Which of the Following Should Be Accounted for in a Permanent

question 122

Multiple Choice

Which of the following should be accounted for in a permanent fund?

• A) A gift of $100,000 to a school board, to be given out $10,000 a year to the class valedictorian as a college scholarship
• B) A gift of $100,000 to a city, to be expended next year to purchase books for the city library
• C) A gift of $1,000,000 to a city, to be invested permanently, with the proceeds to be used to distribute to various nonprofit groups
• D) A gift of $1,000,000 to a city, to be invested permanently, with the proceeds to be used to maintain the city war memorials

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