On July $1,2023,$ the Morgan County School District received a $$64,000$ gift from a local civic organization with the stipulation that, on

June $30$ of each year, $$4,900$ plus any interest earnings on the unspent principal be awarded as a college scholarship to the high

school graduate with the highest academic average. A private$-$purpose trust fund, the Civic Scholarship Fund, was created.

On July $1,2023,$ the gift was received and immediately invested in U$.$S$.$ securities$.$

On June $30,2024,$$$4,900$ of the principal was converted into cash. In addition, $$3,900$ of interest was received.

On June $30,$$$8,800$ was awarded to a student who had maintained a $4\mathrm{.}0-$grade point average throughout each of her four years.

The nominal accounts were closed.