A nonprofit arts organization receives a $40,000 gift from a donor who specifies that the gift must be used only to take disabled persons to the theater. How should the entity report the $40,000 gift in the net asset section of its statement of financial position?
A) As net assets with donor restrictions
B) As net assets with contractual restrictions
C) As net assets without donor restrictions
D) As net assets available for spending
Correct Answer:
Verified
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