Brown County has a cash investment pool (an investment trust fund). In recording the journal entries for this fund, which of the following is true?

• The fund only needs to be revalued at the end of each year even if contributions of distributions occur during the year.

• No interest is accrued for in this fund since it is recorded on the modified accrual basis.

• A contribution by an external party would be recorded as an "addition"

• earnings/losses are allocated based on the size of each participant's tax base.