Accounting for donation, Gridiron University is a private

Accounting for donation

Assignment Help Accounting Basics

Reference no: EM1363723

Gridiron University is a private university. A successful alumnus has recently donated 1,000,000 to Girdion for the purpose of funding a "center for the study of sports ethics." This donation is conditional upon the university raising matching funds within the next 12 months. The university administrators estimate that they have a 50% chance of raising the additional money. How should this donation be accounted for?

a) as a temporarily restricted support

b) as unrestricted support

c) as a refundable advance

d) as a memorandun entry reported in the footnotes

Reference no: EM1363723

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