During the year, Goodman College received the following:

• An unrestricted $280,000 pledge to be paid the following year

• A $140,000 cash gift restricted for study-abroad scholarships

• A notice from a recent business school graduate that he has named the college as a beneficiary of $60,000 in his will

What amount of contribution revenue should Goodman College report in its statement of activities?

Question

Social Studies

Deangelo Lopez

5 October, 21:45

During the year, Goodman College received the following:

• An unrestricted $280,000 pledge to be paid the following year

• A $140,000 cash gift restricted for study-abroad scholarships

• A notice from a recent business school graduate that he has named the college as a beneficiary of $60,000 in his will

What amount of contribution revenue should Goodman College report in its statement of activities?

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Thor · Answer 1

Answer: $420,000

Explanation: Revenue recognition by a college / institutions fare in different forms which include but not limited to grants, pledges, financial aid, cash gifts, scholarship sponsorship and so on. For Goodman college's revenue to be recorded in its statement of activities are:

1. An unrestricted $280,000 pledge to be paid the following year.

2. A $140,000 cash gift restricted for study-abroad scholarships.