PLEASE ANSWER QUESTION, THANKS!

24. An endowment fund is considered underwater if: a. the fair value of the fund at the reporting date is equal to either the original amount of the gift or the amount required to be maintained by the donor, or by law. b. the fair value of the fund at the reporting date is less than either the original amount of the gift or the amount required to be maintained by the donor, or by law. c. the fair value of the fund at the reporting date is more than either the original amount of the gift or the amount required to be maintained by the donor, or by law. d. the amount required to be maintained by the donor, or by law is less than the fair value of the fund at the reporting date