In 2015, the Rubin Center for the Arts received a $2 million endowment, the income of which
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$80,000 on programs that were consistent with the endowment's restrictions. In 2016, owing to a market downturn, the portfolio incurred net losses of $60,000. In 2017, it had net earnings of $70,000. In neither 2016 nor 2017 did the center use any endowment resources to support its programs.
In the absence of donor speciļ¬cations and applicable statutes, what would be the balances, at the end of 2015, 2016, and 2017, in the center's (a) permanently restricted endowment fund and (b) related temporarily restricted fund? Indicate also any impact on unrestricted funds.
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Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
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