USA Not For Profit - Endowment Draw


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There seems to be some confusion with our accounting group and our Board with regards to transactions relating to our Endowment Fund. Each month we record the interest/dividends and any realized/unrealized gains. We are taking a Board authorized draw against the EF and management thinks this draw should be recorded as income; however, isn't just a balance sheet transaction with no PL effect?
 
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kirby

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