Definition of Terms

DEFINITION OF TERMS

Bequest - a specific provision in a will, directing assets from an estate to HFHOGN.

Charitable Remainder Trust - an irrevocable legal arrangement that allows a donor to make a future gift to HFHOGN while continuing to receive income from his/her capital throughout the donor’s lifetime or for some specified period.

Conflict of Interest - any event (whether actual or perceived) in which HFHOGN or anyone representing HFHOGN may benefit from knowledge of, or participation in, the acceptance of a gift.

CRA - Canada Revenue Agency

Deed of a Gift - a document signed by the parties evidencing the gift

Gift - a voluntary transfer of real or personal property from a donor who freely disposes of his or her property to a designated person who receives the property given. The transaction shall not result directly or indirectly in a right, privilege, material benefit or advantage to the donor or to a person designated by the donor.

Gift-in-Kind/In-Kind Gift - a donation of property, goods or services other than cash. An independent qualified appraiser typically determines the fair market value of the gift.

Gift of Residual Interest - an arrangement under which an asset is gifted to HFHOGN but the donor reserves the use of the asset for life or a term of years.

Independent Qualified Appraisers - experts external to HFHOGN who are certified by the governing body of their respective field in professionally appraising the value of items such as property, jewelry, art, etc.

Planned or Legacy Gift - a gift of assets made to HFHOGN.

Professional Advisors - professionals external to HFHOGN with the ability to provide expert tax, legal or financial planning advice to assist staff and to advise donors (or prospective donors) on their charitable giving, including lawyers, financial planners, insurance agents, trust professionals, accountants, or investment advisors.

Reinsured Gift Annuity (also known as a Gift Plus Annuity) - an arrangement under which a donor transfers a certain sum of money to HFHOGN subject to an Agreement which authorizes the charity, acting on the donor’s behalf and working through a life insurance agent, to arrange for a commercial annuity that pays the amount specified in the Agreement.

Sponsorship - a gift from a company or individual in support of an HFHOGN project or event, and which receives in return some form of recognition.