endowment

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Endowment

A transfer, generally as a gift, of money or property to an institution for a particular purpose. The bestowal of money as a permanent fund, the income of which is to be used for the benefit of a charity, college, or other institution.

A classic example of an endowment is money collected in a fund by a college. The college invests the endowment so that a regular amount of income is earned for the school. Typically, the monies for the endowment are derived from donations by alumni of the college.

Often, an endowment is designed to support a particular activity, such as the construction of a new wing by a hospital. Each donor sets up an endowment fund sufficiently large to earn income to pay the expenses of one room or a different part of the wing, such as a library.

The Uniform Management of Institutional Funds Act (7A U.L.A. 233 [West Supp. 1992]), which was first created in 1972 and has since been adopted as law in many states, regulates spending and investment decisions related to such endowments.

The term endowment is also used to describe the act of putting aside the amount of property that a wife is lawfully due to inherit from her spouse. At Common Law, a woman was "endowed at the church door," upon marriage, when she acquired her Dower right—the right to use one-third of her husband's land upon his death for the remainder of her life.

endowment

n. the creation of a fund, often by gift or bequest from a dead person's estate, for the maintenance of a public institution, particularly a college, university, or scholarship.

endowment

noun aid, allotment, allowance, assistance, award, benefaction, benefit, bequeathal, bequest, bestowal, bestowment, boon, bounty, contribution, donation, dowry, enrichment, fund, funding, gift, grant, presentation, presentment, provision, stipend, subsidy
Associated concepts: annuity, endowment fund, endowwent policy in insurance
See also: ability, aid, appropriation, aptitude, assistance, attribute, behalf, benefit, bequest, caliber, charity, color, competence, complexion, concession, contribution, dedication, donation, dower, faculty, fitness, flair, foundation, fund, gift, grade, grant, inheritance, investment, largess, legacy, organization, pension, performance, perquisite, potential, present, provision, qualification, quality, skill, specialty, support

ENDOWMENT. The bestowing or assuring of a dower to a woman. It is sometimes used: metaphorically, for the setting a provision for a charitable institution, as the endowment of a hospital.

References in periodicals archive ?
Dubai's Global Vision of Awqaf and Endowments, aims to revive Endowments and transform Dubai into a global center to stimulate and enable Awqaf and endowments to serve humanity through eight enablers including a comprehensive strategy, a clear legislative environment, effective consulting, adopting global best practices in the creation and management of Awqaf and endowments foundations, maximize the impact of Awqaf and endowments through highlighting innovative social opportunities, monitor urgent social needs that can be addressed by Awqaf and endowments, and finally by stimulating Awqaf and endowment through collective funding opportunities.
The law will facilitate the establishment of endowments and endowment institutions for businessmen and philanthropists.
He said: "The Dubai Endowment License will help strengthen the concept of innovative endowments and increase the social role of institutions in the private sector.
There is renewed pressure to force colleges with sizable endowments to spend more, and increased talk about revoking their tax-exempt status," (http://www.
The 2% decline in the Harvard endowment for the fiscal year ended June 30 was its worst performance since 2009, when it lost $11 billion following the financial crisis.
Also, endowments are not limited to scholarships," he said.
Salim bin Hilal al-Kharousi, Director General of Awqaf and Treasury House at the Ministry of Awqaf and Religious Affairs said that the 1 st GCC Endowment Week is the first achievement of the meeting of the GCC Endowment Ministers.
Nationwide, smaller schools handled the winds of financial adversity better than larger schools with bigger endowments, achieving better results than larger schools with bigger endowments.
One of the largest deed of endowments in Iran in terms of the number of pages and volume of contents was "Jame Alkheirat" deed of endowment (8th century AD) that was remained by Sayed Rokn aldin and his son.
Endowments in the categories of $1 billion or more and $501 million to $1 billion both surpassed the target returns, at 8.
Of the handful that did this year, which were mostly larger HBCUs with long-established endowments, the survey results confirm anecdotal evidence of a rebound in the making, notes William Jarvis, managing director and head of research at the Commonfund Institute.
The NACUBO-Commonfund Study of Endowments for the 2009 academic year finds that 43 percent of endowments raised their spending rate while 25 percent lowered it.