A not-for-profit corporation controlled by a local government

I. follows GAAP as codified by FASB.

II. reports net assets as restricted, unrestricted, and capital net of relat debt.

III. reports net assets as restricted and temporarily or permanently unrestricted.

IV. reports collectibles at market value.

a. I and III only.

b. II and IV only

c. II only.

d. IV only