Quiz 3

The following information was taken from the accounts and records of
the Astronomy Foundation, a private, not-for-profit organization. All
balances are as of December 31, 2005, unless otherwise noted.

Unrestricted Support - Contributions .................. $5,000,000

Unrestricted Support - Membership Dues ................ 600,000
Unrestricted Revenues - Investment Income ............. 96,000
Temporarily restricted gain on sale of investments .... 9,000
Expenses - Research ................................... 3,200,000
Expenses - Fund Raising ............................... 700,000
Expenses - Management and General ..................... 300,000
Restricted Support - Contributions .................... 600,000
Restricted Revenues - Investment Income ............... 50,000
Permanently Restricted Support - Contributions ........ 60,000
Unrestricted Net Assets, January 1, 2005 .............. 500,000
Temporarily Restricted Net Assets, January 1, 2005 .... 6,000,000
Permanently Restricted Net Assets, January 1, 2005 .... 50,000

The unrestricted support from contributions was received in cash

during the year. The expenses included $1,300,000 payable from donor -
restricted resources.
 Astronomy Foundation
Statement of Activities
For the Year Ended December 31, xxxx

Changes in Unrestricted Net Assets

Revenues and Gains
Contributions .......................... $5,000,000
Membership dues ........................ 600,000
Investment Income ...................... 96,000
Total revenues and gains ............ 5,696,000
Net assets released from restrictions 1,300,000
Increase in unrestricted net assets 6,996,000

Expenses:
Program Services:
Research ............................... 3,200,000
Supporting Services:
Management and General ................. 300,000
Fund Raising ........................... 700,000
Total Supporting Services ........... 1,000,000
Total Expenses ...................... 4,200,000
Net increase in unrestricted net assets 2,796,000

Changes in Temporarily Restricted Net Assets

Contributions .......................... 600,000
Investment Income ...................... 50,000
Gain on Sale of investments ............ 9,000
Net assets released from restriction ... (1,300,000)
Decrease in temporarily restricted net assets ( 641,000)

Changes in Permanently Restricted Net Assets

Contributions .......................... 60,000
Increase in permanently restricted net assets 60,000

Increase in net assets ..................... 2,215,000

Net assets, January 1, 2005 ................ 6,550,000
Net assets, December 31,2005 ............... $8,765,000