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 .
Required