Business, 13.02.2020 20:06 aidy3259

Early in Year 2, a nongovernmental not-for-profit entity (NFP) received a $2,000,000 gift. The donor specified that the gift be invested in a perpetual endowment, with income restricted to provide speaker fees for a lecture series named for the benefactor. The NFP is responsible for all other costs associated with initiating and administering this series. The donor’s stipulation does not address gains and losses on this perpetual endowment, and the NFP reports only the minimum required classes of net assets. In Year 2, the investments purchased with the gift earned $50,000 in dividend income. The fair value of the investments increased by $120,000. The applicable state law is based on the Uniform Prudent Management of Institutional Funds Act (UPMIFA).

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Early in Year 2, a nongovernmental not-for-profit entity (NFP) received a $2,000,000 gift. The donor...

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