Question: What is the rationale for accounting for nonexpendable endowment funds on a full, rather than a modified, accrual basis? Why is it important that investments,

What is the rationale for accounting for nonexpendable endowment funds on a full, rather than a modified, accrual basis? Why is it important that investments, even in non liquid assets such as commercial office buildings, be reported at fair value, with changes in fair value periodically recognized in a statement of revenues and expenses?

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