Which of the Following Statements Is Not Correct with Respect

question 42

Multiple Choice

Which of the following statements is not correct with respect to contributions to a private not-for-profit?

• A) Contributions to a not-for-profit are recorded at fair market value at the date of receipt.
• B) Contributions of assets other than cash to a not-for-profit are recorded at the donor's basis.
• C) Contributions to a not-for-profit may be restricted as to purpose or time or for plant acquisition.
• D) Revenues, including contributions are considered to be unrestricted unless donor-imposed restrictions apply.

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