Under the FASB Codification a $5 million endowment that cannot be spent for 50 years should be classified as permanently restricted net assets.

Name: Under the FASB Codification a $5 million endowment that cannot be spent for 50 years should be classified as permanently restricted net assets.
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Under the FASB Codification, such an endowment would be classified as "temporarily restricted" because it is restricted for a specific period (50 years), not permanently.

Under the FASB Codification a $5 Million Endowment That Cannot