Previously a local private-sector charity received a $1 million gift, the income from which was restricted to support activities for senior citizens. During the current year the endowment earned $40,000 of interest revenues, of which the charity designated $30,000 to support senior citizen activities.
-On its year-end statement of activities, the charity would report interest revenues of:
A) $0
B) $30,000
C) $40,000
D) None of the above.

Question

Previously a local private-sector charity received a $1 million gift, the income from which was restricted to support activities for senior citizens.  During the current year the endowment earned $40,000 of interest revenues, of which the charity designated $30,000 to support senior citizen activities. 
-On its year-end statement of activities, the charity would report interest revenues of:
A) $0
B) $30,000
C) $40,000
D) None of the above.

Quizplus · Accepted Answer

The Answer of Previously a local private-sector charity received a $1 million gift, the income from which was restricted to support activities for senior citizens.  During the current year the endowment earned $40,000 of interest revenues, of which the charity designated $30,000 to support senior citizen activities. 
-On its year-end statement of activities, the charity would report interest revenues of:
A) $0
B) $30,000
C) $40,000
D) None of the above.

Previously a Local Private-Sector Charity Received a $1 Million Gift