Actuarial
As used in planned giving, refers to the factors used to calculate the value of lifetime payments to individuals.

Appreciated Property
Securities, artwork, real estate, or any other property that has risen in value since the donor acquired it.

Annuity
A contractual arrangement to pay a fixed sum of money to an individual at regular intervals. The charitable gift annuity is a gift to us that secures fixed lifetime payments to the donor and/or another individual.

Appraisal
An assessment of the value of a piece of property. Donors contributing real or tangible personal property (art, books, collectibles, etc.) to us must secure an independent appraisal of the property to substantiate the value shown on the donation receipt.

Base
The donor’s purchase price for an asset. Mrs. Quinn bought stock for $100 per share and sold it for $175. Her cost base in the stock is $100 per share.

Beneficiary
The recipient of a bequest from a will or a distribution from a trust.

Bequest
A transfer of property to an individual or organization under a will.

Executor
The person named in a will to administer the estate (known in Quebec as a "liquidator").

Fair Market Value
The price that an object of property would bring on the open market.

Grantor
The individual transferring property into a trust.

Income Interest
In a trust, the right to receive income payments for life or a term of years.

Life Income Gift
A planned gift that pays income to the donor and/or other beneficiaries for life, then distributes the remainder to us.

Personal Property
Securities, artwork, business interests and other items of property—as opposed to real property, used in planned giving to refer to land and the structures built on it.

Remainder
In a trust, the portion of the principal left after the income interest has been paid to the beneficiary(ies). A charitable remainder trust pays income to the donor or other individuals and then passes its remainder to us.

Remainderman
A legal term for the individual or organization who receives the trust principal after the income interest has been satisfied.

Testator
The individual making the will.

Trust
A transfer of property by the grantor to the care of an individual or organization, for the benefit of the grantor or others.

Trustee
An individual or organization carrying out the wishes of the person who established the trust, paying income to the beneficiaries and preserving the principal for ultimate distribution.