During the year, Dakota University’s board of trustees established a $500,000 fund to be retained and invested for scholarship grants. The fund earned $30,000, which had not been distributed by December 31. What amount should Dakota report in a board-designated (quasi) endowment fund’s net position at December 31?

a) $0

b) $30,000

c) $500,000

d) $530,000

Please explain details and how to get it and why.