United Hope, a private not-for-profit voluntary health and welfare organization, received the following contributions in 2005:
- I. $500 from donors who stipulated that the money not be spent until 2006.
- II. $1,000 from donors who stipulated that the contributions be used for the acquisition of equipment, none of which was acquired in 2005.
Which of the above events increased temporarily restricted net assets for the year ending December 31, 2005?
- I only.
- Both I and II.
- II only.
- Neither I nor II.