A gift of $1,000,000 to a city,to be invested permanently,with the proceeds to be used to maintain the city war memorials should be accounted for in a permanent fund.

Question

Quizplus · Accepted Answer

A permanent fund is designed for long-term investments, which generate income to be used for specific purposes such as maintaining war memorials. Therefore, a gift of $1,000,000 to a city, with the condition that it should be invested permanently for maintaining war memorials, should be accounted for in a permanent fund.

A Gift of $1,000,000 to a City,to Be Invested Permanently,with