The Medical Arts Clinic, a well-established health care organization, received a $1,500,000 pledge in fiscal year 2015 that was restricted to cover operating expenses. The gift was received over two years; $600,000 in the first year and $900,000 in the second year. The following table reflects the funds received as well as the amounts spent on operating the clinic: Fiscal Year Ended June 30, 2015 June 30, 2016 Gifts received $600,000 $ 900,000 Clinic operating expenses $40,000 $1,020,000 What should the clinic report as Net Assets Released from Restrictions on the statement of activities for the fiscal year ended June 30, 2016?