Two different non-profits, Silver Seniors and Helping Heroes receive donations of artwork.

Silver Seniors has a policy to publicly show the artwork, care for the artwork and if the artwork is sold, buy more artwork with proceeds from selling the artwork

Helping Heroes will care for the artwork, but will use funds (from selling the artwork) for mission needs (and not necessarily buy more artwork).

Helping Heroes gets artwork donations worth $2,000 (FMV) that cost the donor $1,500.

Silver Seniors gets artwork donations worth $1,000 (FMV) that cost the donor $500.

How would they record?

1. Helping Heroes, donation of 2,000; silver seniors, not record

2. Helping Heroes, not record; Silver Seniors donation 1,000

3. Helping Heroes, 1,000, Silver Seniors not record

4. Helping Heroes, 1,500, Silver Seniors donation of 500

Answer rating: 100% (QA)

The correct answer is Option 1 Helping Heroes donation of 2000 silver seniors n... View the full answer