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If a donor endows a professorial chair at a school, he or she gives a gift and indicates that the earnings from the gift must
If a donor endows a professorial chair at a school, he or she gives a gift and indicates that the earnings from the gift must be used by a specific professor. Would the initial gift be recorded in a fund with donor restrictions or a fund without donor restrictions? Would the earnings be recorded in a fund with donor restrictions or a fund without donor restrictions?
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1 Usually endowments are considered to fall in the category of restricted funds Here the donor endows the professional chair as a gift and mentions that the earnings from the gift be used by a specifi...
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Federal Taxation 2014 Comprehensive
Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson
27th Edition
978-0133452006, 013345200X, 978-0133450118, 133450112, 978-0133438598
