Glossary

Definitions

Annuitant
One who receives fixed quarterly payments from a charitable organization in exchange for their gift of cash, marketable securities, or other assets.

Beneficiary
The charitable organization named in a Will as the recipient of cash, marketable securities, or other assets after the property owner has passed away.

Bequest
A gift of cash, marketable securities, or other assets to a charitable organization through the provisions of a Will.

Capital Gains Tax
A tax assessed on profits from the sale of a capital asset such as stock or real estate.

Charitable Gift Annuity
A contract under which a charitable organization, in return for cash, marketable securities, or other assets, agrees to make a fixed payment each quarter to one or two individuals (the annuitants) for their lifetime(s).

Charitable Remainder Trust
A financial tool that makes payments, either a fixed amount or a percentage of trust principal to whomever is chosen to receive the income. The donor can claim a charitable income tax deduction and will avoid any capital gains tax on the sale of appreciated property within the trust. At the end of the term, Campus Crusade for Christ receives the remaining amount in the trust.

Codicil
The only legal document that can change a Will. It is a supplement to a Will, adding, taking from, or altering the Will's provisions. It must be executed with the same formalities as a Will.

Cost Basis
The original price of an asset, used in determining capital gains.

Donor Advised Fund
A fund to which a donor can contribute cash or property which he intends to earmark for charity. The fund provides an income tax deduction in the year of the contribution, but allows the donor to make distributions to desired charities over time. Undistributed funds are invested and grow tax-free to the donor.

Endowment
A gift to a charitable organization that is meant to be kept permanently and invested to generate income for the organization.

Estate Design
A comprehensive review of an individual's estate combined with recommendations that result in a plan that will accurately reflect family and charitable giving objectives and increase efficiency by reducing or eliminating taxes.

Private Foundation
A charitable organization frequently established by an individual donor for the purpose of controlling, to the fullest extent possible, the use of the donor's charitable dollars.

Probate
The action of proving before a competent judicial authority that a document offered for official recognition and registration as the last Will and Testament of a deceased person is genuine.

Staff Legacy Fund
A special fund created by Campus Crusade for Christ to allow a contribution to be invested to generate income indefinitely for a staff member rather than being used to pay for current expenses.

Trust
A legal arrangement in which an individual gives fiduciary control of property to a person or institution for the benefit of beneficiaries.

Trustee
An individual or organization which holds or manages and invests assets for the benefit of another.

Vision Fund
A special fund created by Campus Crusade for Christ to allow a contribution to be invested to generate income indefinitely for the designated ministry rather than being used to pay for current expenses.

Will
A legal declaration that makes provisions for the distribution of property at death.