During the Year, a State-Owned University Received a $5 Million

During the year, a state-owned university received a $5 million gift. The donor specified that the principal of the gift must be held intact for 3 years, but the earnings from the gift can be used to support technology improvements in the college of business. At the end of the 3 years, the donor together with the university president and the college dean will decide how the $5 million gift can be used. The university will report the gift in what type of fund?

A) Permanent fund.
B) Private-purpose trust fund.
C) Plant fund.
D) Special revenue fund

Correct Answer:

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