Which of the following transactions of a private not-for-profit voluntary health and welfare organization would increase temporarily restricted net assets on the statement of activities for the year ended June 30, 2005?
- I. Received a contribution of $10,000 from a donor on May 15, 2005, who stipulated that the donation not be spent until August of 2005.
- II. Spent $25,000 for fund-raising on June 20, 2005. The amount expended came from a $25,000 contribution on March 12, 2005. The donor stipulated that the contribution be used for fund-raising activities.
- a. Both I and II.
- b. Neither I nor II.
- c. I only.
- d. II only.