2. Financial resources of a college or university that are currently expendable at the discretion of the governing board and that have not been restricted externally and are nondesignated by the board...

2. Financial resources of a college or university that are currently expendable at the discretion of the governing board and that have not been restricted externally and are nondesignated by the board for a specific purpose should be reported in the balance sheet as

a. board-designated current funds.

b. permanently restricted net assets.

c. unrestricted net assets.

d. temporarily restricted net assets.