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Accounting Questions and Answers
Q&A Section 6140, Not-For-Profit Entities —.27 Definition of Direct Care of Collection Items
Inquiry — FASB Accounting Standards Update (ASU) No. 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections, requires that the use of “proceeds from [collection] items that are sold to be for the acquisitions of new collection items, the direct care of existing collections, or both.” What type of expenses would be considered “direct care of existing collections”?