Question: 5. During the current year, the Finn Foundation, a nongovernmental not-for-profit organization, received a $1,000,000 permanent endowment from Chris. Chris stipulated that the income must

5. During the current year, the Finn Foundation, a nongovernmental not-for-profit organization, received a $1,000,000 permanent endowment from Chris. Chris stipulated that the income must be used to provide recreational activities for the elderly. The endowment reported income of $80,000 in the current year. What amount of permanently restricted contribution revenue should Finn report at the end of the current year?

a. $1,080,000

b. $1,000,000

c. $80,000

d. $0

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Model Based Testing For Embedded Systems Questions!

code class = "asciimath" > During the current year, the Finn Foundation, a nongovernmental not - for - profit organization, received a $ 1 , 0 0 0 , 0 0 0 perpetual endowment from Chris. Chris...

A voluntary health and welfare organization received a $700,000 permanent endowment during the year.The donor stipulated that the income and investment appreciation be used to maintain the...

Non-For Profit Accounting - Final Exam 1. Choose correct or incorrect sentences. Expense of private non-for-profit organization is reported by 'function classification'. Detailed statement of nature...

1. Choose correct or incorrect sentences. Expense of private non-for-profit organization is reported by 'function classification'. Detailed statement of nature and function is reported in the notes...

Non-For Profit Accounting 1. Choose correct or incorrect sentences. Expense of private non-for-profit organization is reported by function classification. Detailed statement of nature and function is...

Answer the following questions about an organization, based on the Sample Form 990 below. A. Provide: Total revenue Total expenditures End-of-year cash balance Public support percentage Fundraising...

I have attached two charities financial statements. From the statement of financial position of each charity, assess the following a) liquidity-current ratio b) going concern- Revenues divided by...

Operations Effectiveness. Does it appear that the Mayo Clinic management team is operating effectively as a nonprofit organization? Are they controlling operations? Why or why not? What evidence can...

1.Choose correct or incorrect sentences. Expense of private non-for-profit organization is reported by 'function classification'. Detailed statement of nature and function is reported in the notes in...

A golfer keeps track of his score for playing nine holes of golf (half a normal golf round). His mean score is 85 with a standard deviation of 11. Assuming that the second 9 has the same mean and...

Texas Pick 3 lottery, you can bet $1 by selecting the exact order of three digits between 0 and 9 inclusive, so the probability of winning is 1 /1000. If the same three numbers are drawn in the same...

The Arks sold 6 0 shares of Fizbo Corporation common stock on September 3 tor $ 0 5 a share ( minus a $ 5 0 total commission ) . The Arks purchased the stock on November 8 , 2 0 2 3 , for $ 9 0 a...

What steps could a company take to avoid making product design and marketing mistakes when introducing new products into East Germany? How would you go about hiring a plant manager for a facility you...