In the Current Year a Not-For-Profit Entity Received a Contribution

question 64

Multiple Choice

In the current year a not-for-profit entity received a contribution of $100,000 to use for scholarships. The entity had budgeted $400,000 for scholarships in the current year and it disbursed $350,000 for scholarships. The amount the entity can consider as 'released from restriction' in the current year is

• A) $0.
• B) $100,000.
• C) $350,000.
• D) $400,000.

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Definitions:

Good Samaritan Law

Good Samaritan Laws are legal protections designed to encourage people to offer assistance to others in distress by granting them immunity from certain forms of legal liability.

Independent Contractor

An individual or business that provides goods or services to another entity under terms specified in a contract, distinct from an employee due to the contractor’s control over their work.

Seeking Information

The process of actively looking for or obtaining data, knowledge, or answers from various sources.

Task Functions

Actions and activities that are necessary for achieving a group's objectives or completing its tasks.