Which of the Following Statements Is Correct

Which of the following statements is correct?

A) An endowment is a donation that is received with the proviso that it be spent in a specified manner and often in the form of invested funds and only the earnings from the fund may be spent on the organization.
B) Endowments are unrestricted donations which can be used for any purposes that are consistent with the goals and objectives of the not-for-profit organization.
C) Endowments are provided as donations which only allow a not-for-profit organization to invest in other not-for-profit organizations only.
D) Endowments may be restricted and unrestricted funds which must be used in accordance with the wishes of the contributor and only available during the life of the donor.