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I created an Ad unit for matched content, and added the code to a text box in right column. Right now, it's just showing a large blank area. BUT, it most always takes time for new Google Ads to show up. Bottom line: I copied the code snippet as for any ad script. Then, I edited a Text Box and clicked on HTML, and pasted code into box. I'm not sure how relevant this is to a Ning site, will have to see what happens. I'll leave mine up for a day and see.
Keep in mind, each ad snippet block is for a specific ad area, like a text box. This would not go into the Custom Code boxes.
Also, I edited the box again, clicking on HTML. I wanted to make sure the editor did not strip any code. It does not. Everything is there as I pasted it.
My ad code is already working. But, I'm going to remove it. It pushes the right column down too much, with the responsive code. These ad units would be great for Ning 3.0 sites, where you can easily add text boxes to any module.