The State University Foundation Is a Legally Separate, Tax-Exempt 501c3

question 27

Multiple Choice

The State University Foundation is a legally separate, tax-exempt 501c3 entity organized for the purpose of raising funds to provide scholarships only to academically qualified students at the State University.The existing University Foundation board members elect new members of the board.The Foundation provides scholarships to students of the State University, but the Foundation receives no financial support from the University.The Foundation is an example of:

• A)Primary government.
• B)Related organization.
• C)Affiliated organization.
• D)None of the above.

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Definitions:

Cash Flow Amounts

The net amount of cash and cash-equivalents being transferred into and out of a business.