Q.Answer in one sentence only.
What is ‘Legacy’?

A donation received by a not-for-profit concern for a stated purpose is a Specific Donation.

Why: Donations to not-for-profit concerns are of two kinds. A general donation (no condition attached) is a revenue receipt credited to the Income and Expenditure Account. A specific donation is received for a particular purpose (e.g. a building fund, prize fund) and must be used only for that purp …

The term is Specific Donation.

Donations received by a not-for-profit concern are of two kinds:

• Specific Donation — given for a particular purpose stated by the donor (e.g. for a building, prize fund). It is a capital receipt, shown on the liabilities side of the Balance Sheet, and used only for that purpose. …

A Legacy is a gift of money or property received by a not-for-profit concern under the will of a deceased person.

When a person, in their will, bequeaths a sum of money or an asset to an institution such as a club or trust, the amount so received on their death is called a Legacy. Being non-recurring in nature, a legacy is generally treated as a capital receipt and added to the Capital Fund on the liabilities side of the Balance Shee …

An amount or property received by a Not for Profit concern under a deceased person's will is called a Legacy.

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