During the year, Dakota University's board of trustees established a $500,000 fund to be retained and invested for scholarship grants.The fund earned $30,000, which had not been distributed by December 31.What amount should Dakota report in a board-designated (quasi)endowment fund's net position at December 31?
A)$0
B)$30,000
C)$500,000
D)$530,000

Question

Quizplus · Accepted Answer

The board-designated (quasi)endowment fund's net position should be reported at $530,000, which includes the original $500,000 fund and the $30,000 earnings that have not been distributed.

During the Year, Dakota University's Board of Trustees Established a $500,000