Lilac, Inc Which of the Following Statements Is Correct?
A)Lilac, Inc

Lilac, Inc., receives its support from the following sources. $\begin{array}{lc}\text { Governmental unit A, for services rendered } & \$ 20,000 \\\text { General public, for services rendered } & 40,000 \\\text { Gross investment income } & 50,000 \\\text { Contributions from individual substantial } & 15,000 \\\text { contributors (disqualified persons) } &\end{array}$ Which of the following statements is correct?

A) Lilac, Inc., is a private foundation because it satisfies the external support test and fails the internal support test.
B) Lilac, Inc., is a private foundation because it satisfies both the external support test and the internal support test.
C) Lilac, Inc., is not a private foundation because it satisfies both the external support test and the internal support test.
D) Lilac, Inc., is a private foundation because it fails both of the internal and external support tests.
E) None of the statements is true.