On July 1, 2016, the Morgan County School District received a
$51,000 gift from a local civic organization with the stipulation
that, on June 30 of each year, $3,600 plus any interest earnings on
the unspent principal be awarded as a college scholarship to the
high school graduate with the highest academic average. A
private-purpose trust fund, the Civic Scholarship Fund, was
created.
On July 1, 2016, the gift was received and immediately
invested.
On June 30, 2017, $3,600 of...