6). The Town of Elmwood applied for a competitive grant from the state government for providing an after- school recreational program for at-risk children from low-income families. On 2/1/2005, Elmwood was notified that it had been awarded a grant of $100,000 for the program. The program provides up to $1,000 per child served provided that family annual income is less than $25,000. The grant provides for reimbursement of all allowable costs of conducting the program on a twice-monthly basis. No time limit is imposed for completion of the program. Any unused grant award may be carried forward to the next fiscal year. By 12/31/2005, Elmwood?s fiscal year-end, $74,000 had been expended in providing recreational services for eligible beneficiaries. Reimbursement of $71,000 had been received from the state by this date. Required: [12 pts.] a). What are the eligibility requirements of this grant? b). As of 12/31/2005, identify the following: (1). Cash Received (2). Program Revenue (3). Expenditures
Solution
Total Expenditure = $ 74000
Cash Received = $ 71000
Revenue = 71000-74000 = $ 3000
The program must be carried on & also the expenditure will be for the children whose family income is less than $ 25000/-.
.
Introduction to ArtificiaI Intelligence in Higher Education
6)- The Town of Elmwood applied for a competitive grant from the state.docx
1. 6). The Town of Elmwood applied for a competitive grant from the state government for
providing an after- school recreational program for at-risk children from low-income families.
On 2/1/2005, Elmwood was notified that it had been awarded a grant of $100,000 for the
program. The program provides up to $1,000 per child served provided that family annual
income is less than $25,000. The grant provides for reimbursement of all allowable costs of
conducting the program on a twice-monthly basis. No time limit is imposed for completion of the
program. Any unused grant award may be carried forward to the next fiscal year. By 12/31/2005,
Elmwood?s fiscal year-end, $74,000 had been expended in providing recreational services for
eligible beneficiaries. Reimbursement of $71,000 had been received from the state by this date.
Required: [12 pts.] a). What are the eligibility requirements of this grant? b). As of 12/31/2005,
identify the following: (1). Cash Received (2). Program Revenue (3). Expenditures
Solution
Total Expenditure = $ 74000
Cash Received = $ 71000
Revenue = 71000-74000 = $ 3000
The program must be carried on & also the expenditure will be for the children whose family
income is less than $ 25000/-.
![6). The Town of Elmwood applied for a competitive grant from the state government for
providing an after- school recreational program for at-risk children from low-income families.
On 2/1/2005, Elmwood was notified that it had been awarded a grant of $100,000 for the
program. The program provides up to $1,000 per child served provided that family annual
income is less than $25,000. The grant provides for reimbursement of all allowable costs of
conducting the program on a twice-monthly basis. No time limit is imposed for completion of the
program. Any unused grant award may be carried forward to the next fiscal year. By 12/31/2005,
Elmwood?s fiscal year-end, $74,000 had been expended in providing recreational services for
eligible beneficiaries. Reimbursement of $71,000 had been received from the state by this date.
Required: [12 pts.] a). What are the eligibility requirements of this grant? b). As of 12/31/2005,
identify the following: (1). Cash Received (2). Program Revenue (3). Expenditures
Solution
Total Expenditure = $ 74000
Cash Received = $ 71000
Revenue = 71000-74000 = $ 3000
The program must be carried on & also the expenditure will be for the children whose family
income is less than $ 25000/-.](https://image.slidesharecdn.com/6-thetownofelmwoodappliedforacompetitivegrantfromthestate-230201022421-b6cf92bd/85/6-the-town-of-elmwood-applied-for-a-competitive-grant-from-the-statedocx-1-320.jpg)
