United Ways, a private not-for-profit voluntary health and welfare organization, received a contribution of $10,000 from a donor in 2005. The donor did not specify any use restrictions on the contribution; however, the donor specified that the donation should not be used until 2006. The governing board of United Ways spent the contribution in 2006 for fund-raising expenses. For the year ended December 31, 2005, United Ways should report the contribution on its
- Statement of financial position as deferred revenue.
- Statement of activities as unrestricted revenue.
- Statement of financial position as an increase in fund balance.
- Statement of activities as temporarily restricted revenue.