Understanding Inc. 1970 Balance Sheet

UNDERSTANDING, INC.

BALANCE SHEET                     October 1, 1970–September 30, 1971

ASSETS:

Cash on Hand                       492.28

Petty Cash Advances           70.00

TOTAL ASSETS                                                                               562.28

LIABILITIES:

Donations                              2284.45

Less:

Net Loss                                 1644.55          639.90

1970 Deficit                                                   77.62

TOTAL LIABILITIES                                                                          528.28

 

At the suggestion of our Accountant Director, Mr. E. T. O’Connor, the financial reports of Understanding, Inc. have been separated into two accounts, ie., Understanding, Inc. and the International Cultural Center of Understanding. Thus, a change in the format of these reports over those of 1969-70.

UNDERSTANDING, INC. — THE INTERNATIONAL CULTURAL CENTER OF UNDERSTANDING

BALANCE SHEET October 1, 1970—September 30, 1971

ASSETS:

Cash on Hand 112.09

Fixed Assets: (Furn/Fix )

1970 1061.45

1971 801.66

1863.11

Less:

10% Depreciation 186.31 1676.80

Total Assets 1788.89

LIABILITIES:

Donations:

1971 Furn/Fix. 802.49

1971 Bldg. Fund 63.50 865.99

Surplus:

1970 Furn/Fix 1072.21

1970 Bldg. Fund 37.00 1109.21

Total Liabilities 1788.89

SUMMARY

Total Assets and Liabilities:

Understanding; Inc. 562.28

International Cultural Center of Understanding 1788.89

Total Not Worth 2351.17