Multiple Choice
The Friends of the City Public Library Foundation is a legally separate, tax-exempt 501c3 entity organized for the purpose of raising funds to provide financial assistance to the Library.Members of the board of the Foundation are elected by the existing Foundation board members.The Foundation provides financial assistance to the Library, but the Foundation receives no financial support from the Library.If dissolved, all of the Foundation assets would revert to the Library.In what manner should the Foundation be presented in the financial statements of the Library?
A) Blended.
B) Discretely presented.
C) Note disclosure only.
D) Not included in any manner.
Correct Answer:
Verified
Correct Answer:
Verified
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Q17: The city council of the City of
Q18: The City created a legally separate Port
Q19: The City created a legally separate entity
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