A not-for-proﬁt organization has an endowment fund that, at the start of the year, has a value of $1 million—the amount initially contributed to establish the fund. Owing to investment losses, the year-end balance decreased to $ 950,000. In a previous year, the organization had added $30,000 of endowment fund investment gains to temporarily restricted assets. Of this amount, $20,000 has already been spent. How should the $50,000 of investment losses be accounted for? More speciﬁcally, what should be the reported value of the endowment fund? In which category of assets should the losses be recognized?