The receipt (or pledge) of a contributed capital asset is not revenue that is, neither contributions of plant nor of endowment are available to finance the operating activities of the period in which the contribution is received, Endowment assets must be kept separate from operating assets. This is a legal requirement for a “true” endowment and it is sound policy for a “board-designated” endowment that is, funds that the trustees gave decided to treat as endowment, even though there is no legal requirement that they do so. It follows that capital contributions should be reported separately from operating contributions, that is from revenues from annual fund drives, grants, and other gifts intended to finance current operations.