICTED
PERMANENTLY RESTRICTED
TOTAL NET ASSETS
TOTAL LIABILITIES AND NET ASSETS
$1,676,000
2,571,236
4,200,000
8,447,236
$8,891,236
Chapter 10 - Accounting for Private Not-for-Profit
10-12 (D).
THE GRANT WOOD ARTS ASSOCIATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
CASH RECEIVED FROM CONTRIBUTIONS
CASH RECEIVED FROM ADMISSION CHARGES
INTEREST RECEIVED
CASH RECEIVED FROM TUITION
CASH PAID TO EMPLOYERS AND SUPPLIERS
NET CASH PROVIDED BY OPERATING ACTIVITIES
$2,750,000
250,000
200,000
550,000
(3,000,000)
750,000
CASH FLOWS FROM INVESTING ACTIVITIES:
PURCHASE OF EQUIPMENT
PURCHASE OF TEMPORARY INVESTMENTS
PURCHASE OF INVESTMENTS
NET CASH USED FOR INVESTING ACTIVITIES
(400,000)
(1,050,000)
(1,000,000)
(2,450,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
PROCEEDS OF BORROWINGS
PROCEEDS FROM CONTRIBUTIONS RESTRICTED FOR:
ESTABLISHMENT OF ENDOWMENT
INVESTMENT IN EQUIPMENT
NET CASH PROVIDED BY FINANCING ACTIVITIES
100,000
1,000,000
450,000
1,550,000
NET INCREASE (DECREASE) IN CASH
CASH, JANUARY 1, 2015
CASH, DECEMBER 31, 2015
(150,000)
500,000
$ 350,000
Chapter 10 - Accounting for Private Not-for-Profit
RECONCILIATION OF CHANGE IN NET ASSETS TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
CHANGE IN NET ASSETS.
ADJUSTMENTS TO RECONCILE CHANGE IN NET ASSETS TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION
INCREASE IN CONTRIBUTIONS RECEIVABLE
INCREASE (DECREASE) IN ACCOUNTS PAYABLE
INCREASE IN ACCRUED INTEREST PAYABLE
CONTRIBUTIONS RESTRICTED FOR ENDOWMENT
CONTRIBUTIONS RESTRICTED FOR FIXED ASSET ACQUISITIONS
GAINS ON RESTRICTED INVESTMENTS
NET CASH PROVIDED BY OPERATING ACTIVITIES
$2,617,236
300,000
(521,236)
(0)
4,000
(1,000,000)
(450,000)
(200,000)
$ 750,000
Chapter 10 - Accounting for Private Not-for-Profit
10-25
10-13. (A). SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON
THE INSTRUCTOR’S WEBSITE
JEFFERSON ANIMAL RESCUE
DECEMBER 31, 2015
ACCOUNT TITLE
DEBITS
CREDITS
1
SUPPLIES
17,020
ACCOUNTS PAYABLE
17,020
2
PLEDGES RECEIVABLE
95,000
ESTIMATED UNCOLLECTIBLE PLEDGES
2,850
CONTRIBUTION REVENUE - UNRESTRICTED
92,150
3
PROGRAM EXPENSE - ANIMAL CARE
16,700
SUPPLIES
16,700
4
ACCOUNTS PAYABLE
17,725
CASH
17,725
5
CASH
94,500
PLEDGES RECEIVABLE
94,500
6
FUND-RAISING EXPENSE
2,000
ADMINISTRATIVE EXPENSE
15,000
PROGRAM EXPENSE - ANIMAL CARE
29,500
WAGES PAYABLE
500
CASH
47,000
7
PROGRAM EXPENSE - KDAC PROGRAM
1,800
CASH
1,800
RECLASSIFICATION FROM TEMP. RESTRICTED NET ASSETS
1,800
RECLASSIFICATION TO UNRESTRICTED NET ASSETS
1,800
PLEDGES RECIEVABLE
3,000
TEMPORARILY RESTRICTED REVENUE - CONTRIBUTIONS
3,000
8
OTHER CHANGES - INTEREST EXPENSE
1,500
CASH
1,500
9
LAND BUILDINGS AND EQUIPMENT
5,550
CASH
5,550
RECLASSIFICATION FROM TEMP. RESTRICTED NET ASSETS
5,550
RECLASSIFICATION TO UNRESTRICTED NET ASSETS
5,550
10
ADMINISTRATIVE EXPENSE
2,000
PROGRAM EXPENSE - ANIMAL CARE
4,000
ACCUMULATED DEPRECIATION
6,000
Chapter 10 - Accounting for Private Not-for-Profit
10-26
11
PROGRAM EXPENSE - ANIMAL CARE
686
WAGES PAYABLE
686
10-13. (B)
JEFFERSON ANIMAL RESCUE
A PRIVATE NOT-FOR-PROFIT
DECEMBER 31, 2015
ACCOUNT TITLE
DEBITS
CREDITS
CONTRIBUTION REVENUE - UNRESTRICTED
92,150
RECLASSIFICATION TO UNRESTRICTED NET ASSETS
7,350
UNRESTRICTED NET ASSETS
26,314
OTHER CHANGES - INTEREST EXPENSE
1,500
ADMINISTRATIVE EXPENSE
17,000
FUND RAISING EXPENSE
2,000
PROGRAM EXPENSE - ANIMAL CARE
50,886
PROGRAM EXPENSE - KDAV TV PROGRAM
1,800
CONTRIBUTION REVENUE - TEMP. RESTRICTED
3,000
NET ASSETS TEMPORARILY RESTRICTED - KDAV PROGRAM
1,200
RECLASSIFICATION FROM TEMP RESTRICTED NET ASSETS
1,800
NET ASSETS TEMPORARILY RESTRICTED - CAPITAL ASSETS
5,550
RECLASSIFICATION FROM TEMP RESTRICTED NET ASSETS
5,550
Chapter 10 - Accounting for Private Not-for-Profit
10-27
10-13 (C)
JEFFERSON ANIMAL RESCUE
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED 12-31-2015
UNRESTRICTED
TEMPORARILY
RESTRICTED
TOTAL
REVENUES
CONTRIBUTIONS
$ 92,150
$ 3,000
$ 95,150
NET ASSETS RELEASED FROM RESTRICTION:
SATISFACTION OF PROGRAM RESTRICTIONS
1,800
(1,800)
-
SATISFACTION OF CAPITAL ASSET RESTRICTIONS
5,550
(5,550)
-
TOTAL REVENUES AND OTHER SUPPORT
99,500
(4,350)
95,150
OPERATING EXPENSES
ANIMAL CARE
50,886
50,886
KDAC TV PROGRAM
1,800
1,800
ADMINISTRATION
17,000
17,000
FUNDRAISING
2,000
2,000
TOTAL OPERATING EXPENSES
71,686
-
71,686
CHANGE IN NET ASSETS FROM OPERATIONS
27,814
(4,350)
23,464
OTHER CHANGES (EXPENSES)
INTEREST EXPENSE
(1,500)
-
(1,500)
TOTAL NONOPERATING REVENUE (EXPENSE)
(1,500)
-
(1,500)
CHANGE IN NET ASSETS
26,314
(4,350)
21,964
NET ASSETS- BEGINNING OF YEAR
13,200
9,700
22,900
NET ASSETS - END OF YEAR
$ 39,514
$ 5,350
$ 44,864
Chapter 10 - Accounting for Private Not-for-Profit
10-28
10-13 (C) CONTINUED
JEFFERSON ANIMAL RESCUE
STATEMENT OF FINANCIAL POSITION
AS OF 12-31-2015
ASSETS
CASH
$ 45,925
PLEDGES RECEIVABLE (NET)
4,150
SUPPLIES INVENTORY
4,320
TOTAL CURRENT ASSETS
54,395
LAND BUILDING AND EQUIPMENT
46,550
LESS: ACCUMULATED DEPRECIATION
(25,300)
TOTAL ASSETS
$ 75,645
LIABILITIES
ACCOUNTS PAYABLE
5,095
WAGES PAYABLE
686
TOTAL CURRENT LIABILITIES
5,781
BANK NOTE PAYABLE
25,000
TOTAL LIABILITIES
30,781
NET ASSETS
UNRESTRICTED
39,514
TEMPORARILY RESTRICTED FOR:
KDAC TV PROGRAM
3,700
PURCHASE OF CAPITAL ASSETS
1,650
TOTAL NET ASSETS
44,864
TOTAL LIABILITIES AND NET ASSETS
$ 75,645
Chapter 10 - Accounting for Private Not-for-Profit
10-29
10-13 (C) continued
JEFFERSON ANIMAL RESCUE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 12-31-2015
CASH FLOWS FROM OPERATING ACTIVITIES
CHANGE IN NET ASSETS
$ 21,964
DEPRECIATION EXPENSE
6,000
INCREASE IN PLEDGES RECEIVABLE (NET)
(650)
DECREASE IN SUPPLIES
(320)
DECREASE IN ACCOUNTS PAYABLE
(705)
INCREASE IN WAGES PAYABLE
186
OTHER
-
NET CASH PROVIDED BY OPERATING ACTIVITIES
26,475
CASH FLOWS FROM FINANCING ACTIVITIES
BORROWINGS THIS PERIOD
NET CASH PROVIDED BY L FINANCING ACTIVITIES
-
CASH FLOWS FROM INVESTING ACTIVITIES
PURCHASE OF LAND BUILDINGS AND EQUIPMENT
(5,550)
NET CASH PROVIDED FROM INVESTING ACTIVITIES
(5,550)
INCREASE IN CASH
20,925
CASH AND CASH EQUIVALENTS BEGINNING OF YEAR
25,000
CASH AND CASH EQUIVALENTS END OF YEAR
$ 45,925
Chapter 10 - Accounting for Private Not-for-Profit
10-30
10-14 (A)
ASSOCIATION OF WOMEN IN GOVERNMENT
EDUCATIONAL FOUNDATION
DECEMBER 31, 2015
ACCOUNT TITLE
DEBITS
CREDITS
1
ADMINISTRATIVE EXPENSES
2,200
CASH
2,200
SUPPLIES
1,900
ACCOUNTS PAYABLE
1,900
ACCOUNTS PAYABLE
1,200
CASH
1,200
ADMINISTRATIVE EXPENSE
1,850
SUPPLIES
1,850
2
CASH
9,600
UNRESTRICTED REVENUE - CONTRIBUTIONS
9,600
3
CASH
7,800
INTEREST RECEIVABLE
700
TEMPORARILY RESTRICTED REVENUE - INTEREST
7,100
INTEREST RECEIVABLE
850
TEMPORARILY RESTRICTED REVENUE - INTEREST
850
4
INVESTMENT IN BONDS
1,600
TEMPORARILY RESTRICTED REVENUE - NET GAIN ON
ENDOWMENT INVESTMENTS
1,600
5
PLEDGES RECEIVABLE
1,362
PERMANENTLY RESTRICTED REVENUE - CONTRIBUTIONS
1,362
CASH
10,000
PLEDGES RECEIVABLE
10,000
6
PROGRAM EXPENSES - SCHOLARSHIPS
20,000
SCHOLARSHIPS PAYABLE
20,000
SCHOLARSHIPS PAYABLE
22,000
CASH
22,000
RECLASSIFICATION FROM TEMP RESTRICTED NET ASSETS
12,150
RECLASSIFICATION TO UNRESTRICTED NET ASSETS
12,150
BEGINNING TEMPORARILY RESTRICTED NET ASSETS
2,600
INTEREST INCOME
7,950
CAPITAL GAINS ON BONDS
1,600
12,150
Chapter 10 - Accounting for Private Not-for-Profit
10-31
10-14 (B).
ASSOCIATION OF WOMEN IN GOVERNMENT
EDUCATIONAL FOUNDATION
DECEMBER 31, 2015
ACCOUNT TITLE
DEBITS
CREDITS
CONTRIBUTION REVENUE - UNRESTRICTED
9,600
RECLASSIFICATION FROM TEMP RESTRICTED NET ASSETS
12,150
UNRESTRICTED NET ASSETS
2,300
ADMINISTRATIVE EXPENSE
4,050
PROGRAM EXPENSE - SCHOLARSHIPS
20,000
TEMPORARILY RESTRICTED REVENUE - INTEREST
7,950
TEMPORARILY RESTRICTED REVENUE - NET GAIN ON
ENDOWMENT INVESTMENTS
1,600
NET ASSETS TEMPORARILY RESTRICTED - SCHOLARSHIPS
2,600
RECLASSIFICATION TO UNRESTRICTED NET ASSETS
12,150
CONTRIBUTION REVENUE - PERMANENTLY RESTRICTED
1,362
PERMANENTLY RESTRICTED NET ASSETS
1,362
Chapter 10 - Accounting for Private Not-for-Profit
10-32
10-14 (C)
ASSOCIATION OF WOMEN IN GOVERNMENT EDUCATIONAL FOUNDATION
STATEMENT OF FINANCIAL POSITION
AS OF 12-31-2015
ASSETS
CASH
$ 24,900
PLEDGES RECEIVABLE
18,594
INTEREST RECEIVABLE
850
SUPPLIES INVENTORY
450
INVESTMENT IN BONDS
101,600
-
TOTAL ASSETS
$ 146,394
LIABILITIES
ACCOUNTS PAYABLE
700
SCHOLARSHIPS PAYABLE
3,000
TOTAL LIABILITIES
3,700
NET ASSETS
UNRESTRICTED
14,100
TEMPORARILY RESTRICTED FOR:
SCHOLARSHIPS
-
PERMANENTLY RESTRICTED (ENDOWMENT)
128,594
TOTAL NET ASSETS
142,694
TOTAL LIABILITIES AND NET ASSETS
$ 146,394
Chapter 10 - Accounting for Private Not-for-Profit
10-33
10-14 (C) CONTINUED
ASSOCIATION OF WOMEN IN GOVERNMENT EDUCATIONAL FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 12-31-2015
CASH FLOWS FROM OPERATING ACTIVITIES
CHANGE IN NET ASSETS
$ (3,538)
UNREALIZED GAIN ON INVESTMENTS
(1,600)
INCREASE IN INTEREST RECEIVABLE
(150)
DECREASE IN PLEDGES RECEIVABLE (NET)
8,638
INCREASE IN SUPPLIES
(50)
DECREASE IN SCHOLARSHIPS PAYABLE
(2,000)
INCREASE IN ACCOUNTS PAYABLE
700
NET CASH PROVIDED BY OPERATING ACTIVITIES
2,000
CASH FLOWS FROM FINANCING ACTIVITIES
BORROWINGS THIS PERIOD
NET CASH PROVIDED BY FINANCING ACTIVITIES
-
CASH FLOWS FROM INVESTING ACTIVITIES
PURCHASE OF FIXED ASSETS
NET CASH PROVIDED FROM INVESTING ACTIVITIES
-
INCREASE(DECREASE) IN CASH
2,000
CASH AND CASH EQUIVALENTS BEGINNING OF YEAR
22,900
CASH AND CASH EQUIVALENTS END OF YEAR
$ 24,900
Chapter 10 - Accounting for Private Not-for-Profit
10-32
10-14 (C) CONTINUED
ASSOCIATION OF WOMEN IN GOVERNMENT EDUCATIONAL FOUNDATION
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED 12-31-2015
UNRESTRICTED
TEMPORARILY
RESTRICTED
PERMANENTLY
RESTRICTED
TOTAL
REVENUES
CONTRIBUTIONS
$ 9,600
$ -
$ 1,362
$ 10,962
INTEREST INCOME
7,950
7,950
NET GAIN ON ENDOWMENT INVESTMENTS
1,600
1,600
NET ASSETS RELEASED FROM RESTRICTION:
-
SATISFACTION OF PROGRAM RESTRICTIONS
12,150
(12,150)
-
TOTAL REVENUES AND OTHER SUPPORT
21,750
(2,600)
1,362
20,512
EXPENSES
SCHOLARSHIPS
20,000
20,000
ADMINISTRATION
4,050
4,050
-
TOTAL EXPENSES
24,050
-
-
24,050
CHANGE IN NET ASSETS
(2,300)
(2,600)
1,362
(3,538)
NET ASSETS- BEGINNING OF YEAR
16,400
2,600
127,232
146,232
NET ASSETS - END OF YEAR
$ 14,100
$ -
$ 128,594
$ 142,694
