Several Years Ago, a Donor Gave $5 Million to the City

question 32

Multiple Choice

Several years ago, a donor gave $5 million to the City and specified that the principal was to be kept intact but the earnings were to be used to support operations of the city parks.During the current year, the City earned $300,000 on the gift.To what type of fund should the City transfer accountability for the $300,000 earnings.

• A)It should not transfer accountability.The $300,000 should remain in the Permanent Fund.
• B)A special revenue fund.
• C)The General Fund.
• D)An enterprise fund.

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