Stanton College, a not-for-profit organization, received a
building with no donor stipulations as to its use. Stanton does
not have an accounting policy implying a time restriction on
donated fixed assets. What type of net assets should be increased
when the building is received?

I. Unrestricted.

II. Temporarily restricted.

III. Permanently restricted.

(a) FASB ASC 958 states
Gifts of long-lived assets received without stipulations about how
long the donated asset must be used shall be reported as restricted
support if it is an organization’s accounting policy to imply a time
restriction that expires over the useful life of the donated assets…In
the absence of that policy and other donor-imposed restrictions on
use of the asset, gifts of long-lived assets shall be reported as
unrestricted support.