•A corporation pledges $1,000,000
over 5 years
to a state higher education institution.The
donor card details that the coporation will pay $250,000 each year for 4
years.Funds received must be expended
in the year
of receipt.
•
This is a
derived tax revenue.
The city should
recognize assets and revenues for each night a guest stays in a hotel room in
the City.
The requirement
to use tax proceeds for the convention center is a purpose restriction, which
requires net assets be reported as restricted until they are expended for
construction.