Look, it's a boldfaced nightmare

As they should be.
First, let's simplify what the donor's claiming in the argument. He states that the university isn't properly managed, as a lot of the research fund is left unspent, and despite that, more projects are being proposed that will require additional funding. This mismanagement, as per the donor, has more to do with this discrepancy.
Now, the passage itself - with a bit of backhanded commentary on the donor and their kind

, the write-up highlights that this accusation is most unwarranted. This is a conclusive enough statement to deserve being called just that - a conclusion - but let's see what else the paragraph says.
There's some reasoning, agreeing to the donor's claim but interpreting it different, but the boldface itself "Northbridge suggests nothing of the kind" is a related conclusion, with a little more specificity than the first. No assumptions, premises, facts, or anything else has been boldfaced - but yes, the part after boldface two just presents a fact to back both conclusions.
With this pre-thinking, what is the most probable answer?
B. The first expresses the author's overall conclusion; the second is a more specific conclusion drawn to help support that overall conclusion.Now, to see, why it isn't any of the others:
A. Nothing presented in the first boldface is rejected by the argument - the boldface is the conclusion. Plain and simple. Eliminate. (Boldface 2: no evidence, just a broad statement for which evidence is presented later.)
C. The first is the very claim the author makes - it's important to individualize the role of the boldface here; this confuses you by trying to associate the boldface as referencing the claim from the donor. But the boldface is a fresh conclusion contradiction the claim. Eliminate. (Boldface 2: No reasoning given yet; that comes later.)
D: Boldface 1 is anything but a generalization - it's specific to the donor. Eliminate. (Boldface 2: This presents the claim that the remainder of the argument ATTEMPTS TO PROVE, NOT REFUTE.)
E: The first one is an opinion, and not a fact on its own (the statements proving this opinion are factual). The second is claimed as a fact, but the observations are reported after the boldface. Please eliminate.
Bunuel
A major donor to the Northbridge Research Institute has recently claimed that the institute is poorly managed, citing as evidence the institute’s failure to slow the submission of new project proposals in response to a sharp increase in the amount of unspent research funds. It is unclear whether public accusations by donors ever help institutions function better,
but in this case the accusation is plainly unwarranted. It is true that a growing balance of unspent funds often signals that research projects are stalled,
yet at Northbridge it suggests nothing of the kind. The rise in unspent funds is entirely due to large multiyear grants that have already been awarded to specific projects but are scheduled to be drawn down only in later phases of those projects.
In the argument given, the two boldfaced portions play which of the following roles?
(A) The first presents a consideration that the argument ultimately rejects; the second describes evidence that the argument uses to undermine that consideration.
(B) The first expresses the author’s overall conclusion; the second is a more specific conclusion drawn to help support that overall conclusion.
(C) The first states a claim made by someone the author disagrees with; the second summarizes the author’s main reason for rejecting that claim.
(D) The first introduces a general attitude toward outside criticism; the second presents a claim that the remainder of the argument attempts to refute.
(E) The first and second both report factual observations that the author uses as support for a further conclusion not stated explicitly.
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