45. Which one of the following is not a required fi- nancial statement for a private voluntary health and welfare organization? a. Statement of Financial Position b. Statement of Activities and Changes in Net Assets c. Statement of Fund Balance d. Statement of Cash Flows e. Statement of Functional Expense 46. Gerlack College, a private, not-for-profit institu- tion, received a donation of $2,000,000 as a challenge grant. If the college raises an additional $2,000,000 within the next two years, it may keep the donation. If it fails, the $2,000,000 must be returned to the do- nor. How would the college record the receipt of the grant? a. Unrestricted revenue. b. Temporarily restricted revenue. c. Note to the financial statement. d. Refundable advance. 47. Which one of the following is a voluntary health and welfare organization? a. Charity raising money for underprivileged chil- dren. b. Nursing Home c. Clinic d. Hospital 48. A private not-for-profit performing arts center receives the following three donations: A gift of $90,000 which is unrestricted. A gift of $125,000 restricted for payment of sala- ries. A gift of $200,000 that is restricted forever but the income from the gift may be used for current expenditures. Which of the following is not true? a. Temporarily restricted net assets increased by $125,000. b. Permanently restricted net assets increased by $325,000. c. When the money is spent for salaries, unrestricted net assets increase and decrease by the same amount. d. When the money is spent for salaries, temporarily restricted net assets decrease.