Question

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Is Legacy a specific fund or general fund for a not-for-profit organization ?


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Answer 1

Answer:

Legacy : Legacy represents the amount or property received by organization under a will on death of the contributors. In other words we can say that ligacies are the donations made by a person in his will, so their donation are called legacy.

(i)  Legacies received for a specific purpose must be capitalized in the name of concerned fund for which it is received.

(ii) Legacies received not for any sprcific fund/general may be added to the capital fund.