Glossary

Glossary

Annual Fund – A campaign that strives to raise unrestricted gifts. Unrestricted money is utilized to benefit student financial aid, technological improvements, excellent faculty and many other college needs.

Annual Gifts – Gifts generally expended during the year in which they are received.

Annuity – A sum of money payable yearly or at other regular intervals.

Beneficiary – An individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan.

Bequest – The process of giving assets to a beneficiary through a will or revocable trust.

Capital Campaign – An organized, intensive fundraising effort on the part of an institution or organization to secure extraordinary gifts and pledges for a specific purpose during a specified period of time.

Cash – Your outright gift of cash, either in full or on a pledge payment plan, will provide you with an income tax deduction based on current tax laws and the amount of your income. Please make your check payable to Franklin College.

Charitable Gift Annuity – An arrangement whereby the donor makes a gift to charity and receives back a guaranteed lifetime (or joint lifetime) income based on the age(s) or the annuitant(s).

Deferred Gift – A gift that is committed to a charitable organization but is not available for use until some future time, usually the death of the donor.

Designated Gifts – Gifts allocated to a specific department, program or scholarship.

Donor – An alumnus/a or friend who has made a gift to Franklin College.

Endowed Chair – An endowed chair is a faculty position supported by an endowment fund established for that specific purpose. The income from that endowment provides financial support for teaching, research and service in a specified academic field. Endowed chairs lend prestige to the individual faculty member holding the chair, to the specific department or program, and to the institution in general.

Endowed Scholarship – Funds invested in perpetuity to support student education. Scholarship guidelines are developed according to the donors’ wishes and income from the endowment is distributed to a student or students meeting the criteria, as determined by the Financial Aid Department.

Endowment – Funds invested in perpetuity to produce income to be distributed for pre-determined purposes according to the endowment distribution policy. Funds deposited in an endowment are not expendable; they are invested for the purpose of retaining and increasing the principal of the endowment. Distribution of earnings from the endowment coincides either with the donor’s wishes or, if there is no restriction on spending the earnings, at the discretion of the Board of Trustees.

Endowment Distribution Policy – The Board of Trustees’ policy determining the percentage of income to be distributed from the endowment for operations and other approved purposes each fiscal year.

Expendable Funds – Funds that can be spent in their entirety in a manner consistent with the intentions of the donor; funds not deposited in an endowment fund.

Gift – A transfer of property which is gratuitous, complete and voluntary. An irrevocable, unconditional transfer of an asset.

Gift-In-Kind – Non-monetary items of tangible personal property such as art, collectibles, books, equipment and other physical assets or materials which have value to the College.

Matching Gift – Gifts made with company or corporate foundation funds that match gifts made by a company’s eligible employees to the College.

Memorial – A gift to the College commemorating someone who has died as designated by the donor.

Phonathon – The College’s telemarketing program that utilizes student callers and supports the Franklin Fund and, ultimately, all the College’s programs.

Planned Giving – The making of gifts to a charity, resulting from a planning process which considers the effects of the gift upon a donor’s estate.

Pledge – A signed and dated commitment to make a gift over a specified period, payable according to terms set by the donor.

Stewardship – A process of recognition that continues to convey appreciation to donors and enhances donor relationships.

Unrestricted Gift – A gift that is given without restrictions. These gifts offer maximum flexibility, ensuring the general excellence of the College.

Volunteer – Any person who works without compensation on behalf of Franklin College