The Local School Board Received a Donation of $1,000,000 to Establish

Multiple Choice

The local school board received a donation of $1,000,000 to establish a scholarship fund for graduating students. The scholarship is accounted for in a Private-Purpose Trust Fund. The fund would report

A) Additions of $1,000,000.
B) Revenues of $1,000,000.
C) A transfer of $1,000,000.
D) Capital contributions of $1,000,000.