Contributions Received in a Prior Period and Restricted by the Donor

question 45

True/False

Contributions received in a prior period and restricted by the donor for construction of a building were reported as increases to net assets with donor restrictions in the period received. When the building is constructed in a subsequent period a not-for-profit would report contributions for the amount released from restrictions.

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Definitions:

Provide Aid

To offer assistance, support, or relief to individuals or groups in need.

Directly Linked

Refers to a clear and straightforward connection or relationship between two or more elements or concepts.

Money

A medium of exchange that facilitates the transfer of goods and services, acting as a measure of value in economic transactions.

Psychological Elements

This term could encompass various aspects such as emotions, perceptions, cognitive functions, and behaviours that constitute the makeup of the human psyche.