Donor transfers an asset to Recipient, a not-for-profit entity that does not serve as a trustee. Recipient accepts the asset and agrees to use it on behalf of Beneficiary, an entity specified by Donor but not financially related or affiliated with Donor. In accordance with transfers of assets to NFPs or charitable trusts that raise or hold contributions for others, if A. Donor does not grant Recipient variance power, and if Recipient and Beneficiary are not financially interrelated, Recipient must record an asset and a liability to Beneficiary If the asset transferred is a nonfinancial asset. B. Donor does not grant Recipient variance power, and If Recipient and Beneficiary are financially interrelated, Recipient records an asset and contribution revenue. C. Donor explicitly grants Recipient variance power, Recipient must record an asset and contribution revenue only if the asset transferred is a financial asset. D. Donor explicitly grants Recipient variance power.

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The detailed answer for the above question is provided below The correct answer is D Donor explicitl... View the full answer