USA Recording capital campaign income and asset improvement

[RaHolUCYC]

For a non-profit: We are in a capital campaign to purchase and improve a new property. The income from the fundraiser should show as income on the P&L. The money has been spent on improving the new asset and purchasing additional assets associated with the property. Therefore the money spent is not reflected on the P&L, it's reflected on the balance sheet. The depreciation of the asset will go to the P&L. Is this correct?