Question

Universities record contributions that carry no specifications regarding the time period or purpose of use as:...

Universities record contributions that carry no specifications regarding the time period or purpose of use as:

a. endowments

b. temporary restricted revenue

c. unrestricted revenue

d. grant funds

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Answer #1

Contributions are classified as either restricted or unrestricted. Unrestricted contributions are donations received by an organization that may be used towards any purpose they see fit. Restricted contributions are donations received by an organization in which the donor restricts the use to a particular purpose. One of the most common mistakes made by nonprofit organizations is confusing unrestricted board-designated donations with donor restricted contributions.

therefore from the above information it is clear that the answer is 'C'

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