The Friends of the City Public Library Foundation is a legally separate, tax-exempt 501(c)(3) entity organized for the purpose of raising funds to provide financial assistance to the library. Members of the board of the foundation are elected by the existing foundation board members. The foundation provides financial assistance to the library, but the foundation receives no financial support from the library. If dissolved, all of the foundation assets would revert to the library. The foundation would be considered a(n)
A) Primary government.
B) Component unit.
C) Related organization.
D) Affiliated organization.

Question

Quizplus · Accepted Answer

The Answer of The Friends of the City Public Library Foundation is a legally separate, tax-exempt 501(c)(3) entity organized for the purpose of raising funds to provide financial assistance to the library. Members of the board of the foundation are elected by the existing foundation board members. The foundation provides financial assistance to the library, but the foundation receives no financial support from the library. If dissolved, all of the foundation assets would revert to the library. The foundation would be considered a(n)
A) Primary government.
B) Component unit.
C) Related organization.
D) Affiliated organization.

The Friends of the City Public Library Foundation Is a Legally