For the 20X6 fiscal year,KU Care,a not-for-profit organization,received $300,000 in unrestricted donations and $175,000 in donations designated specifically for cancer research.$200,000 of the unrestricted donations and $100,000 of the restricted donations were expended in 20X6 for current operations and cancer research,respectively.KU did not set up a separate fund for the restricted donation.How much of the donations should be reported as revenue in the statement of operations for the 20X6 fiscal year?

Question

Quizplus · Accepted Answer

The $300,000 of unrestricted donations should be included as revenue, as well as $100,000 of the restricted donations that were designated for cancer research and were actually used for that purpose. Since KU did not set up a separate fund for the remaining $75,000 of the restricted donations, they should be included as unrestricted revenue. Therefore, the total revenue to be reported in the statement of operations is $300,000 + $100,000 + $75,000 = $400,000.

For the 20X6 Fiscal Year,KU Care,a Not-For-Profit Organization,received $300,000 in Unrestricted