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$9)$ During the years ended June $30,2023$ and $2024,$ Main University, a private university, conducted a cancer research project financed by a $$1,000,000$ gift from an alumnus. The entire amount was pledged by the donor on July $10,2022.$ The gift was restricted to the financing of this particular research project. During the two$-$year research period, Main's gift receipts from the alumnus and research expenses related to the research project were as follows for each fiscal year $($FY$)$:

FY $2023$ FY $2024$

Gift receipts $ $200,000$ $ $800,000$

Cancer research expenses $ $100,000$ $ $900,000$

What amount of net assets was released from restriction in $2023?$

A$)$ $$200,000.$

B$)$ $$100,000.$

C$)$ $$1,000,000.$

D$)$ $$0.$

$10)$ How would estimated uncollectible tuition and fees be reported on the financial statements of a university?

$1.$ It would be reported as part of net revenue by a public university.

$2.$ It would be reported as an expense by a public university.

$3.$ It would be reported as an expense by a private university.

A$)$ I only.

B$)$ II only.

C$)$ III only.

D$)$ Both I and III are correct methods of reporting estimated uncollectible tuition and fees.

$11)$ Which of the following is not a classification of revenues for a college or university as recommended by the National Association of College and University Business Officers $($NACUBO$)?$

A$)$ Sporting events.

B$)$ State appropriations.

C$)$ Investment income.

D$)$ Contributions.

$12)$ Which of the following is a typical classification of a functional expense in a college or university?

A$)$ Academic wages and benefits.

B$)$ Student support.

C$)$ Institutional support.

D$)$ Depreciation.

$13)$ Which of the following statements about the Uniform Prudent Management of Institutional Funds Act $($UPMIFA$)$ is correct?

A$)$ It establishes a maximum total return rate for investments.

B$)$ It requires that the spending rate for the return on investments be no more than five percent.

C$)$ It allows institutions to release net assets from restrictions if certain criteria are met.

D$)$ It requires that specific policies concerning solicitation of donations be established.

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