Private university, various transactions, statement of activities. The statement of financial position of Washbud Private University as of the end of its fiscal year, June 30, 2018, is as follows: The...

Private university, various transactions, statement of activities. The statement of financial position of Washbud Private University as of the end of its fiscal year, June 30, 2018, is as follows:

The following transactions occurred during the fiscal year ended June 30, 2019 (all numbers are in 000’s):

a. On July 7, 2018, a gift of $90,000 was received from an alumnus. The alumnus requested that one-half of the gift be used for the purchase of equipment for the university athletic department and the remainder be used for the establishment of a permanently restricted endowment. The alumnus further requested that the income generated by the endowment be used annually to award a scholarship to a qualified disadvantaged student. On July 20, 2018, the board of trustees resolved that the funds of the newly established endowment would be invested in savings certificates. On July 21, 2018, the savings certificates were purchased.