In 20X1,Ellen College,a private not-for-profit institution,received a $100,000 grant for faculty research.The grant money was not spent until 20X2.For 20X1,Ellen College should report the contribution as:

Question

Quizplus · Accepted Answer

The grant money was received in 20X1 but not spent until 20X2. Therefore, as of December 31, 20X1, the grant money should be reported as a temporarily restricted asset. It is important to note that the grant may have specific restrictions or conditions placed on it by the donor, which would also influence the reporting treatment.

In 20X1,Ellen College,a Private Not-For-Profit Institution,received a $100,000 Grant for Faculty