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During 2011, an alumnus of Smith College, a private notfor-
profit college, transferred $100,000 to the college with the
stipulation that it be spent for library acquisitions. However, the
alumnus specified that none of the cash transferred could be
spent until the college had matched the entire amount transferred
with donations from other alumni by December 31, 2012.
As of December 31, 2011, the college had received matching cash
donations of only $5,000 from other alumni, and the college
estimated that it was reasonably possible that it would not reach
the goal of $100,000 by December 31, 2012. If the funds are not
matched by December 31, 2012, the cash will be returned to the
alumnus. On the college’s statement of financial position at December
31, 2011, the cash transfer of $100,000 would be included
in the amount reported for