The Center to Advance Student Learning has presented its statement of financial position for the 2020 fiscal year.

CENTER TO ADVANCE STUDENT LEARNING
Statement of Financial Position
As of December 31, 2020

Assets
Cash and cash equivalents ...........................................................................................$ 286,802
Short and long-term investments ...............................................................................1,371,143
Contributions receivable .................................................................................................286,372
Supplies and other prepaid expenses .............................................................................43,258
Land ...................................................................................................................................210,000
Buildings (net of accumulated depreciation of $63,420) .............................................561,627
Equipment (net of accumulated depreciation of $92,642) ..........................................144,230
Total assets ...................................................................................................................$2,903,432
Liabilities and Net Assets
Accounts payable .............................................................................................................$ 45,722
Mortgage payable .............................................................................................................495,000
Accrued liabilities ................................................................................................................24,963
Without donor restrictions ..............................................................................................503,980
With donor restrictions
Donor restricted for operations .....................................................................................196,892
Debt-covenant restricted ..................................................................................................61,875
Permanent endowment ...............................................................................................1,225,000
Board-designated ............................................................................................................350,000
Total liabilities and net assets ...................................................................................$2,903,432

Required
Upon reviewing the statement, you realize that it is not presented in compliance with the FASB standards. To help the Center to Advance Student Learning correct the statement, make a list of the corrections or modifications that should be made to the statement so it can be presented in the proper format.