Beta Alpha Psi reports a balance of about $23,000 in net assets with donor restrictions on its 2020 statement of financial position, labeled Inclusive Leadership Awards. What is the interpretation of this amount?

Select one:

a. Of total contributions collected for inclusive leadership awards in fiscal 2020, $23,000 has not yet been spent as of the end of 2020.

b. Donors contributed $23,000 for inclusive leadership awards in fiscal 2020.

c. Beta Alpha Psi spent $23,000 for inclusive leadership awards in fiscal 2020.

d. Of total contributions collected for inclusive leadership awards in the past, $23,000 has not yet been spent as of the end of 2020.