A contribution was received by the city for the purchase of playground equipment. The contribution would not be recognized as revenue by the permanent fund until the playground equipment has been purchased.

True or False

A contribution is recognized at its fair market value considering the time period the contribution is received or unconditionally given. The timing or value of the recognition will not be affected by donor-imposed restrictions.

Contribution revenue is the amount available for contribution after the direct cost that is subtracted from expenses. The balance amount is available to pay for the business during a reporting period.

In the above scenario, the contribution is received for the purchase of playground equipment.

A contribution was received by the city for the purchase of playground equipment. The contribution would not be recognized as revenue by the permanent fund until the playground equipment has been purchased. True or False

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A contribution was received by the city for the purchase of playground equipment. The contribution would not be recognized as revenue by the permanent fund until the playground equipment has been purchased.

True or False