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Actuarial: As used in planned giving, refers to the factors used to calculate the value of lifetime payments to individuals or organizations.
Adjusted Gross Income ("AGI"): The sum of an individual's taxable income for the year - the total at the bottom of the first page of the 1040.  Individuals may deduct charitable cash contributions up to 50% of AGI; they may deduct gifts of appreicated securities and appreciated property up to 30% of AGI.
Annual Fund: A specific set of appeals contacting alumni, parents, friends, corporations and foundations to solicit funds, annually, in support of Shippensburg University, primarily accomplished through direct mail and phone solicitations.
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 the SU Foundation that secures a fixed income 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, book, collectibles, etc.) to us must secure an independent appraisal of the property to substantiate the value they claim as a charitable deduction.
Appreciated Property: Securities, artwork, real estate, or any other property that has risen in value since the donor acquired it.  Generally, appreciated property may be donated to us at full fair market value with no capital gains cost.  See the SU Foundation's Gift Acceptance Policy
Basis: The donor's purchase price for an asset.  For example:  Mrs. Jones bought stock for $100 per share and sold it for $175.  Her cost basis in the stock is $100 per share.
Beneficiary: The recipient of a bequest from a will or a distribution from a trust.
Beneficiary Designation: A simple way to leave assets to individuals, trusts, or charities without having to go through probate.  This is often used for life insurance and reitrement assets, but can be also used for bank or investment accounts.
Bequest: A transfer of property to an individual or organization under a will.
Capital Gains Tax: A federal tax on the appreciation in an asset between its purchase and sale price.
Cash: A gift made in currency or by check.
Charitable Lead Trust: A charitable lead trust pays an annual income to the charity for the donor's lifetime or for a term of years, with the trust assets returning to the donor, or passing to the donor's heirs.
Charitable Remainder Trust: A charitable remainder trust provides an income to the donors, or other individuals, for life or for a term of years, with the remainder of the trust passing to charity at the death of the last income recipient.
Contingent Bequest: A designation by will that will be made only if specified conditions are met; often when a named beneficiary predeceases the testator.
Deferred Giving: A gift made wherein the assets will be distributed at a future time; often the death of the donor.
Endowed Chair: A permanent chair may be established when $1.5 million has been placed in an endowment that provides the annual funds needed for support in perpetuity. 
Endowed Professorship: A permanent professorship may be established when $500,000 has been placed in an endowment that provides the annual funds needed for support in perpetuity.
Endowment Fund: The permanently held capital of a non-profit used to support ongoing projects and meet institutional opportunities.
Estate Tax: A federal tax on the value of the property held by an individual at this death (it's paid by the estate, not the recipients of the bequest).  In contrast, state inheritance tax is applied to the value of bequests passing to beneficiaries; it is also paid by the estate before the distributions are made.
Executor: The person named in a will to adminsiter the estate.
Fair Market Value: The price that an object of property would bring on the open market.
Fiscal Year: The 12-month financial period for the organization; at the SU Foundation the fiscal year is July 1 through June 30.
Gift-in-kind: A non-cash gift; generally a non-monetary gift such as artwork, books, or a collection.
The Honor Society: The  Honor Society recognizes all donors who have made a planned gift through the SU Foundation to benefit Shippensburg University.
Income Interest: In a trust, the right to receive income payments for a lifetime or a term of years.
Legacy: Something that is handed down by someone who has gone before usually to the benefit of the recipient(s).
Life Income Gift: A planned gift that pays income to the donor and/or other beneficiaries for their lifetime, then distributes the remainder to the University.
Living Trust: A trust created for the trustor and administered by another party while the trustor is still alive.  A living trust can be either revocable or irrevocable.  A living trust avoids probate and therefore gets assets distributed significantly more quickly than a will does.  It also offers a higher level of confidentiality, as probate proceedings are a matter of public record.
Matching Gift: A gift made by a business which matches, or exceeds, the original gift made by an employee.
Online Gift: A safe and secure way to make a credit card gift via the World Wide Web to the SU Foundation for the benefit of Shippensburg University.
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.
Pledge: A commitment to make a gift over a specified timeframe.
Private Support: Contributions from Alumni, parents, friends, foundations and corporations to the SU Foundation in support of SU. 
Probate: The process of legally establishing the validity of a will before a judicial authority; judicial certification of the validity of a will; an authenticated copy of a will so certified.
Professional Advisor: An individual who, for a fee, provides advice to an indiviudal or organization.  In this context, a professional advisor is generally an attorney, CPA, trust officer, financial planner, or life underwriter.
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 the University.
Shippensburg University Foundation: A separate 401©3 non profit organization established to raise funds in support of Shippensburg University
Scholarship: A grant of financial aid awarded to a student, for the purpose of attending a college.
Securities: Includes appreciated stocks, bonds, mutual fund shares.
Tangible Personal Property: Includes artwork, coin & stamp collections, rare books & antiques.
Testamentary: Describing the act of providing for the disposition of a person's property after the death by written document such as a will.
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.
Will: A written document that indicates an individual's wishes regarding passing on holdings to another.