The Open Museum is an exempt organization that operates a gift shop. The museum's annual...
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Accounting
The Open Museum is an exempt organization that operates a gift shop. The museum's annual operations budget is $4.8 million. Gift shop sales generate a profit of $1,600,000. Another $900,000 of investment income is generated by the museum's endowment fund. Both the income from the gift shop and the endowment income are used to support the exempt purpose of the museum. The balance of $2.3 million required for annual operations is provided through admission fees. Determine the amount of unrelated business income.
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