Which of the following is NOT a funding source?

Capital expenditures are typically associated with the purchase of fixed assets or major improvements that are intended to last for a long period, such as buildings or equipment. These expenditures are part of a budget that has already been allocated, rather than a direct source of funding.

In contrast, operating funds are used for day-to-day expenses, which directly contribute to ongoing operations. Bonds represent a method through which funds can be acquired through the debt market, allowing organizations to finance large projects upfront with the expectation of paying back over time. Grants are funds provided by external entities, often governmental or nonprofit organizations, designed to support specific projects or purposes without the expectation of repayment.

Therefore, while operating funds, bonds, and grants are all sources through which organizations can obtain the necessary financing for operations or projects, capital expenditures refer more to how those funds are utilized rather than a means of obtaining them.