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omly foundation transaction are considered restricted gundd true or false

omly foundation transaction are considered restricted gundd true or false
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Answer : FALSE

A restricted fund is a any cash balance that can only be used for specific purposes or limited use as per the direction of the donor. These funds are donations to nonprofit organizations by foundations or individual donors.

When a donor gives money to a nonprofit organization, they specify whether it is unrestricted or restricted fund. The nature and form of the restrictions are defined in the “gift instrument” which is a document that defines the use of the donations. Such gift instruments may be the letters from foundations and individual donors.

Restricted funds appear not only in foundations but also in certain nonprofits, endowments and insurance companies.

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