Question
Gregory University, a private, nonprofit university, receives $10,000,000 from a donor who specified the gift is an endowment, and the earnings are restricted for operating
Gregory University, a private, nonprofit university, receives $10,000,000 from a donor who specified the gift is an endowment, and the earnings are restricted for operating costs associated with a photography program. What effect will the gift have on the Statement of Activities?
Select one:
a. The amount will be reported as a contribution without donor restrictions and decrease the change in net assets without donor restrictions.
b. The amount will be reported as a contribution with donor restrictions and increase the change in net assets with donor restrictions.
c. The amount will be reported as a contribution without donor restrictions and increase the change in net assets without donor restrictions.
d. The amount will be reported as a contribution with donor restrictions and decrease the change in net assets with donor restrictions.
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Financial Accounting Reporting Analysis And Decision Making
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
5th Edition
0730313743, 978-0730313748
