Glossary of Terms

Annual Giving
A broad term for programs that reach out to the greatest numbers of donors and provide the broadest opportunities and encouragement for the health system's constituencies to make a gift each year.

Beneficiary
An individual or organization that receives an interest in property or funds from an estate, a trust, or a contract such as a life insurance policy or employee benefit plan.

Bequest
A transfer of property such as cash, securities (stocks), and tangible property through a will.

Capital Campaign
A campaign to raise funds to finance major projects and/or programs such as the acquisition of property or equipment, construction and/or renovation of facilities.

Case Statement
A carefully prepared document giving the reasons why a capital campaign merits support through gifts. The statement documents the services, current needs and future plans.

Charitable Lead Trust
A donor creates and funds an irrevocable trust that provides gifts to the Marquette General Foundation for a specific period of time. At the end of that period, the trust assets go to beneficiaries designated by the original donor.

Charitable Remainder Trust
A donor creates and funds an irrevocable trust that provides income to beneficiaries for life or a term of years, after which time the remainder of the trust is distributed to the Marquette General Foundation as a donation.

Deferred Gift
A gift that is committed to a charitable organization but is not available for use until some future time, usually after the donor's lifetime.

Designated Gift (Restricted Gift)
A gift earmarked for specific purposes such as a new technology or a particular area of care.

Donor
A friend who has made a gift to The Marquette General Foundation in either the current fiscal year or in the immediate past fiscal year.

Donor Recognition
The practice of providing recognition to donors for their gifts. Examples include the acknowledgment by card or letter at the time a gift is received, personal or public expressions of appreciation directly to donors, published lists of contributors, and gift clubs.

Endowment
Money from bequests or outright gifts to the health system invested in perpetuity to produce amounts 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 Hospital leaders.

Estate
The assets of a deceased person, all or part of which may be gifted to the Marquette General Foundation to benefit the institution's programs.

Fair Market Value
The current value of an asset if sold on the open market. Federal tax laws directly address the manner of determining and reporting fair market value.

Gift Agreement
A contract between The Marquette General Foundation and a donor that specifies the terms of a donor's gift.

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

Honorarium
A gift to the Foundation given in honor of a living individual, as designated by the donor.

Irrevocable Trust
A trust that cannot be changed or terminated by the person creating it.

Letter of Intent
A letter of intent states a prospective donor's intention to make a gift. The letter may also contain the prospective donor's wishes as to the specific type, size, and purpose of the gift. Such a letter is not binding but does assist the donor and institution in planning.

Life Income Gift
An irrevocable gift of cash, securities and/or real estate to the Foundation, with the donor receiving income from the donated assets for a period of time through an annuity or trust arrangement for himself or herself and/or other beneficiaries.

Matching Gift
Match gifts made by a company's Foundation.

Outright Gift
A current gift of cash, securities and/or real estate to the Marquette General Foundation.

Planned Giving
A major structured gift integrating sound personal, financial, and estate-planning concepts with the donor's plans for lifetime or testamentary giving. A planned gift to Marquette General has tax implications and often is transmitted through a legal instrument, such as a will or trust. For more information contact Planned Giving/Major Gifts manager Jim LaJoie at 906-225-3431.

Unrestricted Gift
A gift that is given without any restrictions on its use.

Will
Normally a legally executed written instrument by which a person distributes his or her property to beneficiaries after his or her death.

Some definitions in this section were taken from the Glossary of Fundraising Terms, published by the National Society of Fundraising Executives Institute.