A Donor Contributed $500,000 to the City Stipulating That the Money

question 34

Multiple Choice

A donor contributed $500,000 to the city stipulating that the money be invested and that the earnings thereon be used for maintenance of the a band shell in the city's park.The $500,000 would most appropriately be recorded in a(an) :

• A) Agency fund.
• B) Private-purpose trust fund.
• C) Endowment fund.
• D) Permanent fund.