A donor made a gift of cash to a not-for-profit organization in 2009 with an expressed purpose restriction. All the funds were expended in 2009. The organization must:
A) Record the gift as a temporarily restricted revenue, reclassify the funds to unrestricted and then report the expense as unrestricted
B) Record the gift and expense as unrestricted
C) Record the gift and expense as temporarily restricted
D) Use either of the methods described in (a) or (b)
Correct Answer:
Verified
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