Central City was awarded two state grants during its fiscal year ending in September 30, 2011: a 2 million block grant that can be used to cover any operating expenses incurred during fiscal 2012, and a $1 million grant that can be used any time to acquire equipment for its police department. For the year ending September 30, 2011 Central City should recognize in grant revenue in its fund statements (in millions)

$1 million

Explanation: Grants could be considered as financial offering granted to an indivual, group or organization usually by the government in other execute beneficial projects.

In the scenario above, two grants were awarded to central city.

The first is a $2million block grant for operating cost incurred in 2012 fiscal year

The second $1million which can be used anytime.

Therefore, grant revenue for the year ending September 30,2011 should recognize the second grant which is the $1 million grant that can be used any time, that means the year 2011 inclusive. To acquire equipment for its police department.

The 2 million block grant should be recognized in the grant revenue for the year 2012.

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