4. Pledges of $ 100,000 were received for construction of a new building. The pledges are payable over the following five fiscal years. The discounted value of the $ 80,000 in pledges expected to be received in years 2016 – 2019 is $ 73,400.
5. Office equipment was purchased for $ 5,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $ 7,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered unrestricted net assets by SOLVE.
6. Telephone expense for the year was $ 5,600, printing and postage expense was $ 10,000 for the year, and supplies expense was $ 2,100 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $ 3,800.
7. Volunteers contributed $ 15,000 of time to help with answering the phones, mailing materials, and various other clerical activities.
8. It is estimated that all of the pledges made for the 2015 year will be collected. Depreciation expense is recorded for the full year on the assets recorded in item 5.
9. Expenses were allocated in the following percentages: public health education, 35 %; community service, 25 %; management and general, 20 %; and fundraising, 20 %.
10. Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for program purposes.
11. All nominal accounts were closed to the appropriate net asset accounts.
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