The University Foundation Is a Legally Separate, Tax-Exempt 501c3 Entity

Multiple Choice

The University Foundation is a legally separate, tax-exempt 501c3 entity organized for the purpose of raising funds to provide scholarships only to academically qualified students at State University.Members of the board of the University Foundation are elected by the existing Board of Trustees.The Foundation provides scholarships to students of State University, but the Foundation receives no financial support from the University.In what manner would State University include the Foundation in its financial statements?

A) Blended.
B) Discretely presented.
C) Consolidated.
D) Note disclosure only.