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Bank Statement Plan
Millbridge Family Service
Millbridge Family Service (MFS) is a charitable nonprofit foundation that has been supported by other established umbrella organizations, which in this case, it is supported through a lot of its funding through The Unified Path which is a much larger charitable and national organization that is supported through the donations given by societies businesses and individuals who wish to support and help us in providing other funds and goods and services to smaller foundations such as Millbridge and other family counseling programs in the area which is different for different regions depending on the geographic location. Currently, the Unified Path has been financially assisting Millbridge in their projects to help care for and assist needy families, therefore, the accounting department must keep track of these income and banking statements to keep up with how much Millbridge will owe to Unified even though Unified is allowing...
As you can see, on June 1 Unified Path deposit $50,000 into Millbridge Family Services bank account because Millbridge needed extra funds to support their family counseling program because these services were required by the state. On June 15, 2011 Unified Path deposited an additional $20,000 into Millbridge Family Services bank account to help with the basic funds because of the organization's present underperformance which was due to the lack of volunteers, jobs in the area, and nonpayment of patients without insurance. Unified Path is not demanding…
The current bank statement is for the entire month of June 2011 which is a record of the transactions that were made at the company's bank in order for Millbridge Family Services to receive currency from Unified Path. As you can see, on June 1 Unified Path deposit $50,000 into Millbridge Family Services bank account because Millbridge needed extra funds to support their family counseling program because these services were required by the state. On June 15, 2011 Unified Path deposited an additional $20,000 into Millbridge Family Services bank account to help with the basic funds because of the organization's present underperformance which was due to the lack of volunteers, jobs in the area, and nonpayment of patients without insurance. Unified Path is not demanding that Millbridge repay the money immediately because Millbridge will cooperate and follow the guidelines of Unified Path by paying them back within a six-month timeframe. Therefore, it shows that the total deposit in transit for the month of June from Unified Path to Millbridge Family Services came to the total of $70,000.
Next, Millbridge's monthly bank statement shows the number of either outstanding and cleared checks that were made out from Millbridge to United Path, and the first check, check number 1001, was written for $400 from Millbridge that paid Unified Path for their bookkeeping the for the month of June. Check number 1002 was wrote by Millbridge Family Services for $1,000 in which they made a payment on their loan of $20,000 for the shortfall they had for this month to cover their expenses. Below the checks and activity on the statement shows the total outstanding checks totaled $1,400, therefore, if you take the subtotal of the deposits that were made to Millbridge from Unified Path, of $70,000 and subtract $1,400 that leaves a computed book balance on the bank statement for $68,600.
The bank statement addresses the difference between the deposits and the checks wrote to represent all the money that comes in and goes out of the account for Millbridge Family Services for the entire month of June. The bank statement will be kept on file at the bank that is used, and with both Millbridge Family Services and Unified Path accounting departments in order for these to charitable foundations to keep a record of what monies must be paid back from Millbridge to Unified Path. Therefore if the family services organization can pay back their loans and balance their bank accounts, then Unified Path will help them in the future because of the history they have in working together in order to provide better support and services to families and individuals who are in need of their services.
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