125. Union Seminary uses the fund basis of accounting for internal record keeping. Presented below is the fully adjusted 12/31/2014 balance sheet for Union, prepared using funds and account groups....

125. Union Seminary uses the fund basis of accounting for internal record keeping. Presented below is the fully adjusted 12/31/2014 balance sheet for Union, prepared using funds and account groups. The following are fund descriptions:

funds. There are no restrictions on these resources.

? Memorial Fund - Used to account for resources donated from outside parties for specific capital additions

? Endowment Fund - Assets received from an outside donor for permanent investment, only the earnings may be expended.

? Scholarship Fund - Cash set aside by the Seminary's governing board for use as scholarships and student aid.

? Fixed Assets Account Group - A record of the Seminary's fixed assets and long-term debt.

Required: Prepare a Statement of Financial Position following the guidelines provided in FASB Statements 116 and 117 for private not-for-profits and assuming Union does not classify plant assets as temporarily restricted.