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Riverview City received a gift of $1 million. The sum is to be maintained as...

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Accounting

Riverview City received a gift of $1 million. The sum is to be maintained as an endowment, with income used to preserve and improve the city's jogging trails. The $1 million should be reported in

a. a governmental fund

b. an agency fund

c. a fiduciary fund

d. a proprietary fund

Please explain why answer is governmental fund and not fiduciary fund (aka endowment fund)

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